Business news :Li & Fung Ekes Out 1 Percent Sales Gain in 2012

Hong Kong-based Li & Fung Limited, the multinational consumer goods sourcing, logistics, and distribution group, announced that sales achieved in the year ended Dec. 31, 2012 reached $20.2 billion, 1 percent higher than the year before.

Trading Network (sourcing), Logistics Network (transportation) and Distribution Network (design, sales, marketing and wholesale distribution) accounted for 70 percent, 2 percent, and 28 percent respectively of the Group’s sales in 2012. Sales at the trading unit fell 12 percent in Europe and grew 5 percent in the U.S., while overall unit volume grew 10 percent to more than offset an 8 percent decline in average price.

In line with the Group’s profit alert announced on Jan. 11, 2013, core operating profit declined by 42 percent to $511 million in 2012, largely due to costs of restructuring LF USA’s business and reduction in the number of brands distributed in the US.

Profit attributable to shareholders was $617 million, representing a decrease of 9.4 percent compared to 2011. Basic earnings per share was 58.1 HK cents (7.45 cents), a decrease of 11.6 percent compared to 65.8 HK cents (8.43 cents) in 2011.

“We recognized that our biggest management challenge was the restructuring of LF USA, which became more costly than originally envisioned,” said Bruce Rockowitz, group president and CEO of Li & Fung Limited. ‘We took swift, decisive action to address the issue and also introduced strict cost control measures across the Group.”

He added, “We target to realize the benefits of these measures by this year. Meanwhile, we are putting into place the optimum organization to support the business of LF USA for the longer term.”

“The Group’s revenues tend to be skewed towards the second half of the year, which is traditionally when consumers in Western markets spend the most. This is no exception for this year as our customers assess economic trends and observe prevailing market conditions,” he said.

2012 more challenging than anticiapted

Rokowitz observed that the global economic environment in 2012 had been more demanding than expected and the retail business was impacted by lackluster consumer sentiment in the US and Europe.
“Despite this market condition, we are encouraged by the number of new customers attracted to us for the scale and depth of our operations. We believe the trend for outsourcing will continue as more and more retailers and fashion brands appreciate the competitive advantages offered by one-stop-shop supply chain solutions,” he concluded.

Dr. William K Fung, Group Chairman of Li & Fung Limited, said, “We remain resolute about the fundamental strengths of our core trading business, in which Li & Fung has excelled for over a century of constant change both in the global economy and how trade is conducted.”

He continued, “The distribution business performed weakly in 2012, which was the main factor taking the Group as a whole off its profit growth trend-line. To ameliorate this anomaly, we will continue to adjust our business model and seek out new opportunities. At the same time, we are encouraged by the prospects for our logistics business whose customer base is growing nicely.”

“We are confident about the prospects offered by our three interconnected Business Networks, especially in Asia, in driving Li & Fung’s growth in 2013 and beyond. We will also continue to look for strategic acquisition opportunities to complement our organic growth,” he concluded.

Li & Fung said Bangladesh overtook Vietnam as its second largest sourcing country in terms of volume. The company, which provides sourcing, logistics and distribution services for some of the largest U.S. and European apparel brands and retailers, listed its top 10 sourcing countries and their percentage increase in production volume in 2012 as:
  • China:  + 6 percent
  • Bangladesh: +3 percent
  • Vietnam: +20 percent
  • Indonesia: - 8 percent
  • India:  +4 percent
  • Turkey:  -6 percent
  • Cambodia: -1 percent
  • Phillipines: +3 percent
  • Thailand: - 20 percent
  • Guatemala: -14 percent

( Source Li and fung through SportsOneSource )

Environment news : Hurley H20 Celebrates World Water Day

Hurley's H2O program will capitalize on an opportunity to educate the public about global water scarcity.

In celebration of World Water Day, Hurley's H2O program will capitalize on an opportunity to educate the public about global water scarcity. Three key programs aim to promote H2O's mission: combat the consumption of single-use plastics, raise awareness around water conservation and clean water initiatives, and provide access to clean water for those in need.

To kick off the day, Rob Machado, alongside the Rob Machado Foundation, will visit Corona Del Mar High School in Newport Beach, CA, for the 4th installation of Hydration Nation. This program empowers students to participate in an extension of the H2O program. Students raise awareness on their campus, eliminate plastics and raise money to bring filters to countries in need of clean water.&nbsp

After the Hydration Nation ceremony concludes, Rob will visit Hurley HQ with Evan Marks of The Ecology Center to conduct a digital Q&A with Hurley fans on the brand's Facebook page. "So many people don't realize that 1 in 6 people don't have access to clean water," said Machado. "What that really means is, 5 in 6 can help."

Throughout the day, Hurley will bolster the efforts by giving away free reusable water bottles with every purchase on Hurley.com. By switching from single-use plastics to one reusable bottle, each person can save 2,000 gallons of water per year.

For more information on how you can be part of a solution, and to learn more about H2O, visit hurley.com/h2o.

Business news : Lululemon See Q4 Earnings Climb 48 Percent; Warns on Q1

Lululemon Athletica Inc. reported revenues for the fourth quarter increased 31 percent to $485.5 million from $371.5 million in the fourth quarter of fiscal 2011. Comparable stores sales for the fourth quarter increased by 10 percent on a constant dollar basis. Earnings jumped 48.8 percent.

The fourth quarter of fiscal 2012 consisted of 14 weeks while the fourth quarter of fiscal 2011 consisted of 13 weeks. The comp increase excludes corporate store sales of $18.7 million for the 14th week of the quarter.

Direct to consumer revenue increased 56 percent to $78.3 million, or 16.1 percent of net revenue, in the fourth quarter of fiscal 2012, from 13.5 percent of net revenue in the same period last year. This increase includes $4.2 million of net revenue from the 14th week of the quarter.

Gross profit for the quarter increased by 31 percent to $274.5 million, and as a percentage of net revenue gross profit increased to 56.5 percent for the quarter from 56.3 percent in the fourth quarter of fiscal 2011.

Income from operations for the quarter increased by 31 percent to $152.6 million, and as a percentage of net revenue was 31.4 percent compared to 31.2 percent of net revenue in the fourth quarter of fiscal 2011.

The tax rate for the quarter was 29.0 percent compared to 36.5 percent a year ago. The lower effective rate reflects the ongoing impact of revised intercompany pricing agreements.

Diluted earnings per share for the quarter were $0.75 on net income of $109.4 million, compared to diluted earnings per share of $0.51 on net income of $73.5 million in the fourth quarter of fiscal 2011.

Fiscal year ended Feb. 3, 2013:
Net revenue for the fiscal year increased 37 percent to $1.4 billion from $1.0 billion in fiscal 2011. Fiscal 2012 consisted of 53 weeks while fiscal 2011 consisted of 52 weeks. Net sales for the year include an additional week; however, comparable stores sales and sales per square foot calculations exclude the 53rd week.

Comparable stores sales for fiscal 2012 increased by 16 percent on a constant dollar basis, resulting in $2,058 annual sales per square foot for comparable stores for fiscal 2012.

Direct to consumer revenue increased 86 percent to $197.3 million, or
14.4 percent of net revenue in fiscal 2012, from 10.6 percent of net revenue in fiscal 2011.

Gross profit for fiscal 2012 increased by 34 percent to $762.8 million, from $569.4 million in fiscal 2011. As a percentage of net revenue, gross profit decreased to 55.7 percent compared to 56.9 percent in fiscal 2011.

Income from operations increased by 31 percent to $376.4 million, from $287.0 million in fiscal 2011. As a percentage of net revenue, income from operations decreased to 27.5 percent compared to 28.7 percent of net revenue in fiscal 2011.

The tax rate for fiscal 2012 was 28.8 percent compared to 36.1 percent for fiscal 2011. The lower effective rate reflects the ongoing impact of revised intercompany pricing agreements.

Diluted earnings per share in fiscal 2012 increased 46 percent to $1.85 on net income of $270.6 million, compared to diluted earnings per share of $1.27 on net income of $184.1 million in fiscal 2011.

The company ended fiscal 2012 with $590.2 million in cash and cash equivalents compared to $409.4 million at the end of fiscal 2011. Inventory at the end of fiscal 2012 was $155.2 million compared to $104.1 million at the end of fiscal 2011. The company ended the quarter with 211 stores in North America and Australia.

“The fundamentals of our business are strong, we delivered excellent results in 2012, and we plan to continue to earn the loyalty of our customers and shareholders every day going forward," said Christine Day, Lululemon’s CEO.
Addressing quality control problems
"As previously announced on March 18th, we pulled a selection of our black Luon pants from our stores. Delivering the top quality our guests expect is a critical factor in our differentiation in the market place. Our proprietary fabric, black Luon, is a very technical and sensitive product to manufacture.
"We have a long history with our manufacturers and as we have in the past, we are working closely with them to resolve the current issues. We have a team on site collaborating with them to identify the root cause. We have recently added strong leadership in Quality Control, our Liason Office and our commercialization and development teams, and expect these people and other investments to solidify our quality consistency and our delivery capabilities.”

Updated outlook
For the first quarter of fiscal 2013, we expect net revenue to be in the range of $333 million to $343 million based on a comparable-store sales percentage increase between 5 percent and 8 percent on a constant-dollar basis. Diluted earnings per share are expected to be in the range of 28 to 30 cents for the quarter.
This outlook reflects our current expectations of the impact from the black Luon issue, including lost revenue in the range of $12 million to $17 million, additional costs expected to be incurred and the write down of affected product on hand and expected to be received during the first half of 2013, resulting in a negative impact on EPS of $0.11 to $0.12. This guidance also assumes 146 million diluted weighted-average shares outstanding and a 30 percent tax rate.

For fiscal 2013, we expect net revenue to be in the range of $1.615 billion to $1.640 billion and diluted earnings per share to be in the range of $1.95 to $1.99 for the full year. This outlook reflects our current expectations of the impact from the black Luon issue, including lost revenue in the range of $57 million to $67 million, additional costs expected to be incurred and the write down of affected product on hand and expected to be received during the first half of 2013, resulting in a negative impact on EPS of $0.25 to $0.27. This guidance also assumes a tax rate of 30 percent and 146.6 million diluted weighted-average shares outstanding.

( Source Lululemon through SportsOneSource )

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Business news :PPR Changes Name to Kering

PPR will be changing its name to Kering (pronounced “caring” in English) to reflect the Group’s strategic focus on luxury and sport/lifestyle brands, including Puma and Volcom, the company announced. The new name represents the distinctive way in whichwe look after our brands,our staff, our customers andour stakeholders.

PPR has undergone a radical transformation under the leadership of CEO and Chairman Francois-Henri Pinault.

“In a few months’ time we will have completely transitioned from a holding company with an unfocused portfolio into a cohesive, integrated, international group focused on apparel and accessories within two pillars: luxury and sport/lifestyle,” said Chairman and CEO, Francois-Henri Pinault, who unveiled the new identity yesterday to the Group’s directors and head office staff. A live webcast ensured that most employees of Kering and its brands across the world could be involved.

PPR – now, Kering – has developed a portfolio of powerful complementary brands with strong potential for organic growth, including Gucci, Bottega Veneta, Saint Laurent, Alexander McQueen, Balenciaga and Stella McCartney. It’s sport brands include Puma,  Volcom, Cobra, Electric Visual and Tretorn.

“Changing our identity is the logical and necessary outcome of the Group’s transformation,” Pinault continued. “Kering is a name with meaning, a name that expresses both our purpose and our corporate vision. Strengthened by this new identity, we shall continue to serve our brands to liberate their potential for growth.”

With an owl as the Group’s new logo – a powerful symbol of wisdom and vision –we look forward to the next chapter of spotting brands with potential while continuing to nurtureour existing brands. Kering’s new slogan, ‘Empowering Imagination’, is a reminder that the core of the Group’s business is based on imagination and creativity.

Kering will launch a global advertising campaign at the end of March highlighting the name change and how imagination is the driving force of the Group and its brands. The campaign will include a film broadcast on the Internet and online advertisements. It will be supported by a press and public relations plan rolled out internationally.

The advertising campaign will mainly be broadcast on social media (Facebook, Twitter, LinkedIn, Vimeo, Sina Weibo and Youku). The change of name is also an opportunity to implement a digital story-telling strategy with original content. Kering is today launching a completely new type of collaboration with the fashion blogger, Garance Doré. For several months, from 2 April, she will present videos, translated into five languages, that will portray the Group’s distinctive way of nourishing the imagination of its brands.

( Source PPR/Kering through SportsOneSource )

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Business news :NIKE, Inc. reports fiscal 2013 third quarter results

NIKE, Inc. (NYSE:NKE) reported financial results for its fiscal 2013 third quarter ended February 28, 2013.

  • Revenues from continuing operations up 9 percent to $6.2 billion, up 10 percent excluding currency changes
  • Diluted earnings per share from continuing operations up 20 percent to $0.73
  • Worldwide futures orders up 6 percent, 7 percent growth excluding currency changes
  • Inventories up 4 percent
BEAVERTON, Ore., March 21, 2013 – NIKE, Inc. (NYSE:NKE) today reported financial results for its fiscal 2013 third quarter ended February 28, 2013. For continuing operations, strong demand for NIKE, Inc. brands propelled double-digit revenue growth on a currency neutral basis, and diluted earnings per share grew faster than revenue due to gross margin expansion, a lower tax rate and a lower average share count.

"Our team delivered strong results in Q3. We did it with a relentless flow of innovation into our key categories," said Mark Parker, President and CEO of NIKE, Inc. "Given the diversity of our portfolio, we're able to capture big opportunities that drive sustainable, profitable growth. At the same time we continue to invest in new ways to enhance athletic performance, build strong consumer communities, and improve how we design and manufacture our products. That’s how we increase our potential and drive shareholder value."*

Third Quarter Continuing Operations Income Statement Review
  • Revenues for NIKE, Inc. increased 9 percent to $6.2 billion, up 10 percent on a currency-neutral basis. Excluding the impact of changes in foreign currency, NIKE Brand revenues rose 10 percent, with growth in all geographies except Greater China and Japan and in all key categories except Sportswear and Action Sports. Revenues for Other Businesses increased 9 percent as growth at Converse and NIKE Golf more than offset lower revenues at Hurley.
  • Gross margin increased 30 basis points to 44.2 percent. Gross margin benefitted from the combination of pricing actions and easing material costs, which more than offset higher labor costs. This benefit was partially offset by higher discounts, particularly in Greater China as the Company continues work to manage marketplace inventory. Additionally gross margin was impacted by unfavorable changes in foreign exchange rates and a shift in the mix of the Company’s revenues to lower margin geographies.
  • Selling and administrative expense grew at the same rate as revenue, up 9 percent to $1.9 billion. Demand creation expense was $619 million, up 5 percent from the prior year driven by sports marketing expense, and marketing support for key product initiatives and brand events. Operating overhead expense increased 11 percent to $1.2 billion due to additional investments made in the wholesale business to support growth initiatives, and higher Direct to Consumer costs as a result of higher volume-driven expenses in existing NIKE-owned stores and the cost of new stores opened in the last year.
  • Other expense, net was $17 million, comprised primarily of foreign exchange losses. For the quarter, the Company estimates the year-over-year change in currency related gains and losses included in other expense, net, combined with the impact of changes in currency exchange rates on the translation of foreign currency-denominated profits, decreased pretax income by approximately $19 million.
  • The effective tax rate was 22.8 percent, compared to 27.7 percent for the same period last year. The decrease was largely due to the benefit from the U.S. legislative reinstatement of the research and development tax credit, as well as a lower effective tax rate on foreign operations due to the geographical mix of earnings.
  • Net income from continuing operations increased 16 percent to $662 million while diluted earnings per share increased 20 percent to $0.73, reflecting a 2 percent decline in the weighted average diluted common shares outstanding.
February 28, 2013 Balance Sheet Review for Continuing Operations
  • Inventories for NIKE, Inc. were $3.3 billion, up 4 percent from February 29, 2012. NIKE Brand inventories increased 4 percent. NIKE Brand wholesale unit inventories increased 7 percent to support future demand, while the impact of changes in foreign currency exchange rates and changes in product cost drove a 3 percentage point decline in NIKE Brand inventory growth.
  • Cash and short-term investments were $4.0 billion; $845 million higher than last year mainly as a result of higher net income, proceeds from the sale of the Umbro and Cole Haan businesses and continued focus on working capital management.
Share Repurchases
During the third quarter, NIKE, Inc. repurchased a total of 4.9 million shares for approximately $253 million as part of the four-year, $8 billion program approved by the Board of Directors in September 2012. As of the end of the third quarter, a total of 11.1 million shares were repurchased under this program at a cost of approximately $548 million.

Futures Orders
As of the end of the quarter, worldwide futures orders for NIKE Brand athletic footwear and apparel, scheduled for delivery from March through July 2013 totaled $9.9 billion, 6 percent higher than orders reported for the same period last year. Excluding currency changes, reported orders would have increased 7 percent.*

Discontinued Operations
The Company continually evaluates its existing portfolio of businesses to ensure resources are invested in those businesses that are accretive to the NIKE Brand, and represent the largest growth potential and highest returns. On May 31, 2012, the Company announced its intention to divest of the Umbro and Cole Haan businesses, allowing the Company to focus resources on driving growth in the NIKE, Jordan, Converse and Hurley brands.
As previously announced, the Company completed the sale of certain assets of the Umbro brand during the second quarter ended November 30, 2012 and recorded a loss on the sale of these assets of $107 million, net of tax, that was included in the net loss from discontinued operations for the second fiscal quarter of 2013.
On February 1, 2013, the Company completed the sale of Cole Haan to Apax Partners for an agreed upon purchase price of $570 million and received at closing $561 million, net of $9 million of purchase price adjustments. For the third quarter ended February 28, 2013, the Company recorded a gain on sale of $231 million, net of tax, representing the sales price less the asset value of Cole Haan and other miscellaneous charges. For the third quarter of 2013, the Company’s net income from discontinued operations was $204 million, which includes the gain recorded for the sale of Cole Haan, net of tax, less net operating losses and divesture transaction costs for Cole Haan and Umbro during the period.
Under the Cole Haan sale agreement, the Company will provide certain transition services to Cole Haan and will license NIKE proprietary technologies for a transition period. The continuing cash flows related to these items are not expected to be significant to Cole Haan and the Company will have no significant continuing involvement with Cole Haan beyond the transition services.

Conference Call
NIKE management will host a conference call beginning at approximately 2:00 p.m. PT on March 21, 2013, to review third quarter results. The conference call will be broadcast live over the Internet and can be accessed at http://investors.nikeinc.com. For those unable to listen to the live broadcast, an archived version will be available at the same location through 9:00 p.m. PT, March 28, 2013.

About NIKE, Inc.
NIKE, Inc., based near Beaverton, Oregon, is the world's leading designer, marketer and distributor of authentic athletic footwear, apparel, equipment and accessories for a wide variety of sports and fitness activities. Wholly-owned NIKE, Inc. subsidiaries include Converse Inc., which designs, markets and distributes athletic lifestyle footwear, apparel and accessories and Hurley International LLC, which designs, markets and distributes surf and youth lifestyle footwear, apparel and accessories. For more information, NIKE’s earnings releases and other financial information are available on the Internet at http://investors.nikeinc.com and individuals can follow @Nike.

*The marked paragraphs contain forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially. These risks and uncertainties are detailed from time to time in reports filed by Nike with the S.E.C., including Forms 8-K, 10-Q, and 10-K. Some forward-looking statements in this release concern changes in futures orders that are not necessarily indicative of changes in total revenues for subsequent periods due to the mix of futures and “at once” orders, exchange rate fluctuations, order cancellations, discounts and returns, which may vary significantly from quarter to quarter, and because a significant portion of the business does not report futures orders.

Investor Contact: Kelley Hall, (503) 532-3793
Media Contact: Kellie Leonard, (503) 671-6171


New products : Stio™ Launches Spring 2013 Collection

JACKSON, Wyo. – Stio, a Jackson Hole-based mountain lifestyle brand, today launches its first spring collection of apparel and accessories for men, women, and children. Building on the technical-meets-lifestyle approach of its debut Fall 2012 line, Stio’s new spring collection takes cues from both alpine and urban settings to create versatile, fashion-forward, and functional offerings for the outdoor life.

 The Spring 2013 collection focuses on three major categories: mountain athletic, mountain technical, and mountain lifestyle, each with adaptable pieces that function in a variety of settings from town to trail. Styles range from sophisticated active wear for mountain adventures, to travel-ready soft shell blazers, to casual, cotton classics. The do-it-all performance fabrics, tailored fit, and modern construction of the line provide a fresh take on traditional outdoor apparel.

 Stio’s spring range features several new proprietary textiles including Stio’s ultra light Sphero™ soft shell fabric; Meridian™, a stretch mini-rip nylon; and Haven™, a four-way stretch nylon/polyester mélange. Stio also continues to partner with premium ingredient textile brands such as Pertex®, schoeller®, and drirelease® to ensure that each product meets the company’s performance and quality standards.

 “We are thrilled to unveil our first Stio collection for the warmer months of spring and summer,” said Stephen Sullivan, founder and CEO of Stio. “After a very successful fall/winter launch, we’ve proven that the Stio aesthetic is resonating with the outdoor consumer, and we look to expand upon that with these new offerings. Every product in our spring/summer line reflects our promise for performance, style, and quality, and there is truly something for every outdoor environment. I look forward to seeing Stio everywhere this summer, from the top of the Grand Teton to the streets of Manhattan.

 To see the full spring/summer line, visit www.stio.com, and to join the conversation, go to our Facebook page.
About Stio™
Headquartered in the heart of the Tetons in Jackson Hole, Wyoming, Stio™ is a direct to consumer brand founded to inspire connection with the outdoors through beautiful, functional, and innovative products infused with the soul of mountain lifestyle

Claire Rabun / Verde PR & Consulting / crabun@verdepr.com / 970.259.3555

Business news : Spy Inc. Slashes Close-Outs and Loss in Fourth Quarter

Spy Inc. continued on its turn around by reporting sharply lower operating losses in both the fourth quarter and year ended Dec. 31 thanks in large part to a much reduced level of close-outs sales of its sunglasses.

Annual sales of its Spy brand products were $35.1 million in 2012, an increase of 13 percent or $4.0 million, compared to $31.1 million in 2011. Spy brand annual sales included lower closeout sales of $2.6 million in 2012, compared to $3.0 million in 2011. Sales from discontinued licensed brand products, which are no longer a focus of the company, were $0.5 million in 2012, compared with licensed brand product sales of $2.2 million in 2011. Total company net sales increased by 7 percent or $2.2 million, to $35.6 million for the year ended Dec. 31, 2012, compared to $33.4 million for the year ended December 31, 2011.

Fourth quarter sales of Spy brand products were $8.1 million in 2012, an increase of 1 percent or $0.1 million over the fourth quarter of 2011. The fourth quarter Spy brand sales included substantially lower closeout sales of $0.6 million in the fourth quarter of 2012 compared to $1.8 million in the fourth quarter of 2011, or a $1.2 million decrease due to  inventory reduction efforts in the fourth quarter of 2011.  Discontinued licensed brand products, which are no longer a focus of the company, were less than $0.1 million in the fourth quarter of 2012 compared with licensed product sales of $0.5 million in fourth quarter of 2011.
Total company net sales decreased by 4 percent or $0.4 million, to $8.1 million in the fourth quarter of 2012, compared to $8.5 million in the fourth quarter of 2011, as a result of lower sales of the discontinued licensed brands in 2012 compared to 2011, and higher sales of Spy brand close outs in late 2011 in connection with inventory reduction efforts.

"With continued strong Spy brand sales, and an annual growth of 13 percent for 2012 over 2011, we are happy to have achieved our seventh consecutive quarter of year-over-year growth of Spy brand products,” said Michael Marckx, President and CEO. “This is very encouraging for our efforts in 2013, as we have major initiatives lined up, the most important of which is  Spy Happy Lens -- the most innovative product Spy has ever launched. These results also again suggest the strength of our renewed brand positioning and strategies, as also evidenced by increased market share driven by unique new product collections. We are also pleased that our efforts have really paid off with improved gross margins compared to the fourth quarter and annual results of last year.  Top line results were achieved despite significantly lower operating expenses, which in the fourth quarter of 2012 were 29 percent lower than the fourth quarter of 2011 and sequentially 25 percent better than the third quarter of 2012. These factors together with our strong annual growth, nicely improved margins, and substantially lower spending, are the hallmarks of a strengthening brand."

Spy’s annual loss from operations was $5.0 million in 2012 compared to $9.4 million in 2011, or a 47 percent improvement. The loss from operations was $0.6 million in the fourth quarter of 2012 compared to $3.0 million in the fourth quarter of 2011, or an improvement of $2.4 million.

The improvement in annual loss from operations in 2012 compared to 2011 was due to increased gross margins as a percent of sales on higher sales volumes and significantly reduced operating expenses. The significant improvement in the loss from operations in the fourth quarter of 2012 compared to the fourth quarter 2011 was due to increased gross margins as a percent of sales related to a reduction in lower margin closeout sales and reduced licensed brand sales due to being discontinued and selling a more favorable product mix in 2012, and substantially reduced operating expenses.

Spy incurred an annual net loss of $7.2 million in 2012 compared to a net loss of $10.9 million in 2011. We incurred a net loss of $1.2 million in the fourth quarter of 2012 compared to a net loss of $3.4 million in the fourth quarter of 2011. The primary difference between the net loss and loss from operations was due to interest expense on long-term debt due to Costa Brava Partnership III, LP, Spy’s largest shareholder, which beginning in 2012 is "paid in kind" by being added to the outstanding principal balance rather than being paid in cash.

In December 2012, Spy borrowed an additional $0.5 million of convertible debt from Harlingwood (Alpha), LLC. Harlingwood is a significant shareholder of the company's common stock.
The results of operations for the years ended Dec. 31, 2012 and 2011 are more fully discussed in Form 10-K for the year ended December 31, 2012, filed with the Securities and Exchange Commission on March 20, 2013.

( Source Spy through SportsOneSource )

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Sport event :LED Lenser® Signs on as Official Lighting Sponsor of the GoPro® Mountain Games

Portland, OR – March 20, 2013 – LED Lenser, a Leatherman Tool Group, Inc. company, has announced they have signed on as the Official Lighting Sponsor of the GoPro® Mountain Games in Vail, Colorado taking place June 6-9, 2013.  This is the first year LED Lenser has been involved with the event, which is the country’s largest celebration of adventure sports, music, and the mountain lifestyle.

Professional and amateur outdoor adventure athletes from the Vail Valley and around the world will participate in the GoPro® Mountain Games, using the mountains and rivers around Vail to compete in nine sports and 24 disciplines including: x-country, slopestyle and road cycling, freestyle, 8-ball, sprint and extreme kayaking, raft cross, World Cup Bouldering, stand up paddle sprint and surf cross, and slackline competitions as well as trail, mud and road running, and even dog competitions.

In addition to the athletic events, the GoPro® Mountain Games will include a mountain photography competition, adventure film school, film festival, interactive exhibition and demo area, nightly free concerts, and mountain lifestyle parties.

 “We’re looking forward to joining the athletes and spectators at the GoPro Mountain Games this summer,” said Juli Warner, Marketing Communications Manager for LED Lenser.  “We’ll be interacting with attendees at GearTown with both our LED Lenser and Leatherman brands, and involved with the music concerts at night, handing out all kinds of cool stuff so concertgoers can enjoy the night time festivities.  This is a great partnership and we’re excited to be supporting the athletes at the Games.”

The Mountain Games are a project of the Vail Valley Foundation.  For more information about the partnership, or LED Lenser in general, please contact PR Specialist Kitri McGuire at kitri.mcguire@leatherman.com or 503-253-7826.

About LED LenserLED Lenser, a Leatherman Tool Group, Inc. company, produces lights and headlamps for everything from camping, diving, running, hunting and fishing to industrial trades, DIY and law enforcement. Sizes range from keychain to 1000+ lumen heavy-duty defense lamps. MSRP ranges from $15.00 to $700.00 USD. All lights are backed by a five-year warranty. For more information about LED Lenser visit www.ledlenser.com or facebook.com/ledlenserusa. 

About the Vail Valley Foundation
The Vail Valley Foundation is charged with enriching the Vail Valley and sustaining its unique spirit through the delivery of unparalleled arts, world class athletics and inspiring education programs throughout the community.  For additional information on the Foundation, visit www.vvf.org.

Kitri McGuire, PR Specialist / Leatherman Tool Group, Inc./LED Lenser
kitri.mcguire@leatherman.com / 503-253-7826

Business news : Billabong Says Merger Talks Ongoing

Billabong International Ltd said it remains in talks with two groups exploring $544 million bids for the company. The statement came after Billabong had asked for a trading halt to investigate why its shares had fallen more than 20 percent earlier on Thursday.

The decline exacerbated fears about the status of the bids.

It has received matching bids of A$1.10 a share. The first was from a consortium of private equity firm Altamont Capital Partners and VF Corp, and another from Billabong's former U.S. boss Paul Naude and private equity firm Sycamore Partners. Due diligence is expected to be completed by the end of the month.

Billabong's full statement follows:

Billabong International Limited (Billabong or the Company) notes the significant levels of trading in its shares today prior to it obtaining a trading halt. Billabong is not aware of the reasons for that increased level of trading, but notes an article in today's The Australian Financial Review referring to the bid process for the Company and to a Credit Suisse research analyst report in relation to the Company.

Billabong confirms that the process for the change of control proposals previously announced is ongoing and that both of the consortia who have submitted indicative proposals remain in the process.

The Company confirms compliance with the listing rules and, in particular, listing rule 3.1.

( Source Billabong through SportsOneSource )

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Mobile apps : Trimble Launches New Mobile Apps, Website for Sportsmen

Trimble (NASDAQ: TRMB) introduced today a new mobile mapping solution for hunters and anglers. The launch includes two smartphone apps (Trimble GPS Hunt and Trimble GPS Fish), one tablet app (Trimble GPS Maps), and a new Website —GPSHuntFish.com.

The new products combine the latest in mobile GPS technology and Trimble’s exclusive outdoor maps to help sportsmen plan trips, navigate in remote areas, record GPS information and privately share details with friends. 

“We are excited to launch a comprehensive solution for hunters and anglers,” said Rich Rudow, general manager at Trimble Outdoors. “Now hunters can scout a future hunt at GPSHuntFish.com then send maps and GPS details to their iPhone, Android, or iPad to use in the field. In addition, they can print custom waterproof maps that compliment the digital maps displayed in the mobile apps.” 

The launch includes:

Trimble GPS Hunt app 

Works on: iPhone and Android phones
Find hunting spots on detailed outdoor maps, navigate in remote areas and track wildlife. The Trimble GPS Hunt app uses the GPS built into smartphones to track position in the field—even in areas without a cell or data connection. In addition, users can mark waypoints, record tracks, view weather forecasts, see sun and moon phases, and view compass and trip details. 

Trimble GPS Fish app

Works on: iPhone and Android phones
Use Trimble GPS Fish to record fishing trips and keep a report of daily catches. Pinpoint the exact location of each catch, take photos, record GPS tracks, and view detailed street, topo and terrain maps. Use the app to return to previous fishing hotspots. In addition, with an Elite membership, users have access to more than 6,900 lake maps showing 10-foot lake depth contours. 

Trimble GPS Maps app 

Works on: iPad
Plan and organize your next hunting trip or fishing trip with the Trimble GPS Maps app. Research hunting lands, find fishing spots and scout access roads on your iPad. This app allows users to fade between street, aerial and topographic maps, and instantly copy-and-paste GPS coordinates onto the digital maps.


Works on: PC and Mac with an Internet connection
GPSHuntFish.com is a portal for all the Trimble hunting and fishing apps. In addition, users can view and store their trips, view maps in large format, and print maps at home or as a custom print by MyTopo.com. All trips created in the Trimble fishing and hunting apps are stored in the Trip Cloud. 

Trimble Elite

Works on: Trimble GPS Fish, Trimble GPS Hunt, Trimble GPS Maps, GPSHuntFish.com
The Trimble Elite membership provides exclusive access to offline maps when out of cell coverage, map overlays and tools in all the Trimble hunting and fishing mobile apps and at GPSHuntFish.com. Members have access to 3,000 Mega Offline Map bundles, public land boundaries for 46 states, lake maps for 6,900 lakes, forest road overlays for 134 national forests, real-time weather maps, online trip planning tools and discounts off printed maps.

How to Buy

Trimble GPS Hunt and Trimble GPS Fish are available in the Apple App Store and Google Play store. Trimble GPS Maps is available in the Apple App Store. Each app comes in a free or pro version for $4.99. The Elite membership is available for purchase in all the apps and at GPSHuntFish.com for $29.99/year or $2.99/monthly.

Learn More

Go to http://www.GPSHuntFish.com.

About Trimble Outdoors 
Trimble Outdoors, a Trimble business, develops GPS-enabled mobile apps and map solutions for fitness and outdoor enthusiasts. Its popular apps—Trimble Outdoors Navigator, Trimble Outdoors MyTopo Maps, AllSport GPS™, Backpacker GPS Trails, and Backpacker Map Maker—run on more than 400 mobile devices worldwide and help consumers navigate on trails and off-road, track fitness workouts, find caches and more. Trimble Outdoors is also a leading provider of print and digital maps for hikers, hunters, and campers via the MyTopo brand. By leveraging Trimble's 30 years of commercial expertise in GPS, software, and communications, Trimble Outdoors delivers cost-effective and convenient position-based services that promote consumers' well-being, security and active lifestyles. For more information about Trimble Outdoors, visit www.TrimbleOutdoors.com.

About Trimble  
Trimble applies technology to make field and mobile workers in businesses and government significantly more productive. Solutions are focused on applications requiring position or location—including surveying, construction, agriculture, fleet and asset management, public safety and mapping. In addition to utilizing positioning technologies, such as GPS, lasers and optics, Trimble solutions may include software content specific to the needs of the user. Wireless technologies are utilized to deliver the solution to the user and to ensure a tight coupling of the field and the back office. Founded in 1978, Trimble is headquartered in Sunnyvale, Calif.

For more information, visit: www.trimble.com.

Cory Lowe | Backbone Media / 65 North 4th Street - Suite 1 / Carbondale, CO 81623T: 970.963.4873 x127

New products : Nike Basketball's ELITE Series 2.0 Rises Above the Rest

Signature shoes for LeBron James, Kobe Bryant and Kevin Durant re-engineered with state-of-the-art materials for pinnacle performance.

Superheroes possess the rare combination of unearthly abilities and impenetrable gear. Modern-day athletic superheroes LeBron James, Kobe Bryant and Kevin Durant collectively showcase an uncanny skill-set, which is now complemented by footwear boasting Kevlar® aramid, carbon fiber and articulated foam.
Nike Basketball’s ELITE Series 2.0 fuses lightweight construction, enhanced fit and dynamic protection. Kevlar® aramid, an advanced material typically used in body armor, provides a locked-down, protective fit with its incredible high tensile strength-to-weight ratio. Carbon fiber offers lightweight resilient strength, while articulated foam provides impact protection and a comfortable fit.
The Nike ELITE Series 2.0 is supplemented with superpower storylines for LeBron James, Kobe Bryant and Kevin Durant.

LEBRON X PS ELITE: Unstoppable Power
Forged by time, heat and pressure, the diamond inspires LeBron James's tenth Nike signature shoe. His elite version drafts off the rare Carbonado diamond, a virtually indestructible stone said to derive from an ancient supernova, the most explosive force in the universe. The shoe’s bright citrus colorway and graphic collar lining capture James’s unstoppable power.
The LEBRON X PS ELITE is designed to be stronger, offering the highest level of performance for James in the post season. The shoe builds on the innovative advances of the LEBRON X and takes it to a new level with:
  • Carbon fiber-reinforced mid-foot wings for excellent lateral stability
  • Kevlar® aramid-reinforced Nike Flywire technology for consistent lock-down through the midfoot
  • Kevlar® aramid laces resist stretching for a more consistent fit
  • Articulated foam tongue provides impact protection and minimizes lace pressure

KOBE 8 SYSTEM ELITE: Deceptive Speed
Kobe Bryant often showcases the adept speed and precision of his on-court alter ego, the Black Mamba. The KOBE 8 SYSTEM ELITE is inspired by the lethal green pit viper snake and the x-ray vision emitted by its heat-sensing eyes. Bryant stays three steps ahead of his opponent with his keen vision. The KOBE 8 SYSTEM ELITE highlights Bryant’s power of deceptive speed with a poison green colorway and x-ray vision graphic on the collar lining.
The KOBE 8 SYSTEM ELITE is designed for precision footwork while offering:
  • Carbon fiber heel clip and shank for lightweight stability, quick cuts and jumps
  • Dynamic Flywire technology reinforced with Kevlar® aramid to provide more consistent stability and lockdown
  • Articulated foam tongue provides impact protection and minimizes lace pressure
  • Kevlar® aramid laces resist stretching for a more consistent fit
  • Phylon midsole and Nike Zoom technology providing consistent, responsive cushioning

KD V ELITE: Ultimate Control
Capturing Kevin Durant’s thunderous power of ultimate control, the new low KD V ELITE debuts in a volt colorway, illuminated by the sharp glow of lightning bolts. The design speaks to Durant's versatility, shooting accuracy and finely-tuned court vision.
The re-engineered low-top silhouette offers a full range of motion for Durant’s playoff push. Additional enhanced technical highlights include:
  • Carbon fiber heel counter and shank provide lightweight stability for quick cuts
  • Dynamic Flywire technology reinforced with Kevlar® aramid to provide more consistent stability and lockdown
  • Articulated foam tongue provides impact protection and minimizes lace pressure
  • Caged Nike Zoom unit in the heel for responsive cushioning and stability

All three Nike ELITE Series 2.0 basketball shoes — the LEBRON X PS ELITE, KOBE 8 SYSTEM ELITE, KD V ELITE – are available at select retail locations and online at Nike.com beginning April 27. James, Bryant and Durant will wear their player editions in the post season. 

( Source NIKE )

Retail news : Pacific Sunwear Reports Q4 Loss

Pacific Sunwear of California, Inc. announced that net sales from continuing operations for the fourth quarter of fiscal 2012 ended Feb. 2, were $228.0 million versus net sales from continuing operations of $218.7 million a year ago. Comparable store sales increased 1 percent.

The company noted that fiscal 2012 had 53 weeks versus 52 weeks in fiscal 2011. As a result, net sales for the fourth quarter of fiscal 2012 and fiscal year 2012 include the additional week, while comparable store sales exclude the 53rd week. The company ended fiscal 2012 with 644 stores, compared to 733 as of the end of fiscal 2011. The company closed 78 stores in the fourth quarter of fiscal 2012.

Fourth Quarter Results
On a GAAP basis, the company reported a loss from continuing operations of $22.5 million, or $(0.33) per diluted share, for the fourth quarter of fiscal 2012, compared to a loss from continuing operations of $26.7 million, or $(0.39) per diluted share, for the fourth quarter of fiscal 2011. The loss from continuing operations for the company's fourth quarter of fiscal 2012 included a non-cash loss of $3.7 million, or $0.05 per diluted share, related to a derivative liability that resulted from the issuance of the Convertible Series B Preferred Stock (the "Series B Preferred") in connection with the term loan financing the company completed in December 2011.

On a non-GAAP basis, excluding store closure related charges of $0.6 million and the non-cash loss on the derivative liability of $3.7 million, and using a normalized annual income tax rate of approximately 37 percent, the company would have incurred a loss from continuing operations for the fourth quarter of fiscal 2012 of $11.4 million, or $(0.17) per diluted share, as compared to a loss from continuing operations of $13.0 million, or $(0.19) per diluted share, for the same period a year ago.

Full Year Results
Total net sales from continuing operations for fiscal 2012 were $803.1 million versus net sales from continuing operations of $777.3 million for fiscal 2011. Comparable store sales increased 2 percent during fiscal 2012.

On a GAAP basis, the company reported a loss from continuing operations of $52.2 million, or $(0.77) per diluted share, for the 2012 fiscal year, compared to a loss from continuing operations of $82.1 million, or $(1.23) per diluted share, for the 2011 fiscal year.

On a non-GAAP basis, excluding store closure charges of $0.6 million, and using a normalized annual income tax rate of approximately 37 percent, the company would have incurred a loss from continuing operations for fiscal 2012 of $32.4 million, or $(0.47) per diluted share, as compared to a loss from continuing operations of $47.4 million, or $(0.71) per diluted share, for the same period a year ago.

"2012 was a very solid year for PacSun with important progress in several key facets of our business. We achieved positive sales comps with better margins in every quarter for the first time since 2007, continued to leverage our cost base, and equally important is my belief that we are beginning to re-establish PacSun's unique identity tied to great brands, on trend merchandising and our distinct connection to California Lifestyle," said Gary H. Schoenfeld, President and Chief Executive Officer. "Looking ahead to this year our key priorities remain working closely with our key brands, attracting new customers and continuing to elevate both our in-store and on-line experience."

Financial Outlook for First Fiscal Quarter of 2013
The company's guidance range for the first quarter of fiscal 2013 contemplates a non-GAAP loss per share from continuing operations of between negative $0.17 and negative $0.24, compared to negative $0.20 in the first quarter of fiscal 2012.

The forecasted first quarter non-GAAP loss from continuing operations per share guidance range is based on the following assumptions:
Comparable store sales of negative 3 percent to plus 1 percent;
Revenue from $160 million to $167 million;

Gross margin rate, including buying, distribution and occupancy, of 21 percent to 24 percent;

SG&A expenses in the range of $54 million to $56 million;

A normalized annual income tax rate of approximately 37 percent; and

Ending the period with approximately 638 stores.

The company's first fiscal quarter of 2013 guidance range excludes the quarterly impact of the change in the fair value of the derivative liability due to the inherently variable nature of this financial instrument.

Discontinued Operations
In accordance with applicable accounting literature and consistent with the company's financial statement presentation in its fiscal 2011 annual report, the company has reclassified the results of operations of its closed stores as discontinued operations for all periods presented, as applicable.

Derivative Liability
In fiscal 2011, as a result of the issuance of the Series B Preferred in connection with the company's $60 million senior secured term loan financing with an affiliate of Golden Gate Capital, the company recorded a derivative liability equal to approximately $15.0 million, which represents the fair value of the Series B Preferred upon issuance. In accordance with applicable U.S. GAAP, the company has marked this derivative liability to fair value through earnings and will continue to do so on a quarterly basis until the shares of Series B Preferred are either converted into shares of the company's common stock or until the conversion rights expire (December 2021). The company's first fiscal quarter of 2013 earnings guidance excludes the quarterly impact of the change in the fair value of the derivative liability due to the inherently variable nature of this financial instrument.

( Source Pacific Sunwear through SportsOneSource )

New products :Kammok Announces New Climbing Gear and Advancements to the Roo Camping Hammock

With a Promise of Innovation, Kammok Adds Two New Products to their Hammock Line. 

Socially conscious adventure brand, Kammok® announces two new products to their line of revolutionary outdoor gear. As part of an update to the popular Kammok Roo camping hammocks, the company is releasing the Kanga Claw™ wire gate carabiner and Racer™ Sling. These new products will come standard with the new 2013 Roo hammocks, adding $34.00 in advanced upgrades without affecting the list price of $99.00.

To support their lightweight adventure hammocks, Kammok has developed the revolutionary Kanga Claw™ wire gate carabiner. With a patent-pending design, made possible by hot forging aerospace grade aluminum, the Kanga Claw’s dual chambers ensure that webbing (or rope) is kept aligned with the strongest 22kN axis. Intentionally over-engineered to be used with the Kammok Roo hammocks, the Kanga Claw also serves as a full strength quick draw climbing carabiner. The Kanga Claw boasts a smooth ergonomic exterior, while juxtaposed plateaued interior surfaces maximize strength and smooth rope feeding. The unique two-step surfacing process gives the Kanga Claw a bombproof finish.

Kammok also adds the Racer™ Slings, made from Dyneema, touted to be the world’s strongest fiber. The 9 mm Racer™ Slings come standard with all new 2013 Roo hammocks (2 per Roo). Racer snakes are fairly slender, have a very smooth and tight scale pattern, and as their name would imply, they are faster than most snakes. Racer™ Slings are lighter weight (0.3 oz), have a higher abrasion resistance, stronger (22kN), have a tighter weave, and resist moisture better than traditional nylon runners. Designed for alpine climbing, Racer™ Slings help keep you light and agile and allow your rope to slither smoothly with decreased drag.

Each Roo hammock will come with two (2) Kanga Claw™ carabiners as well as two (2) Dyneema Racer™ Slings. Kammok has also added low-light reflective tracers woven the length of their revolutionary Python Straps™.

“We’re maintaining our promise of innovation by always adding value for our customers and creating outdoor adventure products of the highest quality,” said Greg McEvilly, creator and CEO of Kammok. “The Kanga Claw and Racer Slings are more than simply advancements to our existing product. They’re revolutionary equipment that our customers can use in a variety of outdoor adventures. These new products mark the beginning of many exciting new releases this year.”

The Kammok Roo hammock retails at $99.00, and the Python Straps retail at $29.00.  Kammok has added $34 worth of upgrades to the Roo camping hammock while maintaining the same price for their customers. The Kanga Claw will retail at $10 and the Racer Slings at $7 at select retail partners and the Kammok website.

In 2013, Kammok is poised to enter new categories and release multiple first-to-market products in the outdoor retail market.  Kammok is one of the first in the specialty outdoor industry that has deployed a ‘high social and environmental impact’ business model, relying heavily on strategic partners to accomplish our social and environmental goals.

About Kammok-
Kammok® is a revolutionary brand bringing innovative and high quality outdoor lifestyle products to the socially conscious adventurer. Kammok is partnered with Malaria No More, a 1% For the Planet member, and a registered B Corporation with a mission to: Equip and Inspire for Life Changing Adventure™.

Ty Clark, 972-322-2833 / tyclark@kammok.com
Greg McEvilly, 214-901-8420 / greg.mcevilly@kammok.com

New product : New Balance and Gore Announce New Collaborative Trail Shoes

W. L. Gore & Associates (“Gore”), inventor of GORE-TEX® high performance fabric technologies, and global athletic leader New Balance announced today three new collaborative styles for fall 2013. New Balance and Gore have collaborated before and this fall 2013 New Balance and Gore will offer the Minimus 10 Trail, Minimus 80 Multisport and 910 Trail all featuring GORE-TEX® product technology to provide complete waterproofness protection and breathability to these popular styles. The New Balance GTX styles will begin to launch at retail in September 2013 with the suggested retail price ranging from $119.95 for the Minimus styles to $134.95 for the 910 Trail.

The New Balance Minimus 10 Trail GTX and the Minimus 80 Multisport GTX both come from Minimus DNA with barefoot-friendly interiors, an anatomically correct NL-1 natural last with its signature forefoot shape and 4mm off-set from heel to forefoot. The New Balance Minimus 10 Trail GTX is designed to encourage more of a forefoot or mid-foot strike while the Minimus 80 Multisport GTX is an all-purpose shoe with cushioning underfoot and overall protection to endure a full day of adventure in the outdoors.

The 910 Trail GTX offers trail runners the best of both stability and cushioning using a new trail specific fit in the UL-1 last. The new UL-1 last has an 8mm off-set from heel to forefoot combined with the go-fast superior cushioning of New Balance REVlite gives trail runners the confidence and comfort to conquer the trails with speed. 

All three styles incorporate GORE-TEX® Extended Comfort technology, which means every component of the shoe and how it’s constructed is tailored for optimal breathability to ensure the footwear is ideal for highly aerobic activities.  "The combination of Gore technology with these New Balance innovative designs is a successful example of continued collaboration between both brands working toward satisfying the runner's need for protection and comfort in light weight and exceptionally fitting running footwear," said Kirk Christensen, global running footwear product specialist at Gore.

“We are always looking for ways to design innovative product that will benefit the runner and meet their every performance need,” said Bryan Gothie Senior Product Manager at New Balance. “By adding the GORE-TEX® brand to these light weight styles, we are able to diversify our outdoor offerings and further improve the consumer’s experience.”

The Minimus 10 Trail, Minimus 80 Multisport and 910 Trail with GORE-TEX® will be available in men's and women's sizing and multiple widths this fall 2013. The Minimus 10 Trail GTX launches at retail in September, 910 Trail GTX in October and the Minimus 80 Multisport GTX in November 2013.

For more information please visit www.newbalance.com.

New Balance, headquartered in Boston, MA has the following mission: Demonstrating responsible leadership, we build global brands that athletes are proud to wear, associates are proud to create and communities are proud to host.  New Balance is currently the only athletic shoe company that manufactures footwear in the U.S. with 25% of our North American footwear shipments produced at five New England facilities. The company also operates a manufacturing facility in Flimby, U.K.  New Balance employs more than 4000 associates around the globe, and in 2012 reported worldwide sales of $2.4 billion. For more information, please visit http://www.newbalance.com.

About W.L. Gore & Associates:
With more than $3 billion in annual sales and approximately 9,500 employees in 30 countries worldwide, W. L. Gore & Associates, Inc., provides diverse, high-performance solutions in consumer, industrial, electronic, medical, and surgical markets. As well-known for its unique corporate culture as for its products, Gore's 50-year success story rests equally on product and organizational innovation. Perhaps best known as the inventors of expanded PTFE (ePTFE) and the makers of GORE-TEX® fabric, Gore is a leading manufacturer of thousands of advanced technology products that comprise a breadth of capabilities.

GORE, GORE-TEX, and designs are trademarks of W. L. Gore & Associates, Inc. ©2013, 295 Blue Ball Rd., Elkton, Maryland, 800-431-GORE, gore-tex.com

Cynthia Amon / camon@wlgore.com / 410-506-2647
New Balance Contact:
Mary Lawton / mary.lawton@newbalance.com / 617-746-2525

Retail news : Zumiez's Q4 Profits Climb 22 Percent

Zumiez Inc., the action sports retailer, reported net income in the fourth quarter increased 22.1 percent to $22.9 million, or 74 cents per diluted share from net income of $18.7 million, or 60 cents, for the prior fiscal year. Comparable store sales for the 14-week period ended Feb. 2, 2013 decreased 1.0 percent.

Total net sales for the fourth quarter ended Feb. 2 (14 weeks) increased 22.1 percent to $224.4 million from $183.9 million in the quarter ended Jan. 28.

The results for fiscal 2012 include $0.9 million, or approximately $0.02 per diluted share, of intangible amortization and inventory step-up costs associated with the acquisition of Blue Tomato, and a net benefit of $0.4 million, or approximately $0.01 per diluted share, of contingent earn-out associated with the Blue Tomato transaction.

Full Year ResultsTotal net sales for fiscal 2012 (53 weeks) increased 20.4 percent to $669.4 million from $555.9 million in fiscal 2011 (52 weeks). Comparable store sales for the 53-week period ended February 2, 2013 increased 5.0 percent compared to the same 53-week period ended February 4, 2012. Net income in fiscal 2012 increased 12.9 percent to $42.2 million, or $1.35 per diluted share compared to net income in the prior fiscal year of $37.4 million, or $1.20 per diluted share. Results for fiscal 2012 include approximately $7.3 million, or $0.19 per diluted share, of Blue Tomato acquisition related costs and operations, and approximately $2.1 million, or $0.04 per diluted share, of costs associated with the relocation the company's ecommerce fulfillment center to Edwardsville, Kansas and corporate offices to Lynnwood, Washington from Everett, Washington.

Share Repurchase Program
During the fourth quarter 2012, the company repurchased approximately 1.3 million shares of its common stock, at an average cost per share of $20.43, for a total of $25.8 million. As of February 2, 2012, the $22 million repurchase program announced in November 2012 had been completed and the company had $16 million authorized repurchase funds remaining under its $20 million stock repurchase program announced in December 2012.

Cash and Current Marketable Securities
At February 2, 2013, the company had cash and current marketable securities of $103.2 million, compared to cash and current marketable securities of $172.8 million at January 28, 2012. The decrease in cash and current marketable securities is a result of the acquisition of Blue Tomato, which was funded by the company's cash and current marketable securities balance, as well as capital expenditures and stock repurchases, offset by cash generated through operations.

Rick Brooks, Chief Executive Officer of Zumiez Inc., stated, "We are pleased with the quality of our fourth quarter results. Our ability to deliver better than expected sales and earnings underscores the strength of our business model which is rooted in a diverse branded merchandising strategy, highly differentiated shopping experience, and unique culture. It's these principles that have allowed us to consistently drive Zumiez forward. With the consumers use of technology evolving and reshaping the retail landscape we are confident that the investments we continue to make in our people, systems and processes will allow us to build on our position as the global leader in action sports retail for many years to come."

Fiscal 2013 First Quarter Outlook
The company is introducing guidance for the three months ending May 4, 2013. Net sales are projected to be in the range of $141 to $144 million resulting in net income per diluted share of approximately $0.04 to $0.07, which includes an estimated $1.6 million, or approximately $0.04 per diluted share, for charges associated with the acquisition of Blue Tomato. This guidance is based on an anticipated comparable store sales decrease in the mid single digit range for the first quarter of fiscal 2013.

The company currently intends to open approximately 60 new stores in fiscal 2013, including up to 10 stores in Canada and 6 stores in Europe.

( Source Zumiez through SportsOneSource )

Business news : Jarden Begins Repurchasing $300 Million in Notes

Jarden Corporation has commenced a cash tender offer for any and all of its $300 million outstanding principal amount of 8 percent senior notes due 2016. The company is also seeking the solicitation of consents from the holders  to adopt certain amendments to the indenture governing the notes.

The Tender Offer and the Consent Solicitation are scheduled to expire at 11:59 p.m., Eastern Time, on Apr. 11, 2013, unless extended or earlier terminated. Holders who validly tender their Notes and deliver their consents to the Tender Agent (as identified below) (and do not validly withdraw their Notes or revoke their consents) by 5:00 p.m., Eastern Time on March 27, 2013 (the "Early Tender Deadline"), unless extended or earlier terminated, will receive $1,046.75 per $1,000 principal amount of Notes (the "Total Consideration"), if such Notes are accepted for purchase, which includes an early tender payment of $30.00 per $1,000 principal amount of Notes. The date of such payment is expected to be on March 28, 2013.

Holders who validly tender their Notes and deliver their consents after the Early Tender Deadline but by the Expiration Time will receive $1,016.75 per $1,000 principal amount of Notes (the "Offer Consideration"), if such Notes are accepted for purchase. Final settlement of the Tender Offer will occur promptly after expiration of the Tender Offer and is expected to be on April 12, 2013.

Holders whose tendered Notes are accepted for purchase will also receive accrued and unpaid interest from, and including, the most recent interest payment date for the Notes to, but not including, the applicable payment date for the Notes in the Tender Offer.

The Tender Offer is subject to the satisfaction or waiver of certain conditions, including general conditions and a financing condition of the Company's incurrence of an additional $250 million in term loans under the Company's senior credit facility. The consents are being solicited to eliminate substantially all of the restrictive covenants and related events of default contained in the Indenture. If the proposed amendments become operative, a notice of redemption to Holders whose Notes are to be redeemed will be permitted to be provided not less than 15 days before a redemption date instead of not less than 30 days before a redemption date as currently required under the Indenture. Holders may not tender their Notes pursuant to the Tender Offer without delivering consents or deliver consents without tendering their Notes.

Holders may withdraw tenders and revoke consents at any time prior 5:00 p.m., Eastern Time on March 27, 2013 (the "Withdrawal Deadline") unless extended by the Company.

If less than all of the Notes are tendered and accepted for purchase pursuant to the Tender Offer, the Company intends to redeem the remaining outstanding Notes upon the terms and conditions set forth in the Indenture; however, the Company is not obligated to do so.

( Source Jarden through SportsOneSource )

business news : Respect Your Universe Completes Second Round of Financing

Respect Your Universe, Inc., the mixed martial arts apparel company, has completed a private placement of 900,000 shares of common stock of Respect Your Universe at a price of 50 cents per Share for gross proceeds of $450,000. The proceeds from the sale of the financing are anticipated to fund the general operations of Respect Your Universe.

"Securing this second round of financing is an important step as we drive our brand and its growth in the coming year," said David Campisi, CEO and chairman of the board of Respect Your Universe. "We're poised to build on our sales momentum and are excited about the potential that lies ahead."

In connection with the Financing, Respect Your Universe paid one finder a finder's fee of 5% cash and 5% warrants on US$50,000 of the gross proceeds received by Respect Your Universe from investors introduced to Respect Your Universe through the finder. Respect Your Universe paid a cash commission of approximately US$2,500 and issued 5,000 finder's warrants, with each finder's warrant exercisable into one Share at a price of US$0.50 for a period of 24 months from the date of issuance. No finder's fee was paid on the balance of US$400,000.

All securities issued in connection with the Financing will be subject to a statutory four-month hold period and applicable U.S. hold periods. None of the securities issued have been registered under the U.S. Securities Act of 1933, as amended (the "1933 Act"), and none of them may be offered or sold in the U.S. absent registration or an applicable exemption from the registration requirements of the 1933 Act. This press release shall not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of the securities in any state where such offer, solicitation, or sale would be unlawful.

Respect Your Universe has enlisted Tether, Inc. as its creative agency. Founded by Stanley Hainsworth, Tether designs brand stories for global companies including Gatorade, Microsoft and Starbucks.

Additionally, Respect Your Universe's Signature Large Ballistic Duffle was recently included on Muscle & Fitness Magazine's March list of The Best of the Best: Gear that holds up over the long haul.

( Source RYU through SportsOneSource )


Mobile Apps : Nike+ Accelerator Companies Announced

10 companies selected to participate in Nike’s first Accelerator program to drive digital sport innovation.

Today NIKE, Inc. announces the 10 companies that are participating in its Nike+ Accelerator program powered by TechStars. The program leverages the success of the Nike+ platform by connecting with viable companies that share a commitment to helping people lead more active lives.
"We are excited by the response to the Nike+ Accelerator and the high caliber of applicants to the program," said Stefan Olander, Nike VP of Digital Sport. "We recently celebrated the first year of NikeFuel and the Accelerator program is a natural next step to broaden and enhance the Nike+ ecosystem – allowing Nike to offer richer experiences to athletes of all levels.”
The Nike+ Accelerator companies begin a three-month immersive journey today in Portland, Ore., and will spend their time in the program developing and evolving products and services that leverage the Nike+ platform and NikeFuel to inspire everyday athletes. The ideas span a broad range of activity and health sectors including training, coaching, gaming, sport, wellness and rewards.
Hundreds of companies applied to participate in the Nike+ Accelerator, and thousands of requests were received to build on the Nike+ ecosystem. The 10 companies selected to participate in the Nike+ Accelerator program are:
  • FitDeck: Digital decks of exercise playing cards that deliver ever-changing workouts for fitness and sports. 
  • GoRecess: Helps users find, book and review fitness activities.
  • Chroma.io: An indie game studio that creates virtual worlds tied to real-world activity.
  • CoachBase: Provides a digital sports coaching platform.
  • GoFitCause: Leverages fitness data as a means of raising money for charities.
  • HighFive: Ad network for health and fitness apps that helps people achieve their goals by rewarding them along their journey.
  • Sprout At Work: Provider of corporate wellness solutions leveraging social and gamification tools to inspire employees and empower employers.
  • GeoPalz: An interactive gaming and rewards platform for kids and families.
  • Incomparable Things: Creates activity-driven fantasy sports leagues.
  • RecBob: Offers a platform that makes recreational sports easy by organizing play.
As part of the Nike+ Accelerator experience, each company will receive $20,000 in funding, plus connections and mentorship by leaders across Nike and the tech industry including: Stefan Olander, Nike’s Vice President of Digital Sport; David Cohen, founder and CEO of TechStars; Naveen Selvadurai, co-founder of Foursquare; Katia Beauchamp, co-founder of Birchbox; Tim Chang, Managing Director of Mayfield Fund; and quantified-self guru Tim Ferriss. Nike+ Accelerator mentors are listed at the Nike+ Accelerator website.

The mentors will engage directly with participating companies throughout the Nike+ Accelerator program. TechStars will facilitate the program, having successfully completed more than 20 accelerator programs using their mentor-driven, deep-immersion, three-month model. TechStars’s mentoring model has attracted more than $275 million worth of venture capital for the companies that have participated in past programs over the last six years of operation.

The Nike+ Accelerator program culminates in mid-June with the opportunity to pitch angel investors, venture capitalists, influential industry leaders and Nike executives during Investor Demo Days, including a day at Nike World Headquarters in Beaverton, Ore., and a day in California's Silicon Valley. More details on the program are available at the Nike+ Accelerator website.  Developers can get more information the Nike+ API at  the Nike+ API Developer portal or follow @nikedeveloper.

News web : NEMO Launches New Website, Enhances Customer Experience

Just as the snow begins to melt and the spring camping season begins, NEMO Equipment, Inc., an award-winning outdoor gear manufacturer, has launched its new website. With the goal of offering customers a better shopping experience, dealers a centralized area to access brand documents and images, and providing a new outlet for the company’s military product line, Shield™, the first phase of the site went live on March 18th. Following the main Consumer site, Shield™ will launch on April 15th and the Dealer portal on the 30th. Built by Minerva Design on WordPress, the site draws data from NEMO’s new NetSuite ERP Platform, which was integrated in December.

Creating a rich and dynamic hub around the NEMO experience, users will find:

- Fresh content, clear and easy navigation, and exceptional product information and insight to lead them to the products that best suit their needs.

- Expanded video content and photography.

- Easy searching by product or end user activity (ie. Minimalist, Backpacking, Camping, Winter Camping, etc.).

- Product comparison functionality, suggested accessories and recommended pairings.

- Instructions for care; from cleaning a tent or bag to proper storage and handling of minor repairs.

- And for those who love to delve deeper into the details, the Classroom section offers technical documents on NEMO fabrics, technologies and testing.

“In a span of three months, we went from wire framing the site on grease boards and trace paper to the reality of loading over 2,000 images, styling hundreds of web pages, producing dozens of new videos and overhauling the written content for nearly every NEMO product— from sleeping bags to shelters. It was a true collaboration between NEMO’s in-house team and Minerva Design. Minerva brought their web development expertise to NEMO enabling us to tell our story while building an e-commerce experience that's fun and easy to use. The site seamlessly integrates with NEMO's new NetSuite ERP system to deliver a better than ever level of service to our customers,” said Tiffany Teaford, Senior Director of Marketing.

With the new website and internal changes to staff, NEMO has strengthened its infrastructure and delivery position in preparation for its most successful year yet. Expanding its product line beyond tents and pads with sleeping bags and camp tools like the Helio™ Pressure Shower, NEMO’s products continue to appeal to a larger customer base. Spring 2013 bookings are up nearly 70% and sleeping bag forecasts are well ahead of expectations. For more information on sales, please contact Brent Merriam, Senior Director of Sales at brent@nemoequipment.com or 603-236-7683.

Written By: Kate Ketschek


Valcourt, Québec, March 19, 2013 – BRP expands its marine engines portfolio by offering an in-board jet propulsion system, using its proven Rotax 4-TEC 1503 engine. BRP's Marine Propulsion Systems division in Sturtevant, Wisconsin, formerly the Outboard Engine division, will now assemble Rotax inboard propulsion systems in addition to Evinrude outboard engines.

The heart of the jet propulsion system is the proven Rotax 4-TEC 1503 engine that is currently used in Sea-Doo watercraft. This jet system provides an energetic, thrill-seeking driving experience not available with other propulsion systems, and is a viable alternative to stern drive. The Rotax 1503 power pack is available exclusively to boat builders and includes the 4-TEC 1503 engine, controls, fuel and jet pumps, along with the exhaust, electrical, propulsion and cooling systems.

"The Rotax power pack is a quality jet system superior to competitive engines, with more than 450,000 engines in the market," said José Boisjoli, president and CEO. "Though we've exited the sport boat business, there is demand from boat manufacturers seeking an alternative to stern drive."

In 2012, BRP completed a $15 million renovation to its Evinrude facility. The addition of the Rotax 1503 power pack assembly underscores BRP’s commitment to product development and assembly of propulsions systems.

Bombardier Recreational Products Inc. (BRP), a privately held company, is a world leader in the design, development, manufacturing, distribution and marketing of motorised recreational vehicles. Distributed in more than 100 countries, its portfolio of brands and products includes: Ski-Doo and Lynx snowmobiles, Sea Doo watercraft, Evinrude outboard engines, Can-Am all terrain and side-by-side vehicles and roadsters, as well as Rotax engines. BRP also provides parts and service to Sea-Doo boats and Johnson outboard engine owners. BRP employs approximately 6,800 people worldwide.


Sea-Doo, Ski-Doo, Lynx, Evinrude, Johnson, Can-Am, Rotax and the BRP logo are trademarks of Bombardier Recreational Products Inc. or its affiliates.

For information:
Johanne Denault Manager, Corporate Communications
Tel: 450.532.5173

More news about BRP, use the search tool at the right top of the page.

New product : Aquapac Sets New Standards in Waterproof Storage

Building on its existing line of 100 percent waterproof and durable dry bags, pack manufacturer Aquapac is set to make waves with the introduction of the Upano Waterproof Duffel, Aquapac PackDivider Drysacks, and Aquapac Puncture Patches. Together, these three new products form a completely waterproof organization system fit to accompany you on any and all of your wettest adventures.

Available in 40, 70 and 90-liter versions, the Aquapac Upano Waterproof Duffel sets a new industry standard in lightweight waterproof duffel systems. Featuring a durable welded construction, unique roll-top closure and air-release valve, the Upano will keep your gear safe, sound and dry in spite of 12-hour flights, flooded canoes and rocky campsites. The Upanos' ruggedness belies their light weight, making them perfect for adventures on the move. The duffels are available in prices ranging from $120 to $145.

Combine the Upano with Aquapac’s new PackDivider Drysacks, and you’ll put an end to damp, wet conditions. Available in four sizes (2, 4, 8 and 13 liters), the PackDivider Drysack keeps clothing and gear organized and dry for the next leg of your trip.  PackDividers range in price from $13 to $20.

For mishaps that invariably happen in any outdoor pursuit, Aquapac’s Puncture Patches offer first-aid waterproof repair. Available in convenient packets of five, the affordable ($6.75) Aquapac Puncture Patches are the perfect remedy for frayed or worn tents, rain gear, dry bags and tarps. Plus, they work seamlessly on canvas, neoprene, nylon, PU, rubber and TPU.

All products will be available in April on www.aquapac.net and a number of select retailers.

ABOUT AQUAPAC:  Aquapac (www.aquapac.net) is a London-based company, with U.S. headquarters in East Norwich, N.Y.  Celebrating its 30th anniversary in 2013, Aquapac produces 100% waterproof, 100% use-through cases that create a virtual second skin for personal electronics, photography equipment, maps, documents and other essential items. Follow Aquapac on Facebook and on Twitter (@Aquapac).

For more information, please visit www.aquapac.net. Media should address questions and requests to Matt Crawford at Pale Morning Media, matt@palemorning.com or call 802.583.6069.

Written By: Matt Crawford