February 16, 2023
Net income slipped 11% to $137,735,000 in the final quarter from $154,853,000 on revenue that was up 61% (+65% CC) to $945,162,000 over $586,626,000, including a $279 million contribution from Heydude.
The down-under retailer hit record H1 results with net income up 30% to A$144 million ($94.5 mm) from A$111 million on A$1,958.2 million ($1,284.9 mm) in sales, up 15% over A$1,705.1 million.
Canadian Tire’s sports banners posted 2% higher revenues in the fourth quarter to C$637.9 million ($469.7 mm) up from $625.8 million, but comp store sales declined 1.7%, lapping 2021’s huge +15.9% comp.
The bankrupt retailer’s brand, customer list and other intellectual property was sold for $180,000 to 54 Glen Cove Realty, LLC at an auction run by Hilco Streambank.
Inglasco, a Sherbrooke, Quebec-based sports licensing company and hockey puck supplier, has acquired licensed sports novelty company The Sports Vault, which is located in Winnipeg, Manitoba.
Linus Bike is recalling about 430 Cesta 500 and Ero 500 electric bicycles because the front fork can crack, posing a crash hazard.