Shares of Nike Inc. closed down 20 percent on Friday, June 28, after the company revised its sales forecast to be down in mid-single digits for its fiscal year ended May 31, 2025, including a high-single-digit drop in the first half.
Author: Thomas J. Ryan
Thomas J. Ryan
Senior Business Editor | SGB Media
tryan@sgbonline.com | 917.375.4699
EXEC: Wall Street Debates Shareholder Approval for Vista Outdoor’s CSG Deal
Wall Street analysts appear split on whether Vista Outdoor’s sale of its Kinetic ammunition business to Czechoslovak Group a.s. will now go through after receiving long-awaited regulatory approval or whether a higher bid from MNC Capital for the entire business and a potential DOJ investigation could derail the deal.
EXEC: Adidas Bribery Investigation Claims First Two China Employees
Adidas reported on June 26 that two Chinese employees had left the company as the German sportswear giant investigates bribery allegations in China.
EXEC: MNC Capital Raises Bid For Vista Outdoor For Third Time
MNC Capital, on Wednesday morning, June 26, increased its all-cash offer to outright acquire Vista to $42 per share, or about $3.2 billion. The enhanced offer follows Vista’s news that it received government clearance for the proposed sale of its ammunition business, The Kinetic Group, to Prague-based Czechoslovak Group a.s. (CSG).
EXEC: Vista Outdoor Secures U.S. Government Approval for Ammo Business Sale to CSG
Vista Outdoor, Inc. reported late afternoon on June 25 that it had received regulatory approval from an interagency committee of the U.S. government for the proposed sale of its ammunition business, The Kinetic Group, to Prague-based Czechoslovak Group a.s. (CSG).
JCPenney Posts Wider Q1 Loss as Sales Slide 8 Percent
J.C. Penney’s net loss in the first quarter ended May 4 more than tripled to $63 million from $17 million a year ago, according to a financial filing. Sales in the period slumped 8.1 percent to $1.37 billion from $1.49 billion a year ago.
Under Armour Reaches $434 Million Settlement in Shareholder Lawsuit
Under Armour Inc. agreed to pay $434 million to settle a 2017 lawsuit into claims that the company defrauded shareholders about its revenue growth in order to meet Wall Street forecasts.
EXEC: Vista Sees Proxy Advisor Change View on Ammo Group Sale; Suggests MNC Re-Look
Institutional Shareholder Services is now calling on Vista Outdoor shareholders to abstain from voting on Vista’s $1.96 billion sale of its Kinetic Group ammunition business unit to Czechoslovakia Group after recommending shareholders approve the sale only three weeks ago.
EXEC: EMS/Bob’s Parent to Shutter Distribution Center in Bankruptcy Proceedings
In a bankruptcy court affidavit, David Barton, CEO of Mountain Sports LLC, the parent of Eastern Mountain Sports (EMS) and Bob’s Stores, said the company plans to close its primary distribution center and fulfill orders from stores as an initial step its reorganization.
EXEC: EMS/Bob’s Parent Files for Chapter 11 Bankruptcy
Mountain Sports, the parent of Eastern Mountain Sports and Bob’s Stores, filed a voluntary petition for Chapter 11 protection in Wilmington, DE, U.S. Bankruptcy Court…
EXEC: Nike Hit By Analyst Estimate Cuts Ahead of Earnings Report
Ahead of Nike’s quarterly report next week, several analysts reduced their EPS targets for Nike’s fiscal year ended May 31, 2025, on weaker-than-expected sales in the first half of the current fiscal year and concerns about how quickly investments the company has made in innovations will take hold.
Report: Troubling Decline in Core Outdoor Participants
Among it’s findings, the OIA 2024 Outdoor Participation Trends Report found that the average number of outings per participant in 2023 fell 11.4 percent from 70.5 per participant in 2022 to 62.5 outings per participant in 2023.
EXEC: Nike’s Valuation Dips Again in Kantar’s 2024 Most Valuable Brands Study
Nike retained its No.1 brand position in apparel in Kantar Brand’s “Most Valuable Global Brands Report” for 2024 but its valuation fell for the second year in the row while big gains were marked by Zara, Lululemon, Adidas, Uniqlo, and H&M.
Delta Group President Resigns
Delta Apparel said in a regulatory filing that Matt Miller, president of Delta Group, the company’s largest segment, had submitted his resignation. Miller’s exit follows Delta’s announcement on May 31 that longtime Chairman and CEO Robert Humphreys will resign from his role with the company, effective June 29, at the request of Delta’s independent board directors.
EXEC: Academy Sports Talks Push for Better Footwear Allocations
Steve Lawrence, CEO at Academy Sports, elaborated on the retailer’s efforts to improve access to better product from its footwear vendor partners and secure new brands, including Hoka and On.
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