Author: SGB Executive

A new study from the Recreational Boating & Fishing Foundation (RBFF) found that first-time fishing participants climbed to 4.4 million in 2020, a surge of 42 percent year-over-year. Like patterns seen in other outdoor activities, fishing reached new and diverse audiences as individuals picked up the sport as a remedy for COVID-19-related stress and anxiety.

The IHRSA (International Health, Racquet & Sportsclub Association) estimated that the U.S. fitness industry lost $20.4 billion in revenue in 2020, just one year after generating an all-time high of $35 billion, according to the organization’s recently released 2021 IHRSA Global Report. However, the report outlined reasons to be optimistic for the industry’s prospects partly as health became a higher priority during the pandemic.

Deloitte’s 2021 Back-to-School Survey*, found that back-to-school spending at Kindergarten through 12th grade (K-12) will grow 16 percent this year, reaching its highest level in recent years as clarity surrounding the upcoming school year and consumer sentiment rise. Deloitte joins a chorus of others forecasting a strong rebound in back-to-school selling. In a separate survey, Deloitte found a more modest recovery for back-to-college spending, up 5 percent.

Goldman Sachs on Wednesday initiated coverage of the Apparel and Brands sector, rating Lululemon its “top idea” and initiating a “buy” rating on Yeti. In the active lifestyle space, the investment firm has a “neutral” rating on Canada Goose and Gap and a “sell” on VF Corp.

Hydro Flask resumed its strong growth rate in the first quarter ended May 31 after being disrupted by changing behaviors and store closures during the pandemic, according to the quarterly report of its parent, Helen of Troy. The water bottle brand also saw significant gains in market share in the period.

In the prospectus for his company’s IPO, Jamie Salter, founder and CEO of Authentic Brands Group (ABG), discussed how he came up with the digital-first licensing platform that he believes “deconstructs and reconstructs” the traditional brand-building model. He wrote, “I came to realize that most brands were structured for a different era — before the speed of digital and the complexity of global; antiquated, and ultimately difficult to retool as the market and the consumer evolves.”

The 2021 school year will see a return to normalcy with in-person school resuming across the country, according to KPMG’s “Welcome To The New “Back To School” survey. Spending for pre-school and college students is expected to spike 32 percent and 13 percent, respectively, compared to 2020. Spending for middle school and high school students is only expected to be up 3 and 4 percent respectively.

In SIA’s first report of 2021 on the impacts from COVID-19, snowsports enthusiasts were found to overestimate their ability to participate in their favorite winter activities in the recently wrapped up 2020/21 season. However, they made snowsports-related purchases at a higher rate than expected heading into the season and were excited about the 2021/22 season.

In an interview on CNBC unveiling Brooks Running’s new 2030 planet strategy, Jim Weber, CEO, reported sales are up 60 percent year-to-date and projected the overall running opportunity could double over the next ten years coming out of the pandemic.

Xponential Fitness announced plans to go public despite seeing a sharp decline in franchising revenues over the last year due to the pandemic. However, the parent of Pure Barre, Club Pilates and CycleBar predicted boutique fitness would recover by 2022 and again grow faster than the broader fitness club industry.

Nike’s shares catapulted $20.75, or 15.5 percent, to $154.35 on Friday after the sneaker giant reported earnings came in well above Wall Street’s targets for the quarter ended May 31 and issued bullish growth targets over the next four years through FY25. Analysts roundly hiked their price targets with many seeing the strong performance as evidence that Nike’s digital transformation is gaining traction.

At Hibbett Sports Investor Day on Thursday, Hibbett’s officials provided a deep dive into its merchandising shift in recent years toward athletically-inspired fashion products that are being guided by five customer personas: Streetwear Hound, Fashion Titan, Basketball Obsessed, Sports-Style Fanatic and Alpha Jock. Officials also elaborated on how the shift has helped Hibbett become a more important distribution point for key vendor partners.

At Jefferies 2021 Virtual Consumer Conference, Cliff Sifford, vice chairman and CEO at Shoe Carnival, said the off-pricer’s strong recent performance is partly because it didn’t cancel orders in the early stages of the pandemic and was rewarded with orders as inventory became scarce. However, he said those vendor partnerships have been built over time.

Smith & Wesson Brands Inc. reported its fourth consecutive record-breaking quarter and awarded sizeable annual bonuses to its employees as the firearms giant surpassed $1 billion in sales for the first time in its 169-year history. Sales doubled in the fiscal year ended April 30

At CNBC’s Evolve Global Summit, Lauren Hobart, CEO of Dick’s Sporting Goods, said she believes that many consumers have permanently embraced active apparel and outdoor hobbies as a result of the pandemic. However, she also elaborated on the supply chain hurdles the chain faces catching up to that newfound demand.