Home / Knowledge / News / Apparel/Garments / Q2FY15 adjusted gross profit up 57% at Performance Sports
Q2FY15 adjusted gross profit up 57% at Performance Sports
17
Jan '15
Adjusted gross profit in the second fiscal quarter ended November 30, 2014 climbed 57 per cent year on year at NYSE listed Performance Sports Group.

As against $39.6 million in the year-ago quarter, adjusted gross profit rose 57 per cent to $62.2 million at Performance Sports Group in the second quarter of fiscal 2015.

As a percentage of revenues, adjusted gross profit increased 230 basis points to 36.1 per cent compared to 33.8 per cent in the same quarter of previous fiscal year.

“The increase in margin was primarily driven by addition of Easton as well as improvement in production costs for uniforms, partially offset by the unfavorable impact from foreign exchange,” the company said.

Revenues in the second quarter of fiscal 2015 too surged 47 per cent to $172.3 million as against $117.1 million in the corresponding quarter of fiscal 2014 and on a constant currency basis, it was up 51 per cent.

According to Performance Sports, the hike came from addition of Easton revenues and also a strong growth in ice hockey equipment, partially offset by an unfavorable impact from foreign exchange.

Excluding the results of Easton, as well as the impact from foreign exchange, revenues grew organically by 10 per cent from a year ago quarter.

SG&A expenses in the second quarter of fiscal 2015 too rose 44 per cent year on year to $39.3 million. Here again it rose from addition of Easton and also due to higher sales and marketing costs.

As a percentage of sales and excluding acquisition-related charges and share-based payment expenses, SG&A expenses dipped 20 basis points to 20.3 per cent from 20.5 per cent in the year-ago quarter.

Adjusted EBITDA also zoomed 74 per cent to $24.2 million compared to $13.9 million in the year-ago period, again due to Easton and growth in hockey, offset by unfavorable impact from foreign exchange.

Without the impact of currency fluctuations, adjusted EBITDA grew 100 per cent to $27.7 million.

Adjusted net income in the second quarter of fiscal 2015 increased 49 per cent to $11.2 million or $0.24 per diluted share, compared to $7.5 million or $0.20 per diluted share in the year-ago quarter.

On November 30, 2014, working capital stood at $362.4 million as against $222.2 million on November 30, 2013, primarily due to the acquisition of Easton and investment in apparel.

Excluding the acquisition, working capital was $280.8 million as of November 30, 2014, an increase of 26 per cent versus the quarter, a year earlier.

Total debt was $422.8 million at November 30, 2014 up from $152.4 million at November 30, 2013 and leverage ratio, as defined in credit agreements, stood at 3.62x as of November 30, 2014 compared to 2.67x one year ago. (AR)

Fibre2fashion News Desk - India


Must ReadView All

Textiles | On 20th Jul 2017

Provide safety net for cotton growers: Congress to Trump

A bipartisan Congressional coalition has called attention of...

Courtesy: ITMF

Textiles | On 20th Jul 2017

ITMF'17 themed on tech, trade, climate in disruptive times

The International Textile Manufacturers Federation (ITMF), an...

Textiles | On 20th Jul 2017

RIL’s Q1 FY18 petrochemicals revenue up 22.9% y-o-y

Reliance Industries Limited (RIL) has reported its financial...

Interviews View All

Mukesh Agarwal & Rajesh Agarwal
Madhuram Fincap Pvt Ltd

Increasing prices and lack of demand main issues facing industry

Md Hanifur Rahman
Aman Group

The level of understanding the job role and organisational requirements...

Rahul Bhadani
Looksgud

Navigating through catalogues is a bit hasslesome

Eric Scholler
Groz-Beckert

The Indian market has huge potential in technical textiles, and by far,...

Ashok Desai
Bombay Textile Research Association

Bombay Textile Research Association (BTRA) is a leading name in textile...

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Sonam & Paras Modi
SVA

Sonam and Paras Modi's Sva Couture is synonymous with head-turning...

Nisha Chanda
Whistling Woods International School of Fashion

<div>A lack of upgraded courses in costume designing and fashion as per...

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

July 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Thanks for your valuable feedback. Claim your free latest sustainability e-book.


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search



X