Second Quarter Profits Gain 13% on 4% Higher Sales
Total profits this year increased 13% to $2,446 million from $2,171 million in the second quarter as revenues gained 4% to $40,259 million from $38,528 million comping against the liquidations in last year’s retail bankruptcies. Return on sales was 6.08% this year up from 5.64% in 2016 with only the Retail sector posting a decline. The footwear sector contributed most to the total profits, as usual, but inched up just 2%. Apparel and Equipment both saw profits more than triple, with the former boosted by a big gain at Iconix and less of a loss at Under Armour, and the ... Log in to view full article.