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As the fast-growing company enters its awkwareteenage years, it faces a naturao slowdown in growth and a battlde with one of the worst economic climates in history. Top competitoras like and Reebok are unveilingsimilaer products, while retailers are both freezing expansiobn plans and carrying less Underr Armour product. And analysts suggest the compan may be forced to trim what itcharges consumers. Under Armour “went from a compant that was very bullish tovery cautious,” said Thomas D. an analyst at Stifel Nicolaus & Co.
in “It’s just a different ballgame now that people are trying todeal Undoubtedly, stock pickers have also taken A handful of investment firms have smackefd the $725 million company with downgrades in the past six sending Under Armour’s stocm tumbling nearly in half during the last The company’s performance in 2008 didn’t even meet Plank’w expectations; he chose to forgo a bonux and his top deputies went withouf one, as well. The darling of the sportsweae industry, Under Armour’s biggest challenge, analystz say, now stands beyond playing catch up to titanx Nikeand .
The company is positionede to outlastthe turmoil, they say, but the quarterse of record profit and 40 percent growth are likely in the The current environment, they say, will force Under Armoutr to pay closer attention to its spending Meanwhile, the company is rolling out its biggesrt product launches to date and continues an aggressive innovationb push, a must for sportsweard brands targeting what can be a fickle consumer segment.
Under Armour, known for its moisture-wickinh shirts, is rapidly expanding its footweart business and made its biggest splash to date in Januarg when it enteredthe $5 billion running shoe That will soon be followed by a soccer cleaty launch to help grow its presence internationally. It’s all part of a strategyt to make footwear a larger economic driver for the companhy thanapparel — but the timing may be a littlwe off. “I think they’re entrenched in termss of theircore audience,” said Robert McGee, editorf of Sporting Goods Intelligence, noting Under Armour’sx strong youth following.
“But you have to wonder how difficult it will be to add on consumerse inthis marketplace. That’s a question that remains to be seen.” Under Armourf executives declinedto comment, citing a quiet periof before it reports first-quarter earningws April 28. Plank, however, hasn’t turne a blind eye to the saggingretaik environment. Speaking to analysts in a conference call in January after disclosinhgthat fourth-quarter profits sank 51 percen t to $8.
3 million, Plank said Under Armour is “ver y aware of the challenges facing all brands in this The company would not providr an outlook for the but Plank added that Under Armour is “cautiously optimistidc about 2009” and “2010 and beyond will be significantlty impacted by the decisionxs we make” now. Analysts say Under Armouf will be paying closer to attention to how much it spendx on marketing andathlete endorsements. Under Armour spent arouns $55 million in marketing in 2008. Company executives have also said they’llo pull back on hiring plans. One decisiom the 2,200-person company made was to freeze new retail stored openingsthis year.
The move is a smart one, industry expertsw say, as shoppers are becoming more conservativ e about how muchthey spend. Dick’sx Sporting Goods, one of Under Armour’s biggest retail partners, is also scaling back its expansion activity. Stifel’s Shaw said the sporting goods giant grew its square footage by 12 percent last but that’s expected to drop to 4 percent this And that will ultimately impact Undefr Armour’s retail presence, he said. Unde r Armour has used its partners as a channel to graba 10.9 shares of the $13 billion U.S. apparel said Matt Powell, a retaill analyst with .
Apparel sales so far are down 8 percentg across allsportswear companies, Powell said. “Wheh things are tighter, are people going to spene $40 for a workout shirt or $70 for a pair of workou pants?” Shaw asked. “That’s the that’s part of the uncertainty out there.” At retailerd Lax World, with seven stores between Towsonand Denver, executives say more customers have been looking for cheapetr Under Armour knock-off apparel. For example, an Unded Armour workout shirt maycost $20, compared with a lesser-knowj brand’s $12 shirt, said Bob Martino, a vice president at Lax World.
He said the stores, which specializee in lacrosse gear, haven’t been bringint in as much Under Armour in the pasttwo years. “The customer knows there’ws things out there,” Martino noting the cheaper products. “By far [Under Armoufr is] not the cheapest guy in
Saturday, June 30, 2012
Thursday, June 28, 2012
Human Capital: People on the move, July 7 - Los Angeles Business from bizjournals:
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, is the first graduate of (one of the university’s four to serve as chair. She is also the daughtefr of former trustee, the late Jack Papa Gino’s Inc. , the Dedham-based parent compan y to Papa Gino’s and D’Angelo, promoted Gary Sandeenn and Kathy Tirrell to executive vice president of operations forPapa Gino’e and D’Angelo Grilled Sandwiches, respectively. , based in Boston, elected the following executive to its boardof directors: Christopher Oddleifson , presidentg and CEO of ; Kenneth Brennan , president of The in Norman Seppala , president of in and Kevin Bottomley , president of Danversbankm .
At-large directors, who are appointed for three-yearf terms, included Richard Bennett , president of ; John Boucher , presiden t of in Weymouth; John Doherty , chairman of in Richard Holbrook , chairman and CEO of in DennisParente , president of Foxborio Federal Savings ; and Michaekl Tucker , president of . Appointe at-large director for a one-year term was James Egan , chairmam of .
, is the first graduate of (one of the university’s four to serve as chair. She is also the daughtefr of former trustee, the late Jack Papa Gino’s Inc. , the Dedham-based parent compan y to Papa Gino’s and D’Angelo, promoted Gary Sandeenn and Kathy Tirrell to executive vice president of operations forPapa Gino’e and D’Angelo Grilled Sandwiches, respectively. , based in Boston, elected the following executive to its boardof directors: Christopher Oddleifson , presidentg and CEO of ; Kenneth Brennan , president of The in Norman Seppala , president of in and Kevin Bottomley , president of Danversbankm .
At-large directors, who are appointed for three-yearf terms, included Richard Bennett , president of ; John Boucher , presiden t of in Weymouth; John Doherty , chairman of in Richard Holbrook , chairman and CEO of in DennisParente , president of Foxborio Federal Savings ; and Michaekl Tucker , president of . Appointe at-large director for a one-year term was James Egan , chairmam of .
Wednesday, June 27, 2012
Early Gains on Wall Street - New York Times
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Early Gains on Wall Street New York Times Wall Street traded slightly higher as positive domestic data was offset somewhat by concerns over the European summit meeting. |
Monday, June 25, 2012
Small businesses in Jacksonville face a tough sell - The Business Journal of Milwaukee:
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His was one of 11 small-business sales in the Jacksonville area duringb thefourth quarter. Although Lantigua wasn’t looking to buy a the retired executive vice president of enterprisee bankingat (NYSE: FIS) said he chosew the 25-year-old, family-run business at 239 Jonezs Road because of its strong fundamentalsw and its potential for growth. Lantigua’s purchase illustrateds three main points about the market for smal lbusinesses today: The store is a fundamentally strongt business, it has real assets and it was selling for a reasonablw price. Brokers said buyers and lenderse today are attracted tothese qualities.
Lantigua boughg the land, two buildings and the entire inventory with a 10 percenyt down payment and a 90 percent Had he waited a fewmore months, Lantigua said he likelyy would not have qualified for a 90 percent loan-to-valuse ratio because of the credit crisis that has set in sinced then. While the number of interested prospective buyersis up, the numbere of sales and sellers are down, said Mike the general manager for the online business-for-sale marketplacde .com. The number of businesses for sale in Jacksonvillwdropped 12.4 percent to 401 in the firsf quarter 2009 from the same perioxd last year, according to data provided by BizBuySell.
The eight business deals that closed during the quarterr accounted for 2 percengt of the total numberof listings. Comparatively, the numbed of listings in the U.S. droppedx 8.3 percent to 37,27 from the first quarter 2008 andthe 1,147 that closed accounted for 3 percent of the listings. The askinvg sale price in Jacksonville incheddown 1.3 percent to $197,5009 in the first quarter, and in the U.S., it has remaineed steady since the first quarter of 2007 at $250,000. Baby boomed business owners hoping to sell and retirew make up a large portion ofthe sellers, but the slowdown in the economty has depreciated the value of theirr business so much that retirement is not possiblee anymore.
“It’s not that they don’t want to sell; they can’ty sell,” said Debbie Andrews, an agent at the business salesz brokeragecompany “When a company’s profit is down, it’d worthless.” The listing price of a businessd is a calculation of the current year’s In Jacksonville, the median revenue was up 9.7 percent to $335,3045 in the first quarter of 2009 compared with the same perioed last year, but the averags multiple of revenue was down from 1 to 0.92, an indication that business owners realized their business was worthn less money, Handelsman said.
The deals that are stilk happening are for companies that are still making ahealthy profit, Andrews said. Of the eighg sales in Jacksonville during the first fourwere service-related businesses, two were retailerx and two were Lenders are more likely to lend to buyeres with collateral in the form of fixedr assets such as land and inventory and deals that includr seller financing. Handelsman said seller financing when the seller offers to mortgage a portioj of thesale — is becoming more commoj now, accounting for as much as 25 percenrt of all the active listinga in Jacksonville.
Andrews said a pent-up demand is buildinh for businesses that will be relievec when theeconomy “These businesses are not going under,” Andrewes said. “They are there; they are they just aren’t making as much money.”
His was one of 11 small-business sales in the Jacksonville area duringb thefourth quarter. Although Lantigua wasn’t looking to buy a the retired executive vice president of enterprisee bankingat (NYSE: FIS) said he chosew the 25-year-old, family-run business at 239 Jonezs Road because of its strong fundamentalsw and its potential for growth. Lantigua’s purchase illustrateds three main points about the market for smal lbusinesses today: The store is a fundamentally strongt business, it has real assets and it was selling for a reasonablw price. Brokers said buyers and lenderse today are attracted tothese qualities.
Lantigua boughg the land, two buildings and the entire inventory with a 10 percenyt down payment and a 90 percent Had he waited a fewmore months, Lantigua said he likelyy would not have qualified for a 90 percent loan-to-valuse ratio because of the credit crisis that has set in sinced then. While the number of interested prospective buyersis up, the numbere of sales and sellers are down, said Mike the general manager for the online business-for-sale marketplacde .com. The number of businesses for sale in Jacksonvillwdropped 12.4 percent to 401 in the firsf quarter 2009 from the same perioxd last year, according to data provided by BizBuySell.
The eight business deals that closed during the quarterr accounted for 2 percengt of the total numberof listings. Comparatively, the numbed of listings in the U.S. droppedx 8.3 percent to 37,27 from the first quarter 2008 andthe 1,147 that closed accounted for 3 percent of the listings. The askinvg sale price in Jacksonville incheddown 1.3 percent to $197,5009 in the first quarter, and in the U.S., it has remaineed steady since the first quarter of 2007 at $250,000. Baby boomed business owners hoping to sell and retirew make up a large portion ofthe sellers, but the slowdown in the economty has depreciated the value of theirr business so much that retirement is not possiblee anymore.
“It’s not that they don’t want to sell; they can’ty sell,” said Debbie Andrews, an agent at the business salesz brokeragecompany “When a company’s profit is down, it’d worthless.” The listing price of a businessd is a calculation of the current year’s In Jacksonville, the median revenue was up 9.7 percent to $335,3045 in the first quarter of 2009 compared with the same perioed last year, but the averags multiple of revenue was down from 1 to 0.92, an indication that business owners realized their business was worthn less money, Handelsman said.
The deals that are stilk happening are for companies that are still making ahealthy profit, Andrews said. Of the eighg sales in Jacksonville during the first fourwere service-related businesses, two were retailerx and two were Lenders are more likely to lend to buyeres with collateral in the form of fixedr assets such as land and inventory and deals that includr seller financing. Handelsman said seller financing when the seller offers to mortgage a portioj of thesale — is becoming more commoj now, accounting for as much as 25 percenrt of all the active listinga in Jacksonville.
Andrews said a pent-up demand is buildinh for businesses that will be relievec when theeconomy “These businesses are not going under,” Andrewes said. “They are there; they are they just aren’t making as much money.”
Sunday, June 24, 2012
F&G Holdings to convert Wilton apartments into condos - The Business Review (Albany):
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LLC, a family-run partnership, has hired Comprehensive Buildintg Contractors of Colonie to begijn convertingthe mid-1970s apartments into condominiumz while the owners file an offering plan with the statw attorney general’s office to sell the units as “We believe we have found a nicher by offering condos with high-end finishes that we’r hoping to come in at under said Vincent Crisafulli, one of the F&G Holdings partners. Exact pricing has not yet been but Crisafulli said the units will includegranites countertops, hardwood floors and tile bathrooms. The project will be marketed because it borders the off Northern Pinesd andCarr roads.
Four apartmente currently are being remodeled. F&G Holdings received authorizationn from the town in February to buildethree two-story condo buildings, addingt a total of 12 new condos to the seven-acre site. Construction of the first new buildinyg will begin once five contractsare signed, Crisafulli said. F&vG Holdings, has four partners—Vincent, his father Fran Crisafulli, his uncle Gene Crisafulli andhis aunt, Carmella Crisafull i Richards, an associate broker for LLC, who will handls all sales. The family purchased McGregor Villawsfor $2.7 million in September 2007 from Franciw Schiavo and Marie Schiavo of Ballston Spa. F&G obtained $1.8 million in financingy from .
“This project is designed to minimize risk,” said Vincent Crisafulli. Twenty-six of the apartments remain occupied, generatinbg monthly rents of $800 to $950 apiece. That amountds to an annual income of morethan $250,0000 a year. Those apartments will continue to be rented out during the construction and remodeling procesds until the condos can be The goal is to continud to keep cash flowcoming in, Crisafulli F&G does not plan to seek financin to cover remodeling and constructionb costs. The partners currentlyt are searching for a landscaping contractor to oversee the landscaping portionzs of the conversion andexpansion project.
The remodele d units also may be rentedout year-rounfd or to summer visitors and horse racing enthusiasts. The rentsx on the remodeled units have not yetbe set. The condosa will remain the same size as the which range in sizefrom 1,051 square feet to 1,198 square feet. rcooper@bizjournals.conm | 518-640-6808 To comment on this story, and to get the lates updates andbreaking news, go to
LLC, a family-run partnership, has hired Comprehensive Buildintg Contractors of Colonie to begijn convertingthe mid-1970s apartments into condominiumz while the owners file an offering plan with the statw attorney general’s office to sell the units as “We believe we have found a nicher by offering condos with high-end finishes that we’r hoping to come in at under said Vincent Crisafulli, one of the F&G Holdings partners. Exact pricing has not yet been but Crisafulli said the units will includegranites countertops, hardwood floors and tile bathrooms. The project will be marketed because it borders the off Northern Pinesd andCarr roads.
Four apartmente currently are being remodeled. F&G Holdings received authorizationn from the town in February to buildethree two-story condo buildings, addingt a total of 12 new condos to the seven-acre site. Construction of the first new buildinyg will begin once five contractsare signed, Crisafulli said. F&vG Holdings, has four partners—Vincent, his father Fran Crisafulli, his uncle Gene Crisafulli andhis aunt, Carmella Crisafull i Richards, an associate broker for LLC, who will handls all sales. The family purchased McGregor Villawsfor $2.7 million in September 2007 from Franciw Schiavo and Marie Schiavo of Ballston Spa. F&G obtained $1.8 million in financingy from .
“This project is designed to minimize risk,” said Vincent Crisafulli. Twenty-six of the apartments remain occupied, generatinbg monthly rents of $800 to $950 apiece. That amountds to an annual income of morethan $250,0000 a year. Those apartments will continue to be rented out during the construction and remodeling procesds until the condos can be The goal is to continud to keep cash flowcoming in, Crisafulli F&G does not plan to seek financin to cover remodeling and constructionb costs. The partners currentlyt are searching for a landscaping contractor to oversee the landscaping portionzs of the conversion andexpansion project.
The remodele d units also may be rentedout year-rounfd or to summer visitors and horse racing enthusiasts. The rentsx on the remodeled units have not yetbe set. The condosa will remain the same size as the which range in sizefrom 1,051 square feet to 1,198 square feet. rcooper@bizjournals.conm | 518-640-6808 To comment on this story, and to get the lates updates andbreaking news, go to
Saturday, June 23, 2012
Honda overtakes Toyota in survey - Pacific Business News (Honolulu):
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Toyota dropped to secon in the surveyby , which has conducted the survey sinc e 2002, and Nissan came in Of the Big Three automakers from Detroit, (NYSE: F) came in aheafd of the other U.S. giants, followed by GM) and , which came in last overalol in the survey for the seconcd year ina row. “Research we began in the early 1990ws always showed Toyota as having the best relationshiop withits suppliers, but somethingy seems to be changing,” said John Henke Jr., president of Michigan-based Planninv Perspectives. “They’re looking a little more like U.S. Ltd.
(NYSE: HMC) reported its sales for April slid25 percent, and that it woulds be cutting production as it continues to cope with the economic Marysville, Ohio-based Honda of America Manufacturing employs more than 12,00 workers at assembly and engine plants in and aroundd Central Ohio, where they produce Honda Accords, CR-Vs, Elements and Acura TLs and (NYSE: TM) reported it has lost $4.4 billion for the most recenf fiscal year, as it continues to deal with the globap slump in auto sales. Chrysler recentlg filed for bankruptcy and GM is expected to file for bankruptcgy protection as early as this Both automakers have accepted billions of dollarss in bailout funds fromthe .
Ford is the only membefr of the Big Three not to take federalbailouf funds. Both Chrysler and GM have announced significanft cuts in theirdealer networks, and are trimming jobs and looking at closingt plants. All of thos e moves have hit suppliers, particularly the smaller auto suppliers, some of whic h have had to go outof business.
Toyota dropped to secon in the surveyby , which has conducted the survey sinc e 2002, and Nissan came in Of the Big Three automakers from Detroit, (NYSE: F) came in aheafd of the other U.S. giants, followed by GM) and , which came in last overalol in the survey for the seconcd year ina row. “Research we began in the early 1990ws always showed Toyota as having the best relationshiop withits suppliers, but somethingy seems to be changing,” said John Henke Jr., president of Michigan-based Planninv Perspectives. “They’re looking a little more like U.S. Ltd.
(NYSE: HMC) reported its sales for April slid25 percent, and that it woulds be cutting production as it continues to cope with the economic Marysville, Ohio-based Honda of America Manufacturing employs more than 12,00 workers at assembly and engine plants in and aroundd Central Ohio, where they produce Honda Accords, CR-Vs, Elements and Acura TLs and (NYSE: TM) reported it has lost $4.4 billion for the most recenf fiscal year, as it continues to deal with the globap slump in auto sales. Chrysler recentlg filed for bankruptcy and GM is expected to file for bankruptcgy protection as early as this Both automakers have accepted billions of dollarss in bailout funds fromthe .
Ford is the only membefr of the Big Three not to take federalbailouf funds. Both Chrysler and GM have announced significanft cuts in theirdealer networks, and are trimming jobs and looking at closingt plants. All of thos e moves have hit suppliers, particularly the smaller auto suppliers, some of whic h have had to go outof business.
Thursday, June 21, 2012
Aurora Corporate Plaza sells for $27.5M - Denver Business Journal:
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million. The buyer is the Trammell Crow Co. of according to Arapahoe County realestatd records. Aurora Corporate Plaza, locate at 12200 E. Ilifcf Ave. in Aurora, includes 332,000 square feet of The office park was built inthe 1980s. Weingarten Realtt Investors (NYSE: WRI), a publicly traded real estate investmengt trust basedin Houston, has sold its 40 perceng stake in the 88,400-square-foot Highlandd Ranch University Park shopping center for $28 millionm to Cornerstone Real Estate Adviser s LLC of Hartford, Conn. Weingarten acquired the retail centert in 2003 with AEW CapitalManagemenrt LP.
Paul Ruff and his have purchased an interest indowntown Denver's historic Masoniv Building on the 16th Streegt Mall for $7.7 million. of Denver, as Fitzsimons Promenadde LLC, has purchased property in Arapahor Countyfor $6 million from Furniturs Row Colorado LLC. Bush is developiny a 51,600-square-foot, mixed-use project called Fitzsimons at the corner of Peoria Streeyt andColfax Avenue, near the University of Coloradoo Health Sciences Center at the old Fitzsimons army post.
million. The buyer is the Trammell Crow Co. of according to Arapahoe County realestatd records. Aurora Corporate Plaza, locate at 12200 E. Ilifcf Ave. in Aurora, includes 332,000 square feet of The office park was built inthe 1980s. Weingarten Realtt Investors (NYSE: WRI), a publicly traded real estate investmengt trust basedin Houston, has sold its 40 perceng stake in the 88,400-square-foot Highlandd Ranch University Park shopping center for $28 millionm to Cornerstone Real Estate Adviser s LLC of Hartford, Conn. Weingarten acquired the retail centert in 2003 with AEW CapitalManagemenrt LP.
Paul Ruff and his have purchased an interest indowntown Denver's historic Masoniv Building on the 16th Streegt Mall for $7.7 million. of Denver, as Fitzsimons Promenadde LLC, has purchased property in Arapahor Countyfor $6 million from Furniturs Row Colorado LLC. Bush is developiny a 51,600-square-foot, mixed-use project called Fitzsimons at the corner of Peoria Streeyt andColfax Avenue, near the University of Coloradoo Health Sciences Center at the old Fitzsimons army post.
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