Financial insights for the sporting goods industry – Page 27
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News briefsNew Wave Group boosts operating profit despite slight decline in sales
New Wave Group realized a 4.2 percent increase in segment operating income to 140.2 million Swedish kroner (€12.5m) from SEK 134.5 million for the three months ended June 30. Segment sales declined by 1.4 percent to SEK 869.2 million (€77.6m) from SEK 881.5 million. The group, which counts Craft, ...
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ArticleBjörn Borg reports strong growth in e-commerce
While Björn Borg’s consolidated net sales were 165.6 million Swedish kronor (€13.9m) in Q2 2023 compared to SEK 161.5 million (€13.5m) in the same period last year (+3 percent), net sales decreased by 2 percent in constant currency, which can be explained by lower sales in stores due to store ...
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ArticleFarfetch reports Q2 loss, small revenue drop
Farfetch Limited reported an adjusted Ebitda loss of $30.6 million and a 1.3 percent drop in revenues to $572.1 million for Q2 ended June 30. The net loss at the internet platform for luxury goods was $281.3 million against a profit of $67.7 million. Gross merchandise value (GMV) inched 1.2 ...
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News briefs361 Degrees’ H1 operating profit up by 29 percent
The Chinese group 361 Degrees reported an operating profit of 992,781 million yuan renminbi (€132.8m) from RMB 771,944 million for the six months ended June 30. Profit attributable to shareholders increased by 28 percent to RMB 703,646 million (€94.1m) as gross margin improved by 20 basis points to 41.7 percent ...
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ArticleFila Holdings’ woes impacted largely by US market
Faced with the ongoing process of liquidating bloated inventories in the U.S. amid a market flush with excess inventory, Fila Holdings reported a 40 percent constant-currency decline in Q2 operating income to KRW 91,943 million (€64.4m) for the period ended June 30. Gross margin fell by 160 basis points to ...
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ArticleOn Holding’s Q2 operating income up 50 percent, but stock price falls
On Holding shares fell 14 percent, or $4.84, on the New York Stock Exchange yesterday to $29.77, after the company reported a 50 percent increase in quarterly operating income to 39.4 million Swiss francs (€41.1m) and raised its full-year revenue guidance to at least CHF 1.76 billion (€1.83b), including anticipated ...
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ArticleCurrency and costs weigh on Yonex’s Q1 results
Higher sponsorship and athlete contract expenses coupled with currency headwinds and a depreciation of the Japanese yen dragged down Yonex’s Q1 operating income, despite an 18 percent revenue growth, to ¥27,992 million (€187.5m) from ¥23,694 million for the three months ended June 30. Operating income slipped by 19 percent to ...
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ArticleDescente’s Q2 rises by 36 percent
Descente, benefitting from the consolidation of its Arena and Le Coq Sportif businesses in China and the equivalent of €17.6 million in non-operating income, reported improved sales and profits in Q2. Total revenues increased by 2.8 percent to ¥27,162 million (€181.9m) from ¥26,425 million for the period ended June 30. ...
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ArticleGrendene exports slip by 51 percent in Q2
The Brazilian footwear maker Grendene posted a 15 percent decline in Q2 net income to 57.2 million Brazilian reais (€10.6m) from R$65.7 million for the period ended June 30. Ebitda was off by 13 percent to R$24.3 million but gross margin improved by 670 basis points to 40.9 percent from ...
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ArticleSoft global footwear demand continues to impact Yue Yuen
Profit attributable to Yue Yuen (YY) shareholders declined by 52 percent to $83,601,000 from $175,049,000 for the six months ended June 30, as sales fell by 12 percent to $4,154,968,000 from $4,709,792,000. Ebit fell by 36 percent to $143,227,000 from $223,948,000. The company cited a sluggish global macroeconomic environment and ...
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ArticleChampion drags down Hanesbrands in Q2
Hanesbrands senior management described Champion’s European business as “holding ground” in a tough market with a challenged consumer, with Footwear performing well. However global sales are down and the company has announced measures to move forward the purpose of the brand and revised its FY23 outlook. Champion under pressure in ...
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ArticleWolverine’s new CEO to spearhead turnaround as Q2 results tumble
Chris Hufnagel, who was yesterday named the President and CEO of Wolverine Worldwide, Inc (WWW) with immediate effect following the sudden departure of Brendan L. Hoffman, faces numerous headwinds from day one, with the group’s Q2 figures now released. They range from getting inventory and debt to proper levels and ...
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ArticleNautilus narrows Q1 operating loss despite lower sales
The fitness company Nautilus, which sold off its namesake brand trademark and related assets earlier this year for about $13 million, posted numerous improved financial metrics in Q1 but still reported lower sales and a net loss for the period. In doing so, Nautilus, which retains the BowFlex brand, confirmed ...
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ArticleActivist investor wants changes at Hanesbrands
Barington Capital Group, a New York hedge fund manager, fired off a five-page letter to Hanesbrands’ Chairman Ronald L. Nelson on Aug. 7 demanding significant changes at the apparel firm and parent of Champion. The activist investor, led by James Mitarotonda, wants the underwear and activewear company to create long-term ...
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ArticleTopgolf Callaway maintains FY guidance, Q2 net up 11 percent
Topgolf Callaway’s Q2 results are on-track to reaffirm the groups full year 2023 revenue. President and CEO Chip Brewer has said in a statement he is “Particularly pleased with market share gains in Golf Equipment and the continued strength of Topgolf’s venue business.” Net income and US sales up Net ...
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News briefsAllbirds’ Q2 operating loss rises slightly
Allbirds, which continues to move forward with its “strategic transformation plan” announced in March, intends to complete distribution agreements with partners in Canada and South Korea during H2. In Q2, the operating loss was $29.6 million against an operating loss of $29.3 million in the period ended June 30. ...
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ArticleFirst figures out as Under Armour commences its transition year
Under Armour, which sees its next FY as the start of growth phase for the company, commenced FY24 by exceeding Wall Street’s revenue and EPS guidance estimates. The international segment, including the EMEA, and DTC channels paced the results. Under Armour “very focused on profitability” Operating income slipped by ...
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ArticleAsics raises FY outlook as H1 operating profit soars
Suggesting its annual sales are likely to reach a record high, helped by contributions from its core Performance Sports, Sportstyle and Onitsuka Tiger segments, Asics Corp. has raised its FY23 outlook. Annual operating income is now pegged at ¥46,000 million (€308.2m), up 24 percent from a February forecast of ¥37,000. ...
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ArticleMizuno generates record Q1 operating profit
A recovery from year-ago supply chain disruptions coupled with strong sales growth outside Japan contributed to record Q1 operating income for Mizuno. Total revenues, bolstered by strong gains in golf, baseball, and soccer, rose by 24 percent to ¥57.2 billion (€383.2m) from ¥46.2 billion for the period ended June 30. ...
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News briefsGrupo SBF Q2 operating income dips despite revenue growth
Grupo SBF, the operator of Brazil’s top sporting goods chain in Centauro, said its Q2 results were negatively impacted by “still high inventory levels” in its Fisia business, where an aggressive markdown strategy wiped out the gross margin gains generated by its DTC segment. Second quarter adjusted Ebitda slipped by ...
