Jarden Q1 profit triples on outdoor sales
Jarden Corp. (NYSE: JAH) said its first-quarter profit more than tripled, helped by the acquisition of two outdoor sporting goods companies. Jarden is the parent of Coleman, Campingaz, K2, Marmot and Volkl, among others.
For the quarter ended March 31, net income was $4.7 million, or $0.06 per share, from $1.4 million, or $0.02 per share, in the prior-year quarter. Excluding reorganization and acquisition charges, the company said it earned $0.22 per share.
Revenue rose 48 percent to $1.22 billion from $820.9 million in the first quarter of 2007.
The company said most of the rise came from the company's outdoor division, where sales tripled. It said that division's sales were helped by the acquisition of Pure Fishing and K2 Inc. The acquisitions also helped offset higher costs, it added.
Jarden's chairman and CEO, Martin Franklin, said in a statement that the "recessionary environment is having a negative impact on overall consumer confidence and retail sales," but stressed a sales boost in the outdoor unit ahead of the summer season.
Shares of Jarden dropped on May 8 after it reported lower-than-expected first-quarter revenue and said the economic slump is hurting performance. The stock dropped $2.10, or 8.9 percent, to $21.50 after hitting a four-year low of $19.05 earlier in the session.
Eddie Bauer reduces Q1 loss by half
Eddie Bauer Holdings (Nasdaq: EBHI) narrowed its first-quarter net loss by more than half thanks to a decline in SG&A expenses and a higher tax benefit.
Net loss dropped 56.9 percent to $19.3 million, or a loss of 63 cents per share, as compared to $44.8 million, or a loss of $1.47 per share, in the first quarter of 2007.
Total revenues were $213.2 million, compared to $214.0 million in the first quarter of 2007.
Total comparable stores sales (retail and outlet stores combined) for the first quarter of 2008 rose 0.5 percent on top of a 9.5-percent gain in last year's first quarter. Comparable retail stores sales increased by 2.9 percent on top of a 16.4-percent gain in last year's first quarter, while comparable outlet store sales declined by 3.1 percent compared to a 0.3 percent increase in the prior year quarter.
Sales from the company's direct channel, which includes its catalogs and website, increased 0.3 percent in the first quarter of 2008 on top of a 16.3 percent increase during the prior year first quarter.
Gross margin for the first quarter of 2008 totaled $54.8 million, representing a decrease of $3.8 million from $58.6 million for the first quarter of 2007.
Eddie Bauer said it cut its operating loss by $13.8 million, a reduction of 35.2 percent, to $25.4 million during the first quarter of 2008 from $39.2 million for the first quarter of the prior year. The reduced operating loss was primarily driven by a $16.7 million decrease in selling, general and administrative (SG&A) expenses during the first quarter of 2008 as compared to the prior year quarter.
As of March 29, the company operated 365 total stores, consisting of 247 retail stores and 118 outlet stores. During the first quarter, it opened one outlet store and closed 24 retail stores and three outlet stores.
Liberty Media reports Q1 revenue
Liberty Media Corp. (Nasdaq: LINTA/B, LMDIA/B, LCAPA/B) said first-quarter revenue rose in all three of its business units. Its Liberty Interactive Group is the parent of Backcountry.com.
The company also reported a 24-percent increase in consolidated cash to $3.9 billion but did not provide net income or per-share figures for the three months ended March 31. Each of its three units has a separate tracking stock.
Liberty Interactive Group, including QVC Shopping Network, Backcountry.com and a variety of online assets, reported a 10-percent increase in revenue. QVC's consolidated revenue increased 5 percent to $1.77 billion.
The company acknowledged that the results were below overall targets, although its international revenue rose 15 percent to $589 million due to favorable exchange rates, higher sales in Germany and more subscribers in Japan and Great Britain.
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