February 23, 2023 Surf May Finally Be Coming in for ABG
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 Takes $128.9 Million Hit from Product Recalls
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. Sturm, Ruger Stabilizing after Down Year
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%. Rocky Brands’ Q4 Sales Slip on Order Timing
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. Globe International Sinks into Red Ink
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. VF Corp. Offering €1 Billion in Eurobonds
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. Wiley X Bolsters Senior Leadership Team
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. CPSC Recalls: Ski Boots, Scuba Regulators
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. Etcetera: Adidas, Cascade Designs, Club Champion, Flaxta, Joola, Wahoo Fitness
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