Callaway Golf Co. reached an agreement to purchase the rest of driving-range operator Topgolf Entertainment Group in a move that will bring a company known for its clubs and golf balls into the fast-growing sports-entertainment business. Said Callaway’s CEO Chip Brewer told analysts, "This is a great day for the future of our two companies and the sport of golf.” (Read More)
Running has landed among activities seeing a pick-up in participation this year as many Americans have discovered or re-engaged with the sport during their time in quarantine. SGB Executive reached out to a few running shops to explore whether the sport will see a long-term benefit. (Read More)
Analysts applauded VF Corp’s better-than-expected results for the second quarter ended September 26, highlighting the robust growth in China and across digital platforms and believing VF is on the path to a return to sales growth in its fiscal fourth quarter. (Read More)
VF Corp. said currency-neutral growth of 42 percent in e-commerce and 19 percent in mainland China helped drive earnings and sales ahead of internal and Wall Street’s expectations in the second quarter ended September 26. Sequential improvement was predicted for the holiday quarter followed by the return to growth in its March quarter. (Read More)
Nearly 3 out of 10 kids who played a sport prior to the coronavirus pandemic are no longer interested in participating, according to the latest national survey of sports parents commissioned by The Aspen Institute. That figure, (29 percent), captured in September, is up from 18 percent in May and 19 percent in June and underscores the growing challenges that lie ahead in keeping kids at play. (Read More)
Academy Sports’ initial public offering was priced on Friday below the projected range and basically flat in its first day of trading. In an interview with SGB Executive, however, Academy’s CEO Ken Hicks said the retailer’s business is on an up-trend, and he’s confident in long-term success. (Read More)
At the recent 2020 Tennis Industry Forum, executives at the United States Tennis Association (USTA), Tennis Industry Association (TIA) and the National Golf Foundation (NGF) discussed the rare opportunity tennis has to capture many Americans who have embraced the sport over the last few months due to COVID-19. Said Mike Dowse, USTA's CEO, "Tennis is truly one of the safest sports or activities people can participate in." (Read More)
While significant progress has been made over the last six months to bring youth sports back safely, the process has been frustrating, according to participants at two sessions at SFIA’s “Back on Track: Insights and Strategies” virtual conference. Roundtable participants included executives from The National Federation of State High School Associations, NFL, Good Sports, and Augusta Sportswear. (Read More)
Remington Outdoor will be broken up and sold after a multiday bankruptcy auction with Vista Outdoor, Sierra Bullets, Sturm Ruger and Sportsman’s Warehouse among the successful bidders. (Read More)
Vail Resorts reported a 68 percent decline in revenue in the fiscal fourth quarter ended July 31 as its resorts were closed for much of the quarter. On a positive side, skiers are buying the company’s Epic Pass for the coming season, offering some hope that locals will help salvage the upcoming ski season. (Read More)
Speaking at SFIA’s virtual conference, “Back on Track: Insights and Strategies,” Puma North America’s president and CEO Bob Philion discussed how the digital shift has helped Puma secure space on retail selling floors. (Read More)
At Goldman Sachs’ Annual Retailing Conference Wednesday morning, Ed Stack, chairman and CEO, said “some pull forward” helped drive the retailer’s whopping 20.7 percent comp gain in the second quarter. However, strong demand for many categories that have benefited from lifestyle changes amid the COVID-19 pandemic are expected to continue into 2021. Stack said, "We're fortunate we're in a great lane for what's going on right now." (Read More)
Genesco Inc. said its core Journeys chain saw a strong sales recovery as stores began re-opening at the start of the second quarter with the comfort trend favoring its fashion athletic mix, but delays in back-to-school selling impacted revenues in the latter part of the quarter and have created significant uncertainty about prospects for the current quarter. (Read More)
Acushnet Holdings Corp., the parent of Titleist, FootJoy and KJUS, said that after a brutal first two months of the second quarter due to store and golf-course lockdowns, sales bounced back strongly in June, accelerated in July, and are expected to continue strong through the third quarter. Said David Maher, Acushnet’s president and CEO, on a conference call with analysts, "The game and business of golf have been incredibly resilient.” (Read More)
Wolverine Worldwide’s sales in the second quarter fell 39 percent but came in significantly better than internal expectations due to a 96 percent hike in online sales and strong trends towards the end of the quarter around outdoor, run and work. Said Blake Krueger, chairman, CEO and president, “The company's performance significantly exceeded our expectations entering the quarter on virtually every financial metric." (Read More)
“This is probably the strongest level of demand that I've seen,” said Chris Killoy, CEO at Sturm Ruger & Co., when asked on the company’s second-quarter conference call about the recent surge in demand for firearms that’s been fueled by anxieties over COVID-19 and civil unrest. (Read More)
Johnson Outdoors Inc. reported steep declines in profits and revenues in its fiscal third quarter ended June 26 but indicated orders have increased significantly in May and June in its Fishing, Watercraft Recreation and Camping segments as quarantined-consumers head outdoors for recreation. Helen Johnson-Leipold, chairman and CEO, said on a conference call with analysts, “At this time, we are working overtime to keep pace with continuing demand in all three of these businesses.” (Read More)
Under Armour Inc.’s revenues tumbled 41 percent in the second quarter, but significant declines are also expected in the second half – in the range of 20-to-25 percent - due to uncertain consumer spending, inventory constraints and a likely promotional climate. (Read More)
Powered by resiliency in the U.S. region and skyrocketing e-commerce gains, Crocs Inc. became one of the rare industry players to deliver strong earnings gains in the pandemic-sidetracked second quarter. Sales declined only slightly. Lean inventories, however, will limit second-half growth. (Read More)
Puma reported a sharp decline in its second-quarter sales due to COVID-19, but sales were only down 6 percent in June and ran approximately flat in July as stores reopened. A bright spot has been online as Puma’s e-commerce vaulted 97 percent in Q2. (Read More)