March 22, 2018 Nike Has Huge Tax Loss, but Digital, North American Sales Accelerate
A $2.0 billion charge driven by the Tax Act resulted in a net loss of $921 million against income of $1,141 million in the fiscal third quarter ended Feb. 28, as sales increased 7% to $8,984 million from $8,432 million, boosted by gains in direct and international. U.S. Hits China with Tariffs on Up to $60 Billion of Imports
While the emphasis on the retaliatory duties will fall on aerospace, communications technology and machinery, the huge number of Chinese-made goods that would be needed to reach that $60 billion figure certainly does not exclude the possibility at this point that apparel, footwear and sports accessories could also be targeted by the additional duties which are now proposed at 25% in addition to any duties paid now. Dick’s CEO Calls on Congress to Act on Gun Measures
Congress needs to get past partisan concerns and enact reforms about gun buying, Ed Stack argued in an op-ed piece published in the Washington Post. Adidas Sourcing Getting Faster
Among the key initiatives for 2018 will be producing 100,000 pairs of 3D printed footwear through the Carbon technology partnership and the ramping up of production at the two Speedfactories in Germany and the U.S., the Big a told investors at the Deutsche Bank conference. Li Ning Net Jumps in 2017 on Higher Sales
Net income from continuing operations doubled to RMB 515,155,000 ($76.2 mm) in 2017 from RMB 255,511,000 excluding the divested Double Happiness business, on sales that increased 11% to RMB 8,873,912,000 ($1,312.9 mm) from RMB 8,015,293,000. G-III Sees Red Ink in Q4 from Charges
Net loss narrowed to $542,000 from a loss of $20,105,000 in the final fiscal quarter ended Jan. 31 on 18% higher revenues at $714,897,000 vs. $603,289,000 boosted by $85 million in sales from the Donna Karan acquisition. Two Major Holders Pushing Back on Boardriders Offer for Billabong
Rider Capital and Adam Smith Asset Management, who hold a combined 15.4% stake in Billabong, say they are undecided on whether to accept the A$1 per share offer of Boardriders to acquire the company and want Billabong’s board to revisit its options. Dorel Restates 2017 from Toys “R” Us Writedown
Dorel will take an additional $3.8 million bad debt allowance, or $3.1 million net of taxes, in Q4 2017 due to the bankrupt retailer’s decision to liquidate all its remaining stores. Icon Sues True Fitness over Incline Trainers
Icon Health & Fitness said that True’s Alpine Runner incline trainer infringes on its patents Nos. 6,761,667 and 9,623,281 for treadmills that can achieve high incline angles.
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