When you read Volcom’s 10K for the year ended December 31, 2008, you know immediately why they are successful. There are no wasted words or unnecessary complexity. There’s a consistent focus that makes their strategy clear and the coordination among the pieces obvious. You know it’s been carefully thought out. Even the Foreign Currency Risk and Derivatives footnote is easy to read. That never happens. Where do they find these lawyers and accountants with literary talent?
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Globe came out with its earnings release for the six months ended December 31st, 2008 on February 26th and nobody over here seemed to notice. Happily, I stumbled on it and thought my three faithful readers would want to know what’s up.
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Quiksilver (along with the rest of us I guess) got caught in a series of economic and financial circumstances that it couldn’t have imagined. With that in mind, and before I get to day’s topic, I want to suggest that you all scurry to the library or the book store and get a copy of “The Black Swan- The Impact of the Highly Improbable.” It’s by Nassim Nicholas Taleb and is very relevant to the situation we find ourselves in.
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VF, though impacted by the recession in the third quarter and expecting it to last through 2009, had a good year in 2008. I’ll go over those numbers briefly, but there’s nothing all that intriguing or educational I feel the need to spend a bunch of time on. What’s more interesting is how VF describes its direct to consumer strategy.
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Yesterday, Quik filed an 8K. The complete filing is quoted here. It’s pretty short, but says a lot. Read it, then I’ll have a few comments.
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Columbia Sportswear’s annual report is bracketed by the impact of the recession as, I expect, will be many companies’. On the first page they note, “Results of operations in any period should not be considered indicative of the results to be expected for any future period, particularly in light of the current macro-economic environment…”
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What we have here is the most incredible blinding glimpse of the obvious I’ve ever seen. Snowboard Canada Business, in their latest issue, did what I guess is their annual survey of 65 tastemaker independent leading Canadian specialty snowboard and skate shops (no surf shops surveyed- I’m thinking there might not be many in Canada).One of the questions they asked was, “When determining your bookings, what is the leading factor in your decision?”
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It was a pleasure to go to the SIA show and see some real excitement and enthusiasm. I talked to a number of new - and not quite so new - as well as small - and not quite so small- brands, who seemed to be doing well and were upbeat. I guess I finally, actually believe that good snow makes the winter sports business not recession proof, but recession resistant.
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Orange 21 is giving each of its existing shareholders the right to buy one share of its common stock for $0.80 cents for each share they currently own or warrant they have. Before the offering, they had 8,199,314 shares outstanding. Assuming that everybody buys the shares, they would have 17,744,128 shares outstanding afterwards and would raise $7,635,851.20
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I can’t stand it anymore, so be warned. The next person who says to me, “We’re watching our inventory carefully” or “We’re working hard to keep our existing customers” or “We’re being really selective about our advertising and promotional expenses,” or “We’re cutting brands that haven’t sold well,” is going to get dumped on. They won’t really deserve it- they’ll just be in the wrong place at the wrong time.
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