While its parent company was busy warning investors about a sharp decline in profits for the first half tied to a contracting manufacturing business, Yue Yuen’s retail subsidiary was providing good news for the half in a pre-announcement of its own.
Category: Sports/Fitness
Report: Off-Price and Children’s Well-Positioned for BTS Foot Traffic Surge
Following a lull in April and May, the 2023 back-to-school season is giving retail, and especially the wider apparel segment, a major boost, according to new data from Placer.ai.
Vista Outdoor Appoints CFO and General Counsel for Sporting Products Company
Vista Outdoor, Inc. named Andy Keegan as CFO of its Sporting Products segment. Jeff Ehrich becomes general counsel and corporate secretary of Sporting Products.
EXEC: Hoka Parent Sees Tighter Retail Inventory Key to Growing DTC Business
Fiscal Q1 results slightly outpaced the company’s expectations, with consolidated revenue increasing 10 percent to $676 million, gross margin improving more than 300 basis points, and diluted earnings per share growing 45 percent to $2.41 a share.
EXEC: Skechers Finds Strength Overseas Offset America Wholesale Weakness
Skechers U.S.A., Inc. raised its outlook for the year as broad strength internationally and strength in the U.S. direct-to- channel offset a 25 percent decline in wholesale sales in the U.S. due to overall elevated inventories in the marketplace. CFO John Vandemore said, “We expected the inventory congestion at our domestic wholesale partners to impact us most significantly in the second quarter.”
Envo Drive Systems Acquires Canadian E-Mobility Brand
Envo Drive Systems, a maker of e-bikes and e-vehicles for snow, water and 4-wheeling, reported it acquired fellow Canadian e-mobility brand Veemo from its sole creditor, Velo Metro.
Report: Tennis Apparel and Footwear Sales Growing at Double-Digit Pace
In the U.S., sales revenue for tennis apparel increased by 15 percent in the 12 months ended June 2023 and is up 38 percent versus three years ago, according to Circana. Tennis shoe sales grew by 21 percent versus the prior year and increased 37 percent compared to three years ago.
Deckers Brands Lifts Outlook on Hoka and DTC Momentum
Deckers Brands raised its outlook for the year after reporting results for the fiscal first quarter ended June 30 that surpassed analyst targets. Direct-to-consumer growth net sales increased 35.3 percent to offset a slight wholesale decline. Among major brands, sales of Hoka’s jumped 27.4 percent while Ugg’s sales decreased 6.0 percent.
SRAM Names VP of Marketing and Communication
Chicago-based bicycle parts manufacturer SRAM has hired Josh Kendrick as its new vice president of marketing and communication (marcom). Kendrick will take over from David Zimberoff, who is moving on after leading the department for more than 24 years.
True Fitness Recalls Showrunner II Consoles
True Fitness recalled about 600 Showrunner II Consoles, including wireless phone chargers, sold with the fitness equipment. An exposed area of the wireless charging board could come in contact with another internal wire, posing a fire hazard.
The Beachbody Company Amends Loan Agreement
The Beachbody Company, Inc. reported that it amended certain financial covenants of its $50 million term loan with Blue Torch Capital to add financial flexibility.
Escalade Sees Sequential Improvement to Q2 Business From Tough Q1 Start
Excluding the impact of the change in the company’s reporting calendar, second quarter sales declined 9.5 percent on a year-over-year basis and second quarter gross margin improved significantly compared to the first quarter.
Vista Outdoor’s Earnings Decline on 14 Percent Revenue Slide
Vista Outdoor, Inc. reported earnings declined 54 percent in the fiscal first quarter ended June 25. Sales dropped 14 percent with sales down 26 percent in the Sporting Products segment while gaining 8 percent in the Outdoor Products segment. The company said results were in line with expectations and reiterated its guidance for the year.
EXEC: Puma CEO Talks Cautious Approach on U.S. Turnaround
Puma SE delivered second-quarter results that topped analyst targets and said it might be able to raise its outlook for the year should the recent momentum in China, Europe and Latin America continue in the third quarter. However, Arne Freundt, Puma’s CEO, was hesitant to forecast a return to growth in the U.S. market due to weak consumer spending.
Gap, Inc. Appoints Board Member as President and CEO
Gap, Inc., the parent company of active lifestyle retailer Athleta, appointed Richard Dickson as company president and CEO, effective August 22, 2023. In November 2022, Gap, Inc. appointed Dickson to its Board of Directors.
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