March 09, 2023
Citing a rapidly changing consumer environment, Genesco is making numerous changes to its business as it braces for a challenging H1 ahead of an anticipated better H2.
Net income was slashed 71% to $11,432,000 in the fourth quarter from $38,204,000 on sales that were down 19% to $280,110,000 from $346,677,000.
Net income plunged 97% to just $309,000 in the final quarter from $12,058,000 last year, on a 12% revenue decline to $180,350,000 from $204,489,000, just beating guidance issued in early Jan.
Net income was up 57% in Q4 to $19,508,000 from $12,413,000 on a net sales gain of 12% to $197,243,000 over $176,468,000, boosted by a 196% jump in wholesale to $36.5 million, nearly repeating 197% growth in the prior year as the retail partner network expands.
BIRD completed its first full year as a public company by reporting a net loss of $24,866,000 in Q4 up from a net loss of $10,444,000 prior, on revenues that declined by 13% to $84,178,000 from $97,218,000 with U.S. sales down 15% to $65.6 million and international off by 8% to $18,592,000.
Reduced demand for shooting sports accessories drove another down quarter from AOUT, resulting in a net loss of $2,863,000 in fiscal Q3 ended Jan. 31 against a profit of $3,766,000 last year, on 27% lower revenues at $50,894,000 down from $70,105,000.
Net income came in at $11,079,000 in the fiscal third quarter ended Jan. 31, down from $30,542,000 last year, as revenues declined 27% to $129,036,000 from $177,738,000, but increased sequentially from FQ2 and remain above pre-pandemic levels.
Sales at Gap, Inc.’s women’s sportswear banner sales inched down 1% in Q4 ended Jan. 28 to $436 million from $439 million in ’21, and same store sales were down 5% compared to last year.
Retail import volumes at U.S. container ports are expected to slowly climb sequentially, but will fall below 2022 levels through mid-summer as retailers remain cautious and continue to manage inventories lower, according to the NRF and Hackett Associates.
The U.S. International Trade Commission has issued a limited exclusion order prohibiting PTON from importing its bikes and treadmills, and iFit from importing certain bikes and ellipticals.
Hanesbrands has closed on its previously announced new, $900 million senior secured term B facility.
Monoprice is recalling about 3,780 Pure Outdoor isobutane-propane cooking systems because the insulation coating on the stove can ignite during use.