February 01, 2018
The net loss was $116.9 million in the final quarter against a profit of $17.7 million last year, pulled down by a $96.6 million pension settlement charge, $16.7 million of impairment and restructuring charges and $13.5 million for a Cybex field campaign.
Net income soared 256% to $90,887,000 from $25,561,000 on a 7% sales improvement to $810,478,000 from $760,345,000 for the third quarter ended Dec. 31 that saw increased full-price selling in the Ugg brand relative to last year and continued momentum in the Hoka brand.
The struggling camera maker had a net loss of $55,848,000 against a loss of $115,709,000 in the final quarter, as sales came in at $334,796,000 down from $540,621,000 in Q4 last year and even below the $340 million top line figure in its lowered guidance a month ago.
The bankruptcy court approved Sheikh’s request to receive an emergency $4 million line of credit from the Eager Beavertons that would provide merchandise for the critical February selling season that includes the NBA All-star game in Los Angeles, its home market.
All the affected employees worked in the IT department as the retailer is now planning to outsource much of that work.
The Fargo, ND-based retailer will open its biggest store ever, 325,000 sq. ft., at The Colony, a suburb of Dallas that is noted for its Five Star Athletic Complex and was named Sports Illustrated’s 50th anniversary sports town of the year.