Behind The Deal: Hibbett Makes Strong Retail Play With City Gear Acquisition
Hibbett Sports Inc. CEO Jeff Rosenthal spoke with SGB about the company’s $88 million (plus undisclosed incentives) acquisition of Memphis, TN-based “city specialty” retailer City Gear, which the Birmingham, AL-based retailer believes will be transformational for both companies as they leverage each other’s strengths.
Under Armour’s Shares Pop As Transformation Gains Traction
Shares of Under Armour shot up $5.04, or 27.7 percent, to $23.23 Tuesday, the stock’s highest one-day gain since 2008, as the company reported third-quarter earnings that more than doubled Wall Street’s consensus expectations. On a conference call with analysts, Kevin Plank, CEO, described the performance as “another solid proof point that our multiyear journey toward becoming a more operationally excellent company is on track.”
Big 5 Sporting Goods Corp. Misses On Q3 Revenue, Earnings
Big 5 Sporting Goods Corporation on Tuesday reported financial net sales for the third quarter ended September 30 of $266.4 million, down from net sales of $270.5 million for the third quarter of fiscal 2017.
Brooks Considering Exiting China For Vietnam
Brooks Running is considering shifting the company’s manufacturing operations from China to Vietnam to avoid trade war tariffs, Brooks’ CEO Jim Weber said in an interview with CNBC’s “Squawk Box.”
New Balance To Appoint Joe Preston CEO
New Balance Athletics Inc. announced that president and chief executive officer Rob DeMartini will step down effective December 31, 2018 and New Balance veteran Joe Preston will assume the role.
Mountain Khakis Posse Program Returns
Mountain Khakis has announced that the company’s Posse Program is back for the Fall 2018 selling season.
Under Armour’s Q3 Flies Past Estimates
Under Armour Inc. reported earnings that handily topped Wall Street’s targets as international sales continue to spike and promotional activity lessened. Sales in the U.S. declined 2 percent. Earnings guidance for the year was slightly raised.
Unifi’s Q1 Profits Drop
Unifi Inc., the producer of recycled and synthetic yarns, reported profits dropped in the first quarter ended September 30 as a result of higher raw material costs and warned the second-quarter earnings would be impacted by a “surge” in polyester raw material costs in September. Sales in the first quarter rose 10.6 percent.
Global Brands Group Closes Differential Brands Group Transaction
Global Brands Group Holding Limited, based in Hong Kong, announced the company has completed the sale of select North American assets to Differential Brands Group and appointed Rick Darling Appointed new chief executive officer and executive director of Global Brands.
Toad&Co Launches ‘Save The Planet. Wear Sustainable’ Tour
Toad & Co. is launching a cross-country road trip with a ‘63 Shasta trailer to drive awareness around its “Save The Planet. Wear Sustainable” message. The tour is headed to the OR Show in Denver.
Golf Rounds Played Drop In September
According to Golf Datatech, golf rounds played in the U.S. were down 7.2 percent in September year-over-year on a national level.
Goldwin’s First Flagship Retail Store, Goldwin Marunouchi, To Open In Tokyo
Goldwin Inc. will open the company’s first own retail flagship store, Goldwin Marunouchi, on Thursday, November 8. Goldwin brand offers high-performance sportswear with the company’s origin in ski apparel.
VF Corp. Execs Talk Denver Relocation, Vans Growth & Other Timely Topics
VF Corp. CEO Steve Rendle and CFO Scott Roe spoke with SGB last week about five hot topics—the forthcoming move to Denver, VF’s commitment to becoming a purpose-led company, Vans’ five-year journey to $5 billion, growth drivers at The North Face and upside at two smaller brands—Icebreaker and Smartwool. Here’s what they shared.
Knight Commission Urges Financial Transparency Of Shoe And Apparel Income
In the wake of last week’s felony convictions for pay-to-play college basketball schemes, the Knight Commission on Intercollegiate Athletics pressed the NCAA to establish more demanding standards for oversight, including public transparency of shoe and apparel income, and professional preparation and certification of college basketball coaches.
Hibbett Sports To Acquire City Gear
Hibbett Sports Inc., an athletic specialty retailer, on Monday announced that the company has signed a definitive agreement to acquire privately held City Gear, a city specialty retailer of premium athletic footwear, apparel and accessories with 135 stores in 15 states.
