Wolverine World Wide, Inc. saw double-digit gains at Merrell in the third quarter, but overall consolidated sales and profitability came in below plan due to supply chain and promotional pressures. Wall Street punished the company in response to its reduced guidance for the year, as WWW shares plummeted more than 34 percent for the day.
Smith & Wesson Brands Inc. fell far short of Wall Street expectations in their fiscal second quarter as sales decreased versus the year-ago quarter amid reduced consumer demand and fuller inventories at retail.
The NPD Group reported total U.S. performance footwear sales grew 15 percent in the third quarter while leisure footwear sales climbed at a slightly lower rate. Fashion footwear sales continued to underperform, decreasing high-single-digits.
Speaking at Goldman Sachs Global Retailing Conference, Lauren Hobart, president and CEO at Dick’s Sporting Goods, said the retailer has been able to grab market share over the past couple of years partly because of investments supporting omnichannel execution but also because key brand partners have been narrowing distribution and bringing more differentiated product to the retailer’s selling floors.
Zumiez Inc. was able to counter declines in skateboard sales and supply chain hurdles to deliver a revenue gain in the second quarter of 7.3 percent year-over-year and 17.6 percent compared with the second quarter of 2019. Rick Brooks, CEO, told analysts, “It’s been really good to see how the business responded. We’re maintaining our wallet share of our customers’ business.”
Inside The Call: American Outdoor Brands Shakes Off E-Comm Decline In Fiscal Q1 To Post Strong Gains
American Outdoor Brands celebrated another strong set of results for the fiscal first quarter ended July 31 as 16 of the company’s 20 brands delivered growth over the comparable quarter last year and 19 of its 20 brands delivered growth over the comp period two years ago in a pre-COVID world.
While announcing second-quarter results, Duluth Trading unveiled its Big Dam Blueprint strategic plan that recently-appointed CEO Sam Sato expects will guide the apparel chain into a digital-first future. The former Finish Line CEO said the moves are “driven in part by meaningful shifts in consumer behavior.”
Foot Locker reported second-quarter sales and earnings that crushed Wall Street targets, led by an uptick in sales from its women’s and kids categories as well as strong full-price selling. Upbeat guidance was also delivered for the second half as recent heightened supply chain risks are seen holding off until the end of the year.
The TJX Companies, Inc. reported second-quarter sales and earnings came in well ahead of management’s expectations as gangbuster sales in the home category continued and apparel gains accelerated from its recent momentum. Margins are expected to benefit going forward from continued robust growth and price adjustments.
Planet Fitness Inc. has regained approximately 75 percent of the members it lost from its peak numbers in Q120 to the low of Q420. Chris Rondeau, CEO, told analysts on a call, “We believe the unseasonal momentum and our membership gains are fueled by people recognizing the importance of self-care.”