March 28, 2023
A $407.9 million non-cash impairment charge for its underperforming connected fitness brand sent LULU’s net income down 72% in the final quarter to $119,811,000 from $434,504,000, as revenues grew 30% to $2,771,838,000 from $2,129,113,000 and would have been up 33% constant currency.
Profits were up at the Chinese apparel maker for 2022, coming in 35% higher at RMB 4,563,165,000 ($677.3 mm) compared to RMB 3,371,679,000 on revenue that was up 17% to RMB 27,781,412,000 ($4,123.7 mm) from 23,845,006,000.
Varsity Brands and two of its affiliated entities have agreed to pay $43.5 million to settle a class action suit over their dominance of cheerleading apparel and events.
Net income at the South African protective equipment maker slipped 21% to $9,960,453 last year from $12,574,437 in 2021, on 5% revenue growth to $76,335,539 against $72,475,813, despite a 53% plunge in Q4 sales to just $10.9 million.
The Hong Kong-based footwear maker ended 2022 back in the black, with net income attributable to shareholders of $1,683,000 for the year against a loss of $957,000, on 27% higher revenues of $9,254,000 up from $7,308,000.
The active recovery footwear brand closed a new funding round led by Saints and Commanders quarterbacks, Derek Carr and Alex Smith, and South Carolina Gamecocks women’s basketball coach, Dawn Staley.
Bluestar Alliance has acquired the brand, which filed for bankruptcy in the Netherlands earlier this month, adding it to the licensor’s portfolio of action sports and fashion labels.
JEMS by Pensole, one of the first Black-owned footwear factories in the United States, has opened its new facility in Somersworth, NH.