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SBJ/November 2 - 8, 1998/No Topic Name
Starter Corp. blames NBA lockout for slumping sales
Published November 2, 1998
The National Basketball Association labor lockout took its toll on Starter Corp., which saw quarterly revenue fall $21.3 million to $128.1 million, a 14 percent drop.
"We continue to be affected by difficult industry conditions, which have been exacerbated by the NBA lockout," said David Beckerman, chief executive of the licensee company. "Our outerwear business has experienced the greatest impact of such conditions, as our retail customers reduced their purchases."
The company reported earnings of 21 cents a share in the quarter ended Sept. 30, or $5.9 million, compared with 20 cents a share in the year-ago period, or $5.6 million. The 1997 quarter included a one-time tax charge of $3.8 million, or 14 cents per share.