November 16, 2023
Net income was cut by a third to $21,861,000 from $32,652,000 in the third quarter on revenue that dropped 6% to $319,914,000 from $341,661,000, as softening trends after Labor Day sent comps down 7.4%.
The Daiwa fishing and golf parent company saw net income tumble 48% to ¥1,585 million ($11.0 mm) from ¥3,071 million in the fiscal second quarter ended Sep. 30, as revenues were 10% lower to ¥33,760 ($233.7 mm) million from ¥37,342 million prior.
Totals sales at Gap, Inc.’s women’s athleisure banner tumbled 18% to $279 million from $340 million, its fourth straight down quarter.
HBI has agreed to appoint three veteran branding and retail execs to its board of directors, in a cooperation agreement with activist Barington Capital Group, L.P. that includes standstill and voting provisions.
The ratings service reiterated its negative outlook for the Vans and North Face parent while downgrading VF’s senior unsecured notes ratings from Baa3 to Baa2 and other issue-level ratings also by one notch.
The footwear industry veteran, who was most recently global general manager and chief global merchant of DC Shoes for Boardriders, will become president of the Sorel brand.
The new company will focus on creating solutions at scale for the vast amount of plastic fiber in textiles that goes unrecycled and ends up as waste.
The Finnish fishing equipment manufacturer is considering a capital securities issuance of up to €25 million to shore up its balance sheet and open up financial flexibility as it looks to cut expenses and optimize inventory.
HBI received a $20.6 million insurance payment related to the ransomware attack on its computer systems that limited order fulfillment for about three weeks and also affected global supply chains, it revealed in an SEC filing.