by The Editors on February 18, 2009
The USC crew at Quiksilver got a little deeper recently when James G. Ellis was added to the Board of Directors on February 13, 2009.
Ellis is the dean of the Marshall School of Business at USC. He began his career with Carter Hawley Hale stores and rose to vice president of Merchandising for the Broadway department store chain. . . . Later, he became president and CEO of American Porsche Design and has been involved in several other entrepreneurial ventures. He held leadership roles in several apparel manufacturers and action-sports companies.
Sounds like Mr. Ellis has all the skills necessary to help pilot Quiksilver into the storm.
[Link: OC Metro]
by The Editors on February 18, 2009
We know that if people are going to write about skate fashion, they’re going to have to come up with words to describe what it is, but “skurban” has got to be the worst word ever.
Influenced by skate and street-wear fashions and the lifestyle that had its skateboarding origins in Los Angeles and New York, the Skurban style includes heavily branded and graphic tees; hoodies as a layering piece; skinny, tapered or baggy jeans; flat-billed, “new era” baseball caps and skate shoes.
Although, Skurban Outfitters does have a certain ring to it. . .
[Link: Philstar.com]
by The Editors on February 17, 2009
It reads more like a nice, swift, kick to a yapping dog, but in a letter released today Pac Sun Lead Director Peter Starrett clearly outlines what the Pac Sun Board of Directors thinks of Adrenalin CEO Ilia Lekach’s plans to oust Pac Sun CEO Sally Kasaks in a proxy battle:
First and foremost, you should know that the Board fully supports Chairman and CEO Sally Frame Kasaks and the strategic program that is underway to build value for PacSun shareholders . . . It’s also clear to the Board that PacSun shareholders will not be well served by a proxy contest pursued by you in furtherance of your stated desire (as most recently to combine PacSun and Adrenalina and install yourself as CEO. But make no mistake, if that is the course you wish to pursue, we will do all that is necessary to protect shareholders.
We keep writing Lekach off as simply publicity hunting, but he seems to be sticking to it.
[Link: MarketWatch]
by The Editors on February 13, 2009
The Motley Fool investor information site has recently given Volcom a “4-star” rating and a headline that says that the “stock is about to pop.” Not sure what that means exaclty, but here is their logic:
Over on CAPS, 380 of the 416 All-Star members who have rated Volcom — or 91% — believe the stock will outperform the S&P 500 going forward. These bulls include MagicDiligence and bullshiite, both of whom are ranked in the top 10% of our community. . . . Late last month, MagicDiligence noted that Volcom “is smartly run, financially sound, and has plenty of growth opportunities overseas. It’s also extraordinarily cheap!”
Not to say we disagree, just that we’re not so sure that user-generated stock advice is the best guide for where people should invest their money.
[Link: Motley Fool]
by The Editors on February 11, 2009
Nike plans to eliminate 4 percent of their 35,000 person work force (about 1,400 jobs) according to a story on Oregonlive.com.
The decision to reduce our work force is a difficult one, but it will put our business in the strongest position possible to continue to deliver long-term profitability and growth,” President and CEO Mark Parker said in a statement. . . . The layoffs would be Nike’s first since 1998 and 1999, when the company cut about 2,500 positions — but not the first belt-tightening measure of this recession. Late last year, Nike executives instituted a hiring freeze, reined in travel spending and said they would slow their plans for opening new stores in 2009.
At least Nike is giving some numbers and speaking up about the layoffs unlike some action sports footwear companies we know.
[Link: OregonLive.com]
by The Editors on February 10, 2009
Another analyst who follows Quiksilver’s stock has downgraded her rating thanks to Quik’s rather large debt, according to a story in the Orange County Business Journal.
Caris & Co. analyst Claire Armstrong Gallacher downgraded Quiksilver’s stock to “average” from “above average,” saying the company’s profits are “at risk” due to its heavy debt and the retail sector’s downturn. . . . “Given the large debt burden, tight credit markets and worsening consumer spending trends we would recommend investment in companies with debt free balance sheets,” Gallacher wrote.
The stock closed the day down 24 cents to $1.59.
[Link: OC Business Journal]
by The Editors on February 10, 2009
During the 2008 Q4/Year End conference call with analysts, VF Corp CEO Eric Wiseman said that the company will “remain very interested in acquisitions” for 2009. Though he said they were going to be very careful with their acquisitions and he didn’t mention any companies by name.
The biggest news of the call is that Vans is crushing, which isn’t news to anyone. “At Vans we enjoyed an extremely positive year,” said Stephen Murray, President of VF Corp’s Action Sports Americas. “Domestic sales were up 13 percent and we were up in every category except snow, and that is a small percentage of our business.” More Vans notes:
- Footwear sales up 11 percent
- Apparel and accessories grew by 40 percent
- Launch of boys apparel line was particularly successful
- Direct-to-consumer business grew 20 percent
- Vans stores saw an 8 percent increase in sales
- E-commerce grew by 40 percent
- The company plans to open more Vans stores outside California in areas where they feel their retail distribution is lacking
Follow the jump for info on Reef and VF Corp Overall. . .
[click to continue…]
by The Editors on February 10, 2009
Washington State’s Tri-Cities area has had a string of convenience store robberies lately. That most recent was performed in Kennewick by a tall, thin, white man in his 20s.
He was wearing a yellow sweatshirt with a “Billabong” logo on the front of it and a blue bandana over his face.
Looks like he was on his way to the mountain to shred.
[Link: KNDO.com]
by The Editors on February 10, 2009
The Billabong Design For Humanity evenings are always a good party. And we’re guessing the Sydney event is going to knock people to their knees. Wish we were there.
[Link: Design For Humanity via Pedestrian.TV]
by The Editors on February 9, 2009
Dean Spunt and Randy Randall, the guys behind No Age, were recently named music “team managers” for Altamont’s Spring 2009 limited edition catalog, according to a story on Pitchfork.
Twice a year, Altamont issues a catalog highlighting that season’s line that comes with an exclusive 10″ vinyl record. Starting with the Spring 2009 collection, Spunt and Randall are in charge of curating what bands contribute to that 10″. Naturally, their first one features music from No Age themselves. The 10″ includes “Goat Hurt”, from an early EP, their cover of Björk’s “It’s Oh So Quiet” from Stereogum’s Björk covers project, and “Recovery and Everything Else”, which according to Spunt, is the “isolated noise track” from “Everybody’s Down”.
Apparently, music makes the Altamont world go ’round.
[Link: Pitchfork]
The USC crew at Quiksilver got a little deeper recently when James G. Ellis was added to the Board of Directors on February 13, 2009.
