Quiksilver completes sale of Rossignol ski unit to Chartreuse & Mont Blanc
Quiksilver (NYSE: ZQK) said the sale of its Rossignol ski gear business to Chartreuse & Mont Blanc has closed for EUR 30 million (USD $37.5 million) in cash and 10 million euro note (USD $12.5 million).
"The completion of this sale represents the culmination of our efforts to eliminate our exposure to hardgoods manufacturing," CEO Robert McKnight Jr., said in a statement. "We're delighted that we can now return to our roots, do what we do best and once again fully concentrate our efforts on our core apparel and footwear brands Quiksilver, Roxy and DC."
Chartreuse & Mont Blanc is run by former Rossignol CEO Bruno Cercley and is owned by the Australian financial services company Macquarie Group.
Quiksilver first bought Rossignol in 2005. By the spring of last year, analysts had started to say that the addition of Rossignol was disappointing and that results from the ski gear unit was dragging down the overall stock price.
The purchase of Rossignol would give the new owners ski equipment and apparel brands such as Dynastar, Look and Lange.
Crocs' shares plunge as sales sink
Crocs (Nasdaq: CROX) shares plunged 45 percent on Nov. 13, stumbling after it reported a whopping third-quarter loss and warned of further financial pain as it downsizes to better match sharply reduced demand. The stock closed at $1.05, down $0.85.
The company is writing off excess sandal inventory, slashing its spending budget by 50 percent, and shuttering its Brazil plant. It shut down a factory in Canada earlier this year.
The company expects to lose between $0.50 and $0.65 a share in the fourth quarter on sales of up to $120 million.
For the third quarter ended Sept. 30, Crocs posted a net loss of $148 million, or $1.79 a share, battered by inventory write-downs and restructuring charges. Quarterly sales dropped 32 percent to $174 million.
The company's initial public offering in February 2006 raised $208 million, making it one of the richest ever for a U.S. footwear company. But the shares began to collapse late last year, after zooming above the $70 level. Its 52-week range is $0.79 to $46.80.
Gander Mountain reports preliminary Q3 results
In unaudited preliminary results, Gander Mountain (Nasdaq: GMTN) said its fiscal third-quarter sales were up 4 percent.
For the quarter ended Nov. 1, it had consolidated sales of approximately $270 million compared to consolidated sales of $260 million for the comparable quarter in 2007.
Retail segment sales were down 1.6 percent to $255 million compared to $251 million last year. Direct segment sales were $14.4 million for the quarter.
The retail segment net income was $3.6 million compared to a net loss of $5.1 million last year. Consolidated net income was $700,000 versus a net loss of $5.1 million for the same quarter last year.
Same-store sales were down 6.5 percent, an improvement over the decline of 11.7 percent in the second quarter of fiscal 2008.
The company will report final results in December 2008.
LaCrosse receives $2 million boot order from military
LaCrosse Footwear (Nasdaq: BOOT) said its Danner subsidiary received a $2.0 million delivery order from the U.S. Army for the Danner Combat Hiker boots. Danner will primarily deliver the boots during the first quarter of 2009.
The boots will be produced in the company’s ISO 9001-2000 certified manufacturing facility located in Portland, Ore.
--Compiled by Wendy Geister
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