Wall Street

While it seems difficult to understand it appears that Pacific Sunwear’s net loss for the fourth quarter over twice as large as analysts expected according to a story on NASDAQ.com.

Loss from continuing operations for the fourth quarter was $22.5 million or $0.33 per share, compared to a loss from continuing operations of $26.7 million or $0.39 per share in the prior year quarter.

Analysts reportedly expected a lost of $0.16 cents a share. Which reminds us two things: never underestimate the loss potential of PacSun, and analysts are rarely good for much of anything.

[Link: NASDAQ]

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Spy Optic continued on its long road to profitability in 2012 with a 13 percent increase in sales over 2011 and a $3.8 million cut in losses (Down to $7.2 from $11.02 million in 2011). With sales of $35.1 million in 2012, the company still has a ways to go, but President and CEO Michael Marckx is confident that things are headed in the right direction.

“With continued strong SPY® brand sales, and an annual growth of 13% for 2012 over 2011, we are happy to have achieved our 7th consecutive quarter of year over year growth of SPY® brand products. This is very encouraging for our efforts in 2013, as we have major initiatives lined up, the most important of which is our SPY® Happy Lens™ — the most innovative product SPY® has ever launched. These results also again suggest the strength of our renewed brand positioning and strategies, as also evidenced by increased market share driven by our unique new product collections,” said Michael Marckx, President and CEO. “We are also pleased that our efforts have really paid off with improved gross margins compared to the fourth quarter and annual results of last year. Our top line results were achieved despite significantly lower operating expenses, which in the fourth quarter of 2012 were 29% lower than the fourth quarter of 2011 and sequentially 25% better than the third quarter of 2012. These factors together with our strong annual growth, nicely improved margins, and substantially lower spending, are the hallmarks of a strengthening brand.”

For the official word from Spy follow the jump, or click here for full financials. [click to continue…]

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Billabong yesterday hit it lowest stock price since going public, losing 22 percent to 63 Australian cents on worries about the news that maybe coming out as the March 28, 2013 offer deadline approaches, according to a story on Bloomberg.

“Volume today is quite heavy which suggests that something might be up,” said Anson Rosewall, an institutional dealer at BBY Ltd. in Sydney. “It may have been operator error, the second thing going round is that there’s going to be no bid.”

That may have been why Billabong has placed the stock in a trading trading halt “until the commencement of normal trading on Monday, 25 March 2013, or when the announcement is released to the market.” Wonder what the news will be?

[Link: Bloomberg and MarketWatch]

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Electric Visual co-founder Mike Carter has a new gig as Agenda Trade Show’s vice president of Sales and Marketing. And not surprisingly, he’s pretty happy about it.

“The AGENDA organization has always represented innovation and out-of-the-box thinking, bringing refreshing new energy to the B-2-B community,” Carter said. “AGENDA is unique in their ability to bring different segments, cultures and art forms together under one roof to benefit from one another as well as to create the outlet for established and emerging brands to come together to celebrate the true action/lifestyle movement. I look forward to continuing the relationships with those already affiliated with AGENDA and creating opportunities with new brands that could benefit from the growth AGENDA can provide.”

For the official word from Agenda, follow the jump. [click to continue…]

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After being a part of the Vancouver BC based No Limits Group for seven years, Lifetime Collective founders Reid Stewart and Trevor Fleming announced today that they have reacquired sole ownership of their brand.

“With this, we begin a new chapter to truly look forward to. We are excited and inspired to be taking the brand forward and progressing it in ways that match the Lifetime vision.This move will keep the fire burning and renew our motivation to keep inspired and creative.” explained Lifetime founders Reid Stewart and Trevor Fleming.

Lifetime’s new offices are located in Vancouver’s Mt. Pleasant district and will also act as a brand new storefront. For the official word, follow the jump. [click to continue…]

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Billabong, which doesn’t appear to be in the driver’s seat with much of anything when it comes to its own financial situation, has laid down the law to its two suitors. Paul Naude (and friends) and VF Corp reportedly have until March 28, 2013 to make their final bids, according to a story on The Wall Street Journal. And then Billabong will just, well, they’ll just wait until someone makes them a lower offer later like they did last time. Because as we all know:

Billabong is battling to reverse an earnings decline triggered by the global slowdown, a strong Australian dollar that has diluted overseas income, and the dwindling appeal of its core brands among younger people. Sales in the Americas and Europe have fallen sharply as cautious consumers rein in spending or switch to other brands, leading to a build up of surplus clothing stock.

Aside from all that a deadline is a deadline, damnit!

[Link: The Wall Street Journal]

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