Adidas AG reported first-quarter earnings that topped Wall Street’s targets as the company benefited from strong growth in China and online as well as significantly higher gross margins. More encouragingly, strong spring launches are expected to set the stage for accelerated growth in the second half and the supply-chain issues slowing growth in North America are expected to be resolved by the end of the year.
Category: Footwear
Adidas’ Q1 Earnings Climb 17 Percent
Adidas reported a 17 percent rise in first-quarter net profit as double-digit growth in China compensated for weakness in Europe and North America. E-commerce revenue gained 40 percent
Genesco Announces New Stock Repurchase Authorization
Genesco Inc. announced its board of directors has authorized it to repurchase up to $100 million of the company’s common stock.
Under Armour Believes North America Has Stabilized
Under Armour’s earnings and sales that topped analysts’ expectations due to healthy overseas growth and efficiencies gained from its extensive restructuring efforts and stringent inventory controls. The most encouraging sign, however, was that the North America region is stabilizing.
Gildan Activewear Q1 Dragged Down By Lower Imprintables Restocking
Gildan Activewear reported a steep decline in earnings in the first quarter, as expected, as sales were impacted by lower levels of distributor restocking. Higher raw material and other input cost pressures also pressured margins.
K-Swiss Sold To Xtep International
China-based sports brand Xtep International Holdings Ltd announced plans to acquire E-Land Footwear USA Holdings Inc., the parent of K-Swiss, for $260 million in an all-cash deal, according to Reuters.
Under Armour Swings to Profit, Boosts 2019 Outlook
Under Armour Inc reported stronger-than-expected first quarter earnings while boosting its full-year earnings guidance, as solid overseas demand offset a fall in North American sales.
Gildan Activewear’s Q1 Earnings Plunge
Gildan Activewear reported net earnings dropped 66.6 percent in the first quarter on a decline of 3.6 percent in revenues. The company said results were in line with expectations and it maintained its adjusted earnings guidance for the year.
Modell’s Appoints CFO
Modell’s Sporting Goods has officially hired David Stern to the role of executive vice president and chief financial officer. Stern will play an intricate role in strategic planning and growth opportunities for Modell’s while overseeing the finance and information technology departments.
Big 5 Delivers Robust First Quarter But Weak Outlook
Big 5 Sporting Goods Corp. delivered a strong first quarter as cold weather boosted its winter business. But the California-based sporting goods chain also warned of a loss in the current quarter due to a later Easter this year and also warned that overall sales appear soft.
Adidas Partners With Little League Baseball And Softball
Little League Baseball & Softball and Adidas announced a multi-year partnership in which the Portland, OR-based company will be Official Sponsor & Supplier of uniform, footwear & coaches apparel. Adidas replaces Russell Athletic.
Puma Hires New SVP, Wholesale, North America
Puma appointed John Miller as senior vice president, wholesale for Puma North America.
Genesco Promotes Mimi Vaughn To COO
Genesco Inc. announced that Mimi Eckel Vaughn has been named chief operating officer of the company, effective May 1, 2019. In addition to her new role, Vaughn will continue as chief financial officer until a new chief financial officer is appointed.
Academy Sports Opens Store in Ardmore, OK
Academy Sports + Outdoor opened its first store in Ardmore, OK, representing its 13th store in Oklahoma.
Modell’s Fight For Survival
In a comprehensive interview with SGB Executive, Mitchell Modell, CEO of Modell’s Sporting Good’s, discusses the retailer’s frantic outreach efforts to save the company following reports of a possible bankruptcy filing. Plans to further stabilize and improve the business were also detailed.
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