Author: Thomas J. Ryan

Foot Locker saw stock downgrades from Citi and Williams Trading on Monday following its first-quarter miss and move to significantly reduce its full-year guidance. Some analysts were still hopeful that improved Nike allocations and benefits from its new Lace Up transformation plan would eventually pay dividends.

Shares of Foot Locker, Inc. collapsed about 25 percent in mid-day trading Friday after the sneaker giant axed its guidance for the year and indicated it will miss medium-term targets only set in March as sales have dropped sharply below expectations. Mary Dillon, CEO and president, told analysts, “Since our Investor Day in the face of increasing macro headwinds, our sales trends have slowed significantly, just in the past month and a half, which will have an impact on our near-term results.”

Canada Goose Holdings reported better-than-expected results in the fiscal fourth quarter ended April 2 on strength in its EMEA region and China. However, Canada Goose’s shares are trading down about 11 percent in late-afternoon trading Thursday as company officials struck a cautious note on its U.S. business as luxury spending cools.

Nike bounced back substantially to regain its position as the most popular apparel and footwear brand selling on Amazon, overtaking the e-tailer’s private label range after two years, according to Coresight Research’s sixth annual Amazon Apparel U.S. Consumer Survey.

On Holdings raised its revenue outlook for 2023 after delivering a better-than-expected first quarter. The Americas led the regional growth, surging 91.9 percent to CHF 270.2 million ($301 mm), boosted by a strong reception for the brand at Dick’s Sporting Goods, On officials said on an analyst call.

Wilson Sporting Goods in early May opened its first-ever West Coast retail location in Santa Monica, CA, bringing its total store count to six. Gordon Devin, president and general manager, Wilson Sportswear, talked with SGB Executive about Wilson’s aggressive retail push, its expanding apparel business and current business conditions.

Mizuno Corp. reported record earnings for the year as revenues jumped 23 percent. The revenue gains were mainly driven by golf in overseas markets and baseball, football and work business in its domestic Japanese market. For the fourth quarter, earnings rose 31 percent on a 35 percent revenue gain.

In March, Topo Designs received a significant equity investment from Gart Capital Partners to mark the first time that the Denver-based outdoor brand had taken on outside funding since being founded in 2008. SGB Executive talked with Jedd Rose, Topo Designs’ president, about the brand’s The New Outdoor platform and how the fresh funding will help capitalize on Topo Designs’ recent momentum.

Yeti Holdings, Inc. managed to deliver 3.1 percent growth in first quarter that beat expectations despite the period being negatively impacted by a massive voluntary recall and the expected slow pace of orders in the North American wholesale channels.

Wolverine World Wide, Inc. reported first-quarter earnings that slightly exceeded expectations on strength at Merrell and Saucony while announcing that it was exploring the sale of its struggling Sperry business and revealing that Anne Cavassa, president of Saucony, had left the company.

In her first address to the investment community, Stephanie Linnartz, Under Armour’s new CEO, declared, “Growth is without a question our highest priority.” She cited footwear, women, sport style and full-price stores as untapped opportunities but particularly stressed an urgency for Under Armour to establish a more-premium positioning and amplify brand heat.

Solo Brands, Inc.’s sales expanded 7.3 percent in the first quarter, topping expectations, as fill-ins address early sell-through. The replenishment orders helped the company boost Q1 wholesale revenues to offset declines in its e-commerce business.

Johnson Outdoor’s sales increased by 7 percent in the fiscal second quarter ended March 31. On an analyst call, Helen Johnson-Leipold, chairman and CEO, said improved product availability in Fishing and continued momentum in Diving offset a “post-pandemic slowdown” affecting its Camping and Watercraft sales.

Last December, Topo Athletic, largely known for its running footwear, was acquired by Designer Brands, Inc., the parent of the DSW family footwear chain. Here, Tony Post, who founded the brand in 2012 and remains CEO, discusses the reasons behind the sale, how the merger impacts Topo’s core specialty business and what categories have been driving growth.