Financial insights for the sporting goods industry – Page 30
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News briefsA good 2022 at El Corte Inglés
El Corte Inglés has booked a solid fiscal 2022, despite the discomforts of the economic climate, according to Diffusion Sport. Revenues through the closing date of Feb. 8 amounted to €15.33 billion, up 22.5 percent year-on-year, while Ebitda was €951.4, up 18.3 percent. Recurring net income was the highest in ...
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News briefsAnta Sports and Alibaba among first companies to introduce HKD-RMB Dual Counter Model
The Hong Kong Exchanges and Clearing Ltd (HKEX) officially launched the “Dual Counter Model” for Hong Kong Dollar (HKD) and Yuan (RMB) on June 19. This is intended to strengthen Hong Kong’s role as an international financial center by bringing more liquidity and vitality to the stock market. Anta Sports ...
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News briefsXXL facing NOK 140 million tax bill
XXL ASA has received a reassessment from the Norwegian tax authorities relating to the group’s international transfer pricing model, leaving it owing nearly NOK 140 million. In its reassessment, the Norwegian tax authorities have increased the taxable income of XXL Sport and Villmark AS for 2015–2018, resulting in additional tax ...
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News briefsXXL's struggles continue, warns on Q2
Persistent weak consumer demand, resulting in a need for aggressive pricing and promotions, continues to plague Norwegian retailer XXL ASA. The multi-country operator, slated to formally report Q2 results on July 14, is forecasting lower Ebitda, gross margin, and revenues for the period. Second quarter Ebitda is forecast to come ...
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ArticleRecord year for Sport 2000 International
Sports retail group Sport 2000 International looks back on a very successful year, closing FY22 with gross sales of €6.5 billion. With the goal of becoming “an agile, future-oriented premium retail service organization,” the company is initiating a transformation and growing even closer together as an international sports retail network. ...
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News briefsTradeInn looks abroad to break half a billion
TradeInn currently derives 82 percent of its sales from outside its home country of Spain, Diffusion Sport reports, citing an interview with CEO David Martín by Ecommerce News. Last year’s revenues amounted to €433 million, up by 14.55 percent year-on-year. Spain accounted for €78 million of the total. This year’s ...
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News briefsInditex and Jeanologia develop the Air Fiber Washer
Spanish apparel group Inditex has teamed up with Valencia-based Jeanologia, which specializes in innovative technologies for the textiles industry, to create an industrial air system that reduces the shedding of microfibers in textiles by using air without the need for water or thermal energy. The new system, Air Fiber Washer, ...
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News briefsOn aims to make brand more complex
Swiss company On Holding, which raised its fiscal 2023 sales forecast by 2 percent to at least $1.9 billion last month, remains committed to building a complex, multibillion-dollar sportswear brand that focuses on the premium segment and is not overdistributed. The Swiss group’s co-CEOs, Martin Hoffman and Marc Maurer, provided ...
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ArticleSkechers announces progress on inventory and international business
At Deutsche Bank’s Global Consumer Conference, Skechers told investors that demand, traffic and conversion rates remain healthy. However, the lingering impact of the summer 2022 retail inventory build is still expected to be a headwind for the rest of 2023. The U.S. wholesale market has helped support the bottom line ...
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ArticleZumiez sales continue to slip as Europe, Australia outperform
Zumiez sales decreased by a reported 12.8 percent in the four weeks ended May 27 compared to the year earlier, continuing to trend downwards after its top line in the first quarter ended April 29 fell by 17.1 percent to $182.9 million. Management attributed the decrease to a challenging marketplace, ...
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ArticleLululemon posts strong quarter helped by Greater China
Fueled by a 30 percent increase in traffic, a 79 percent jump in sequential Greater China quarterly sales, and a 430-basis-point improvement in product margin as air freight costs abated, Lululemon Athletica Inc. reported strong Q1 results that exceeded its sales and profit expectations. With the strong showing, the company ...
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ArticleHoka sales up 20% in FY24, further supporting Deckers’ growth
Deckers Brands expects Hoka will continue to lead sales growth in the current financial year, forecasting the brand will see a 20 percent increase in its top line after a 58.5 percent jump in the financial year that ended March 31. The majority of Hoka’s growth is expected to come ...
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News briefsAthleta Q1 sales fall by 11 percent
Athleta, the Gap-owned retailer, which continued to face consumer pushback to certain products during the period, reported an 11 percent year-over-year decline in Q1 sales to $321 million. However, revenues were 45 percent higher than in Q1/19 before the pandemic commenced. Comparable store sales fell by 13 percent. Athleta ...
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ArticleHummel sets five-year targets, new DC costs impact FY22 profitability
After achieving a record turnover in 2022 of 2.218 billion Danish kroner (€297.8m), a 20 percent year-over-year increase in local currency from DKK 1.858 billion in 2021, Hummel has established its growth target for 2028. The Danish group is aiming to reach DKK 4 billion (€537m) and a minimum annual ...
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News briefsTopsports sticks to gameplay despite volatile years
The Chinese sportswear retailer offering a portfolio of athletic brands, dominated by Nike and Adidas, suffered a 25 percent drop in net income attributable to shareholders to 1,836.6-million-yuan renminbi (€258.8m) for the 12 months ended Feb. 28. Gross margin slipped by 170 basis points to 41.7 percent from 43.3 percent ...
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News briefsMunich sees sales jump 40%
Spanish sneaker brand Munich has registered a 40 percent sales increase for 2022, La Vanguardia has reported. Revenues for the full year 2022 reached €74.3 million, primarily driven by padel (+52 percent), domestic sales (+35 percent) and strong international sales. Munich was founded in 1939 by Luís Berneda in Sant ...
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ArticleCost-cutting helps Nautilus reduce Q4 operating loss
Aiming to strengthen its financial footing and return to profitable growth in FY24, Nautilus lowered its Q4 operating loss by 20 percent to a loss of $17.5 million versus a loss of $21.9 million through numerous cost-cutting measures in recent months. These actions included reducing its workforce by 15 percent ...
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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 ...
