Sporting Goods Industry News for February 21, 2019
Nike shares traded down slightly the day after Duke freshman star Zion Williamson blew out a Nike PG 2.5 sneaker and limped off the court as investors, perhaps remembering how they overreacted to the Colin Kaepernick ad, mostly hoped the shares would drop more and give them a lower entry point on the stock.
Net income declined 36% to $37,712,000 from $58,632,000 for the three months ended Dec. 30 on a 14% sales improvement to $742,748,000 from $653,695,000 which included $21.7 million in restructuring charges in 2018 against $11.0 million prior as well as cash flow hedge charges of $21.1 million in 2018 against a gain of $3.7 million prior.
Net income increased 19% in the final quarter to $12,274,000 from $10,350,000 on a 2% revenue improvement to $121,121,000 from $118,230,000 helped by solid sales on Black Friday.
Net income at the Australian surf and skate company improved by 25% to A$4,262,000 ($3.2 mm) from A$3,408,000 in the fiscal first half ended Dec. 31 on 11% higher revenues of A$77,893,000 ($58.2 mm), up from A$70,057,000 driven by double-digit gains in Australasia and North America.
Nexgen Outfitters, an online retailer founded by former CAB employees, has launched its e-commerce web site at www.nexgenof.com in the face of an ongoing suit from the outdoor behemoth.
Mascot Bidco Oy has evidently not yet hit the 90% acceptance threshold it needs to close the acquisition of Amer Sports, so has extended the offer period a week to end on Mar. 7 from the previous Feb. 28 deadline.
The NBA analyst and former player has made an unspecified investment in the basketball apparel and accessories company and will also serve as creative director, Front Office Sports reported.