Products supporting recovery for runners dominated many of the offerings at the recent NYC Marathon Expo but an overall message of recovery for the industry was also heard from attending exhibitors. Said Luke Rowe, SVP at CEP, “The bottom was hit and they’re bouncing back.”
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Delta Apparel reported a sharp uptick in earnings in its fourth quarter ended September 29. Strong results from its expanding digital print and fulfillment businesses offset weakness at both Salt Life and Soffe tied to Hurricane Florence.
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Shoe Carnival Inc. significantly raised its earnings guidance for the year after reporting third-quarter results beat plan due to robust back-to-school selling and fatter margins. Same-store sales expanded 4.5 percent with a mid-single-digit increase in both women’s and men’s non-athletic and a low single-digits in adult athletics.
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A number of legislators and union officials decried New Era’s plan to close its manufacturing plant in Derby, NY, the company’s only headwear-manufacturing facility in the U.S. Charles Schumer, the Senate Minority Leader who represents New York, said, “This is devastating news for Buffalo. I sincerely hope that New Era, a hometown Buffalo company, will reconsider.”
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In essentially its initial public offering, Life Fitness Holdings, the commercial fitness equipment leader being spun off from Brunswick Corp., predicted generally modest growth for the fitness equipment sector overall in the years ahead. But the company expects to continue to grab share through its reach into an increasingly digitized commercial fitness landscape.
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Noting that the majority of the company’s 29 brands “have more mindshare than closet share,” Bob Galvin in his first conference call as president and CEO of Iconix Brand Group Inc. promised to push collaboration among licensing partners in a more unified approach. Unfortunately, a bad debt charge from Sears’ bankruptcy stalled progress in the latest quarter.
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Mizuno Corp. reported that sales in the Americas dropped 16 percent in the second quarter ended September 30 but the region returned to the black in the six months.
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In October, Brooks Running Co. reported a whopping 29-percent increase in global revenue in the first nine months of this year, representing a strong bounce back for footwear’s run specialty leader. Here, Brooks Running CEO Jim Weber discusses Brooks’ return to strong double-digit growth, the recovering run specialty channel, the challenges around potential tariffs and what’s ahead for Brooks in 2019.
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In a report entitled, “Is the Finish Line a step too far?,” Morgan Stanley initiated coverage of JD Sports Fashion Plc with an “Underweight” rating largely due to concerns over its recent mega-acquisition of The Finish Line. Part of that concern is that the merger comes as Nike and Adidas are rapidly expanding their direct-to-consumer (DTC) channels.
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Shares of Crocs Inc. jumped $5.91, or 27.6 percent, to $27.35 on Thursday after the company reported earnings that flew past Wall Street’s targets on 13.7-percent growth in the Americas region and meatier gross margins. Guidance was sharply lifted for the year.
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On its third-quarter conference call, Canadian Tire officials indicated that Helly Hansen, acquired in early July, is off to a “good start” with its integration process and should find a bigger presence across the company’s Canadian stores by mid-2019. They also laid out plans for Sport Chek to re-merchandise departments by categories instead of by brand, expand private labels, and improve inventory productivity.
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Adidas lifted its profitability guidance for the year after reporting robust third-quarter earnings due to better-than-expected margins and strong double-digit growth in North America, China and across e-commerce channels. Yeezy delivered Adidas’ largest digital-release. But the year’s sales outlook was lowered as softness arriving in Europe earlier in the year worsened in the third quarter.
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Asics Corp. reported an operating loss in its American region of ¥398 million ($3.5 mm) in the third quarter as sales declined 8.1 percent. Companywide, Asics slashed its earnings guidance for the year as it also saw a steep decline in profits in the Europe and a modest decline in Japan.
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Shares of Newell Brands Inc. rose 14.5 percent Friday after the consumer-goods conglomerate reported adjusted earnings in the third quarter exceeded expectations as its turnaround efforts made some progress. The full-year EPS outlook was lifted for the year. Coleman’s sales were impacted by lost distribution at a key U.S. retailer.
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Acushnet Holdings Corp. slightly lifted its full-year guidance for earnings and sales after reporting robust growth in Titleist golf clubs and solid growth in Titleist balls that led to better-than-expected third-quarter results.
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While Hanesbrands faced a number of challenges in the third quarter, including absorbing a bad-debt charge from Sears, currency headwinds and replenishment lags in Innerwear, the Champion business remains on fire. Champion’s sales grew in excess of 30 percent globally on a currency-neutral basis in the quarter and 40 percent excluding the mass channel.
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Shares of Fitbit Inc. rose $1.22, or 25.8 percent, to $5.95 Thursday after the fitness tracker leader returned to profitability on a non-GAAP basis for the first time in two years on surging sales of smartwatches. The just-launched Fitbit Charge3 is also seeing a strong reception.
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Boosted by double-digit gains for both its Fitness and Outdoor segments on strength in wearables, Garmin Ltd.’s adjusted earnings climbed 32.0 percent in the third quarter ended September 29, easily topping Wall Street’s target. The Fitness segment was led by advanced wearables, led by the GPS-enabled Vívo line of products. The Fēnix’s series continues to drive Outdoor.
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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.”
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Nautilus Inc. reported earnings tumbled in the third quarter due to higher input costs and a sharp drop in sales at the company’s Direct segment due to the timing of a relaunch but management indicated results were in line with plans. Officials also expect only a modest impact from the bankruptcy of Sears.
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