May 02, 2018 AcuSport Files for Prepackaged Bankruptcy with Ellett Bros. APA
The shooting sports wholesaler is another casualty of the 2016 presidential election, when it had borrowed to stock up expecting a spike in demand after a Clinton victory. Instead, sales fell 30% in 2017, putting the company in violation of its fixed charge coverage ratio covenants. Gildan Net Down on Higher Input Costs
Profit fell 19% to $67.9 million from $83.5 million for the quarter ended Apr. 1 on a 3% shortfall in sales to $647.3 million from $665.4 million with both years containing about $6.5 million in restructuring and acquisition related expenses. NRF Study Says Tariffs Would Cost 134,000 Jobs
The retail trade group, while endorsing the Administration’s effort to knock down China’s trade barriers, said its research shows that the proposed $50 billion in tariffs currently on the table will reduce U.S. GDP by nearly $3 billion while destroying 134,000 jobs, meaning that four jobs would be lost for every job saved by the tariffs. Fitbit Has Higher Loss on Lower Sales
Net loss expanded to $80,877,000 from a loss of $60,079,000 in the first quarter on revenues that were off 17% to $247,865,000 from $298,942,000 with strong early sell-through of the $199 Versa smartwatch that combined with the Ionic launched last year to account for 30% of total revenue. Garmin Outdoor, Fitness Jump Double Digits in Q1
Outdoor segment sales jumped 24% to $144,258,000 from $115,875,000 in the first quarter driven by strong sales of adventure wearables. Winchester Profits Squeezed as Materials Costs Soar
Revenues increased 5% to $170.9 million at Olin’s Winchester business from $162.6 million on higher military sales, which more than offset lower commercial sales. Fired Nike Exec Pleads Guilty to Wire Fraud
David Reichert, who was fired as a salesman in 2014, defrauded Nike of $550,000 by overriding the company’s discount system with 25-65% discounts on sales to two companies that he secretly owned rather than the usual 3-7% discount, according to a charge by the U.S. Attorney in Portland. Under Armour Sues Armore Fitness
UA is suing the fitness accessories company in MD District Court for infringing on its Armour marks. Etcetera: Gander, Academy, Osprey, Adidas, Outdoor & Sports Company
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