SG Footwear Acquires Rugged Shark Brand
SG Footwear has purchased the Rugged Shark marine and fishing brand from Gordon Brothers LLC.
Rugged Shark, which is targeted at 25- to 55-year-old men, is expected to open up new distribution opportunities to SG, especially as it expands beyond its core audience of fishing enthusiasts.
“We always have our eyes and ears open for deals and expanding and growing our business,” SG Footwear President and CEO Bernard Leifer told Footwear News. “Rugged Shark made a lot of sense to us. We’ve never been in this category and we feel there’s a void in the marine boat-shoe business, so this becomes a nice fit for us.”
Leifer said the brand offered other upsides as well, such as the ability to license out apparel and accessory categories, which could happen as early as the fourth quarter of next year.
Women’s product also is in development and is slated for a spring ’10 debut. The line will initially be sold in marine specialty stores, as well as at outdoor and sporting goods retail outlets.
SG plans to move Rugged Shark into department stores and specialty footwear accounts as the brand is repositioned as a lifestyle label. The acquisition of the brand includes several technical patents, including the Shark Aquaire water expulsion system, the Shark Grip non-slip bottom and a variety of insole technologies. Terms of the deal were not disclosed. — Wayne Niemi
Nordstrom Reports Better Q3
Improved top- and bottom-line results in the third quarter emboldened Nordstrom Inc. to raise its full-year guidance.
In the quarter ended Oct. 31, profits at Nordstrom grew 17 percent to $83 million, or 38 cents a diluted share, from $71 million, or 33 cents, a year ago. Net sales in the three months climbed 3.5 percent to $1.87 billion from $1.81 billion. Comparable-store sales fell 1.2 percent.
Analysts polled by Yahoo Finance had, on average, expected earnings per share of 39 cents.
Nordstrom said that while comps at its full-line stores fell 4.2 percent, same-store sales were up 3 percent at Nordstrom Rack and 16.4 percent in its direct-to-consumer channel.
The retailer cited shoes as one of the leading categories during the three-month period. — Matthew Lynch