September 07, 2023
Net income attributable to DBI was down 23% to $37,204,000 from $48,619,000 on an 8% increase in sales to $792,217,000 from $859,319,000 hurt by consumers that remain under economic pressure, as well as high inventory and promotional activity across footwear retail.
The bottom line swung to an $8,509,000 loss from a $3,067,000 profit on sales that were down 12% to $194,438,000 from $219,993,000 with double-digit gains in the small international business dwarfed by slumping North American sales.
Net loss in the fiscal first quarter ended July 31 narrowed to $4,113,000 from a loss of $5,695,000 last year, on sales that inched down 1% to $43,445,000 from $43,676,000 as retailers remain cautious with their open-to-buy dollars.
The bottom line dipped 6% to $3,118,000 in fiscal Q1 ended July 31 from $3,312,000 last year, despite strong, 35% revenue growth to $114,243,000 up from $84,394,000, as gross margin plunged 1070 basis points to just 26.6%.
G-III Apparel Group will design, produce and distribute Champion and C9 Champion branded outerwear in North America in a multi-year licensing agreement with HBI.
The agency warned consumers to stop using two more brands of Chinese-made bike helmets that don’t comply with CPSC requirements for positional stability, labeling and certification.