by The Editors on March 18, 2009
We kind of laugh when we see that Nike lumps Hurley and Converse under the header “Other Businesses” along with Cole Haan, Nike Golf and Umbro when it releases financial reports. But either way, while profits at the mother ship declined 47 percent it looks like the “other businesses” survived the storm.
For the third quarter, revenue for the Other businesses, which include Cole Haan, Converse Inc., Hurley International LLC, NIKE Golf, and Umbro Ltd, increased 1 percent to $592.2 million compared to $587.4 million last year with the group posting a third quarter pre-tax loss of $344.1 million versus pretax income of $106.1 million for the same period last year.
None of this is really comparable though because they didn’t have the same “other businesses” last year that they have now. How’s that for insights into the business. Apparently, someone in the “other businesses” is doing just fine. We’ll assume for entertainment sake that it’s Hurley. Good job, Bob.
[Link: MarketWatch]
by The Editors on March 18, 2009
Nike, Inc. is releasing its third quarter fiscal 2009 financial results today, March 18, 2009, at approximately 1:15 p.m. PT, following the close of regular stock market trading hours. Following the news release, NIKE management will host a conference call beginning at 2:00 p.m. PT to review the results.
We’re not sure they will go into much SB, 6.0, or Hurley detail, but the whole think can be listened to live on the web at www.nikebiz.com/investors. An archived version of the call will be available through midnight, March 25, 2009.
[Link: BusinessWire]
by The Editors on March 17, 2009
Apparently, a stock can just keep getting junkier and junkier. Today Standard & Poor’s Rating Service did just that to Quiksilver, according to a story on Forbes.com.
Standard & Poor’s Ratings Services said Tuesday that it lowered its ratings on Quiksilver Inc. deeper into junk status as the outdoor clothing and equipment company works toward a deal to improve its liquidity and capital structure. . . Our resolution of the CreditWatch listing will focus on Quiksilver’s ability to meet its near-term debt obligations, maintain adequate liquidity, and improve its operating business trends and financial metrics,” S&P said. “If the company can complete a refinancing or strategic transaction, then we may review the ratings for an upgrade.”
Oh, we thought they lowered the rankings because of that new Quiksilver.com/GO website. The one that makes you count to 100 before it loads?
[Link: Forbes.com]
by The Editors on March 16, 2009
It’s long and detailed, but for those in the mood to read the latest info from Volcom, follow the jump for everything you’ve ever wanted to know. And yes, they “currently expect a decrease in revenue from Pacific Sunwear compared to 2008.”
That and more after the jump.
[click to continue…]
by The Editors on March 13, 2009
You know RVCA. They just like to chill, play music, do some art, and then go rip somebody’s ears off in a rage of testosterone powered aggression. Then on the way home maybe they’ll stop by the mall for some new undies.
[Link: RVCA]
by The Editors on March 13, 2009
Fetish fans rejoice. Nixon is releasing a series of limited edition Rubber Players as a ploy to get shoppers into Nixon retailers.
The Rubber Player is a unique, new interpretation on the iconic Player model from Nixon. Beginning in March, participating retailers will receive four Rubber Players in one color. Each month through June, participating retailers will receive an unannounced, new color of The Rubber Player. This product will not be available for reorder and when they are gone, they are gone.. . . The Rubber Player features a 3-hand Japanese quartz movement, custom molded silicone case and band and diamond. This limited watch will also come with a collector’s kit stand and packaging and will retail for $170.
The Nixon watches we like keep getting discontinued. . .
[Link: Nixon]
by The Editors on March 12, 2009
Pac Sun reported Q4 numbers today and guess what? They sucked. But according to the Orange County Business Journal they were at least “better than expected.”
Losses for the quarter ended Jan. 31 totaled $27.1 million, or 42 cents per share, compared with a profit of $5.2 million, or 7 cents per share, last year. . . For the year, the Anaheim, Calif.-based company reported a loss of $63.8 million, or 59 cents per share, compared with a loss of $30.4 million, or 65 cents per share, last year. Revenue fell 4 percent to $1.25 billion from $1.31 billion last year.
It would be fun to be in a business where you have $63.8 million a year to lose, wouldn’t it?
[Link: BusinessWeek]
by The Editors on March 12, 2009
Things were bad everywhere, but Zumiez just announced a 49 percent slide in Q4 profit vs. last year. That’s like cuttin’ it in half.
Chief Executive Rick Brooks said the second half of fiscal 2008 was “incredibly challenging.” “Since September, the deteriorating economic conditions have significantly dampened consumer appetite for discretionary items,” Brooks said.
Yep, that’s what we keep hearing.
[Link: Forbes]
by The Editors on March 12, 2009
After yesterday’s Quiksilver conference call we kind of knew this was coming, but Reuters is now reporting that the company’s stock fell more than 20 percent in early trading based mostly on word that Quik was looking to sell off assets.
Analyst Eric Tracy of BB&T Capital Markets said in a note to clients that the company’s view of a muted cash generation, coupled with an extension of its credit line makes an asset sale unavoidable. . . “We believe the company may seek to sell its DC business to a strategic or financial buyer,” the analyst said, while expressing his worries that by selling DC, Quiksilver “would lose its fastest-growing, highest-margin business.”
That’s the rub isn’t it? Reminds us a little of Stephen King’s story Survivor Type.
[Link: Reuters]
by The Editors on March 12, 2009
For a nice overview on just how bad action sports fashion retail has gotten, tune in today (Thursday, March 12, 2009) to the Pacific Sunwear’s year-end and Q4 conference call at 1 PM PST and then the Zumiez year end call call at 2 PM PST.
Click here to listen to the PacSun train wreck live online or here for the Zumiez call.
[Link: MSNBC]
We kind of laugh when we see that Nike lumps Hurley and Converse under the header “Other Businesses” along with Cole Haan, Nike Golf and Umbro when it releases financial reports. But either way, while profits at the mother ship declined 47 percent it looks like the “other businesses” survived the storm.
