Yes, the fall 686 gear looks nice, but we’re still kind of wondering who is on the chase?
[Link: 686]
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Fashion
For the first time in four years Globe International (parent of Dwindle Distribution) has turned a profit. And, according to a story in The Australian, it is due to a “balanced approach.”
While in previous years Hill has issued bullish assessments of the outlook only to have them fail to materialise, he’s now playing it safe. He talks only of stabilising revenues and growing through market share expansion. . . “We have some positive signs in the business at the moment but markets are also erratic, so we’re being cautious both on the outlook and how we manage the business,” he tells The Australian.
Looks like the “back-to-basics” plan is working.
[Link: The Australian]
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Following some less the impressive Q4 forecasts Volcom shares dipped below their 50-day moving average this morning with a 15 percent drop, according to Market Intellisearch.
Technical analysts and investors may interpret today’s trading activity as a sign that the shares will continue to head lower in the foreseeable future assuming the moving average has downward slope. . . The stock’s 52 week low is $14.7 and the high is $24.79. The technical momentum Relative Strength Index indicator shows oversold conditions.
But wait. What about that $1 special dividend? To read the entire transcript of yesterdays Volcom earnings call click here.
[Link: Market Intellisearch and OC Business Journal]
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In among the other news reported today during Volcom’s third quarter results report was the announcement that the Board of Directors has approved a special $1 a share dividend for shareholders (and those holding unvested shares of restricted common stock).
The payout will be made on November 19, 2010 to stockholders of record on November 8, 2010. “The aggregate amount of payments to be made in connection with the special dividend will be approximately $24.4 million.”
This is the kind of stuff companies do just to jack with us. Sure, all the big shareholders (Wooly has 2.7 million or so) and the employees who have unvested shares will get a nice little payout. But here’s what we’re thinking: if we get a dollar a share for all the Volcom stock we own (which is, of course, zero). We could buy some shares on November 3 (the ex-dividend date is November 4), hold it until November 8 to qualify for the dividend, and then sell it back on Tuesday. If the share price goes up during the time, even better. The downside, as always, is if the share price goes down during that week then the dividend won’t even pay for itself. Oh, the way they toy with us.
Those interested in all the financial nitty gritty (things were up a bit over last year) from the rest of VeeCo’s announcement today can follow the jump.
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We’ve always been intrigued by Zumiez founder Tom Campion; not because of the company’s size, or its total sales, or strong stock. What we find amazing about Campion is his ability to communicate the Zumiez brand message to all of his employees. The skill with which Zumiez takes seemingly lost kids off the street and turns them into retail selling machines is legendary, as anyone who has attended the annual Zumiez 100k will tell you.
What is most shocking on meeting Campion is how such a quiet, thoughtful man can engender such enthusiasm in his employees. Transworld Business‘ Mike Lewis interviews Campion. Here’s a little of what Tom said:
I always have had a little problem with authority—authority that’s not justified—“You do this because I’m the founder and I’m going to go out and play golf,” or some bullshit like that. Doesn’t that translate into problems throughout business or society? If you’re going to have vision and you’re going to lead, you got to lead by example not just by words. . . . You can’t do one thing one year, and a new one the next. There has to be consistency over time so [employees] know what’s coming. You have to believe it yourself and you have to be honorable about it. You’ve got to appreciate the fact that they’re working to make the sale. They are the face to your customer all the time. What you tell them has to be consistent.
Much easier said than done. Click the link for the rest of the interview.
[Link: Transworld Business]
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According to a Form 8-K filed today with the SEC Quiksilver has paid off its $24.5 million dollar debt to the Rhône Group L.L.C. by borrowing $20 million from Bank of America N.A. Nice how that works, huh?
The Term Facility is subject to interim amortization of $1,500,000, payable on June 30 and December 31 of each year, beginning on June 30, 2011, until the principal balance under the Term Facility is reduced to $14 million. The Term Facility bears interest, at the Borrower’s option, at either (x) an adjusted London Inter-Bank Offer rate plus 5.0% per annum, payable quarterly in arrears, or (y) the U.S. prime rate plus 4.0% per annum, payable quarterly in arrears. The Borrower must make prepayments in connection with certain corporate transactions and other circumstances, and may repay the loans under the Term Facility at any time without premium or penalty.
One thing is certain: Joe Scirocco earns his paycheck.
[Link: SEC]
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At 1:30 PM PST tomorrow (Thursday October 28, 2010) Volcom will discuss its quarter three financial results with analysts. The great part is that we all can listen online at Volcom Investor Relations.
For those who are unable to listen to the live broadcast, the call will be archived for one year on the Volcom Web site. A telephone playback of the conference call will also be available until 11:59 p.m. ET, Friday, November 5, 2010. Listeners should call (800) 642-1687 (domestic) or (706) 645-9291 (international) and use reservation: 15128955.
Hopefully, Volcom has fixed their web audio so even us heathens on Apple computers can listen in as well.
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Billabong is forecasting 2010-11 earnings to be “relatively flat” thanks to a stronger Australian dollar causing problems with the company’s bottomline, according to a story in the Sydney Morning Herald.
Billabong chief executive Derek O’Neill said the surfwear maker expected its net profit after tax (NPAT) to rise modestly in the current financial year. . . “Notwithstanding the impact exchange rate movements may have on reported NPAT… the company’s constant currency guidance of 2 per cent to eight per cent NPAT growth for the 2010-11 financial year remains unchanged,” Mr O’Neill said.
For the rest of these compelling insights into Billabong’s financials, click the link.
[Link: Sidney Morning Herald]
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VF Corp announced their third quarter financials today with a press release and an analysts’ call. Revenues were up to record levels for the quarter ($2.2 billion), gross margins reached a record 46.5%, and earnings per share increased 14% to a record $2.22.
The VF Outdoor & Action sports businesses had record revenues, income, and margins thanks to “exceptional growth” from Vans, North Face, and Lucy. But in all that press release boosterism was not one mention of Reef. None. In fact, the only place Reef was mentioned in the release was in the list of companies that VF owns. Ouch.
[Link: VF Corp]
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Celtek has created a special line of gloves in collaboration with top shops called the SLSH Collection (Shop Local Shop Here). The gloves currently come in eight flavors: Milosport (Salt Lake City, UT), The Youth Shelter Supply (Waite Park, MN), Easy Rider (Alberta, Canada), Shred Shop (Chicago, IL), Tactics (Eugene, OR), World Boards (Bozeman, MT), EVO (Seattle, WA), and Damage (Duluth,MN). And all of them look pretty good.
Celtek founders Erik and Bjorn Leines describe the motivation behind this collection, “The feeling of going in to a real snowboard shop for the first time is a mixture of wonder, intimidation, and stoke. It’s usually the moment when you become snowboarder and stop being “someone who snowboards”. We wanted to let these shops have total control on the artwork on the gloves to showcase their personality, and give the ability to fly the flag of people that bust ass every day to make sure that snowboarding stays awesome.”
Smart way to give shops hand while letting shreds fly the fingers with local pride. Follow the jump for the details.
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