November 08, 2023
The Big a realized about €350 million in Q3 revenues and €150 million in operating profit from selling leftover Yeezy inventory, mostly through the wholesale channel, not quite matching Q2’s €400 million DTC bonanza of the hottest styles.
Expanding product margins helped boost net income 26% in the fiscal second quarter ended Sep. 30 to $109,614,000 from $86,925,000, despite a slight decline in revenues to $1,566,710,000 from $1,573,885,000, largely from wholesale weakness in North America.
Net income slipped 23% in the third quarter to $29.7 million from $38.5 million as combined products and services revenue increased 5% to $1,040.6 million from $988.5 million boosted by Topgolf and apparel sales.
The red ink deepened to $31,575,000 in the third quarter from a loss of $25,241,000 last year, on 21% lower revenues of $57,244,000 down from $72,651,000, as the sustainable footwear brand works to turn around its fortunes.
Bogs parent Weyco Group said that the brand’s sales tumbled 42% in the third quarter to $16,057,000, including the small Rafters brand, contributing to a 15% decline in wholesale sales.
Net income at the Japanese retailer increased 56% in the fiscal first quarter ended Sep. 30 to ¥245 million ($1.7 mm) from ¥157 million, as revenue inched up 4% to ¥59,049 million ($408.8 mm) from ¥56,891 million.
Net income attributable to shareholders inched down 4% to HKD 229,225,000 ($29.3 mm) from HKD 239,111,000 in the fiscal first half ended Sep. 30, as revenues were 1% lower to HKD 2,521,917,000 ($322.5 mm) from HKD 2,547,555,000, as the global economy suffers high interest rates.