All articles by Bob McGee – Page 29
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ArticleDeckers: Hoka is more than a running brand
Deckers Brands believes its Hoka brand, already wildly successful, has plenty of upsides ahead as a head-to-toe brand serving running, trail and hiking consumers worldwide like rivals Salomon and VF Corp.’s North Face, and less like running-centric Brooks. “We are re-looking at our category approach,” proclaimed Dave Powers, president ...
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News briefsPou Sheng Intl. issues FY profit warning
Pou Sheng, the retail subsidiary of Yue Yuen, is forecasting a record decline in year-over-year net profit due to weak consumer sentiment in China due to Covid-19 outbreaks and lower store traffic in cities where it operates. For the nine months ended Sept. 30, Pou Sheng is forecasting revenue ...
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News briefsBasicNet reports strong 9-month results, awarding bonuses
BasicNet, the Italian parent for the Kappa, K-Way and Superga brands, generated a 31 percent increase in Ebitda to €44.1 million from €33.6 million for the nine months ended Sep. 30. Ebit increased 37 percent to €33.3 million over the period. A 30 percent improvement in consolidated revenues to €282.6 ...
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ArticleVF braces for weaker consumer environment, lowers FY outlook
VF Corp is maintaining its full-year revenue growth guidance of 5-6 percent, citing its balanced portfolio and a building recovery in China as two examples, but has lowered expectations on some key financial metrics due to currency headwinds, higher inventory levels and a more promotional environment. The North Face parent ...
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ArticleMoncler’s momentum endures
Moncler, through the issuance of an interim report, said consolidated group revenues on a constant-currency basis rose 32 percent during the first nine months of 2002 to €1,556.6 million. Third-quarter group sales increased 12 percent year-over-year on a constant-currency basis to €638.3 million. Moncler brand nine-month revenues were 21 percent ...
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ArticleGarmin lifts FY EPS outlook, drops sales forecast by 3 percent
For the second consecutive quarter, Garmin has altered its fiscal year 2022 outlook. After lowering its annual revenue forecast by 9 percent to $5 billion in late July, the group is now forecasting FY revenues of $4.85 billion. On the upside, the Swiss company has adjusted its full-year EPS guidance ...
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ArticleChallenging market conditions continue to weigh on XXL ASA
XXL ASA, the operator of sporting goods across Scandinavia and Austria, continues to see historically low consumer confidence and diminished demand for sporting goods, in general, weigh on its financial results. Earlier, the group said the two trends commenced in mid-May. Now, the retailer, which recently promoted CFO Stein Eriksen ...
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ArticleSkechers drops fourth-quarter outlook as Q3 net dips
Skechers, impacted by $50 million in incremental freight and logistics costs and elevated operating expenses, reported a 17 percent decline in third-quarter profit to $85.9 million from $103.1 million for the period ended Sep. 30. Operating expenses were nearly 20 percent higher at $754.0 million, and gross margin was down ...
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ArticlePuma reports strong Q3 results, maintains FY outlook
Puma is maintaining its full-year outlook, which calls for currency-adjusted mid-teens sales growth and EBIT of €600-€700 million, despite numerous headwinds that will likely weigh down annual profitability. Those negative factors include inflationary pressures from higher freight costs, persistent operational inefficiencies related to the Covid-19 pandemic and the ongoing crisis ...
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ArticleAdidas severs ties with Kanye West
“Adidas does not tolerate antisemitism and any other sort of hate speech,” the company said concisely in its official statement.
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ArticlePeloton’s ride to breakeven cash flow results in more layoffs
In an effort to continue to drive the business forward and achieve cash flow breakeven by the end of the current FY23, Peloton is laying off more employees. On Oct. 6, the connected fitness company announced another round of job cuts, the fourth in 2022. The latest action – the ...
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ArticleSporting goods industry stocks down in Q3
According to SGI Europe’s quarterly study of 40 select sporting goods industry stocks, the drop was less than in Q1 (-16.25%) and Q2 (-14.79%) but marked the third consecutive quarterly decline for the segment. But the results were mixed, as the stock prices of 19 companies – led by Xtep ...
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ArticleNike addressing excess inventory; Q1 Ebit falls 13 percent
Nike, ever bullish on its digital approach, is facing an excess-inventory dilemma, contracting gross margins and persistent currency headwinds as it moves into the holiday season. The scenario emerged as the group reported a 22 percent decline in Q1 net income to $1,468 million from $1,874 million for the period ...
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ArticleMarket Analysis: The sports apparel market
This is an exclusive, yearly statistic available only to subscribers of SGI Europe. It includes revenue and market-share development, as well as a regional breakdown, of the major global sports apparel brands.
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ArticleZumiez adjusting assortments as customers seek value
Zumiez, the global specialty retailer that operates 70 Blue Tomato stores in Europe, suffered an 85 percent drop in second-quarter operating profit to $5.0 million from $32.0 million for the period ended July 30. Ebit was down by 83 percent to $5.5 million as net income came in 87 percent ...
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News briefsPeloton Interactive faces federal fines over treadmill recall
Peloton Interactive is facing civil monetary penalties in the United States over its May 2021 recalls of its Tread+ and Tread treadmills, it disclosed in its annual report filing yesterday. Last month, Peloton, working to improve its fortunes after numerous missteps, was informed by the U.S. Consumer Product Safety Commission ...
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ArticleReebok names new CEO as Matt O’Toole moves to ABG
Source: Reebok Todd Krinsky Reebok has tapped Todd Krinsky, a 30-year company veteran and member of its senior leadership team for more than a decade, as its new CEO. He is replacing Matt O’Toole, president and CEO of Reebok, who is moving to executive vice chairman of ...
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ArticleWhy sporting goods industry inventories rose by 57% in Q2 2022
The aggregate inventory level for 28 public sporting goods companies, tracked by SGI Europe, rose more than 57 percent year-over-year to more than €31.9 billion at Q2 end and was up by nearly 32 percent from the end of 2021 when it stood at €24.27 billion. Eleven companies had inventory ...
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Lululemon stays on strong course, no change to markdown strategy
Lululemon’s net income rose 39 percent to $289.5 million from $208.1 million as total revenues increased by 28.8 percent to $1.87 billion from $1.45 billion. Operating income was 38 percent higher at $401.2 million versus $291.0 million. Gross margin slipped by 160 basis points to 56.5 percent from 58.1 percent, ...
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News briefsAthleta experiences near-term softness on consumer shift
Athleta, The Gap, Inc.-owned women’s active and wellness brand, generated a 1 percent increase in second-quarter sales to $344 million, with year-over-year comparable store sales declining 8 percent for the six months ended June 30. Period revenues were 37 percent higher than in Q2/2019. Despite a modest slowdown in the ...
