Latest Headlines – Page 252
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Big digital plans at Intersport
The retailers affiliated with Intersport raised their sales globally by only 2.1 percent in euros and by 3.2 percent in local currencies in the course of 2016 according to preliminary estimates, reaching a total level of €11.12 billion. With its cooperative structure, Intersport consolidated its position as the world's largest ...
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Online shopping in Europe grows further
Two-thirds of European internet users made at least one online purchase in 2016, according to a survey conducted by Eurostat. E-commerce is largely dominated by fashion while cross-border shopping is becoming more common. The proportion of shoppers who purchased from other EU countries increased to 32 percent, as compared to ...
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Questions arise about JD's labor practices
JD Sports Fashion has been facing more questions over its warehouse in the Kingsway business park in Rochdale, after The Guardian reported that 140 members of the staff were taken to hospital from the facility in four years. The report came after a Channel 4 News investigation containing allegations that ...
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SDI makes new investments
Despite mounting criticism of its corporate governance and other practices, Sports Direct International is going for further acquisitions. It emerged this week as the second-largest shareholder of French Connection, a loss-making British chain of fashion stores, with a stake of 11 percent.Furthermore, a report indicated that SDI was considering acting ...
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HBC Europe details plans for Sportarena
HBC Europe, the European arm of Hudson's Bay Company (HBC), is preparing to convert six Sportarena stores into Saks Off 5th by the end of 2018, while two others are to be integrated into Galeria Kaufhof department stores and four will close down, it was announced in an internal memo.The ...
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One Way Sport is coming out of insolvency
One Way Sport, the Finnish supplier of cross-country ski poles that has diversified wildly in recent years, expects to come out of insolvency proceedings in a few days' time. A bankruptcy court in Helsinki and its main creditor, a Finnish bank, approved a reorganization program at the end of November ...
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Performance Sports will finally be sold to Sagard and Fairfax
Performance Sports Group has announced it will seek approval from a U.S. bankruptcy court for the sale of its assets to Sagard Capital Partners and Fairfax Financial Holdings, after it failed to attract other bids in an auction process. On Oct. 31, 2016, Performance entered into an asset purchase agreement ...
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Under Armour is no longer a star
After losing 33.1 percent of its market capitalization in the course of 2016 (see our previous issue), Under Armour is having a difficult start to 2017, after releasing weak fourth-quarter results, cutting its revenue guidance for the year and announcing the departure of its chief financial officer. It blamed “numerous ...
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Fitbit cuts guidance, announces layoffs
Fitbit's share price dropped by 17.0 percent after the group announced plans to lay off around 110 employees, or 6 percent of its staff, and cut its guidance for its fourth-quarter results following weak holiday sales. The fitness tracking brand now expects revenues of $572 million to $580 million for ...
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GoPro’s sales rise by 24%, missing expectations
GoPro posted a 23.8 percent revenue increase on an annualized basis in the fourth quarter of 2016. Sales reached $540.6 million for the period, falling below the company's previous guidance, which called for fourth-quarter revenues in the range of $600 million to $650 million. GoPro noted that it was the ...
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Callaway posts better results
Callaway Golf Company's revenues for the fourth quarter of 2016 were significantly higher than those of the year-ago quarter, but still fell slightly below analysts' forecasts. The California-based maker of golf equipment and accessories posted a 7.0 percent sales increase to $163.7 million, while Wall Street had expected $170.8 million. ...
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Brunswick posts higher sales in fitness
Brunswick Corp. has announced sales in its fitness segment of $294.7 million in its fourth quarter, which represent a 24 percent increase from a year ago. International sales accounted for 42 percent of the segment sales in the quarter. On a currency-neutral basis, fitness sales grew by 25 percent.The segment's ...
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New managers at Bogner
Marcus Breyer has been appointed as Bogner's new chief financial officer, replacing Juliane Vögl, who is leaving the company at her own request after 27 years. Breyer will be responsible for controlling, finances and IT. The 41-year old started his professional career at Hugo Boss in 2002, where he assumed ...
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Trump antagonizes the industry
The statements recently made on immigration and foreign trade by the new U.S. president, Donald Trump, have created an uproar in many sectors of the U.S. economy, including the sporting goods, outdoor and fashion industries.Reacting to Trump's executive order banning refugees and visitors from seven countries where the Muslim religion ...
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China market report upbeat on business prospects
Forecasts on Chinese consumption and government support for the development of sports suggest ample potential for expansion in the coming years, judging from a report compiled by the Economist Corporate Network (ECN) and sponsored by Anta Sports Products, a leading Chinese supplier of sports apparel and footwear.The report takes an ...
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Time for the Ispo Awards
The organizers of the Ispo Munich trade show starting this Sunday have released the names of the Gold winners of the Ispo Awards for the best products for the 2017/18 season in five categories:- Action segment: The Tugboat, an innovative snowboard by Korua Shapes- Outdoor segment: The Ribelle Tech all-year, all-round mountain ...
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Gore introduces new stretch products
W.L. Gore & Associates is going to launch a campaign in March to support new technological, product and design innovations that it will show at the Ispo Munich fair starting on Sunday, where it will also introduce a dedicated “Innovation Lab.”The new concepts revolve around the notions of stretch and ...
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Industry stocks were flat in 2016
After rising by 22.7 percent in 2015, the stock market capitalization of public companies in the sporting goods sector declined by 0.5 percent on a currency-neutral basis in 2016, dragged down by double-digit declines for major players like Nike, VF Corp. and Under Armour. Nike alone represented nearly 25 percent ...
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JD Sports continues to outperform
The JD Sports Fashion group has continued to perform outstandingly in the recent weeks, leading the British retailer's board to predict that its headline profit before tax and exceptional items for the fiscal year ending on Jan. 28 will be above consensus market expectations of £200 million (€241.2m-$247.4m) by up to ...
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Frustration persists among SDI’s shareholders
Sports Direct International (SDI) has reneged on a pledge to have a review of its corporate governance policies carried out by an independent party – instead assigning it to Reynolds Porter Chamberlain (RPC), a law firm that has previously worked for the British sports retailer.SDI argued in a statement that ...
