Latest News – Page 9
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VF posts quarterly loss, but EMEA is strongest region
VF Corp. reported a first-quarter loss, related mainly to a $92 million non-cash pension charge. Still, the EMEA region, The North Face and Timberland were the strongest performers for the company in the period ended June 30. In the face of expected currency headwinds, the company is maintaining its fiscal ...
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Columbia revises FY22 outlook, will lean on key markets
At the same time as announcing its results for the quarter with the seasonally lowest sales volume, Columbia Sportswear has reduced its sales and profit forecasts for the full year. The company is concerned about the current state of the consumer and potential retail order cancellations later this year. It ...
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Adidas cuts FY 2022 guidance on China weakness and potential slowdown in other markets
Adidas has adjusted its top line 2022 guidance due to a worsening outlook for its Greater China business. While second-quarter 2022 results slightly exceeded expectations, given continued strong momentum in Western markets and a return to growth in Asia-Pacific, the company has reported a slower-than-expected recovery in China since the ...
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Russia sees hike in online sales of sporting goods as fears rise over counterfeits
Russia’s largest online retailers have registered booming demand for sporting goods in the first half of 2022. Learn about the details.
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Adidas releases factsheet on its diversity, equity and inclusion
Set up in 2020, the ”Creating Lasting Change Now” program defined goals for enhancing diversity, equity and inclusion within the global Adidas company, while encouraging business ownership, accountability and transparency among its employees. The brand has now provided an update on those commitments, focusing on greater diversity, equity and inclusion ...
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Nike net dips 5 percent on Greater China, persistent supply chain woes
The Nike group remains committed to further advancing its digital and direct strategies worldwide and anticipates a return to growth for its wholesale business in the financial year 2023 as it continues to grapple with elevated transit times for products and to recalibrate a Greater China business that has been ...
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U.S. ban on imports from Xinjiang goes into effect
The Uyghur Forced Labor Prevention Act (UFPLA), prohibiting the import into the U.S. of products made by forced labor in Xinjiang, China, is now in force, under the oversight of U.S. Customs and Border Protection (CBP). The act was signed into law by President Joseph Biden on Dec. 23, 2021, ...
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Adidas launches Pride collection, collabs with EA Sports FIFA
Last month, Adidas unveiled a collaboration with queer artist and designer Kris Andrew Small, known for creating bold works of art with a joyful explosion of colors and patterns. The resulting collection to mark Pride 2022 is inspired by the pop art and graphic design of the 1970s and 80s ...
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Analysis: Sporting Goods Industry Scorecard Q1 2022
Find out about the top industry performers. With our first quarter 2022 Sporting Goods Industry Scorecard, we provide an overview by sales and profit.
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VF Corp going strong despite slowdown in Q4 sales due to China lockdowns
VF Corp reported a revenue increase of 9 percent to $2.8 billion (€2.65bn) in the fourth quarter of 2022, driven by The North Face (TNF), although sales at Vans were flat during the period. Sales were boosted by a 15 percent increase in the EMEA region and 12 percent in ...
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Frisk to step down from all positions at Under Armour
Nearing the completion of a multi-year, $525 to $550 million restructuring, and 10 days after disclosing that short-term challenges will impact its sales, profitability, and margins for much of 2022, Under Armour late on May 18 appointed Colin Browne as its interim president and CEO, effective June 1. On that ...
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Nike celebrates 50 years with “Seen It All” starring Spike Lee
Nike is celebrating its 50th birthday this year. Filmmaker Spike Lee directed the anniversary film “Seen It All.” The flick stars 40 former and current Nike athletes.
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Intersport Germany and Adidas agree on new single account delivery concept
Intersport Germany has entered a new stage of its cooperation with Adidas. Both companies signed for a single account model, similar to the agreement that Intersport has had with Nike since 2018. Kicking off with the June 2022 order show in Heilbronn, Intersport retailers will have access to pre-set single ...
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Grupo SBF generates 88 percent sales increase in Nike business
Grupo SBF, the parent of Brazil’s top retail sporting goods chain in Centauro and a distributor of Nike in the South American market since December, reported a 401 percent increase in first-quarter adjusted Ebitda to 185,390,000 Brazilian reais (€31.5m) for the period ended March 31. Operating income came in at ...
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Under Armour tempers 2023 growth on near-term challenges
Under Armour, despite all its efforts to reshape and fortify its premium-focused business since a 2020 restructuring under president and CEO Patrik Frisk, is facing short-term issues that will impact its sales, profitability, and margins for much of 2022. The company started a new fiscal year, FY23, on April 1 ...
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Adidas steps into the void left by Nike at Foot Locker
Adidas and New York-based retailer Foot Locker have announced a new and enhanced partnership “built around product innovation, elevated experiences and deeper consumer connectivity,” as the German company states in a press release. The announcement comes on the back of Foot Locker’s sales figures released in March 2022, which reflected ...
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Adidas reins in FY expectations as Q1 sales dip, China struggles
Adidas cut its expectations for gross and operating margins for the full year and projected that sales and net profit would come in at the lower end of guidance after sales dipped in the first quarter and as it continues to struggle in China, where new Covid-19 lockdowns have worsened ...
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Vulcabras bolstered by sports brands, e-commerce
Vulcabras’ net income soared by 270 percent to 54.0 million Brazilian reais (€9.2m) in the first quarter of 2022. Operating earnings (Ebit) jumped by 203 percent to R$64.4 million (€10.9m) in the period ended March 31, as the gross margin increased by 1.2 percent to 35.2 percent versus 34.0 percent ...
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Obituary: Peter Moore
Peter Moore, who shaped Nike’s and Adidas’ product design in the 1980s and 1990s, passed away on April 29 at the age of 78. After working freelance as a design consultant for Nike since 1977, Moore joined Nike in 1983 as its first creative director, working with Bruce Kilgore to ...
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GMG and SUTL close deal for Nike stores in Singapore and Malaysia
GMG, a global company distributing and manufacturing a portfolio of leading international and domestic brands in the sports, food and health sectors, headquartered in Dubai, has acquired Nike-only stores from SUTL Corporation, a Singapore-based consumer and lifestyle products distribution company representing global brands in Asia. Under the agreement, all Nike-only ...