All articles by Bob McGee – Page 26
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ArticleAdidas braces for a hard year ahead after a difficult 2022
In a press release on Feb. 9, Adidas warn of considerably lower revenues in 2023. If Adidas decides not to repurpose Yeezy prduct, 2023 could see an operating loss as low as €700 million.
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ArticleXXL ASA exiting Austria, raising new equity
The Scandinavian retail operator, facing historically low consumer confidence and lower demand for sporting goods in its markets, is taking major actions to improve its balance sheet.
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ArticleYonex hikes FY outlook on improving overseas trends
Yonex, which only three months ago warned of tougher business conditions on the horizon, has lifted its full-year outlook, citing “a recovery in demand, particularly overseas.” The Japanese company, which has baked higher raw-material costs and currency impact into its forecast, is now anticipating annual revenues of 106,000 million yen ...
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ArticleUnder Armour reports improved results, EMEA shines
With new President and CEO Stephanie Linnartz slated to begin her Under Armour career at month’s end, the company reported stronger third-quarter results for the period ended Dec. 31. Operating income increased by 9.9 percent to $94.7 million from $86.1 million as Ebit expanded by 37 percent to $140.4 million. ...
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ArticleSigna Sports United braces for slow first half
Signa Sports United calls the current headwinds it’s facing transitory and believes they should begin to subside in the second half of FY23
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ArticleMizuno lands improved results, record Q3 revenues
Mizuno, fueled by growth in its golf business and an improved business climate in Japan, has reported an implied 21 percent increase in third-quarter revenues to a record 48.2 billion yen (€332.6m) for the three months ended Dec. 31. Operating profit declined 16 percent to ¥2.1 billion (€14.5m) from ¥2.5 ...
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ArticleVF Corp. takes action to improve performance, divesting pack brands
VF Corp. is vowing to take all necessary actions to improve its operating performance heading into its FY24
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ArticleDescente nine-month operating income jumps
Descente’s total sales increased by 12 percent to 86,099 million yen (€619.9m) in the nine-month period ended Dec. 31, 2022, leading to a 67 percent jump in operating profit to ¥7,300 million (€50.4m) versus ¥4,380 million. The net profit rose by 106 percent to ¥10,172 million (€70.2m). Besides its ...
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ArticleGoPro aims for $100m in FY23 subscription revenue
If the 20-year-old action camera company reaches the $100 million sales objective from subscriptions this year, it will represent 22 percent year-over-year growth from FY22. CEO Nick Woodman told analysts that GoPro is selling subscriptions “to people who don’t even own” one of its cameras. The company ended 2022 with ...
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ArticleCanada Goose lowers FY23 outlook
Canada Goose, citing slowing momentum in the North American market and worse than anticipated pandemic-related disruptions in China, has dropped its annual revenue guidance by 2 to 8 percent to a range of C$1.175 to C$1.195 billion (€807m to €820m) from a prior outlook of C$1.2 to C$1.3 billion. The ...
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ArticleColumbia eyes 3% to 6% sales growth in FY23, EMEA strong in FY22
After navigating supply-chain issues and product-delivery delays in 2022, Columbia Sportswear is intent on reducing its inventory level to be more in line with demand and generating 3 to 6 percent revenue growth this year in the range of $3.57 to $3.67 billion. The group is also eyeing an annual ...
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ArticleFoot Locker plans to wind down Sidestep retail brand
Nine-and-a-half years after acquiring the sports fashion footwear chain as part of its deal for the Recklinghausen, Germany-based Runners Point Group, Foot Locker has decided to shutter Sidestep’s operation that currently consists of several dozen stores across Germany, Austria, the Netherlands, and Switzerland. In February 2019, Foot Locker operated 80 ...
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News briefsLululemon shares take hit on analyst downgrade
Lululemon shares fell $4.87, or 1.54 percent after a Wall Street analyst downgraded the stock to “underperform” on Jan. 24 and slashed its target price to $290, below the company’s closing price at $311.21. Bernstein analyst Aneesha Sherman suggested the company’s shares have a “reset coming” due to numerous factors ...
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News briefsData leak at Puma’s Chilean e-com site
Puma representatives told Cybernews that they are investigating a data leak at its Chilean e-commerce site to establish what data has been taken and how the incident occurred. According to the website, private data that belongs to more than 230,000 Puma customers in the South American country has been found ...
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News briefsLongtime industry consultant starts own firm
Source: Matt Powell Matt Powell U.S.-based sporting goods and retail industry consultant Matt Powell, who has been serving as a senior industry advisor at The NPD Group, is launching his own consulting and advisory service firm focused on merchandising, marketing and retail called Spurwink River. In October ...
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ArticleTodd Klein named president of Fila USA
Former Adidas and Reebok executive Todd Klein is the new president of Fila USA, replacing Jennifer Estabrook, who took the job in 2019 following the sudden death of Jon Epstein.
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News briefsXtep International provides update on Q4, FY22 results
Xtep International is forecasting a high single-digit sales decline, including retail and online channels, for the fourth quarter ended Dec. 31, 2022, when the discount level was approximately 30 percent versus 20 to 25 percent in the year-ago period. Anticipated full-year results call for mid-teens year-over-over revenue growth and a ...
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News briefs361 Degrees Intl. details preliminary Q4 results
E-commerce sales for the Chinese company rose an estimated 25 percent in the fourth quarter, 361° Degrees reported on Jan. 16, but overall core branded sales were essentially flat during the period. Meanwhile, 361° Kids branded sales increased low-single digits year-over-year.
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ArticleWolverine Worldwide’s profitability will be impacted by inventory reductions
Wolverine Worldwide reduced its Q4 inventory total from the prior quarter by 8.5 percent to $805 million, but the effort is forecast to weigh negatively on the company’s FY22 and Q4 adjusted diluted earnings. Wolverine says final earning results, when reported next month, will be at the low end of ...
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ArticleOn has various growth levers to pull
On Holding, the Swiss-based “disruptor”, which generated $1 billion in trailing 12-month sales through Q3, continues to focus on innovation and sustainability issues while establishing growth levers to reach younger, Chinese, and apparel consumers as a head-to-toe brand rooted in performance with lifestyle adaptability. On continues to eye a 60 ...
