Retail Industry
Industry: Email Alert RSS FeedThe big 3 footwear firms file reports. (L.A. Gear Inc.; Nike Inc.; Reebock International Ltd.) (On the Money; children's clothing and toy industries earnings for 2nd qtr. 1991)
Children's Business, September, 1991 by MacIntosh, Jeane
The Big 3 Footwear Firms File Reports
L.A. Gear, Inc., restated its second-quarter results and showed a $4,013,000 loss instead of the $258,000 profit reported earlier in the month. Sales tumbled 18.8 percent to $182,817,000.
The company said the restatement was in response to comments from the Securities and Exchange Commission and a review with its independent accountants. In the restatement, the company reversed two profit-enhancing items the SEC apparently questioned: $4.7 million in credits received from suppliers for misshipments and late shipments occurring in 1990; and $2.57 million in royalties from a renegotiated, three-year sock licensing agreement. The two items served to boost gross profits and net earnings in the quarter.
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