Sporting Goods Industry News for June 24, 2016
With some modest performances at the top of the market and a mixed performance below, the global apparel market was $75,591 million in 2015 compared to $75,578 million the prior year.
Saying that it is seeing progress in improving profitability but admitting that there is still considerable work ahead of it on several fronts, Finish Line net income dipped 30% to $9,626,000 from $13,734,000 on a 2% gain in revenue to $453,515,000 from $443,394,000 for the 13 weeks ended May 31.
The $5.75 a share cash offer has been approved by both companies’ boards and will become final if no competing offers appear during a one month “go-shop” period that ends Jul. 23.
The International Trade Commission overturned the findings of an administrative law judge, in effect saying that Converse could not protect the midsole design of the Chucks that combines a toe cap, toe bumper and midsole stripe.
Infomotion Sports Technology, which filed for bankruptcy on Mar. 1, has offered to pay $1.5 million for the rights to its 94Fifty Smart Sensor Basketball, which debuted at the Consumer Electronics Show last Jan. using a co-branded booth with Spaldings.
The Eager Beavertons withdrew its lawsuit against 800-meter Olympic hopeful Boris Berian which had sought to prevent him from signing a sponsorship deal with New Balance.
October Mountain Products is recalling about 640 OMP M-100 digital hanging bow scales because the mounting ring on the scales can break during use.