April 06, 2018
Industry profits dropped 4% to $1,676.9 million from $1,754.5 million in Q4, which includes half a billion dollars in Tax Act-related charges, on revenues that increased 8% to $45,235.1 million from $41,814.3 million.
Sporting goods and consumer products have escaped the initial list of $50 billion in products on which the Trump Administration will slap 25% tariffs but tensions about the dispute seemed to heat up as the week progressed, ending with the U.S. threatening to add an additional $100 billion in Chinese imports subject to higher duties after initially calming the discussion by saying it did not expect to have to actually impose the duties because of ongoing discussions between the countries to resolve the issues.
February and March for us is like drinking from a fire hose of news with all the earnings calls, and that doesn’t count the distractions of trade wars, bankruptcies and hostile investors looking to shape up management or ship them out.
The trustee for the estate of the now liquidated company is demanding that the court allow it to follow through on an investigation of the circumstances behind KPMG’s refusal to sign off on PSG’s 2016 financial statement, an event that created a default on the company’s credit agreements at the time and ultimately led to the bankruptcy filing.
That will probably shock nobody, but Nike’s recent disclosures about its own efforts to increase the number of women and minorities in key positions show that its results to date are basically in line with those at Adidas and Puma and there are very few specifics disclosed by other key industry companies like VF and Under Armour.
The world’s largest sporting goods retailer continues its assault on the North American market with a store outside of Montreal.
Former contract printing manager Brad Leinbach was found liable for stealing thousands of confidential documents on a flash drive before leaving the company for a job at 47 Brands.