by The Editors on May 18, 2009
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…]
by The Editors on May 17, 2009
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]
by The Editors on May 14, 2009
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]
by The Editors on May 13, 2009
Product placement appears to be one of the last standing forms of advertising that works in the mainstream market. Check this report from TMZ.com on how Billabong is getting some play from the vampires:
After Kristen Stewart was snapped smoking wearing this Billabong jacket on the set of “New Moon,” rabid fans quickly feasted on every last one available in stores across the country. Now, some opportunistic peeps are trying to flip the military-esque outerwear on eBay for upwards of $350 — and people are actually buying them!!!!!!!!!!!
Star power, huh?
[Link: TMZ.com]
by The Editors on May 11, 2009
Get all the details from Volcom’s recent SEC filling right here. We haven’t read the entire document, but this caught our eye:
Sales to Pacific Sunwear increased 21.8%, or $1.5 million, for the three months ended March 31, 2009 compared to the three months ended March 31, 2008. We currently expect a decrease in 2009 revenue from Pacific Sunwear compared to 2008. It is unclear where our sales to Pacific Sunwear will trend in the longer term.
As PacSun sales fall, Volcom gets further into bed with the mall. Maybe that’s because VeeCo is the only brand that is checking. Read the rest for yerself.
[Link: MarketWatch]
by The Editors on May 7, 2009
When you’re $1 billion dollars in debt and you have a huge payment to European lenders coming due on June 30, 2009 you have to cut back: even on the annual report, according to a story in USA Today.
Every spring, Quiksilver’s (ZQK) investors could look forward to having a thick annual report land in their mailboxes, filled with colorful photos of tanned bodies and monster waves. Not this year. . . As part of cost cutting not only at the Southern California surf wear company but at many companies, the traditional printed annual report to shareholders is slimming down if not disappearing completely.
Every little bit counts. Wonder if they’ve ratcheted back on Fed Ex, too?
[Link: USA Today]
by The Editors on May 6, 2009
Corey Smith’s new art show Air Superiority and Obsolete Dreams opens at Portland, Oregon’s Backspace Gallery May 7, 2009. And we’re pretty sure it’s going to be extremely arty.
Backspace Gallery, 115 NW 5th, Portland, OR May 7, 2009 6 PM.
[Link: Backspace Gallery via Yobeat]
by The Editors on May 6, 2009
The action sports fashion retail story continues to be grim, but not as grim as analysts had predicted at Zumiez. Today the mall store reported that April sales were only down 13.8 percent versus last year.
Analysts, on average, had expected the same-store sales to fall 14.1%, according to Thomson Reuters. Total net sales for the four-week period ended May 2 decreased 1.7% to $23.8 million, said the specialty apparel retailer.
Not too bad, really.
[Link: Marketwatch.com]
by The Editors on May 5, 2009
Ken Achenbach has always known how to turn ideas into dollars. Here’s another one as seen on Cldfx.com:
The backpack features a vertical snowboard carry, an internal padded laptop sleeve, a fleecelined goggle pocket and lots more. You better be fast if you want your own COC Mission Pack, the online shop isn’t online yet, but you can save a Pack by writing an email to COC. They’ve also got a colabo on the Crossfire Glove, we keep you updated.
Wonder if a free pack is included with the price of camp?
[Link: CLDFX]
by The Editors on May 4, 2009
Sometimes we just don’t get it. Gravis, the shoe company the Burton Corporation has been sinking money into for more than a decade, has released a shoe for the most beautiful boy in skateboarding and once again they’ve created something that no one will buy.
How do they do it? You’d think even by simply designing with a magic 8 ball you’d come up with a hit shoe every once in a while. . .but hey, at least they are trying right?
[Link: Gravis via The Skateboard Mag]
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.
