Zumiez new 168,450 square foot distribution center at 1346 Railroad Street in Corona, California cost them $11.9 million, according to a post on Real Estate Channel.
We hear commercial property is pretty affordable right now.
[Link: Real Estate Channel]
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Orange 21, the parent company of Spy Optic has had trouble with the Nasdaq lately. The company was sent a letter on September 16, 2009 with Orange 21’s stock price was below $1 for a consecutive 30 days. The letter gave Orange 21 180 days to bring its stock price above $1 in compliance with Listing Rule 5550(a)(2). When Orange 21 was not successful they got another letter form Nasdaq:
The March 16, 2010 letter from Nasdaq indicated that the Company had not regained compliance with the Rule and is not eligible for an additional 180 day compliance period given that it does not meet the Nasdaq Capital Market initial listing standard set forth in Listing Rule 5505. . . Accordingly, its securities will be delisted from the Nasdaq Capital Market on March 25, 2010 unless the Company requests an appeal to the Nasdaq’s determination to a Hearings Panel in accordance with Listing Rule 5800 Series.
Orange 21 “does not plan to request an appeal” according to a press release and the companies common stock on the Nasdaq Capital Market will be suspended. Follow the jump for all the details. [click to continue…]
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On March 15, 2010 Richard “Wooly” Woolcott sold another 20,000 shares of Volcom stock as part of his “sell 20,000 shares a month” program. This month, however, his shares are only $375,400. He appears to have sold at least 20,000 shares each month since September 2009.
But don’t worry. He still owns 10 percent of the company.
[Link: Guru Focus]
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These are the stories we love: a young surfer works hard, helps create a successful clothing company that goes public, gets his loot, works hard for years, and then drifts off to Hawaii to live, surf, and be with his family away from the daily grind of life behind the velcro curtain. We’re not saying that is what Volcom Vice President of Marketing Troy Eckert is doing exactly, but that’s how we’re going to take the news that was released yesterday.
What was it? Effective May 15, 2010 Troy will become Volcom’s “Hawaii Strategic Director.” He’ll be moving to the Islands in June. Rolling into his former marketing position at VeeCo will be Ryan Immegart, 33, the co-founder of Volcom Entertainment.
“Hawaii radiates outward to many different cultures, and it’s very important to remain deeply rooted on all levels,” said Eckert. “I’ve always had a strong connection and passion for Hawaii and this move provides me with an opportunity to develop innovative ways to further build our brand in this important and influential market. This is going to be a very exciting journey.”
We’re stoked for Troy, Ryan, and Volcom. Youth is the establishment, right?
[Link: Star Bulletin and TransWorld Business]
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Steve Murray, 49, the former President of VF Corp’s Action Sports Coalition (Vans and Reef) is leaving the company to become President of Urban Outfitters, according to a release posted on CNN/Money.
“Steve is more than we expected with his vast global experience and brilliant track record in growing lifestyle brands and retail concepts. He is a perfect fit for Urban Outfitters, and brings tremendous creativity and leadership to our organization, along with a deep familiarity of global youth culture from his nearly two decades of work with the Vans and Reebok brands. I am thrilled to have Steve join our executive team and am confident he will play a pivotal role in the future development of the Urban Outfitters brand and URBN,” said UO’s CEO Glen T. Senk.
Seems like the perfect time for a career switch up. Murray had a great ride at Vans as the affordable shoes came back into style and numbers bloomed all around. Now, diving into retail, Murray will land first into one of the roughest segments in the fashion business. It’s hard to believe retail could get any worse, but we wouldn’t bet against against it. We wish him the best of luck.
For all the details, follow the jump.
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Screw Apple. . . Neff does it all on a Sony Vaio, apparently. At least that’s what this new Sony ad featuring Shaun Neff appears to say. Borrowing heavily from the wearing lots of shirts Youtube meme the ad is cool, funny, and raw, but will it encourage anyone to buy a PC over a Mac? Hell, no!
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Quiksilver only lost $3 million in the first quarter of 2010 compared to a $9 million loss in the same quarter of 2009. And for this, the market is apparently happy. So is Bob McKnight because it’s so much better than losing $9 million like they did in Q1 of 2009.
Robert B. McKnight, Jr., Chairman of the Board, Chief Executive Officer and President of Quiksilver, Inc., commented, “We’re pleased to deliver first quarter financial results that exceed our prior expectations. We have taken bold steps over the past several quarters to improve our operations and with continuing hopes for economic stabilization and improvement, we are poised to benefit from any upturn in discretionary consumer spending. While we recognize that U.S. retail trends in general are improving, it appears that the pace of global recovery will not be uniform. That being said, we are well-positioned to deliver improved financial performance in the future.”
During the conference call this afternoon Bob McKnight said he and the company where extremely proud of Torah Bright for winning a gold medal in the 2010 Vancouver Olympics and that DC Shoes “has begun a focused effort to return to its heritage.”
During the questions Quik CEO Joe Scirocco also mentioned that Quiksilver’s marketing budget for 2010, was “$100 million, down from $120 million in 2009.” He also said the company would be repaying debt at a rate of approximately $100 million a year for the next three years.
For the rest of the release, follow the jump.
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It could have been worse: Zumiez total sales were down .3 percent in 2009 vs. 2008, but their sale store comps were down 10 percent according to information released today.
“The year ended stronger than expected from both a sales and earnings standpoint,” commented Rick Brooks, Chief Executive Officer of Zumiez. “Our unique merchandise assortments and compelling promotional packages resonated with consumers, driving an increase in units sold for the fourth quarter, and at the same time, our efforts to build in higher IMU’s coupled with well managed inventory resulted in a significant improvement in product margins. While we are not pleased with our annual performance, we are encouraged that the steps we took to reverse the negative trends from early in the year led to improved results during the back half of 2009. We ended fiscal 2009 well capitalized, with more than $108 million in cash and current marketable securities, and will continue to invest in our business to build on our recent momentum and expand our position as the leading retail destination for the actions sports lifestyle.”
Items of interest we gleaned from today’s call:
Follow the jump for all the numbers and the entire release.
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Core action mall retailer Zumiez Inc. will discuss their Q4 and year-end 2009 financial results with analyst’s today, March 11, 2010, at 2 PM PT (5 PM ET).
Click here to listen in for all the details. This should be a good one.
[Link: Zumiez]
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