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LaCrosse selects Midwest distribution location
LaCrosse Footwear (Nasdaq: BOOT) plans to develop a new distribution center in the greater Indianapolis, Ind., area, consolidating its two distribution centers in La Crosse, Wis., into one facility. Approximately 70 percent of its domestic customers can be reached within one day from Indianapolis.
The company said the move will improve its operating efficiencies and take advantage of proximity of common carrier hubs. Completion for the project is targeted for the first half of 2009. The Midwest distribution center will complement the existing Portland, Ore., distribution center.
Quiksilver shares rise as analyst predicts optimistic Q2 results
Shares of Quiksilver rose on June 2, as an analyst predicted the company will report strong revenue when it releases its second-quarter earnings.
The company is attempting to focus on its Quiksilver, Roxy and DC apparel and footwear brands and shed its equipment units, including French ski maker Rossignol, which Quiksilver acquired in 2005. In February, Quiksilver’s president Bernard Mariette said he would leave to pursue other interests, including possibly buying the Rossignol unit.
Morgan Keegan & Co. analyst Brad Stephens pointed out that amid a weak U.S. economy, 57 percent of Quiksilver’s apparel sales and 75 percent of apparel profit come from outside the United States.
He said company shares are undervalued at present, particularly if the company sheds its Rossignol business. He reiterated his “Overweight” rating on the stock.
“Our expectations for the quarter are for Quiksilver to post meaningful revenue upside to the consensus estimate, bless prior 2008 guidance, and reiterate the company’s dedication to selling the ski business,” he wrote in a client note.
Shares rose $0.66, or 7.7 percent, to close at $9.20 on June 2. The stock has traded between $5.69 and $15.51 during the past 52 weeks.
Quiksilver will release quarterly results on June 5.
Garmin completes acquisition of Belgium distributor
Garmin (Nasdaq: GRMN) said it has completed the acquisition of Formar Electronics N.V./S.A., the distributor of Garmin’s automotive, outdoor recreation, fitness and marine products in Belgium and Luxembourg. Financial terms of the transaction were not released.
The company will be renamed Garmin Belux N.V./S.A. and retain its management, sales, marketing and supporting staff — consisting of 25 people — and will continue operations at its current headquarters and warehouse facility located in Brussels.
Dick’s Sporting Goods CEO buys 46,000 shares
Edward Stack, CEO of Dick’s Sporting Goods (NYSE: DKS), reported that he bought 46,000 shares of common stock, according to a Securities and Exchange Commission filing. In a Form 4 filed with the SEC, he bought the shares for $21.84 to $21.99 apiece.
Insiders file Form 4s with the SEC to report transactions in their companies’ shares. Open market purchases and sales must be reported within two business days of the transaction.
Johnson Outdoors declares cash dividend
The board of directors for Johnson Outdoors (Nasdaq: JOUT) approved a quarterly cash dividend of $0.055 per Class A share and $0.05 per Class B share. The quarterly cash dividend is payable on July 24 to shareholders of record on July 10.
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