April 25, 2008 |
Investors sent Skechers USA Inc. shares up 20% after the Manhattan Beach shoemaker said its first-quarter profit jumped a better-than-expected 37%. Earnings rose to $32.8 million, or 70 cents a share, from $23.9 million, or 52 cents, a year earlier. Sales climbed 11.6% to $384.9 million on growing international demand and favorable exchange rates. But sales at U.S. stores open at least a year, a key measure of retail health, declined. Shares of Skechers rose $3.64 to $21.67. "They did a nice job on the expense end of the business," said Christopher Svezia, an analyst with Susquehanna Financial Group.
March 3, 1998 |
Gary Wedbush, the 33-year-old son of Edward Wedbush, founder of Wedbush Morgan Securities, has joined the firm in its Los Angeles headquarters as manager of the trading division. Most recently, the younger Wedbush was director of convertible securities for NationsBanc Montgomery Securities. While still in high school Wedbush worked one summer in the mail room at his father's firm and said he was especially drawn to the trading floor. "I feel so lucky that my father is in this business.
August 28, 2008 |
Orange County surf-wear giant Quiksilver Inc. said Wednesday that it had reached an agreement to sell Rossignol, its flagging winter sports equipment division, in a deal valued at $147 million. That was less than half what Quiksilver paid just three years ago to acquire Rossignol. The bid by Chartreuse & Mont Blanc, which is majority owned by Macquarie Group of Australia, comes after Quiksilver announced in January that it was looking to unload Rossignol after several quarters of weak earnings.
February 13, 2009 |
Seeking to avoid mortal combat with its creditors, Midway Games Inc. filed for Chapter 11 bankruptcy protection Thursday. This probably isn't game over for the Chicago game publisher. Midway would have tipped over years ago if not for Sumner Redstone, whose family owns National Amusements Inc., a holding company that has controlling stakes in Viacom Inc. and CBS Corp. Redstone, who has his own financial troubles, pumped hundreds of millions of dollars into Midway before he was forced to sell it last year, for pennies on the dollar, to an investor named Mark Thomas.
September 16, 2009 |
Blockbuster is looking lackluster. Facing increasing pressure from Redbox, Netflix Inc. and its own debt problems, the video rental giant is doubling the number of stores it is likely to close by the end of next year, the company revealed in a regulatory filing Tuesday. Struggling Blockbuster was previously aiming to shut 410 to 450 of its most unprofitable stores this year and next. A series of "accelerated closures" brings that target to 810 to 960. Blockbuster also said it might convert an additional 250 to 300 locations to outlets that focus on used DVDs.
August 14, 2009 |
The video game industry experienced a stomach-churning 29% drop in U.S. sales in July, its third-worst year-over-year slide since January 1995, when NPD Group Inc. first began tracking sales data. The monthly decline, the industry's fifth consecutive drop, means game console and software sales are now down 14% from January through July this year compared with the first seven months of 2008. To climb out of the red zone, sales from August through December would need to grow 11% from a year earlier, NPD analyst Anita Frazier said.