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Today's news...8/10/05
AUGUST 10, 2005 --
Sportsman's Guide Posts Record Sales & Earnings
The Sportsman's Guide reported 2Q results that, with respect to fully diluted EPS, were above most recent guidance and, with respect to net sales, were at the high end of that guidance.
2Q net sales were $63.8 million, compared to $39.6 million reported for the same period in '04. The 61.2% increase was primarily the result of including net sales from The Golf Warehouse and higher net sales from The Sportsman's Guide. The acquisition of TGW was effective June 29, '04, making 3Q04 the first quarter for inclusion of TGW's net sales, operations and earnings.
Net sales for TSG increased 9.1% as a result of higher Internet sales. For the YTD, net sales were $128.4 million, a 52.1% increase over the $84.4 million reported for the first half of 2004.
Net earnings for 2Q were $2.5 million, or 31¢ per fully diluted share, a 102% increase over the $1.2 million, or 16¢ per fully diluted share, reported for the same period in '04. For 1H05, net earnings were $4.8 million, or 59¢ per fully diluted share, compared to $2.5 million, or 32¢ per fully diluted share. The earnings per share numbers for 2004 have been restated to reflect the company's recently announced change in accounting policy for Buyer's Club revenues and adjusted to reflect the three-for-two stock split, distributed April 15, '05.
Cabela's Has Set Back In Wisconsin
The Washington County Board rejected a plan to borrow up to $4 million to give to Cabela's as an incentive to build a 165,000-square-foot store on the border of Richfield and Polk, WI. The board vote of 20-10 fell three short of the three-fourths majority needed to adopt the proposal. Cabela's may go to the state to get the aid. The big box retailer had requested $10 million from state and local governments to help build the $70 million store and tourist attraction.
Umbro Opening 'Guerrilla Outlet' In London
Umbro is best known for its soccer replica business. But it is about to open its first "guerrilla outlet" later this month in East London. The aim is to broaden the mark's appeal to a more fashion-driven clientele. The branded store will only be open from October 19-23 and will be promoted by word of mouth, flyers and flyers that resemble rave artwork. The 'guerrilla' store, developed in conjunction with retail specialist shotgun.tv, will showcase the designer collections of Dirk Bikkembergs and Kim Jones, with whom Umbro is working on a number of fashion collaborations. All the clothes will be based around a streetwear theme.
Johnson Outdoors selected the SPS Commerce solution as its corporate-wide standard for all of its EDI. Starting this fall, Johnson will begin a total company migration to the SPS service, replacing all existing EDI software, and integrate the EDI solution with its Oracle JD Edwards software. Upon completion, the rollout will connect Johnson Outdoors to more than 100 retailers and other trading partners.
Modell's Sporting Goods is opening new store locations in Newington, CT, and Sterling, VA. Both locations will officially open their doors on Friday. The Sterling location, a 16,060-square-foot facility, is the fifth Modell's in Virginia and the 126th store overall. With 19,685 square feet, the Newington store is the fifth Modell's in Connecticut and the 127th store.
Phoenix Footwear Group named Robert Orlando as president of the Royal Robbins division. Orlando, a 30-year veteran of the footwear and apparel industry, was most recently president of Teva Footwear.
Fidelity Management & Research Co., a wholly owned subsidiary of FMR Corp., owns 255,300 shares or 2.523% of the outstanding common stock of Collegiate Pacific.
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Quiksilver Affirms 4Q, FY Guidance
President & CEO: Michael
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