They filed this thing on December 30th. I, having no life, read all 89 pages New Year’s morning. I strongly recommend Proseco (Italian sparkling wine) over champagne. It seems to do fewer bad things to you.
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Transworld Business surveyed 185 leading surfboard retailers from around the county in order to present an accurate report on the state of the surf hardgoods market. In the first installment from the data we gathered, we’re breaking down what the leading surfboard retailers in the U.S. are stocking their boardrooms with by category, and how those categories are trending in stores across the country.
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These days, you don’t come across many quarterly reports that make it look like consumers are still spending. Urban Outfitter’s comparables store sales were up 9.9% for the quarter, though they go on to note that they were flat for November. They say it’s possible “…comparable store net sales may further decelerate during the remainder of the holiday season.”
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Quik didn’t include a complete balance sheet with the press release, so I was inclined to wait for the 10Q to be filed before commenting. But what the hell- I’m snowed in up here for the second straight day with more forecasted for the weekend.
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PacSun has done a good job presenting their income statement so that it’s easy to isolate the impact of their discontinued operations. As you probably know, they’ve closed all their stores that aren’t branded as PacSun. They are now a one brand company with 938 stores. That resulted, in the quarter ended November 3, 2007, in a loss from discontinued operations, net of taxes, of $37.2 million.
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I spent about 45 minutes Saturday morning drinking coffee and reading Wachovia’s 2009 economic outlook. I’ve included the link to it here. We all need to make our best guess as to what next year, and the year after that I suppose, is going to be like to manage our businesses to the best of our abilities.
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Abercrombie and Fitch’s quarter ended November 1st was soft. Net sales for the quarter were down 8% to $896 million. Gross profit percentage fell just slightly from 66.2 to 66%. Stores and distribution expense rose 8.65% to $386.5 million. Other expenses were more or less constant. The result was that operating income fell from $186.6 to $100.1 million, or 46.4%. Diluted net income per share fell from $1.29 to $0.72 a share.
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As you know and have been told about 17 times, Billabong has cut its forecast. Here’s the link to the call with investment bankers if you want to read the whole thing. For those of you who don’t want to read all 22 pages, here’s a great article that summarizes it. So, having short cut the process of analyzing the transcript from the call, let’s get to the heart of the matter.
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Even been in a Dick’s Sporting Goods? I haven’t. Their 483 stores (including 85 Golf Galaxy and 14 Chick’s) in 41 states are mostly in the eastern part of the country. But I have visited Joe’s a few times, and I suspect they are similar to Dick’s.
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