February 13, 2018
The net loss was $87,920,000 against income of $103,230,000 for the final quarter ended Dec. 31 which included pre-tax restructuring charges of $35,952,000 this year and a $39 million hit on income taxes from repatriation and deferred tax benefit revaluation, but also showed more gross margin erosion and the impact of an SG&A structure built to support a much bigger business in 2017 than actually materialized.
GCO’s board has established a committee of four independent directors and retained investment bank PJ Solomon to find a buyer for the struggling licensed retailer.
Net income declined 25% to ¥38,443 million ($342.7 mm) from ¥50,964 million in 2017 on foreign exchange losses and higher SG&A despite 4% sales growth to ¥335,800 million ($2,993.3 mm) from ¥322,998 million.
FIT is acquiring Twine Health, which provides cloud-based connected health services to help patients manage chronic conditions or make lifestyle changes such as weight loss.
The Q4 report of the French luxury goods company indicated that Volcom sales for the FY were €244.0 million this year against €257.0 million prior but operating income was €12.8 million this year compared to €1.9 million last year.