Academy Sports and Outdoors, Inc. said a slow start to fall selling due to warmer temperatures as well as continued weak consumer demand caused third-quarter results to miss plan, resulting in a downward revision to full-year guidance. CEO Steve Lawrence said on an analysts call, “We feel like we don’t have a challenged strategy. We’ve got a challenged customer.”
Author: Thomas J. Ryan
Thomas J. Ryan
Senior Business Editor | SGB Media
tryan@sgbonline.com | 917.375.4699
Deloitte: Women’s Sports Revenue Set to Hit $1B In 2024
Deloitte forecasted that women’s elite sports will generate global revenues of $1.28 billion in 2024, the first time that annual global revenues for women’s sports will have surpassed $1 billion.
EXEC: Foot Locker Finds Progress with Lace-Up Strategy
Shares of Foot Locker, Inc. rose about 16 percent Wednesday after the sneaker juggernaut reported better-than-expected third-quarter results, encouraging sales trends so far in the fourth quarter and what Mary Dillon, president and CEO, hailed as several “early wins” in the company’s Lace Up transformation program.
EXEC: Black Friday Weekend Sales See Encouraging Start to Holiday Selling
Led by online selling and boosted by promotions, sales on Black Friday and over the past weekend topped or came in line with modest expectations, according to multiple survey reports and Wall Street analysts.
EXEC: Analysts Skeptical of Colt CZ’s Bid for Vista Outdoor
While Vista Outdoor’s stock has seen an uptick following news of Colt CZ making an unsolicited offer to acquire the company for $30 per share, or for $1.74 billion, analysts believe Vista’s board will reject the offer and follow through on its planned sale of Vista’s ammo business to Czechoslovak Group.
EXEC: Vista Outdoor Receives Unsolicited Offer to Acquire Company
Colt CZ Group has made an unsolicited offer to acquire the company for $30 per share, or $1.74 billion, potentially derailing a planned sale of Vista’s Sporting Goods business to Czechoslovak Group (CSG) and spinoff of the Outdoor Sports segment.
EXEC: Wall Street Reacts to Strong Q3 for Dick’s and Hibbett
The third-quarter earnings beats and raised guidance for both Dick’s Sporting Goods and Hibbett increased investor confidence that the athletic retail space is positioned to at least outperform the broader retail sector in a challenging marketplace, although some analysts were concerned about margin pressures at Dick’s.
EXEC: Dick’s SG Beats Q3 Expectations, Bullish on Holiday Selling
Boosted by a “very strong” back-to-school selling season, Dick’s Sporting Goods posted above-plan third-quarter results, lifting its guidance for the year. Lauren Hobart, president and CEO, told analysts, “We are pleased with how our consumer is holding up within the sporting goods industry and then particularly that they’re choosing Dick’s increasingly to meet their needs.”
EXEC: VF Scores Upgrade from JP Morgan
JP Morgan raised its rating and price targets on VF Corp. on increasing confidence that recently-hired CEO Bracken Darrell will use a similar strategy he used at his former company, Logitech International, to achieve a turnaround at the parent of Vans and The North Face.
EXEC: Duer’s Founder Discusses Denim Disruption
In 2015, Duer created a range of “stretch performance denim” manufactured from plants and various recycled materials, putting a new spin on jeanswear. Founder Gary Lenett talked with SGB Executive about the Vancouver-based brand’s inspiration, emerging opportunities outside denim, distribution model, and commitment to sustainability.
EXEC: Gap Sees Athleta’s Recovery Taking Longer Than Planned
Athleta’s sales declined 18 percent in the third quarter against “heavy discounting” a year ago and are expected to decline double-digits in the fourth quarter as the retailer’s recovery from recent fashion miscues has taken longer than expected.
EXEC: Hot Weather Chills Boot Sales at Shoe Carnival
Shoe Carnival reported it gained market share in the family footwear channel due to a robust back-to-school season with particular strength in kids on strength in athletic; however, annual guidance was lowered for the third straight quarter as hot and dry weather in September and October caused a decline in the twenties in the boot category.
Baird Sees Reawakened Investment Opportunity For Team Sports
In a recent analysis from Baird, the investment firm and financial services company forecasted that tech advances, improved player performance and safety features, elevated traditional and social media exposure, and other economic factors will accelerate the future of team sports participation, benefiting from both the sporting goods industry and its investors.
Bain: Luxury Seen Losing Pandemic Boost
Bain & Company’s Luxury Study forecasted the global personal luxury goods market will grow 4 percent on a currency-neutral basis to €362 billion ($393 bn) in 2023, below a forecast between 5 percent to 12 percent the consultancy published in June.
Fila Holdings’ Sales Slide On Fila Brand Weakness
Korea-based Fila Holdings Corp. reported sales fell 8.3 percent in the third quarter as a 35.1 percent decline at the Fila brand segment offset a gain of 3.3 percent at Acushnet (Titleist, Footjoy). Fila brand’s sales tumbled in the U.S. due to the impact of elevated inventories.
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