Nautilus, Inc., the parent of Bowflex, slashed its loss in the fiscal first quarter ended June 30 due to an uptick in gross margins and a steep reduction in expenses with the year-ago period including a $27.0 million asset impairment charge. Sales were down 23.8 percent with a decline of 17.5 percent in the Direct segment and 29.0 percent in the Retail segment.
Category: Sports/Fitness
EXEC: Yonex Posts High-Teens Growth in Fiscal Q1; Profits Down
Global net sales increased 18.1 percent year-over-year aided by Yen depreciation overseas., reflecting strong demand globally despite concerns over inflation, economic slowdown and geopolitical risks.
YogaSix Hits Key Milestone with Over 600 Signed Franchise Agreements
The company said expansion in key markets such as Alexandria, VA; Los Angeles, CA; Boston, MA; and Long Island, NY would fuel the brand’s yoga experience that includes six core formats.
WellnessSpace Brands Hires Fitness Industry Vet as VP of Sales
WellnessSpace Brands, a developer of experiential wellness products, hired industry veteran Eric Jaworsky as VP of sales.
EXEC: Topgolf Callaway Leadership Talks Up Modern Golf Trend, Q2 Results, IT Incident
CEO Chip Brewer noted that the company hopes to clearly explain the short-term volatility and highlight the long-term positive story of continued improvement in the earnings power of the business and the resilience of the core Modern Golf consumer.
Cordura Brand Appoints European Business Development Manager
Invista’s Cordura brand hired Ruud Vermeij as European business development manager for the Cordura brand, responsible for developing and executing the commercial strategy for growing its consumer business in Europe.
Beachbody’s Q2 Revenues Decline 25 Percent
The Beachbody Company, Inc.’s adjusted operating loss widened in the second quarter ended June 30 despite sales sliding 25.0 percent. The fitness subscription company said it made progress in restructuring its financial covenants while hiring Mark Goldston as executive chairman of its Board of Directors to support its turnaround efforts.
Topgolf Callaway Gets Double-Digit Q2 Lift from Topgolf; Callaway Flat
The revenue increase was said to be driven by strong 16.6 percent growth at Topgolf, including approximately 1 percent same-venue sales growth.The result came despite an $8.0 million negative impact from FX rate variances.
EXEC: Under Armour Reduces North America Guidance on Wholesale Softness
Under Armour reported results for the fiscal first quarter ended June 30 came in line with expectations amid progress reducing inventory levels while reiterating its overall guidance for the year. However, sales guidance was reduced for North America as the brand was unable to overcome due to stubborn challenges at U.S. wholesale.
EXEC: Dunlop Sports Full-Year Forecast Cut After Q2 Growth Falls Short
Dunlop Sports’ business increased 19.5 percent to ¥68.15 billion ($504.8 million) in the first half, but the company forecasted sales on May 15 to reach ¥70.0 billion in the first half after reducing its previous forecast of ¥75.5 billion.
JD Sports Acquires Balance of Shares in Poland-Based Sports Retailer
JD exercised its rights under a call option to acquire the outstanding 40 percent minority stake of Marketing Investment Group S.A. (MIG) to become MIG’s 100 percent sole owner.
Report: Small Businesses Report Significant Hiring Decline in July
The CBIZ Small Business Employment Index (SBEI) reported a seasonally adjusted decrease of 2.1 percent in July. This month’s reading is a dramatic reversal from the strong hiring reported in June.
EXEC: Mizuno Posts Strong Fiscal Q1 Results; Footwear Jumps 46 Percent
The company reported sales grew in strong double-digits in the fiscal first quarter ended June 30, driven by double-digit growth across all categories. The Japan-based company is maintaining its forecast for sales of ¥225 billion in fiscal full-year 2023.
Hanesbrands Faces Activist Investor Calling for Leadership Changes
Barington Capital, an activist shareholder group, issued a letter calling for changes in the Board of Directors of Hanesbrands, possibly the CEO and other operational changes to reduce debt. In response, Hanesbrands highlighted progress under its Full Potential strategy and said it remains committed to driving shareholder value.
EXEC: Asics Corp. Increases Full-Year Guidance on Strong H1 Results
For the first half ended June 30, net sales were ¥290.0 billion, recording the highest for the six month period and increased year-over-year in all regions and categories.
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