Dick's Sporting Goods, one of North America's leading suppliers of fishing tackle, saw its net sales slide as many of its stores were forced to close due to the COVID-19 pandemic.
However, Edward W. Stack, its Chairman and CEO, said that its strong liquidity position, with cash and cash equivalents of approximately $1.5 billion, and the nature of the business, puts it in a strong position to quickly return to growth.
The group reported a net sales decrease of 30.6% to approximately $1.33 billion and a consolidated same store sales fall of 29.5%, driven by store closures that started on March 15
Stack told investors: "Although the business environment of 2020 remains uncertain, Dick's Sporting Goods is in a position of strength. We believe coming out of the current crisis, health fitness will become more important to the consumer. As a leader in the sporting goods sector, our relationships with key brands has never been stronger and we are in a great place to support this demand.
"Our experienced management team has a history of successfully navigating difficult market cycles and remains fully committed to managing our business with a long-term view. Perhaps, most importantly, the balance sheet is strong and due to the actions taken when the pandemic first hit, we have enhanced liquidity to emerge from this crisis in an even stronger competitive position.
"Now, with confidence in our liquidity..Continue Reading
One of Canada's leading suppliers of fishing tackle has filed for bankruptcy in a bid to restructure the business.
Sail Outdoors, which has 14 branded stores and four Sportium outlets, said in a statement that it filed for protection under the Bankruptcy and Insolvency Act as part of its plan to get the business back on track.
CEO, Norman Decarie, says store closures and other consequences of the COVID-19 pandemic has put more pressure on the company's cashflow.
He added that the situation forced Sail to make 'major' decisions to ensure the company's sustainability. The filing will allow it to get support while it implements a plan aimed at restoring its financial health and better responding to the retail environment.
Sail employs nearly 1,800 people and its stores are currently open in accordance with public health guidelines... Continue Reading
Hooks from an award-winning Chinese manufacturer are now available in the United Kingdom and Ireland.
The fast-growing brand, BKK, has signed an agreement with Tronixfishing, an English-based wholesaler and distributor of fishing tackle, as part of its ambitious plans for worldwide expansion.
“TronixFishing is a leading supplier across the UK and Ireland, which is known for its premium quality and innovative sea fishing tackle and lures,” said a spokesman for BKK. “Its enthusiasm for the BKK brand was one of the driving factors that led us to partner with Tronixfishing. This relationship will help to develop a solid presence in the region with products that cater for the needs of both fresh and saltwater anglers.”
BKK already boasts a strong international presence with sales in Australia, Asia and New Zealand. It is also developing a strong base in Europe with distribution in countries that include Italy, France, Spain, Scandinavia, Poland and Greece.
Mike Thrussell Jr, Marketing Manager at TronixFishing, said: “Several BKK products will be of great interest to UK and Irish anglers, including the extensive range of treble, single and assist hooks for those lure fishing in fresh and saltwater.
“While the current range is extensive, there are many techniques that BKK does not cover but is planning to do so in the future, including those for carp, feeder and pole fishing. BKK recognises that the UK and Irish market..Continue Reading
Angling Direct, the largest tackle retailer in the UK, today reported a gross profit of £16.6m against record group sales of £53.2 million for the 12 months ended January 31st, 2020. Loss before income tax benefit is £1.5m.
Gross profit and sales are up by 20% and 27% respectively on the previous year.
Online sales of £25.3m are up by 14% and international sales by 8%. Store sales of £27.9m grew by 42%, with like-for-like store growth of 12%.
EBITDA loss is £0.5m, against a full year profit of £0.3m the previous year, as a result of adverse post-Christmas trading due to exceptional flooding, wider margin pressure and a more prudent approach to legacy costs, says the company.
Operational highlights included:
• Store network increased by ten to 34 at the year-end, which included seven new stores and three acquisitions;
• Continued investment in online marketing, including the native language websites developed and launched in France and Netherlands to complement first full year of German website;
• Further operational efficiencies driven from Kardex logistics system in the distribution centre;
• Decision made in H2 to cease lower margin exports;
• Further investment made in own-brand Advanta to support margin growth.
“Our revenue growth during the financial year ended 31st January 2020 has been both organic and acquisitive through the addition of new..Continue Reading
National Fishing and Boating Week (NFBW) in the US is to go ahead as planned from June 6th to 14th.
The Recreational Boating and Fishing Foundation (RBFF) will kick off the annual event by encouraging Americans of all ages to get out on the water.
And the week will be immediately followed by the Take Me Fishing/Discover Boating consumer marketing initiative, the collaboration between the RBFF and the National Marine Manufacturers Association (NMMA).
The NFBW will focus on the benefits of safe and responsible participation in fishing and boating, with messages about health and wellbeing, inspiration and fun and emphasising that participation is open to everyone from newcomers to experienced and lapsed anglers who feel the urge to pick up a rod and reel again.
Features of the NFBW will include:
• Social media promotion involving key influencers across Facebook and Instagram.
• Promotion of the RBFF’s Women Making Waves initiative aimed at a key growth audience.
• A national press release announcing the joint consumer marketing initiative with NMMA.
• TV and radio public service announcements across the country.
• Tips from a health and wellbeing expert.
• A paid media campaign.
• A partner toolkit to help state and industry stakeholders promote fishing and boating which include media materials, social posts and more.
Fishing and..Continue Reading
Bulgarian wholesaler and distributor, K&K, owner of the Filstar brand of fishing lines and floats, made the most of the lockdown in its country by completing the move into a new warehouse and its work on an improved website.
The company, which is based in Plovdiv, Bulgaria's second largest city, said that the decrease in sales provided it with the opportunity complete both tasks successfully.
Tsveti Hristozova, Filstar Sales and Marketing Consultant, told Angling International: “Many fishermen in Bulgaria were prevented from practising their hobby until recently following travel restrictions. This ban was in force for a month and a half and during that period most stores could only operate online, including fishing tackle shops, resulting in a major decrease in sales.
“The new building is situated on land we purchased two years ago and its progress has been supervised from the very beginning of construction. It is two-and-a-half times larger than our previous home and in total covers 2,300 sqm of offices and warehouse space.
“It is managed by a new software programme that helps faster processing of orders. It is also equipped with upgraded racks for storage and includes a showroom on two floors that hosts more than 13,000 different products.”
Hristozova added that the new website – https://filstar.com/en/ – has been designed to include many new features that help both retailers and fishermen enjoy a better experience while shopping.
New catalogues and brochures are being added constantly. View the very latest right here.View Catalogues
Team up with angling's fastest-growing media brand to reach new customers around the world.Advertise Now
Read the new issue here before copies are mailed around the world. Past issues online too.View Virtual Mag
Copyright Exists © Angling International Magazine, all rights reserved.WordPress Web Design & Development by Brave Agency