Shares of Sequential Brands (SQBG) plunged more than 30 percent Thursday after the New York-based owner of Joe’s and Jessica Simpson lowered its profit outlook for 2016. Sequential said revenue surged 83 percent to $42 million in its third quarter ended Sept. 30, up from $23 million a year ago, but net income fell from $2.7 million or 6 cents per diluted share to $1.3 million or 2 cents per diluted share. Due to costs associated with its headquarters lease, the company expects to end the year with profits of between $7.7 million and $11 million, down from its previous guidance of $12.7 million to $14.6 million.
Alibaba Group Holding posted revenue growth of 55 percent for the quarter ended Sept. 30, citing increases in each of its four reporting segments. But the company’s main moneymaker is still its e-commerce business, which rose 41 percent year-over-year to reach 28.5 billion yuan ($4.27 billion), or 83 percent of its total revenue. Notably, mobile traffic in China continued to climb, hitting 450 million monthly active users in September, while the country’s annual active buyers reached 439 million. That being said, net income nosedived 69 percent to 22.7 million yuan or $1.1 million.
Adidas experienced double-digit sales increases in its performance business as well as its Originals and Neo brands in the third quarter ended Sept. 30, which helped the German company achieve a 17 percent increase in revenue to 5.4 billion euros (almost $6 billion). Geographically, combined currency-neutral sales of the Adidas and Reebok brands grew at double-digit rates in all markets except Russia, where revenues increased at a high-single-digit rate. As such, Adidas expects full-year sales to rise at a rate in the high teens, supported by double-digit growth everywhere except Russia.