Synopsis
India was also caught up in the freight-rate issue, but its export lobby group said that the container shortage has eased to some extent on the country’s west coast after the government intervened.
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With business already pummeled by the pandemic, the logistical issues may be too much for some firms.
Soaring freight rates and delivery delays have sparked a global backlash by companies frustrated about the destructive mix of deteriorating service and higher ocean shipping costs.
Trade associations in China have raised antitrust concerns with the government, while similar pressure is simmering in Brussels, where the European Shippers’ Council petitioned the European Commission to address “outrageous price hikes” by cargo carriers. In Washington, the biggest lobbying group for retailers wants authorities to scrutinize the playing field.
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Pic: Boot Barn Boot Barn Holdings Inc, a US-based lifestyle retailer of footwear and apparel, reported 6.5 per cent sales increase to $302.3 million in its third quarter (Q3) FY21 ended on December 26, 2020, compared to the sales of $283.9 million in the same period last year. Company s net income for the quarter rose to $29.5 million (Q3 FY20: $24.8 million). “Our strong third quarter results against a difficult economic backdrop demonstrate the power of our business model. The work we’ve done over the last several years successfully executing our key strategic initiatives has provided the foundation to navigate the ongoing headwinds from Covid-19 and deliver mid-single digit same store sales growth and a 150-basis point improvement in operating margin,” Jim Conroy, chief executive officer, said in a press release.
Boot Barn Is Kickin It, but Wait for a Correction to Saddle Up The indicators for the western apparel retailer are bullish, but prices are extended compared to the longer-term moving averages, so be cautious. Stocks quotes in this article: BOOT
During his first Executive Decision segment of Mad Money Monday, host Jim Cramer spoke with Jim Conway, president and CEO of Boot Barn Holdings Inc. (BOOT) , a western-themed apparel retailer that just saw same-store sales surge an incredible 20%. Shares of Boot Barn rallied 2.5% by the close Monday to new all-time highs.
Conway said a number of factors are contributing to Boot Barn s popularity. He said the underlying business remains strong and many of the retailer s internal initiatives are beginning to bear fruit.
84 Biggest Movers From Yesterday Benzinga 1/12/2021
Gainers
Zomedica Corp. (NYSE: ZOM) shares surged 92.2% to close at $0.93 on Monday after surging 21% on Friday. The company, last week, appointed Robert Cohen as Chief Executive Officer.
GeoVax Labs, Inc. (NASDAQ: GOVX) shares gained 62.4% to close at $5.36 after the company was awarded NIH grant to advance COVID-19 vaccine development.
Avinger, Inc. (NASDAQ: AVGR) jumped 61.9% to close at $1.45 after climbing around 38% on Friday. The company on Dec. 30 was granted a European patent titled Oct imaging catheter with lag correction.
TransEnterix, Inc. (NYSE: TRXC) rose 43.1% to close at $1.66 after jumping around 29% on Friday. TransEnterix, last week, said it sees preliminary Q4 sales of $1.1 million.