S&P Global Ratings reduced the debt ratings of Wolverine World Wide, Inc. as the footwear manufacturer continues to underperform its expectations with “tough industry headwinds to continue to pressure the company’s operating performance at least over the next several quarters.”
Category: Sports/Fitness
Gympass Secures $85 Million In Equity Funding
Gympass announced it raised $85 million in a Series F funding round at a valuation of $2.4 billion, led by EQT Growth, with participation from Neuberger Berman.
Logo Brands Signs 10-Year Licensing Agreement with Utah Utes
The University of Utah is the company’s 35th strategic partnership. Beginning January 1, 2024, Logo Brands and the University of Utah will enter into a 10-year exclusive agreement in the tailgate and inflatables categories.
EXEC: Anta Sports Gets Fila Lift in H1 as Sales Growth, Op Profit Margins Jump
The company, which runs retail stores in China for the Anta brand, Fila, Descente, Kolon Sport, and Amer Sports, reported that Fila brand retail sales posted 13.5 percent year-over-year growth in the first half.
EXEC: Under Armour to Return to Macy’s Locations
Macy’s reported that select Under Armour men’s product will be available in 150 stores and online, beginning in February 2024, building on the return of Nike apparel to the department store operator.
Peloton Sees Q4 Shortfall on Higher-Than-Expected Subscription Churn/Recall Costs
Peloton Interactive Inc. posted a wider loss than expected in the fiscal fourth quarter as it was impacted by above-plan subscription churn as well as higher-than-expected costs related to a recent recall.
EXEC: Xtep Intl Posts Double-Digit H1 Increase Despite Slowing China Growth
The company, which operates retail stores in China for K-Swiss, Palladium, Merrell, and Saucony, in addition to Xtep brand stores, reported that retail sell-through growth in the first half increased nearly 15 percent.
Foot Locker, Inc. Posts Q2 Loss, Cuts Outlook as Sales Fall and Margins Contract
The retailer is pausing its cash dividend payments in the fall after reporting sharp Q2 declines in total sales and comp sales, a loss in GAAP net income, slimmer margins, and a business that reportedly softened further in July.
EXEC: Dick’s CEO Talks Q2 EPS Miss, Inventory Woes, Retail Theft and Staff Cuts
Shares of Dick’s shaved about a quarter of their value on Tuesday after America’s largest sporting goods chain reported a second-quarter profit shortfall and slashed its earning guidance for the year due to promotions required to clear inventories, particularly in the outdoor category, and higher-than-expected shrink.
Alterra Mountain Company Closes on Schweitzer Acquisition
The addition of Schweitzer brings the company’s year-round mountain destinations to 17 in North America, including the world’s largest heli-ski operation.
Franklin Sports Named Official Ball Sponsor of Pickleball Australia
As part of the agreement, Franklin’s X-40 and X-26 pickleballs become the official balls of Pickleball Australia via member associations, clubs, individual members, and sanctioned tournaments.
Dick’s SG Lays Off Corporate Staff to Streamline Cost Structure
A source told Bloomberg News that Dick’s had laid off 250 corporate employees as part of the plan. Retail staff were not impacted.
Academy Sports + Outdoors to Open First Indianapolis Store
The approximately 75,000-square-foot store will sell a wide assortment of sports and outdoors merchandise. The retailer will host a grand opening from August 25-27.
Macy’s Rolls Out Four New Small Format Stores Across West and Northeast
The move marks the first expansion of its small-format locations into the Northeast and Western regions of the U.S., with openings in Boston, Las Vegas and San Diego.
Dick’s SG Axes Outlook on Q2 Profit Shortfall, Blames Inventory Shrink
Dick’s Sporting Goods delivered 1.8 percent same-store growth in the second quarter but profits fell well below Wall Street targets due in large part to shrink. The retailer slashed its earnings outlook for the year on the Q2 shortfall and expected margin pressure in the second half and launched a business optimization program that reportedly includes the layoff of 250 corporate employees.
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