All articles by Bob McGee – Page 14
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ArticleFila Holdings continues to reshape business model
An ongoing recalibration of its sales channels in Korea and further inventory adjustments in the US were the key contributors to an operating loss.
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ArticleXtep Intl. annual profit hits all-time high
The Chinese group Xtep Intl., which took 100 percent ownership in the Saucony and Merrell businesses in China earlier this year, generated 7.9 percent operating income growth in FY23 to 1,579.9 million yuan renminbi (€201.5m) on 10.9 percent annual revenue growth to RMB 14,345.5 million (€1.83bn). The annual gross margin ...
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News briefs361 Degrees' profit increases by 29 percent in 2023
Bolstered by nearly 36 percent sales growth for its kids’ business, 361° realized 21 percent annual sales growth last year to 8,423.3 million yuan renminbi (€1.07bn) from RMB6,960.8 million. Annual operating income improved by 29 percent to RMB 1,383.5 million (€176.5m). The FY23 profit attributable to shareholders rose 29 percent ...
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ArticleZumiez shifts European strategy, reports FY23 loss on lower sales
Zumiez, the operator of Blue Tomato stores in Europe, is moving forward with a new strategy for the continent that will focus more on “enhancing the productivity of its existing business” across the region and less on aggressive store expansion, given the associated costs of opening new doors. “With ...
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ArticleYue Yuen’s profit, sales slip in soft FY23
Yue Yuen, the globe’s largest manufacturer of footwear, suffered a down year in 2023 due to inventory de-stocking by retailers worldwide and conservative ordering by its portfolio of brand clients that include Nike, Adidas, Asics and New Balance, among others. Yue Yuen’s annual Ebit declined by 5.6 percent to $390.2 ...
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News briefsChange again at Under Armour's helm
Under Armour (UA) founder Kevin Plank, the current Executive Chair of the Board, is set to again become President and CEO of the Baltimore, Maryland company on April 1. At the same time, Dr. Mohamed A. El-Erian, an independent UA director since 2018 and lead director since 2020, will become ...
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ArticleAdidas posts first loss in 30 years, eyes €500m operating profit in FY24
Adidas CEO Bjørn Gulden presenting the FY 2023 annual results Growing demand for its Classic shoes and double-digit sales growth rates in both Greater China and Latin America are projected to spark the overall results of Adidas this year, leading to double-digit sales growth in H2 and ...
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ArticleOn eyes greater reliance on DTC, apparel
Swiss company On Holding, in forecasting 2024 sales growth of at least 30 percent to 2.25 billion Swiss francs (€2.35bn), has established numerous priorities for its business in the year ahead. Among them: Capitalizing on the brand’s global momentum, building up its apparel business, expanding its own retail worldwide with ...
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ArticleMore losses at Allbirds
The nine-year-old San Francisco-based company Allbirds continues to face growing pains despite progress in shedding excess inventory last year. Now, its co-founder and CEO, Joey Zwillinger, has stepped down as the group moves forward with a strategy to turn around its overall business by 2025. The group suffered a $57.6 ...
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News briefsAthleta reset will take time, promotional comparisons to ease in H2
Athleta parent The Gap says it’s “on the right track” to resetting the business of its specialty retailer. This includes putting the brand “back at the center of the cultural wellness conversation while re-engaging the brand’s performance roots.” But the overall resetting of the business, which is described as an ...
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ArticleVulcabras delivers strong Q4, FY23 results
Quarterly and annual results at the Brazilian group Vulcabras group were driven by 13.1 percent sales growth within its athletic footwear division and 104 percent annual revenue expansion for its e-commerce segment to 279.8 million Brazilian reais (€51.6m). Fourth quarter Ebit fell by 1 percent to R$152.5 million (€28.1m) ...
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ArticleFoot Locker delivers tepid outlook, delays Ebit margin objective
Foot Locker shares suffered a major setback after the group reported a whopping Q4 net loss of $389 million, outlined weak FY24 guidance, and delayed its Ebit margin range goal of 8.5-9.0 percent by two years until 2026. The news sent FL shares tumbling more than 29 percent, or $10.07, ...
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ArticleTechnical apparel will fuel Amer Sports’ growth in FY24
Thirty-four days after raising $1.365 billion in an NYSE IPO, Amer Sports conducted its first earnings call as a public company yesterday. While the Arc’teryx, Salomon and Wilson parent delivered Q4 revenues some $20 million above expectations, the quarterly loss was wider than expected. Amre’s shares finished the trading day ...
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ArticleAcushnet pleased with golf’s resilience across the EMEA
Acushnet Holdings, the Titleist, FootJoy and Kjus parent, is impressed with golf’s resilience across the region, particularly in the UK, despite experiencing a 1.4 percent constant-currency decline in FY23 EMEA sales to $314.7 million when up against 20 percent growth in FY22. In Q4, the group’s EMEA sales dropped by ...
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News briefsXponential Fitness operating income rises by 15 percent in Q4
Xponential Fitness, the global franchisor of boutique fitness brands, which is forecasting 550 new studio openings this year and a 31 percent increase in adjusted Ebitda, reported a 15 percent increase in operating income to $2.95 million for the period ended Dec. 31. The net loss was $9.1 million as ...
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ArticleMoncler Group’s FY23 Ebit increases by 15 percent
In its 10th year as a public company, Moncler Group, the Milan-based luxury group generated 15 percent Ebit growth to €893.8 million from €774.5 million on a 15 percent consolidated revenue increase to €2.98 billion from €2.6 billion.
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ArticlePuma expects business headwinds to persist in H1 of 2024
Puma, citing ongoing geopolitical and macroeconomic headwinds and currency fluctuations to continue for at least H1 of 2024, is forecasting mid-single-digit, currency-adjusted sales growth this year and a corresponding operating profit of €620 million to €700 million this year. The predicted Ebit range represents flat to 12.7 percent year-over-year growth ...
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ArticleGildan results benefit from higher customer replenishment
Canadian sportswear firm Gildan Activewear generated an 8.1 percent increase in Q4 activewear sales to $644.0 million, fueled by higher volumes at point-of-sale and stronger year-over-year customer replenishment. There was a strong sales performance from the fleece and ring-spun T-shirt segments. Overall final period results, including sales of underwear ...
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News briefsNew Balance’s European sales grew by 35 percent in 2023
Overall, the privately held Boston company New Balance grew annual revenues by 23 percent last year to reach $6.5 billion worldwide, according to Joe Preston, President and CEO, fueled by double-digit growth and market share gains across every global market. Additionally, the group, which presently counts 350 contracted athletes and ...
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ArticleGlobe spinning in right direction with shift in focus
Globe Intl., bolstered by a shift in key product focus to footwear and apparel, generated improved H1 results that included stronger profitability and cash flow from operations for the six months ended Dec. 31. The Aussie group reported a net profit of A$4.9 million (€3.0m) against a loss of A$0.2 ...
