November 07, 2023
CLAR’s bottom line swung into the red in Q3, tallying a net loss of $1,264,000 against income of $2,751,000 as revenues slumped 14% to $100,075,000 from $115,715,000, hit by a combination of elevated inventory in the distribution chain and slower consumer demand.
Net income attributable to shareholders was $4,128,000 in the third quarter against a loss of $2,204,000 last year, helped by a $6.2 million tax benefit, as revenues climbed 8% to $110,324,000 from $102,162,000.
The Eager Beavertons are suing Skechers and New Balance in two separate actions filed in Cen. CA district court and MA district court, respectively, accusing them of infringing on Nike’s Flyknit patents, which cover various aspects of designing and manufacturing fabric shoe uppers.
Net results swung to a $3,684,000 loss from last year’s $17,570,000 profit on revenue that was down 4% to $294,299,000 from $305,130,000.
Brand revenue at the Italian parent of Kappa, Robe di Kappa, K-Way, Superga, Sebago and other brands declined by 8% to €858.4 million ($934.0 mm) in the first nine months of 2023, and EBIT dropped by 3% to €32.2 million ($35.0 mm).
Net loss ticked down 3% to $32,666,000 from $33,850,000 on a revenue decline of 23% to $128,250,000 from $165,975,000 as the embattled fitness firm seeks to stanch its bottom line bleeding.
Current president Mike Joyce will hand those reins to Anne Cavassa, but he’ll continue leading the Compass Diversified-owned brand as CEO, focusing on long-term strategic activities and direction.