August 08, 2023
Net income increased 11% to $8,549,000 in the fiscal first quarter ended June 30, up from $7,682,000 last year, on 2% lower revenues of $1,317,012,000 against $1,349,057,000, pulled down by the weak and over-inventoried U.S. market.
Net income, benefitting from a $45.8 million income tax benefit, rose by 11% to $117.4 million from $105.4 million in Q2 ended June 30, as combined products and services revenues grew 6% to $1,179.7 million from $1,115.7 million.
Barington Capital Group L.P. fired the first volley in a public challenge to HBI over its waning stock price, penning a letter to chairman Ronald L. Nelson calling for a board shakeup, management changes and an overhaul of SG&A and its balance sheet.
Net income attributable to owners declined 34% in the second quarter to TWD 1,181.9 million ($38.4 mm) from TWD 1,802.2 million hurt by sharply lower gross margins.
The net loss narrowed slightly in Q2 to $28,937,000 from a loss of $29,368,000 a year ago, as the top line declined by 10% to $70,480,000 from $78,174,000 at the struggling sustainable sneaker maker.
The bottom line swung to a BRL 32,581,000 ($6.6 mm) loss in the second quarter, from income of BRL 31,673,000 prior, on revenues that were up 9% to BRL 1,593,145,000 ($321.8 mm) after excluding inter-group eliminations and returns, compared to BRL1,463,007,000.
Sales of Myx exercise bikes tumbled by more than half in the second quarter to $5,106,000 from $10,605,000 last year, a 38% drop in unit sales to 5,500.