Sporting Goods Industry News for July 22, 2016
The new motion asserts that the best course of action now is to convert the case to liquidation proceedings as The Sports Authority will have completed its inventory sell-off and closed its stores by the end of the month, leaving at least some $50 million in post-petition claims unpaid.
While it expects The North Face and Vans to continue performing as expected, some weakness in the U.S. Timberland business from weak winter sell-through and the ongoing softness in department stores has elevated inventories for those brands, so VF slightly lowered guidance for the year as it reported net income about as expected at $51,015,000, down 70% from $170,811,000 on a 1% improvement in revenues to $2,418,370,000 against $2,397,968,000.
The new pressure sensors are flexible, durable, able to withstand extreme temperatures, and are designed to measure the level of external force across its entire surface.
U.S. sales dropped 9% to €73 million ($82 million) in H1 blamed largely on the Sports Authority and Vestis bankruptcies, which hit the Diamondback brand for $2 million and resulted in lost sales and increased pricing pressure from liquidation sales.
Crosman is recalling about 1,400 crossbow rope cocking devices because their hooks can to break allowing the rope to recoil.