All articles by Bob McGee – Page 22
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ArticleVF Corp. has a “realistic” turnaround strategy in place
VF Corp., which has begun a rigorous six- to 12-month process to find a new CEO, says it has a plan in place that will improve its sales and profitability fortunes over the next 12 months. It centers on continued growth for its The North Face (TNF), EMEA, and direct-to-consumer ...
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ArticleJD Sports eyes 3.9% profit increase before tax and adjusted items in FY24
Britain’s JD Sports, coming out of a financial year where Ebit declined by 33 percent to £440.9 million (€507.6m) from £654.7 million due to exits from branded fashion businesses and the cost of shuttering its South Korea operations at a total expense of £550.5 million, is aiming to hit the ...
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ArticleFarfetch reports Q1 loss, but GMV grows in key markets
Farfetch Limited, the Internet platform for luxury goods whose year-over-year SKU base grew to a record 17 million units from over 1,400 sellers in Q1, lost $174.3 million against a profit of $728.8 million in the period ended March 31. Revenues increased by 8.1 percent to $556.4 million from $514.8 ...
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ArticleFoot Locker lowers full-year outlook on “challenging backdrop”
Foot Locker, after reporting a 73 percent drop in Q1 operating income to $61 million and an 11.4 percent decline in total sales to $1,927 million for the period ended April 29, dialed back its FY23 outlook for revenues, comp sales and gross margin for the 12 months. The news ...
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News briefsKMD Brands sees sales growth across brands in Q3
New Zealand-based company KMD Brands offered a trading update on its three brands for the period ended April 23, saying Rip Curl, Kathmandu, and Oboz each generated sales growth. With the group reporting Q3 consolidated, year-over-year sales growth of 15.6 percent, Oboz had the period’s largest sales increase at 120.3 ...
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News briefsSouth Korea, North America pace Dunlop’s Q1 sales growth
Japan’s Sumitomo Rubber Industries sports segment generated a 37.2 percent year-over-year increase in Q1 net income to ¥5,459 million (€39.9m) from ¥3,980 million. Quarterly sales in the Dunlop Sports unit, bolstered by higher year-over-year golf sales in North America and South Korea and strong tennis sales in Europe, rose by ...
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News briefsGoldwin swings to strong FY profit
Goldwin’s operating profit surged by 33 percent to ¥21,904 million (€159.9m) from ¥16,501 million for the 12 months ended March 31. Annual net profit increased by 46 percent to ¥20,977 million (€153.1m) from ¥14,350 million as 12-month revenues rose by 17 percent to ¥115,052 million (€839.9 m) from ¥98,235 million. ...
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ArticleStrong regional demand fuels Yonex’s FY23 results
Yonex reported double-digit gains in operating profit and total sales for the 12 months ended March 31. The Japanese group’s FY23 operating profit rose by 49 percent to ¥10,063 million (€70.4m), and net profit increased by 27 percent to ¥7,331 million (€51.3m). Annual revenues grew nearly 44 percent to ¥107,019 ...
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ArticleEMEA, Asia-Pacific fuel Q4 sales growth for Canada Goose
Higher direct-to-consumer revenues coupled with the absence of pandemic-related restrictions helped Canada Goose achieve double-digit revenue growth in the EMEA and Asia-Pacific regions in Q4 ended April 2. Period operating income was C$17.2 million (€11.9m) versus C$0.9 million, but the group reported a net loss of C$10.0 million (€6.9m) against ...
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ArticleDescente forecasts 9 percent FY23 operating income growth
Descente’s annual revenues of ¥120,614 million (€815.5m) in FY22 exceeded its Nov. 2022 forecast of ¥118,000 million as the company generated higher year-over-year sales in Japan, South Korea and China. The group realized significant profit improvement in both Japan and South Korea but lower year-over-year profits in China due to ...
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ArticleOn Holding raises FY23 outlook; UK, Germany drive EMEA in Q1
On Holding hiked its FY23 revenue forecast by 2.4 percent to at least 1.74 billion (€1.79b) today as it reported 78 percent Q1 revenue growth to CHF 420.2 million (€418.6m) and a 166 percent year-over-year Ebit increase to CHF 51.5 million (€52.9m) for the three months ended March 31. Other ...
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ArticleFila Holdings’ Q1 sales, profits dominated by Acushnet
Struggling with a bloated inventory market in the U.S. and sales channel adjustments in its home South Korea market, Fila Holdings relied on Acushnet Co. to generate the majority of its Q1 revenues and operating profit. Operating income declined by 14.7 percent in constant currency to KRW 160,379 million ...
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ArticleGolf segment helps drive Mizuno to record FY22 sales
Global golf sales coupled with strong baseball, soccer and work segment results in its home Japanese market were key contributors to Mizuno’s record FY22 results. Double-digit year-on-year revenue improvement in all regions Total revenues rose by 23 percent to ¥212.0 billion (€1.44b) from ¥172.7 million for the 12 months ended ...
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ArticleGoPro sees opportunity from new go-to-market effort
After three years of a pandemic-induced strategy that focused on a reduced retail presence by about 30 percent, lower marketing expenditures, and an exit from an entry-level SKU due to supply chain constraints, GoPro has adjusted its go-to-market approach. The GoPro group believes its new line of attack – ...
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News briefsYue Yuen Q1 results impacted by soft global footwear demand
High inventory levels across the industry coupled with softer global footwear demand negatively impacted Q1 results at Yue Yuen. Ebit fell by 32.2 percent to $65.9 million from $97.1 million for the period ended March 31. Net profit attributed to the company declined by 42.6 percent to $50.8 million from ...
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ArticleSurge in Asian markets bolsters Asics Corp. in Q1
Significant recoveries in China, Southeast and South Asia and its home market of Japan were big contributors to Asics Corp.’s largest Q1 sales quarter ever as the company generated a 120 percent increase in operating income to ¥22,120 million (€161.5m) for the period ended March 31. Net profit attributable to ...
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News briefsPou Sheng’s Q1 benefits from China recovery
Helped by the gradual recovery of in-store traffic and an acceleration in its digital business, Pou Sheng Intl. reported a 71.0 percent increase in Q1 operating income to yuan renminbi 332.7 million (€43.8m) from RMB 194.5 million as the operating profit margin increased by 220 basis points to 5.7 percent ...
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News briefsAllbirds reports wider loss but outlines cost-saving measures
Having already revealed plans to slow the pace of U.S. store openings and a movement to a distributor model in key international markets, Allbirds reported a Q1 net loss of $35,166,000 against a loss of $21,878,000 for the period ended March 31.
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News briefsGrupo SBF adjusted Ebitda rises by 11.1 percent
Grupo SBF, the operator of Brazil’s top sporting goods chain in Centauro, posted 11 percent improvement in adjusted Ebitda to 205.9 million Brazilian reais (€38.4m) for Q1 ended March 31. Gross margin increased by 380 basis points to 50.0 percent from 46.2 percent, the highest margin as a group since ...
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ArticleUnder Armour’s new CEO establishes strategy as latest earnings announced
Coming out of FY23 where sales and profitability increased but gross margin slipped due mostly to currency impact and the promotional environment in its home U.S. market, Under Armour is charging forward under new CEO Stephanie Linnartz with its new “Protect This House 3” objectives.
