Garmin Raises 2022 EPS Guidance On Improved Margin Outlook
Garmin Ltd. reported sales declined 4 percent in the third quarter ending September 24, dragged down by an 18 percent slide in the fitness segment. Second-quarter earnings topped Wall Street estimates and Garmin lifted its full-year EPS outlook on an improving margin outlook.
Puma Sees 17 Percent Currency-Neutral Growth In Q3
Puma reiterated its outlook for the year despite market volatility while reporting another quarterly record of sales and EBIT performance in the third quarter ending September 30. Sales in the third quarter grew 16.9 percent on a currency-adjusted basis, led by growth of 18.8 percent in the Americas region and 18.5 percent in EMEA.
Reima Names Head of Sales
Reima USA, Inc, the Finnish children’s activewear brand, hired Nicola McLeod as head of sales, effective immediately.
Rossignol Group Hires Director Of Softgood Sales, U.S.
The Rossignol Group hired Meredith Riley as director of sales for its softgoods business unit in the U.S. market.
Gear Re-Store Opens East Coast Repair Facility
Gear re-Store opened an East Coast repair facility in the Philadelphia suburb of Folcroft to better serve the company’s Eastern-based customers and ski resorts.
Adidas Ends Partnership With Kanye West
Adidas said on Tuesday that it is ending its partnership with Ye, formerly known as Kanye West, after the rapper made antisemitic remarks. Adidas said the move would have a short-term negative impact of up to ($246 million (€250 million) on net income in 2022 due to high seasonality in the fourth quarter.
Burlington Stores’ Debt Ratings Affirmed
S&P Global Ratings affirmed its debt ratings on Burlington Stores, Inc. despite the off-price retailer facing declining consumer discretionary spending among its core customer base while its value proposition, relative to traditional retailers, has narrowed amid industry-wide clearance activities.
Former Nike COO Joins Jigx’s Board
Jigx, the mobile application development SaaS based in Seattle, WA, announced that Eric Sprunk, former Nike COO, has been appointed to its Board of Directors. Sprunk is also an investor in the brand.
NPD Group Forecasts Modest Decline In Fourth Quarter Apparel Sales
According to the NPD Group, fourth-quarter apparel sales will decline in the U.S., with average prices rising 2 percent and dollar sales falling one percent.
StockX Names Head Of Brand Protection
StockX hired Paul Foley as head of brand protection reporting to its Chief Supply Chain Officer, Sean McCartney. Foley’s role is to spearhead the company’s efforts to deliver value to the consumer and protect the integrity of the StockX marketplace.
REI To Open Store In Laguna Hills, CA
REI Co-op will open a new store in Laguna Hills in fall 2023. This is the retailer’s 31st location in California and 12th in the Los Angeles market.
Vista Outdoor Announces Departure Of CFO
Vista Outdoor, Inc. announced that after two and a half years in his role, Sudhanshu Priyadarshi, the company’s chief financial officer, has decided to pursue another opportunity and is leaving his position in November. The company also reported preliminary second-quarter results that showed sales expanding by 4 percent.
Lacoste Names Deputy CEO
Lacoste promoted Catherine Spindler to deputy chief executive officer. Spindle joined Lacoste as chief brand officer in 2019.
The North Face To Open 70-Plus Stores In North America
The North Face plans to open more than 70 stores in North America and up to 300 additional retail and partner locations globally over the next five years.
L.L.Bean Set To Open In Hudson, MA In November
L.L.Bean is opening a store at Hudson’s Highland Commons on November 4; this is the retailer’s ninth store in Massachusetts.
