Today (May 21, 2009) Pacific Sunwear will discuss Q1 results in a conference call at 1:45 PM PST. And we all get to listen in as CEO Sally Kasaks explains how bad things are and why, lucky for shareholders, PacSun has a plan in place to weather the storm and kick butt as soon as this whole economy thing turns around.
Click here to listen to the conference call.
[Link: PacSun Investor Relations]
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Epic. Now Vans can KISS both our feet and your asses at the same time with these new old skools and denim emblazoned with images of Gene, Paul, Ace, and Peter.
We’re guessing these are going to sell very well in the mall stores and with a certain older demographic who just can’t seem to find anything that will ever compare to that Anaheim Stadium show during the summer of 1976.
[Link: Kiss Online via Blabbermouth.net]
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No, we’re not really surprised that Mike Vallely has teamed up with MMA clothing company Affliction. But then after his LA Ducks deal from last October there’s really nothing that would surprise us.
“Affliction Clothing mirrors my aggressive style and attitude,” said Vallely. “I’ve never felt comfortable in surf apparel — that look was never really me. Affliction is a clothing brand that expresses what I’m all about and in turn allows me to express myself.” Marketing Director Chris Lisk commented, “Affliction is excited about working with Mike V. He has always held strong as an individual and we acknowledge and promote that quality in all of our athletes and artists.”
Sounds like a fighting good deal for Mike. Follow the jump for all the details.
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After Billabong reduced their profit forecasts and announced plans to sell more shares to “pay down debt” the analysts apparently turned on the company. According to a story on Bloomberg at least four brokers have cut the stock to their lowest rankings:
The stock’s rating was cut to “sell” by Royal Bank of Scotland Group Plc, “underweight” by JPMorgan Chase & Co., and “underperform” by both Macquarie Group Ltd. and Credit Suisse. . . “The old Billabong story was a seductive growth story as surf fashion took market share in the urban and street apparel segments,” Greg Dring, a Sydney-based Macquarie analyst, said in a note to clients today. “The new Billabong story seems to center on customers that are increasingly short-term focused and are reluctant to order for the future.” Dring cut earnings estimates in 2010 by 23 percent.
But we still haven’t really figured out the whole analysts game.
[Link: Bloomberg.com]
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According to legal documents linked up by Josh Hunter at Transworld Business, Zumiez has apparently offered $7.2 million for The Active Wallace Group.
Based on the offer made by Zumiez, Active proposes to sell its assets for a total consideration of up to as much as $7.2 million cash, depending upon the outcome of Zumiez valuation of inventory and determination of number of stores to acquire. The total consideration offered to be paid by Zumiez in this case is based on the following formula:
1.) Inventory valued at the lower of cost or market, as determined by an appraiser hired by Zumiez;
2.) $100,000 per store to be purchased by Zumiez; and
3.) Assumption of gift card certificates up to $1.3 million, with total consideration to be adjusted if gift card liability is in excess of $1.3 million.
Crazy days indeed. Odd how quickly things can turn around. Click here to download the entire legal document from TransWorld Business. We’d suggest you read Tiffany Montgomery’s story on Shop-eat-surf.com, too, but you’d have to become an executive member to access the entire piece.
[Link: Transworld Business via Boardistan Commentor]
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According to a story on Bloomberg.com VF Corp’s CEO Eric Wiseman is letting people know that he and the company are in “active discussions” on an outdoor/action sports acquisition. Wonder who that could be?
“There are lots of really interesting discussions about brands that may be appropriate,” Wiseman, 53, said in a May 15 interview at VF’s headquarters in Greensboro, North Carolina. “I hope we can make an interesting acquisition this year.”
The word before was that VF was gunning for DC Shoes. But with everything going down lately, we’re wondering why VF would take one little bite, when they could just chomp down on the whole thing. . .
[Link: Bloomberg]
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We all know that Ryan Sheckler’s new Wicked clothing line RS by Sheckler is hitting JCPenney this summer just in time for back to school, but what we didn’t know were WMG’s Steve Astephen’s plans for the brand.
In a story on Sports Business Journal he says they play to make millions.
Sheckler’s agent . . . hopes to build the new brand, which launches this summer, into a $100 million business that earns Sheckler $10 million a year.
Possible? With JCPenney as the “official retail partner” of the Dew Tour some synergies could happen. If people still shop at Penneys. Do they?
[Link: Sports Business Journal]
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Spy Optic’s parent company Orange 21 announced financial results for the quarter ending March 31, 2009 and while sales were down 36 percent and they lost $804,000 it was still better than last year at this time when the company lost $851,000.
“As stated last month, the current recession continues to have a significant impact on our global sales,” commented Stone Douglass, the Company’s Chief Executive Officer. “During the first three months of 2009 compared to the first three months of 2008, we have reduced total operating expenses by approximately $1.8 million. In addition, we have been seeking new opportunities on a global basis.”
Looks like things are moving in the right direction for the company. For all the color tune into tomorrow May 19, 2008 at 1:30 PDT for the quarterly analyst’s call by clicking here. [click to continue…]
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Looks like analysts were right both ways when they guessed last week that Billabong was either looking to raise more money or going to announce a lower profit outlook thanks to the flailing American clothing market, according to a stories on Reuters, The Australian and The Sydney Morning Herald.
Australian surfwear retailer Billabong International (BBG.AX) is looking to raise A$290 million ($217.6 million) to pay down debt, with a share sale priced at a 29 percent discount to its last trade. . . Billabong said on Monday it was raising the money through a fully underwritten 2-for-11 rights offer to institutions, at A$7.50 a share, worth A$200 million, and a matching offer to retail shareholders, which would raise up to A$90 million. . . The company has adopted a six-month freeze on hiring new staff across all markets and will not replace staff who leave the company.
[Link: Reuters and The Australian]
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Billabong’s stock went into a trading halt soon after the market opened yesterday, according to Australia’s the Age and now analysts are stuck trying to figure out exactly what that means.
You’ve got two choices,” one analyst said. “A capital raising for who-knows-why, or a profit downgrade. Or if you want to be really, really wild, how about an upgrade. There’s enough anecdotal evidence to say it’s not on the upside.” . . .A second analyst agreed, saying: “Most of the market’s expecting their profit to come in below their guidance, but not dramatically so.”
We’re not even going to guess on this one. We’ll all know soon enough. But it doesn’t sound good.
[Link: The Age]
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