Globe International Limited CEO Matt Hill today announced that the company is reporting a net profit of AUS$800,000 for the half year ended December 31, 2009 even though total revenues were down $13 million or about 22 percent.
This comes as good news for those who remember that last year at this time the company was reporting losses of AUS$9.3 million dollars for the same period.
“The Group’s main goal for this financial year was to achieve a significant turn-around in profitability so it is pleasing that the first half financial result is in line with this goal. However, trading conditions continue to be difficult and, while not unexpected, it is disappointing that revenues declined for the half. Conditions remain hard to predict and while there are some signs of recovery in the Group’s account base we will continue to approach the next six to twelve months with caution.
Volcom announced today that their fourth quarter consolidated revenues were $64.2 Million; net income was $3.4 Million and they’re pretty happy about it.
“I am very proud of the entire Volcom team’s focus, dedication and strategic agility this past year as we navigated through one of the most challenging economic periods in history,” said Richard Woolcott, Volcom’s chairman and chief executive officer. “We rose to the challenge, remained healthy and profitable and planted the seeds that I believe will position the company for growth and success in the years to come.”
Spy Optic‘s parent company Orange 21 has announced a partnership with singer, songwriter, author and pilot Jimmy Buffett in which the company will create a line of sunglasses for Buffet’s Margaritaville “lifestyle” brand.
Orange21 is honored to be producing this line of eyewear for Jimmy and for Margaritaville. Jimmy’s life work continues to touch so many people and has basically defined the notion of FUN for all the right reasons. That’s the kind of friends we like to hang with!” says Stone Douglass, CEO of Orange21. “Adding Margaritaville Eyewear to our lineup is a continuation of our multi-branded strategy at Orange21 and we look forward to continued success as an expanding and authentic leader in the lifestyle eyewear market.”
A good pair of shades are important after an all-night tequila bender and no one knows that better than the parrothead army. Plus, middle-aged Orange County swingers probably need an eyewear brand they can identify with. [click to continue…]
Iconix Brand Group, Inc., the parent company of Op, Zoo York, and Ed Hardy among others, has announced that revenue rose 21 percent to $65.8 million in Q4, thanks to a “rise in licensing revenue and the success of its direct to retail channels” according to a story on Reuters.
“We have strengthened our balance sheet and today have approximately $230 million of cash available to be opportunistic in the pursuit of acquisitions,” Chief Executive Neil Cole said in a statement. . . During the quarter, the company earned $19.7 million, or 27 cents a share, compared with $15.3 million, or 25 cents a share a year ago.
When former Quiksilver retail store employee Lynn Adams filed a wrongful termination suit against her former employer Quiksilver filed a motion claiming that when Adams was hired she signed a electronic arbitration agreement and waived her rights to a jury trial. The court granted the motion, according to an opinion released February 22, 2010 on Leagle.com.
Adams then filed a “petition for extraordinary relief” with the Court of Appeals of California, Fourth Appellate District, Division Three saying she “never agreed to arbitrate claims against Quiksilver and she never signed the electronic document containing the arbitration clause” and the court agreed with her.
Adams contends there is no substantial evidence to support the trial court’s finding that she entered into an agreement to arbitrate her claims against Quiksilver. She argues there is no evidence she typed in the electronic signature and, even if she did, there is no evidence she actually agreed to arbitrate. We agree.
Guess that means Adams can continue on with her legal action and Quik has one more appellate reversal and Adams legal costs to pay.
Yesterday, Quiksilver released a press release claiming they had won the most recent round saying that their recently overturned ruling what actually what they were hoping for all along. Bob McKnight explains:
“From the beginning we had proposed a co-existence agreement that offered Kymsta the ability to retain their then-current use of the ‘Roxywear’ name. It’s unfortunate that Kymsta has caused each of us to expend significant time and financial resources to arrive at a conclusion that is more restrictive on Kymsta than the original offer we made to them nearly ten years ago. Nevertheless, we are pleased to have had an opportunity to successfully defend our corporate reputation and principles and to receive the court’s validation of our ‘Roxy’ trademark rights. We also thank the jury and the court for their hard work and feel totally vindicated with an outcome that significantly restricts Kymsta’s use of the ‘Roxywear’ name and thus serves to prevent any future confusion with our ‘Roxy’ trademark, and that appropriately holds Kymsta responsible for our court costs.”
Let’s review: Quik sued Roxywear in 2002 to try to stop them from making Roxywear clothing. Quik was given a judgement. That judgement was overturned when an appeals court said the matter should have been decided by a jury. A trial was held and Kymstra was again found to be infringing on Quik’s trademark and was asked to stop producing Roxywear. Kymstra appealed that decision and it was overturned again allowing them to produce Roxywear in a limited fashion.
If both sides are claiming victory it sounds like a win-win. We’re kind of surprised that the lawyers didn’t send out a press release claiming victory because it would appear they are the real winners.
A plan to move their distribution warehouse from Everett, Washington to Southern California will have 170 of Zumiez’s Northwest employees looking for new jobs according to a story in The Seattle Times.
The chain of youth-oriented sports apparel stores said in a statement Monday that the majority of its vendors are in California, and the move will cut transportation costs and improve its efficiency. . . The company said its headquarters and e-commerce operation will remain in Everett, next door to the leased warehouse it is closing. . . Zumiez said it expects to hire 180-200 people for its new distribution center in Corona, Calif.
It’s not the official US Snowboarding Olympic Team uniform, but these Analog pants are as close as anyone can get apparently. Burton says they will not be selling the uniforms no matter how many people beg for them. (Hard to believe we know.)
New photo-real sublimated products in Analog’s Outerwear Winter 2011 collection include the Gravel Pant – a faux look of worn in denim jeans. . . The Gravel Pant, which is very similar to what two of the top 3 snowboarders, wore—when they placed at the most recent half-pipe snowboard contest in Canada (available in October 2011, $250 retail). and the Andros Parka – a faux vintage military parka style jacket with oil, paint stains and patchwork also available October 2011, $300.
You won’t get mistaken for Shaun White or Scotty Lago in these, but they will allow you to look like a grizzled, dirty lift maintenance worker minus that oily, diesel smell.
Hypebeast dives into the beast behind the hype with SF designer Benny Gold. His work for HUF, Carhartt, and Gravis has always confounded us with it’s simplistic, lo-fi lines. Then again, making good design look simple is one sign of genius.
Billabong sales in the US dropped by 6 percent but CEO Derek O’Neill says that’s actually not that bad considering the economy and currency fluctuations, according to a story in The Australian.
“There are a lot of other companies in our sector which wouldn’t have minded a drop of only 6 per cent in America,” Billabong chief Derek O’Neill said yesterday. “It got better in November and December, but in the early months — July and August — conditions were very tough in the US.”
But none of this has caused Billabong to cut back on the 5 percent growth they are estimating for the year.
Mr O’Neill said the company did not expect a strong sales burst but it was counting on increased margins for it to meet its profit guidance after cost-cutting in the second half of last year, particularly in the US.
Globe International Limited CEO Matt Hill today announced that the company is reporting a net profit of AUS$800,000 for the half year ended December 31, 2009 even though total revenues were down $13 million or about 22 percent. 
