SGB Executive Apparel
EXEC: VF Execs Outline Progress Against Transformation Plan, Brand and Region Review
The big jobs ahead are based on fixing the overall Americas business and delivering a turnaround in the Vans business. The key objective of the Reinvent program involves cutting costs and building the balance, which is reportedly both well underway.
EXEC: Vans Falls 29 Percent in Q3; Inventory Down as Brand Helps Create OTB
VF execs talked about refreshing the Vans brand product at retail and revealed that they were removing slow-moving inventory from retailers to create open-to-buy for stronger product that was moving in the market. Inventory was down 30 percent at quarter-end.
Descente, Ltd. Posts Fiscal YTD Sales Increase Despite Golfwear Decline
Gains from the incorporation of Le Coq Sportif (Ningbo) Co. Ltd. and increased sales in the athleticwear category were larger than the decrease in sales in the golfwear category and the termination of the Marmot license in Japan in December 2022.
EXEC: 361 Degrees Pre-Announces Healthy Q4 Profit Growth
Profit attributable to the equity shareholders of the company for the year ended December 31, 2023 is expected to increase by not less than 25 percent year-over-year.
EXEC: Columbia Cutting 3 to 5 Percent of U.S. HQ Staff on Lowered 2024 Outlook
Bright spots for 2023 included a 27 percent reduction in inventory that helped the company generate over $600 million in operating cash flows for the year, but a sick U.S. market for the Columbia brand and weaker Sorel and Prana performances continue to drag on the business.
EXEC: Amer Sports IPO Comes Up Short; Some Cite China Concerns
Arc’teryx generated 43 percent of its overall revenues in Greater China in the nine-month YTD period in 2023, while the region only generated 5 percent of sales for Salomon and Wilson. Thirty-six Arc’teryx stores in China accounted for 16.7 percent of global brand revenues for the 2023 YTD period.
Safilo Group Posts Best Quarter of 2023 in Q4; Smith Optics Up on DTC Growth
The parent of Smith and the eyewear licensee for Carrera, Havaianas, Under Armour, and Fossil, reported preliminary unaudited net sales were €238.7 million in the 2023 fourth quarter, marking the best performance of the year.
EXEC: Adidas Tops Latest 2023 Guidance; Will Not Write-Off Most Yeezy Inventory
Adidas is reporting that 2023 currency-neutral revenues were flat versus the prior-year in reported euro terms, and sales were said to be down 5 percent to €21.43 billion in 2023, compared to €22.51 billion in 2022 in reported euro terms.
EY Survey: CEOs are Displaying Newfound Resilience and Confidence
Global CEOs are optimistic about their ability to drive revenue growth and profitability in 2024 despite global economic headwinds, according to the latest EY CEO Outlook Pulse survey.
Gildan: The Saga Continues
The back and forth is nearly impossible to report on as each side lobs another boulder over the wall at their adversary only to have another come right back.
Beyond Yoga Sees Sales Growth Moderate in Fiscal Q4
Sales were up 14 percent for the fourth quarter and =19 percent for the full year, achieving revenues of over $115 million.
REI Co-Op to Lay Off 357 Non-Store Staff; Forecasts Revenue Decline for 2024
The move sees 357 employees affected, “impacting 200 people at the headquarters, 6 in S&CS, 30 in Experiences, and 121 in our distribution centers,” according to the CEO’s letter obtained by SGB Executive. The senior leadership team will be pared down 22 percent in 2024.
EXEC: Puma Expects to Come Up Short in 2023; Tempers 2024 Outlook
The company points to the extraordinary 54 percent devaluation of the Argentine peso in December 2023 and the application of hyperinflationary accounting for a miss on its bottom line.
EXEC: Amer Sports Expects 2023 Full-Year Revenues North of $4.35 Billion
Revenue reportedly increased across all operating segments, geographic regions and channels, according to the company’s recently amended F-1 filing statement. The company sees its annual net loss contracting but EBITDA expanding for the year.
EXEC: January Consumer Confidence Index Highest Since July 2021
The University of Michigan’s preliminary results reported on the overall index of consumer sentiment came in at 78.8 for January, the highest reading since July 2021, compared to 69.7 in December and 64.9 in January 2023.
