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  • INDUSTRY NEWS

    • On August 23, 2016, Gildan Activewear Inc. announced that it has completed the acquisition of Peds Legwear, Inc. (Peds), effective August 22, 2016. Gildan previously announced on July 27, 2016 that it had entered into an agreement to acquire 100% of the equity interest of Peds.
    • On August 19, 2016, it was reported that due to the flooding in Louisiana, two Olinde's stores have sustained heavy damage and are currently closed. The stores are reported to be the Ashley HomeStore in Denham Springs, LA, and Olinde's Super Mattress Store in Walker, LA.
    • On August 17, 2016, it was reported that Lowe's sales rose, but Q2 earnings missed analysts' estimates and the retailer is lowering its full-year forecast.For the second quarter ended July 29, net earnings rose 3.7% to $1.2 billion. Sales increased 5.3% to $18.3 billion. Company comps were up 2.0%, with U.S. comp up 1.9%. For the six-month period, net earnings climbed 14.0% to $2.1 billion, or $22.9 per share. Sales were up 6.4% to $33.5 billion, with comp for the U.S. business up 4.4%.
    • On August 17, 2016, it was reported that Flexsteel Inds. posted record gains in net sales and net income for the fiscal year that ended June 30. The manufacturer reported net sales of $500.1 million, a 7.1% increase over the previous year's mark of $466.9 million, while net income rose to a record $24.2 million, an 8.7% change above last year's reported $22.3 million. For the year, operating income grew 10.6% to $38.1 million from $34.4 million. During the fiscal year ended June 30, litigation settlement reimbursements were $2.3 million compared to $300,000 in the previous year period. Flexsteel posted a 1.2% gain in net sales in the fourth quarter, rising to $122.8 million from $121.3 million, while net income grew 6.6% to $6.2 million, from $5.8 million. The company reported its fourth quarter operating income at $8.95 million, a 4.3% rise from $8.58 million.