Brooks Running Eyes Return to Double-Digit Growth In 2024
Brooks Running’s global revenue grew 5 percent in the first nine months of 2023, with North America revenue increasing 7 percent. The Seattle, WA-based running brand, owned by Berkshire Hathaway, reported it “remains the leading running footwear brand across U.S. retail and forecasted a return to double-digit growth in 2024.”
EXEC: Fenix Outdoor Had a Great Q3 – Then September Arrived
The parent company of the Fjällräven, Royal Robbins, Hanwag and Tierra brands said Q3 started well, with “nice growth” in its Retail businesses; the Brands and Wholesale businesses had recovered and direct orders increased in the period. Then September’s heat hit.
Canada Goose Slashes Outlook On Spending Slowdown
Canada Goose reported earnings topped guidance in the fiscal second quarter ended October 1, but slashed its outlook for the fiscal year as sales slowed “noticeably” in September. The company said, “Increasingly challenging global macro-economic and geopolitical environments that have impacted consumer decision-making and prioritization of spend.”
Ibex Expands North American Sales Team
Ibex, the Merino wool apparel and accessories brand, reported it expanded its North American sales team, now reaching the Canadian market. AKA Sports Group, based out of Toronto, will cover the Ontario region, Awesome Outdoors Group will cover the Mid-Atlantic and Southeast regions in the U.S.
Vans Sales Director Departs Brand After Two+ Decades, Lands at RVCA
While VF execs were outlining the issues at Vans, the brand’s former sales director, Lance Eddy, was trying on his new RVCA duds, readying for his next gig as sales director of the street and beach lifestyle apparel brand.
Big 5 Sporting Goods Sees Q3 Profits Miss Plan, Warns on Weak Holiday Quarter
Big 5 Sporting Goods Corp. reported earnings were slightly below guidance in the second quarter ended October 1 as same-store sales dropped 8.2 percent on weak discretionary spending. The California-based chain further predicted same-store sales in the fourth quarter will decline in the high single-digit to low double-digit range.
Former Academy Sports CEO Joins Guitar Center as Chairman
Guitar Center Holdings, Inc. appointed Ken Hicks, executive chairman of Academy Sports and Outdoors and former CEO, as Board Chair. Guitar Center also named Gabriel Dalporto its new CEO and rehired Tim Martin as CFO.
Canadian Tire Exploring Alternatives for Financial Services Business
Canadian Tire Corp. said it bought back Scotiabank’s 20 percent stake in its financial services arm in a cash transaction valued at C$895 million ($647.14 mm) and is reviewing alternatives for its financial services arm. The moves were made in part to better support its loyalty program.
REI’s Unionized Stores Face Worker Protests Over Weekend
REI workers held coordinated actions at eight unionized stores this past weekend with the union indicating the actions were in response to the retailer’s decision to restructure jobs and working conditions in all of its stores.
Walmart Celebrates “Re-Grand Opening” of 117 Remodeled U.S. Stores
The re-grand opening project represents over a half a billion dollars in capital investments in local communities across 30 states.
QBP Drops DeFeet from Brand Stable; Sock Brand Will Not Add Reps
DeFeet is now entirely in-house with its sales team, employing no independent sales rep. The company distributes in-line products in the U.S. through its remaining domestic distribution partners and its DeFeet B2B platform.
Fanatics Partners with Argentine Football Association
Fanatics entered an e-commerce partnership with The Argentine Football Association (AFA). The long-term agreement will see Fanatics build and operate the AFA’s e-commerce store.
Alo Yoga Sees $10 Billion Valuation in Potential Equity Investment
Alo Yoga reported it hired investment bank Moelis & Co. to explore financial options, including potentially selling a stake in the company that could value the Los Angeles-based activewear company at $10 billion.
EXEC: VF’s Turnaround Plan to Focus on Vans, the Americas, Debt and Cost Structure
New company CEO Bracken Darrell said the U.S. is not working well. He noted that the company’s innovation engine has historically been strong but had drifted downward over the past few years. He said employees still love the brands and business, but morale was hurt by poor performance. He also said costs and debt were too high, and there were no sacred cows in the turnaround effort. Vans was the first to see change.
Report: Decathlon Explores Sales of Minority Stake in China Business
Decathlon SA is working with advisors to explore the sale of a minority stake in its China business, sources told Bloomberg. The report indicated that the French retailer seeks a strategic partner to drive regional expansion.
