SGB Executive Apparel
PrimaLoft performed an interim impairment test of their goodwill as of December 31, 2023 as a result of operating results that were below forecast amounts that were used as the basis for the purchase price allocation at acquisition.
The 5.11 Tactical brand was the only active lifestyle brand in the segment to post an increase in sales for the year, due in large part to its direct-to-consumer component of the business as all other brands continued to deal with the ongoing retail de-stocking process prevalent across the U.S. retail landscape.
Titleist golf balls posted healthy sales gains for the year, led by the successful Pro V1 and Pro V1x launch and continued strengthening of the golf ball supply chain, while Titleist golf clubs growth was said to be driven by new T-Series irons and expanded club fitting capabilities.
The Apparel category was down approximately 30 percent year-over-year in the fourth quarter. The Footwear category was down approximately 17 percent and the Hardgoods category was down approximately 11 percent for the period.
Sales growth for 2024 is estimated in the mid-single-digit percentage rate in constant-currency terms and EBIT is seen in a range between €620 million and €700 million.
The parent of Sports Direct, Slazenger, Donnay, LA Gear, No Fear, and Antigua, is appointing new directors to its Board, including Helen Wright, Global CEO of Sergio Rossi, Sir Jon Thompson, former chief executive of the Financial Reporting Council, and two current company executives, Ger Wright and Ger Wright.
The U.S. region, which boasts the largest regional sales volume, grew 9.7 percent year-over-year to £250.4 million. U.K. sales increased 25.6 percent to £111.7 million and Europe revenues increased 16.1 percent year-over-year.
S&P Credit Rating analysts lowered their forecast for VF and now believe the company will have to sell “sizeable brands” to meaningfully reduce leverage in the near term.
The fourth quarter was tough for Saucony as sales fell 13.4 percent (-13.7 constant-currency) to $105.1 million, from $121.3 million in the prior-year corresponding quarter.
The work put in at Globe over the last year looks like a microcosm of the work ahead for much larger active lifestyle entities like VF Corporation and Wolverine Worldwide. Globe is proving it works.
Fiscal 2024 revenue is expected in the range of $1.7 billion to $1.75 billion, roughly a 5.5 percent decline at the mid-point versus the 2023 revenues. Gross margins are expected to reach 45.5 percent of sales, a record high, and EPS is forecast to improve 5X at the mid-point.
KMD Brands Limited, the parent company of Kathmandu, Oboz and Rip Curl, reported a preliminary update of its results for the 2024 fiscal first half ended January 31.
As part of its broad restructuring program first announced in December, Nike is set to cut about 2 percent of its total workforce to lower expenses as demand for the brand comes under pressure.
BasicNet S.p.A., the parent of the Sebago, Superga, Briko, Kappa, K-Way, Jesus Jeans, and Sabelt brands, reported aggregate sales of Group brands products declined 10.4 percent to €1.14 billion. The Americas region fell 35 percent.
The company’s Brands segment, which includes Fjällräven, Royal Robbins, Hanwag, and Fenix Outdoor, had sales of €47.3 million in the fourth quarter, falling 14.8 percent from €55.4 million in the prior-year fourth quarter.