March 16, 2023
The final quarter saw an 11% increase in net income to $157,653,000 from $141,770,000, helped by an improved gross margin and lower SG&A, as revenues declined 3% to $1,746,503,000 from $1,808,470,000 including a -5.1% comp.
A tax asset revaluation sent DBI’s Q4 net income up more than three-fold to $45,110,000 from $14,411,000 on revenues that declined 8% to $760,546,000 from $822,626,000, pulled down by 10% lower sales at DSW’s U.S. stores.
Net income at the Chinese footwear maker increased 29% to $117,187,000 last year from $90,838,000 prior, on 6% higher revenues of $1,630,771,000, up from $1,540,608,000, but sales were down 15% in the final quarter as its clients faced inventory issues and inflationary headwinds.
Net income attributable to shareholders at the Chinese sportswear brand was up 24% last year to RMB 747,117,000 ($110.9 mm) over RMB 601,700,000 in 2021 on 17% higher revenue of RMB 6,960,826,000 ($1,033.2 mm) up from RMB 5,933,482,000.
The Germany-based e-tailer’s revenues grew by 27% in the fiscal first quarter ended Dec. 31 to €246 million ($251 mm) from €194 million, boosted by incremental sales from the WiggleCRC and Tennis Express acquisitions.
The Chinese sportswear giant is applying for approval from the Hong Kong Stock Exchange to allow its shares also to be traded in the Chinese yuan renminbi (RMB) currency besides the Hong Kong dollar under the dual counter model.
Nike or Jordan schools account for most of the 68 teams participating in the NCAA Men’s Division I Basketball Tournament, with 40 teams this year, a slight increase from 39 in 2022, according to Apex Marketing Group.
The U.S. Golf Association and the Royal & Ancient Golf Club of St. Andrews are proposing a rule change that would create two golf ball specifications, with one for professionals that would reduce hitting distances up to 15 yards on average.
The National Ski & Snowboard Retailers Association tapped Tracy Gibbons of Sturtevant’s as its new chair, Robb Shepherd of Shepherd & Schaller Sporting Goods as vice chair and Jon Morrill of Kittery Trading Post as secretary/treasurer at its board of directors meeting on Mar. 9.