Latest News – Page 21
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ArticleNike cuts guidance as supply chain woes worsen in Q1
The Nike group cut its guidance for fiscal year 2022 despite strong consumer demand, as it warned of inventory shortages over the next few quarters in the face of continuing supply chain headwinds that already took their toll on its sales performance in the first quarter ended Aug. 31. Nike’s ...
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ArticleWhile opening another franchise in Spain, Nike works with fewer retailers
Last year Nike made Italy’s Percassi Group its preferred partner in southern Europe, opening six stores with the Italian firm in Greece, Italy and Portugal as well as a flagship on a major thoroughfare in Barcelona, Paseo de Gracia. According to Palco23, a Spanish news service covering the sports business, ...
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Extended Covid Restrictions in Vietnam are hitting companies hard
Nike and other companies are expected to suffer considerable damage from a decision by Vietnamese authorities to extend their strict Covid-19 restrictions in the Ho Chi Minh City region until the end of the month. They were originally scheduled to be lifted on Sept. 15, but the measures taken so ...
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ArticleAdidas to double minimum orders by Spanish buying groups
Next year, according to CMDsport, Adidas will be doubling the minimum order for any Spanish buying groups from €1 million to €2 million. While most of Spain’s numerous buying groups already exceed the threshold, certain retailers tell the Spanish trade paper that they believe Adidas is ratcheting up its strategy ...
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ArticleNike and Newlight collaborate to research carbon-negative material
Nike and California-based Newlight Technologies have announced a partnership to explore the use of AirCarbon, an energy storage material, in a variety of applications within Nike’s supply chain and manufacturing. According to a press release, the collaboration is part of Nike’s plans to accelerate its carbon reduction plans, as materials ...
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ArticleAnta's sales go up by 55.5%, profits more than double in H1
Anta Sports Products saw revenues jump by 55.5 percent to 22,812 million yuan renminbi (€2,999m-$3,524m) in the six months ended June 30, supported by strong growth in all brands and benefiting from the easing of Covid-19 restrictions. Like other Chinese sports companies, Anta has also seen demand boosted amid government-backed ...
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ArticleAdidas sells Reebok to ABG for up to €2.1bn
Adidas announced on Aug. 12 that it has entered into a definitive agreement to sell Reebok to the Authentic Brands Group (ABG) for a total of up to €2.1 billion. The majority will be paid in cash at the time of closing, which is expected to occur in the first ...
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ArticleVulcabras’ sales growth accelerates in Q2, driven by athletic footwear
Vulcabras, the Brazilian footwear company that owns Olympikus and has licenses with Mizuno and Under Armour, saw sales growth accelerate in the second quarter of 2021, despite continued headwinds tied to the Covid-19 pandemic. Its revenues soared by 304.7 percent on the year earlier to 399.4 million Brazilian reais (€65.6m-$77.0m), ...
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ArticleAdidas takes hit in China but raises guidance after a strong Q2
Adidas raised its guidance for full-year sales and earnings as revenue growth continued to accelerate in the second quarter despite the impact of Covid-19 lockdowns in the Asia-Pacific region, industry-wide supply chain challenges and the geopolitical situation. The more optimistic view came even though the company’s sales in China took ...
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ArticleUnder Armour raises guidance again after a better-than-expected Q2
Under Armour raised its previous guidance for the full financial year while reporting better-than-expected results for the second quarter. Sales increased by 91 percent from the year-earlier quarter to $1,352 million, comfortably exceeding an analyst consensus for a top line of about $1,200 million. They were up by 85 percent ...
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ArticleColumbia lifts guidance after strong Q2, but CEO attacks freight “monopoly”
Columbia Sportswear swung to a second-quarter profit and raised its full-year 2021 forecasts but warned that “escalating” ocean-freight prices and ongoing port congestions were dragging on the annual outlook. The outdoor gear producer reported net income of $40.6 million for the three months to June 30, compared with a loss ...
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ArticleVF raises FY guidance as Q1 sales and profits beat estimates
VF Corp lifted its annual guidance after posting better-than-expected earnings and sales in its first quarter ended June 30 as retail demand for the company’s top brands continued to recover from the impact of the Covid-19 pandemic. Revenues for the three months more than doubled to $2,194 million, compared with ...
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ArticleCovid outbreak closes major factories in Vietnam
A sudden and violent outbreak of the Covid-19 epidemic in Ho Chi Minh City (HCMC) and its environs is expected to delay shipments of sports shoes and apparel and may result in a loss orders for local manufacturers, according to the local NV Express, which cited the shutdown of 29 ...
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ArticleNike loses a legal round in Dutch tax probe
The General Court of the European Union in Luxembourg has dismissed an appeal by the Nike group against the investigation launched by the European Commission in January 2019 into the favorable tax treatment granted to the group by Dutch tax authorities to the European entities of Nike and Converse, and ...
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Adidas partners with Common Goal to help undeserved communities
Adidas has announced a long-term partnership with Common Goal to promote lasting social change among under-served communities and create a better and more inclusive future through football. Common Goal’s members pledge 1 percent of their earnings to a central fund, allocated to high-impact organizations that harness the power of football ...
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ArticleAnta unveils 5-year strategic targets and a 24-month acceleration plan
While providing another update on its results for the second quarter, Anta Sports Products announced new strategic targets that it wants to achieve over the next five years and a 24-month acceleration plan, called “Lead to Win,” for its core Anta brand. It had nothing to say at this stage ...
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TNF, Timberland and Vans get high marks for transparency
Three VF Corp brands – The North Face (TNF), Timberland and Vans - ranked high in the 2021 Fashion Transparency Index published by Fashion Revolution, a global activism movement that is pushing for greater disclosure in fashion supply chains, warning that progress in transparency in the sector generally remains ...
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ArticleSporting goods stocks jumped by 26.65% in Q2
The average share price of the sporting goods sector grew by 26.65 percent between March 31 and June 30, accelerating from the 10.9 percent growth recorded in the first three months of this year. As usual, the public companies in this sector scored much better than all the major stock ...
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Adidas shortlists five candidates for Reebok’s takeover
Adidas has drawn up a shortlist of five candidates for the acquisition of Reebok, according to Reuters, asking them to submit their bids by August. The only strategic investor on the list is Wolverine Worlwide, owner of Merrell and some 15 other shoe brands. It has reportedly proposed to take ...
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ArticleNike beats expectations as EMEA, North America sales surge and China resists
The Nike group posted better-than-expected results for the fourth quarter ended on May 31, 2021, as sales nearly doubled as compared to a year earlier, when its performance was severely impacted by store closures tied to the Covid-19 pandemic. After the release of higher-than-expected results for the quarter, Nike’s share ...
