Academy Sports and Outdoors, Inc. slightly raised its FY outlook after reporting its first same-store gain in three quarters on strength in shooting and fishing categories, but CEO Steve Lawrence still cautioned that elevated gas prices will weigh on consumer spending for the year. Lawrence told analysts on a call, “Gas prices definitely are a headwind for the American consumer.”
Category: Sports/Fitness
CNBC/NRF Report Shows Sales Grew Again in May
Retail sales rose for the eighth consecutive month in May despite high gas prices and ongoing inflation, according to the CNBC/NRF Retail Monitor released by the National Retail Federation. Total retail sales, excluding automobile dealers and gasoline stations, were up 0.42 percent seasonally adjusted month over month and up 7.19 percent unadjusted year over year in May.
Imports Expected to Climb in June Ahead of Higher Tariffs and Fuel Prices
Import volumes at major U.S. container ports are expected to see a skewed year-over-year bump again this month in anticipation of more tariffs and rising fuel prices but then remain below last year’s levels into the fall, according to the Global Port Tracker report released by the National Retail Federation and Hackett Associates.
Orangetheory Fitness Expands Into Italy
Purpose Brands announced that Icon Palestre, an Italian fitness management company led by CEO Felice Orsinetti, has secured franchise rights to open four Orangetheory Fitness studios in the greater Rome metro area over the next four years. The agreement marks Orangetheory’s introduction to the Italian market.
Academy Sports and Outdoors Lifts FY Outlook on Solid Q1 Performance
Academy Sports and Outdoors, Inc. reported that earnings on an adjusted basis rose 18.6 percent in the first quarter as total sales rose 6.7 percent and same-store sales improved 2.7 percent. The Texas-based retailer raised the lower end of its sales and earnings guidance for the year.
Bridgestone Golf to Shutter Georgia Ball Plant, Citing Supply Chain Challenges
Bridgestone Golf announced that it will be shutting down its ball manufacturing and testing facility in Covington, GA, effective June 30. The closure will affect 86 jobs.
EXEC: Footwear Executive Survey Shows Business Optimism Slipping
The 14th Edition of the World Footwear Business Conditions Survey found footwear executives were generally upbeat about business prospects but slightly less so than the prior survey taken last fall. Geographically, respondents in Europe are substantially less optimistic than those in other continents amid the U.S.-Iran conflict, but generally positive opinions prevail everywhere.
North Dakota’s First Choice Apparel and Embroidery Closing
First Choice Apparel and Embroidery, based in Fargo, ND since 1995, is closing as its founders Carla and Ron Sorvaag are retiring.
Oakland University Partners with Adidas and BSN Sports
Oakland University Athletics has officially signed a multi-year contract with Adidas, with BSN Sports positioned as the exclusive supplier of uniforms, apparel, footwear, accessories, and equipment for all 18 Golden Grizzly varsity programs. The university had been a Nike school since 2013 in a partnership with Lids.
Golftec Marketing Exec Joins Youth on Course
Youth on Course, a non-profit designed to introduce golf to youth, appointed Chris Kuebrich, formerly Golftec’s SVP of marketing, as its senior director of marketing.
EXEC: UK Activewear Brand Oner Active to Open NYC Store
The Oner Active store in Manhattan’s Noho neighborhood is expected to open this winter. It’s close to Gymshark’s recently opened flagship on Bond Street.
Mitchell & Ness Opens Flagship Store in Philadelphia
Mitchell & Ness, the throwback jersey brand owned by Fanatics, has opened a three-story flagship store in its hometown of Philadelphia. The 16,400-square-foot space features over 2,200 square feet of jerseys, including authentic, swingman and legacy styles, as well as 120 headwear styles.
PopStroke Names Chief Growth Officer
The miniature golf entertainment concept, owned by Greg Bartoli, Tiger Woods’ TGR Ventures, and TaylorMade Golf Co., has appointed Matt Corey to a new role as chief growth officer. The announcement comes as PopStroke reaches 21 venues nationwide, with three additional locations slated to open this year.
Peloton Acquires Pilates Startup Skōp
Peloton Interactive, Inc. has acquired Skōp, the maker of a $7,995 connected Pilates reformer, in what the company is framing as a targeted technology acquisition rather than a new product for its lineup.
EXEC: LULU Shares Hit by Downgrades, Price Target Cuts After Bleak Outlook
Lululemon Athletica Inc. incurred two analyst downgrades and saw numerous other analysts slash their price targets on its stock after the retailer slashed its annual profit forecast and projected second-quarter earnings well below Wall Street estimates.
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