Global Apparel Market – An Overview | Watch NOW! | Ad
Home / Knowledge / News / Apparel/Garments / Arctic Cat garments sales essentially flat for Q3
Arctic Cat garments sales essentially flat for Q3
23
Jan '08
Arctic Cat Inc reported net sales of $159.6 million for the fiscal 2008 third quarter ended December 31, 2007, compared to a record $228.1 million in the same period last year. The net loss for the quarter was $10.5 million, or $0.58 per diluted share, versus prior-year third quarter net earnings of $8.2 million, or $0.43 per diluted share, which included an income tax benefit of $0.03 per diluted share.

For the first nine months of fiscal 2008, Arctic Cat's net sales were $452.7 million compared to $609.9 million in the same period last year. The company reported a net loss of $3.7 million, or $0.20 per diluted share, versus net earnings of $23.6 million, or $1.22 per diluted share, in the nine-month period last year.

Commented Christopher A. Twomey, Arctic Cat's chairman and chief executive officer: "We are disappointed in the company's performance. After seven years of record growth, we anticipated that fiscal 2008 would be a difficult year when we took strategic action to reduce dealers' snowmobile inventories.

Compounding this was an industry wide challenging retail ATV market, which continued to deteriorate through the third quarter. We remain committed to aligning inventories with demand, leveraging our efficiency and strategic sourcing initiative, and maintaining our competitiveness and technology leadership through innovative new products and features."

During the quarter, Arctic Cat repurchased approximately 166,000 shares under its stock repurchase program. In addition, the company announced on January 4, 2008, that its board of directors authorized a new share repurchase program of up to $10 million of its common stock. Arctic Cat has approximately 17.9 million common and Class B common shares outstanding.

Product Line Results:
Sales of Arctic Cat's snowmobiles were $60.0 million in the 2008 third quarter versus $106.4 million in the same period last year, reflecting the company's planned reduction in snowmobile production during the current fiscal year.

Early season snowfall in key regions during December generated strong retail snowmobile sales and, combined with the company's planned lower snowmobile production in its current fiscal year, helped reduce dealer inventories. Arctic Cat's year-to-date snowmobile sales totaled $168.9 million compared to $248.8 million in the prior-year period.


Must ReadView All

Trump signs revised free trade agreement with S Korea

Textiles | On 25th Sep 2018

Trump signs revised free trade agreement with S Korea

President Donald Trump signed a revised free trade agreement with...

L-R: Jonathan Akeroyd, Donatella Versace, John D Idol. Courtesy: Rahi Rezvani

Fashion | On 25th Sep 2018

Michael Kors to acquire Versace; to be renamed Capri

Michael Kors Holdings Limited, a global fashion luxury group, has...

'India can take up lack of capacity in US, China markets'

Textiles | On 25th Sep 2018

'India can take up lack of capacity in US, China markets'

India can now take up the lack of capacity in the US and Chinese...

Interviews View All

Vidhyaa Shankar. S, A Ganapathi Chettiar

Vidhyaa Shankar. S
A Ganapathi Chettiar

'The usage of knits is getting into the boundaries of woven fabrics'

Top executives, Textile industry

Top executives
Textile industry

Overall, Union budget 2018-19 is very balanced

Marazban F Velati, Sutlej Textiles & Industries limited

Marazban F Velati
Sutlej Textiles & Industries limited

No training can be effective till the candidate believes in it.

Yash Jain & Sanjeev Jain,

Yash Jain & Sanjeev Jain

Divyam Export, launched about 30 years ago, exports to 15 countries,...

Sham Shah,

Sham Shah

Shamal and Shamal Pvt Ltd is into manufacturing and sales of textile...

Tejas N Patel, Navin D Patel,

Tejas N Patel, Navin D Patel

Founded in 1999 by Navin Patel in the name of Tejas Fabrics with 100...

Dr. Rene Wollert, Freudenberg Nonwovens

Dr. Rene Wollert
Freudenberg Nonwovens

Dr. Rene Wollert discusses the current scenario of the global nonwovens...

Giulio Cesareo, Directa Plus SpA

Giulio Cesareo
Directa Plus SpA

Established in 2005, Direct Plus SpA, is one of the largest producers and...

Justin Chan & Shyam Gollakota, University of Washington

Justin Chan & Shyam Gollakota
University of Washington

A fabric that can store data without any electronics or batteries has been ...

Mike Hoffman, Gildan Activewear SRL

Mike Hoffman
Gildan Activewear SRL

Gildan Activewear, a manufacturer and marketer of branded clothing and...

Aditi Somani, Aditi Somani

Aditi Somani
Aditi Somani

Aditi Somani specialises in luxury fusion wear with international cuts and ...

Ritu Kumar, Label Ritu Kumar

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

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

Leave your Comments


October 2018

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

news category


Related Categories:

Advanced Search