ATLANTA — Initiatives undertaken by Ashworth, Inc. helped lead the designer of golf apparel and golf-inspired lifestyle sportswear deliver a net income of $900,000, or 6 cents per diluted share, in the second quarter, ended April 30.
That compares to a net loss of $2.5 million, or 17 cents per diluted share, in the year-ago quarter. Sales in the second quarter fell 3.4 percent to $57.8 million from $59.9 million.
“During the past few months,” said Allan H. Fletcher, CEO, “we have faced difficult retail markets, as well as a deteriorating economy, but we have taken steps designed to improve the company’s operational efficiency and inventory productivity over time and we are optimistic about the future of Ashworth.”
Total revenues in the domestic golf channel in the second quarter increased 2.3 percent to $22.3 million from $21.8 million, representing the third straight quarter revenues in this channel have increased, Ashworth said. The increase was driven primarily by higher revenues from on-course golf retailers, but partially offset by lower revenues from off-course and off-price golf retailers over the comparable prior year quarter. Ashworth said it expects to continue to experience competitive pressure and the effects of market consolidation in off-course specialty golf retail.
Revenues for the corporate distribution channel decreased 18.1 percent to $5.4 million. In the retail distribution channel, revenues fell 52 percent to $3.1 million, primarily because of account consolidation, as well as a decision by Ashworth to strategically exit some underperforming doors.
Revenues from Ashworth’s company-owned stores fell 14.2 percent to $2.2 million, largely because of the difficult retail environment. Ashworth’s collegiate/racing channel saw a 20 percent increase in sales to $11.8 million, primarily driven by improved penetration within its NASCAR channel.
And, international business improved 2.9 percent to $13.1 million
From overseeing America’s fastest-growing speciality retailers to codifying cool, WWD talked to the women who are leading the way for the future of beauty. Check out our Instagram Stories to see how these women built today and are creating tomorrow. (📸: @hannah_khymych) #wwdbeauty
For @laperlalingerie's spring 2018 show, the brand chose to host their event at @thevenetianmacao. With Chinese megastars @bingbing_fan and @hubing in attendance, La Perla debuted a rock ‘n’ roll-inspired collection. The show marked the start of Sands Macao Fashion Week, which runs from October 19 to 24 — the city’s first such event. Pictured here are models backstage with glimmering eyes. #wwdfashion (📷: Cheuk-Yin To)
Trending for spring 2018: top stitch design. Gone are the days of stitch just for seams — designers are using the once-minimal detail to create strong decorative elements. (📷: Paola Testa; Styled by @andrew_shang) #wwdfashion
@tradesy is turning the concept of a showroom upside down with its new space in Santa Monica. Here, the company plans to hold events, art exhibits and a showcase rare fashion pieces like this Louis Vuitton boxing set. Get all the details on Tradesy’s first showroom on WWD.com. #wwdnews
Spotted last night at the @erdem x @hm launch event: Kate Bosworth, Rashida Jones, Kirsten Dunst and Selma Blair. The party, which took place in LA, also marked the opening of their pop-up shop. “I was interested in creating a collection that wasn’t in any way disposable. It was about pieces you’d create and keep forever, things that have a permanence to it,” designer Erdem Moralioglu said. #wwdeye (📷: Katie Jones)
Renee Zellweger in yellow in 2001 and again in 2017. Chosen as one of the 12 @pantone Leading Spring Colors (and dubbed “Meadowlark”), it only makes sense that the bright hue stands the test of time and is making a resurgence this season, seen already on stars like @blakelively and @gigihadid. (📷: Donato Sardello & @rexfeatures) #wwdfashion #tbt
Dior’s 70th anniversary celebration continues with a new exhibition at the Royal Ontario Museum in Toronto. “Christian Dior,” which is scheduled to run through March 18, takes a look at the founders tenure from 1947 to 1057 and feature 40 designs. Pictured here is an evening gown from the Ailée, fall 1948-49 haute couture collection. #wwdfashion (📷: Brian Boyle)