Daily News Feed
Foot Locker Net Falls on Weak Sales, Litigation Charge
Citing ongoing weakness in high-end sneaker sales that are not expected to improve for the rest of the year, Big Foot reported net income of $51 million for the quarter ended Jul. 29, down 60% from $127 million, as sales declined 4% to $1,701 million from $1,780 million on a 6.0% comp store decline.
Comp store sales tumbled 11.7%, even worse than HIBB’s lowered guidance issued in July, as the small market retailer’s bottom line swung to a loss of $3,176,000 in Q2, against income of $6,510,000 last year, on 9% lower sales at $187,958,000 vs. $206,933,000.
Sportsman’s Warehouse Likes Its Positioning in Soft Outdoor Market
Despite reporting a 21% decline in net income to $6,554,000 from $8,304,000 for the 13 weeks ended Jul. 29 on a 1% increase in sales to $191,493,000 against $189,804,000 with comps down 9.0%, Sportsman’s Warehouse maintains a sunny outlook longer-term.
Net income declined 7% to $28,231,000 from $30,444,000 on 6% better sales to $762,433,000 from $721,388,000 for the six months ended Jun. 30.
Heavy Shift to Softgoods Spending for BTS Expected
Although overall Back-to-School spending will be relatively flat at $501 overall compared to $488 last year, spending on apparel and footwear will take a much greater share of that spending, up 19% to $284 vs. $239, according to a recent survey of 1,200 shoppers by Deloitte.
Comprehensive net income quintupled to RMB931.3 million ($135.7 million) from RMB185.3 million in the first half ended Jun. 30 on an RMB846 million change in valuation of financial assets, but revenues declined 4% to RMB626.3 million ($91.3 million) from RMB650.3 million.
Zett comprehensive loss was ¥187.9 million ($1.7 million) against a profit of ¥287.6 million in the fiscal first quarter ended Jun. 30, but without a large securities revaluation, net income would have been ¥133.0 million vs. ¥174.3 million last year.
Rawlings says that Easton Diamond Sports plan to use the “S150” designation on certain bats infringes on its “5150” trademark.