Bruin Sports Buys Video Streaming Firm Nike's North American Profits Take Dip Titleist Owner Acushnet Files For IPO Sources: DraftKings, FanDuel In Talks For Merger WME-IMG Expanding Its Chinese Business WinView Brings In $3.4M In Funding Round Under Armour To Lose $120M In Sales Acushnet Reportedly Prepping For IPO MP & Silva Sells Controlling Stake Judge OKs Sports Authority Sales Plan
REEBOK'S FIRST QUARTER PROFITS FALL 49 PERCENT
Published April 23, 1998
Reebok Int'l said Wednesday that its first-quarter profit fell 49% and company officials "predicted another tough quarter ahead with no improvement expected until autumn at the earliest," according to Gregg Krupa of the BOSTON GLOBE. Net income fell from $40.2M, or $0.69 per share, in 1Q '97 to $20.3M, or $0.36 per share in 1Q '98. Net sales were down from $930M in 1Q '97 to $880.1M. Krupa writes that Reebok's performance was "about what analysts had expected." Reebok Exec VP Operations & Finance Kenneth Watchmaker: "We're not writing off 1998, but we are realistic about our position." Reebok stock closed yesterday at 31 9/16 per share, down 7/8 (BOSTON GLOBE, 4/23).