Columbia Sportswear, Wolverine Worldwide, VF Corp. and Hanesbrands were among vendors in the active lifestyle space downwardly adjusting their guidance for the year in reporting Q2 results in the face of an increasingly promotional marketplace. However, more vendors than not were able to surprise on the upside.
Author: Thomas J. Ryan
Thomas J. Ryan
Senior Business Editor | SGB Media
tryan@sgbonline.com | 917.375.4699
EXEC: Walmart’s Robust Q2 Delivers Upbeat Signal for Retail’s Recovery
Walmart, Inc. lifted its outlook for the year after reporting second-quarter results that handily topped guidance due to strength in the grocery but also a better-than-expected performance in general merchandise. The strong results were a relief for the retail sector following sluggish sales reports from Target and Home Depot although Walmart’s CEO Doug McMillon told analysts household budgets remain under pressure.
BofA Upgrades Adidas To Buy, Lifts Price Targets for Dick’s and Academy
Bank of America Corp. (BOFA) upgraded Adidas to “Buy” due to its progress in improving margins while lifting its price target on Dick’s Sporting Goods and Academy Sports on improving sales trends.
EXEC: On Continues to Gobble Up Share in U.S. Run Specialty
On Holdings once again raised its sales guidance for the year after reporting second-quarter results that topped analyst targets. In the Americas, sales vaulted 59.8 percent in the period, driven by strong full-price selling and share gains within the run specialty channel.
EXEC: Dennis Driscoll Looks Back on Nearly 45 Years in the Footwear Business
Long-time global footwear industry veteran and chief product officer for Xero Shoes, Dennis Driscoll, is retiring on September 1 after more than 44 years in the business. Driscoll talked with SGB Executive about the insights he gained over his career, including having worked for Avia and Converse and what he will miss.
Study: Strong Pickleball Growth Nets Access Challenges
“If you build it, they will come” certainly applies to the sport of pickleball, according to a new study from the Sports & Fitness Industry Association (SFIA) and Pickleheads, a website that helps players find and schedule pickleball games. The study concluded that pickleball’s unprecedented growth would require a $900 million investment to build the 25,000 courts in the U.S. necessary to support continued participation gains.
EXEC: Leatherman Tool Group’s CEO Talks 40 Years of Multi-Purpose Innovation
Ben Rivera joined Leatherman Tool Group after college graduation in 1983. He was appointed CEO in 2018. Rivera talked with SGB Executive about the company’s expansion across the multi-tool category, the reasons for its longevity and building a corporate culture of innovation.
Vista Outdoor’s Sporting Products Business To Be Rebranded as The Kinetic Group
Vista Outdoor, Inc. announced its new name and identity that will be effective following the planned spinoff of Vista Outdoor’s Outdoor Products business. Post-spin, Vista Outdoor will be rebranded as The Kinetic Group, a name “that surfaced among employees during the naming process and represents the energy behind the company and its leading ammunition brands,” […]
EXEC: Sport Chek, Helly Hansen Parent Pulls Growth Targets Amid Consumer Spending Retreat
Canadian Tire Corp, the parent of the Canadian Tire chain and Sport Chek, reported a drop in quarterly revenue, as demand for sporting goods and home improvement items slowed at its stores. The retailer also said it was withdrawing its previously disclosed financial targets for 2022-2025 as it battles high inventory costs and strained consumer spending.
EXEC: Yeti CEO Talks Return to Double-Digit Growth in Fourth Quarter
Shares of Yeti Holdings rose about 17.3 percent Thursday after the drinkware and cooler maker raised its guidance for the year after second-quarter results handily topped Wall Street targets. Speaking to analysts, Matt Reintjes, president and CEO of Yeti Holdings, predicted a return to double-digit growth in the fourth quarter as the firm recovers from a massive recall and taps success with newer product families and line extensions.
EXEC: Nautilus Sees Direct Business Improving on Momentum in Strength Products
Nautilus Inc., the parent of Bowflex and Schwinn fitness equipment, significantly reduced its loss in its fiscal first quarter ended June 30 due to improved margins and lower costs. Sales were again down sharply with retail segment sales impacted by high marketplace inventories, but the direct segment showed improving trends, including flat sales across strength products.
EXEC: Allbirds Shares Pop As Transformation Efforts Gain Traction
Allbirds reported a loss in the second quarter, but the period marked the troubled eco-friendly sneaker seller’s second quarter in a row of top- and bottom-line results above expectations. Company officials told analysts that its transformation efforts included a refocus on core styles, including the Wool Runner and Tree Dasher, which had made progress.
EXEC: Under Armour Reduces North America Guidance on Wholesale Softness
Under Armour reported results for the fiscal first quarter ended June 30 came in line with expectations amid progress reducing inventory levels while reiterating its overall guidance for the year. However, sales guidance was reduced for North America as the brand was unable to overcome due to stubborn challenges at U.S. wholesale.
EXEC: Black Diamond Sales Thwarted By Weak Open-To-Buy Orders
Black Diamond’s sales fell 23.7 percent in the second quarter due to a combination of lower consumer demand and continued lower open-to-buys as its primary North American wholesale partners work down inventory levels, according to its parent Clarus Corp. Company officials see improvement but do not expect marketplace inventories to rebalance until year-end.
EXEC: Analysts Gaining Confidence in Adidas’ Turnaround
While some still see an uphill battle for Adidas to regain share in the competitive landscape, the majority of analysts covering the stock were encouraged by the progress the company made in the second quarter toward a turnaround, including building momentum in its underlying business on the back of the “terrace” trend.
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