REEBOK'S FIRST QUARTER PROFITS FALL 49 PERCENT
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).