Financial insights for the sporting goods industry – Page 78
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ArticleCoronavirus slows Technogym’s sales, but home fitness rockets
Lockdowns and store closures hit Technogym’s sales in the first quarter, although this was partly offset by higher sales of home fitness equipment, as more people exercised indoors. The Italian company’s total revenues dropped by 11.2 percent from the year-ago quarter to €116.8 million, or by 11.9 percent in constant ...
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Dorel rides well on higher demand for bikes
Dorel Sports, the bike division of Dorel Industries, is one of the few businesses that managed to grow through the pandemic. It registered revenues of $188.2 million for the first quarter, representing a 2.0 percent increase from the same quarter a year earlier, driven by strong performances at the Cycling ...
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Article
Mizuno’s profit drops by 23%, but Europe improves
Lower sales of running shoes, combined with a weak home market for golf and other sporting goods, weighed on Mizuno’s sales for its fiscal year ended on March 31. The Japanese group’s revenues declined by 4.7 percent from the previous year to 169,700 million yen (€1.45bn-$1.62bn). The gross margin narrowed ...
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News briefs
Store closures end Black Diamond’s strong growth
Store closures due to the pandemic pushed Clarus Corp.’s sales for the first quarter down by 12 percent to $53.6 million. The parent company of Black Diamond, Pieps and Sierra Bullets saw its net income tumble to $36,000, compared with $3.8 million for the three months ended on March 31, ...
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News briefs
Hi-Tec’s weak international sales weigh on Apex’s revenues
Late last year, Apex Global Brands, previously called Cherokee Global Brands, signed several new licensing and distribution contracts for Hi-Tec with partners in Europe, North America and Asia. In Europe, Hi-Tec is now present in major retail chains such as Urban Outfitters and Foot Locker. Initially known as a footwear ...
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News briefs
Le Coq Sportif and its parent book a loss for 2019
Airesis, the Swiss holding company of Le Coq Sportif and Movement Skis, reports a net loss of 11.4 million Swiss francs (€10.8m-£11.8m) for 2019, compared with a loss of CHF 891,000 in the prior year. Consolidated revenues rose by 3 percent to CHF 157.5 million (€149.7m-£162.6m). Le Coq Sportif, in ...
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News briefs
Flat sales at Helly Hansen
Canadian Tire Corp. reports that Helly Hansen booked a 7.3 percent sales decline in the first quarter ended on March 28, largely due to the sharp decline of the Norwegian kroner against the U.S. dollar, which led to a foreign currency loss of $7.0 million for the Canadian group. In ...
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ArticleUnder Armour sees drops of 23% in Q1 and up to 60% in Q2
Under Armour reported a 22.8 percent hit on its revenues for the first quarter of 2020, down to $930.2 million, blaming about 15 percentage points of the decrease on Covid-19 and warning that they might drop by between 50 and 60 percent in the second quarter. Unlike its peers, the ...
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Article
Acushnet posts lower-than-expected sales and profits
The first-quarter results of Acushnet, the American golf company controlled by Fila Korea, did not meet analysts’ expectations. Sales declined by 5.8 percent to $408.7 million, or by 4.6 percent in constant currencies, due to a decrease in Titleist golf ball sales and FootJoy golf wear, hampered by Covid-19. As ...
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Callaway’s sales and profit plunge
Callaway Golf Co. saw sales for the first quarter decline by 14 percent to $442.3 million, weighed down by the impact of Covid-19 on its golf equipment and softgoods businesses, including the recently acquired Jack Wolfskin brand. Currency fluctuations negatively affected revenues by $4 million. The gross margin decreased by ...
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News briefs
GoPro’s sales are cut by more than half
In line with its previous warning, GoPro reported a turnover of $119 million in the first quarter, more than half the $243 million level of the year-ago period. The transition to a more efficient and profitale direct-to-consumer model reduced operating expenses mitigating the decline in the gross margin, which was ...
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News briefsStore closures weigh on Johnson Outdoors’ sales and profits
Johnson Outdoors’ earnings for its second fiscal quarter, ended on March 27, declined by 7 percent from the year-ago period to $20.4 million. Total revenues were down by 8 percent to $163.1 million, but the gross margin improved by 1.6 percentage points to 46.1 percent, thanks to stronger pricing and ...
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Article
Puma posts a 1.5% drop in Q1
Doing better than some competitors, Puma reported sales declines of only 1.5 percent in euros and 1.3 percent in local currencies during the first quarter, leading to a 61.6 percent drop in net earnings to €36.2 million on sales of €1,299.8 million, although the company started the year with an ...
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Article
Fitbit returns to profits thanks to U.S. coronavirus aid
Despite a difficult first quarter, with sales hit by the Covid-19 crisis, Fitbit managed to return to profit. It was helped by a $145 million tax benefit from operating loss carrybacks as part of a government program to help companies through the coronavirus pandemic. Net income reached $20.3 million, compared ...
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Hanesbrands’ results are affected by coronavirus, but protective equipment brings new business
Hanesbrands, the parent company of Champion, said that its results for the first quarter ended on March 28 were disrupted by the effects of the Covid-19 crisis, with an unprecedented drop in sales and profit in the last two weeks of the quarter. Quarterly sales of $1.32 billion represented a ...
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News briefs
Intersport España reports 500% increase in online sales for April
Intersport España, which reopened its e-commerce site on March 21, has just announced a 500 percent year-on-year increase in online sales for the month of April. The Covid-19 quarantine has catapulted the home fitness category to the forefront. Yoga mats, fitness bands, chin-up bars, dumbbells and the like accounted for ...
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Columbia’s results are hit by Covid-19
After a brilliant financial year in 2019, Columbia Sportswear did not have a great start to 2020 due to the Covid-19 pandemic. Its net profits stood at just $0.2 million, down from $74.2 million for the year-ago quarter, while sales dropped by 13 percent to $568.2 million because of the ...
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An excellent quarter for Garmin in Outdoor and Fitness
Garmin’s fitness division had a stellar performance in the first quarter. Revenues in this segment soared by 24 percent to $180.3 million, as the group benefited from the home fitness boom due to the lockdowns in place in many countries. Sales were driven by advanced wearables and Tacx indoor bike ...
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While sales tumble, Shimano’s profits soar
Shimano said its sales for the first quarter were down by 12.3 percent from the year-ago period to ¥76,920 million (€662.5m-$721.1m), hampered by lockdowns around the world in response to Covid-19. However, the company’s net earnings jumped by 95.6 percent to ¥19,663 million (€169.4m-$184.3m), mainly due to strong foreign exchange ...
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Big clearances help XXL through the Covid-19 crisis
The coronavirus pandemic has not come at a good time for XXL, which has been struggling in the past few quarters. But a major clearance program launched in reaction to poor winter conditions boosted its revenues during the first quarter, while depressing its margins.
