PacSun’s Annual Report and Quarter: Improvement, But More Needed

April 9th, 2014

PacSun’s 2013 fiscal year ended February 1, 2014, and that’s the year we’re discussing here. You can review the 10K yourself here. I’d like to start with CEO Gary Schoenfeld’s mention in the conference call of the “…four key pillars of our overall strategy.” They are, he says:  “…our commitment to showcasing distinct brand identities derived from the best of brands that are inspired by the streets, the beaches, the skate parks, music, […]

Intrawest’s First Quarterly Report

April 5th, 2014

Intrawest recently filed their first public report since going public. You’ll remember that they did an initial public offering (IPO) as a way to restructure their balance sheet after the real estate market for mountain properties collapsed. I wrote about that here and here. Fortress was the company that owned most of Intrawest’s debt. Now that the debt has been converted to equity as part of the IPO, “Fortress beneficially owns 60.1% of the […]

SPY’s Year: Sales and Margin Up, Expenses Down

March 28th, 2014

When I review SPY’s results, we get to see what a smaller specialty brand is doing. They would prefer, I imagine, that they weren’t public and that we didn’t get to look over their shoulder. But for the time being anyway, we do. I suppose I need to confess that they are doing most of the things I think, and have written, that smaller specialty brands should do, so I’m likely to […]

Zumiez’s Annual Report: Growth, but Constrained by the Economy.

March 26th, 2014

Zumiez reported top and bottom line growth even as they acknowledged and were impacted by the economic headwinds in Europe and the U.S. As they put it, “…teen retail in general experienced a challenging sales environment, with many mall based teen retailers seeing significant sales declines. Zumiez was not immune to the declines in traffic; however…our sales results held strong relative to the teen retail sector, with comparable stores sales down […]

Skullcandy’s Year and Quarter: Still Comes Down to Whether They Can Be Cool at Fred Meyer

March 21st, 2014

My dilemma is that I like almost all of what Skull is doing. But it’s hard to pull it off as a public company. Either they are pursuing a niche strategy where it will be hard to get acceptable public market kind of growth, or they are competing in a much larger market against players that have them outgunned. My take on the conference call and 10K (which you can see here), is […]

Quiksilver’s Quarterly Results: Still a Work in Progress

March 12th, 2014

It’s not usual that I’m happy to see a decline in year over year revenues during a quarter, but in the case of Quiksilver, I think I’ll make an exception. Their revenues for the quarter ended January 31 fell by 4.8% from $412 to $396 million. But at least some of that decline is from cleaning up distribution and I love that. In fact, I think it’s where Quiksilver needs to start.  As […]

Deckers’ Full Year Results and Some Insights on Sanuk

March 10th, 2014

We’ve all been interested in Deckers since they bought Sanuk. I want to start by pulling what we can on Sanuk out of the 10K and conference call. But Deckers also said some interesting things about direct to consumer business and how brick and mortar integrates with online. Finally, of course, I’ll look at their numbers for the quarter and the year. Sanuk’s Results   Let’s go right to this chart from the […]

VF’s Quarter and Results for the Year: One Sentence Caught my Attention

March 6th, 2014

Okay, strong balance sheet, revenue growth, profitable, blah, blah, blah. I’ll get to all that. But on page 22 of the conference call an analyst asked about their interest in potential acquisitions. The answer from CFO Bob Shearer, in part, was “…how we think about acquisition targets, and we think about it a lot, and yes, we have a list. But we think about brands that are complementary to our brand portfolio that […]

Billabong’s Half Yearly Report: Starting Over

February 26th, 2014

Billabong reported their financial results for the six months ended December 31, 2013 last Thursday. I’ve been diving into a hoard of details they posted. After all of that, I think I’m going to end up spending a lot less time than usual on some of those details.  That’s because I largely agree with a couple of comments from Billabong management in their conference call. I’d like to start by sharing those with […]

Tilly’s Quarter and the Retail Environment

January 14th, 2014

Tilly’s quarter ended November 2, though the 10Q didn’t come out until later. I’m late writing this, but I thought there were a few things in it you might want to think about, especially given the holiday results and warnings from industry retailers. Just to be clear, I believe the country was over retailed even before ecommerce. With its explosion, it’s even more over retailed. Every retailer has to be thinking about where […]