by The Editors on June 6, 2009
According to the stock trading blog BloggingStocks.com the number one consumer stock to sell right now is PacSun.
As such, Pacific Sunwear (NASDAQ: PSUN) lost its mojo and has yet to find its way. . . Earlier this year, shares bottomed at a price below $1 per share. Since that time, PSUN has been on fire more than tripling in value. . . And just two weeks ago, the company announced another quarterly loss and drop in same-store sales. . . I would take some money off the table here — PSUN is due for a pullback.
Other consumer stocks on Jamie Dlugosch’s list: Pier 1, Vail Resorts, and Cabelas.
[Link: Blogging Stocks]
by The Editors on June 5, 2009
After May ended up being Volcom’s worst month since December, analyst Mitch Kummetz of Robert W. Baird & Co. said he is lowering his forecast for the company, according to a story in the Orange County Business Journal.
He now forecasts Volcom to earn $9.9 million in the third quarter, below the $11.4 million Wall Street expects on average. . . The report sent Volcom shares down after a run-up that have seen them double since early March. Volcom has a market value of about $320 million.
And that sent Volcom shares down nearly 8 percent to $13.32.
[Link: Orange County Business Journal]
by The Editors on June 5, 2009
Rip Curl announced today that they have bumped former European CEO Olivier Cantet up to the position of group CEO beginning July 1, 2009, according to a press release on Global Surf News.
Olivier has been with Rip Curl since 2003 in his current regional role of European CEO and he will continue to manage that business alongside his new group responsibilities. Olivier takes over as Group CEO from Francois Payot, who has held the group position since 2006. . . Francois will resume his former role as Founder Director on the Rip Curl Board alongside Brian Singer and Doug Warbrick.
[Link: Global Surf News]
by The Editors on June 4, 2009
Same store sales at Zumiez were down 20.7 percent in May as net sales fell 9.6 percent according to a story on Reuters.
“For the month, all departments posted a decline in same-store sales,” finance chief Trevor Lang said on a pre-recorded call. . . The company, which is a retailer of action sports-related apparel, footwear, equipment and accessories, said total net sales fell 9.6 percent to about $23.5 million for the four-week period ended May 30.
Guess we haven’t reached the basement yet.
[Link: Reuters]
by The Editors on June 3, 2009
Rob Vassallo, the owner of Australia’s Jett Performance Products, says his designs for a battery powered heated vest that he showed to Rip Curl in 2005 are now being used by the company in their H-Bomb wetsuit and he is not getting paid, according to a story on News.com.au.
“They loved the technology and, after I provided mock-up samples, they sent prototypes to the US for feedback and finally, in 2006, they ordered 500 units,” he said. . . . Rip Curl unveiled the wetsuit last year as the H-bomb using a surfing video shot in Iceland. . . Mr Vassallo said that a week later Rip Curl told him it had lost faith in Jett’s ability to make the wetsuit.
Rip Curl says they have only sold 200 of the suits and that they “absolutely refute the idea that we have stolen anything from Rob Vassallo or Jett,” according to spokesman Gary Dunne. Vassallo, of course doesn’t not agree.
[Link: News.com.au]
by The Editors on June 2, 2009
A few weeks ago we mentioned that Transworld Media’s parent company Bonnier Corp. had purchased five magazines from “the world’s largest magazine publisher” Hachette Filipacchi Media U.S. Today the companies released the official announcement.
“We have always been committed to growing our portfolio of brands to include other passionate special-interest audiences,” says Terry Snow, CEO of Bonnier Corp. “These five titles from Hachette fit very well within our growth strategy of adding brands that serve markets with multimedia opportunities.”
We’re guessing no one is happier about this deal than Hachette Filipacchi. Click here to read MediaWeek’s coverage or follow the jump for the entire press release.
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by The Editors on June 1, 2009
Apparently, Mike Vallely isn’t the only board worker to make the jump to the MMA world. Former Burton Snowboard’s Senior VP/Global Marketing Bryan Johnston has reportedly become the UFC’s first chief marketing office, according to a story on Sports Business Journal. Johnston will reportedly be overseeing “marketing activities “with an eye toward further global expansion.”
Yeah, that sounds about right. Follow the jump for the entire press release.
[Link: Sports Business Journal]
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by The Editors on May 29, 2009
This Sunday May 31, 2009 members of the surf community will be paddling out at Doheny State Beach (Picnic Areas A and B) at 3 PM to remember the life of former SIMA president Dick Baker, who died on April 14, 2009 after a two-year battle with cancer.
Click the link for map, schedule, and more information.
[Link: SurfExpo.com]
by The Editors on May 29, 2009
by The Editors on May 28, 2009
At Zumiez’s annual shareholders meeting yesterday May 27, 2009 CEO Rick Brooks took time to restate the obvious regarding the current retail business climate, according to The Seattle Times.
“This is the toughest economic environment I’ve ever worked in,” Brooks said Wednesday. . . in Everett. . . He said Zumiez has been opening fewer new stores to reflect its diminished sales outlook, though its overall strategy remains the same. The retailer sells clothing, equipment and shoes inspired by board sports. . . “We’re staying true to who we are,” he said more than once, noting the company will maintain “strong training programs” for store employees and emphasize products that can’t be found elsewhere at the mall.
The one things Brooks wouldn’t talk about was the proposed purchase of Active Ride Shop saying only that Zumiez is “very early in the due-diligence process.”
[Link: The Seattle Times]
According to the stock trading blog BloggingStocks.com the number one consumer stock to sell right now is PacSun.
