February 23, 2023
Authentic Brands Group may be on the verge of landing another big fish for its portfolio of brands, as recent developments suggest Oaktree Capital-controlled Boardriders is on the verge of selling its portfolio of largely surf-focused brands, led by Quiksilver and Billabong.
Yeti’s agreement with the CPSC to voluntary recall Hopper soft coolers and SideKick Dry bags with magnetic closures impacted both ends of the P&L in Q4, reducing revenues by $38.4 million, while increasing cost of goods sold by $58.6 million to write off unsellable product, and SG&A by $31.9 million for other recall-related costs.
Net income fell 50% to $18,954,000 in Q4 from $38,121,000 the year before, on 11% lower revenues of $149,224,000 down from $168,042,000, in a quarter where NSSF-adjusted NICS checks declined 5%.
A sagging wholesale business—hurt by excess retail inventory and lapping 2021’s extra sales pushed from Q3—sent results lower in the final quarter, as net income fell 48% to $6,515,000 from $12,546,000 on an 18% revenue decline to $138,926,000 from $169,452,000.
Net loss tallied A$193,000 ($0.13 mm) against last year’s income of A$12,447,000 on revenue that was down 16% to A$120,452,000 ($83.5 mm) from A$142,874,000 for the fiscal first half ended Dec. 31.
The company’s proposed €1 billion senior unsecured eurobond offering will be used for debt repayment, general corporate purposes, and projects that comply with VF’s existing green bond framework.
Co-owners and brothers Myles Jr. and Dan Freeman will maintain their senior leadership roles at the family-owned protective eyewear brand, while Freeman steps into the role of CEO.
Scarpa North America is recalling about 930 pairs of F1 LT and F1 GT ski boots because two screws on each boot that attach the ski/walk mechanism to the cuff can loosen or fall out, causing the mechanism to malfunction.
The co-founder of Lifecycle, Inc., which is now known as Life Fitness, passed away after a long battle with ALS at the age of 65.