SGB Executive Apparel
Fenix Outdoor Posts Q2 Sales and Profit Declines on Retail Inventory Issues
Sales declined 6.5 percent in what the company described as a “very challenging” quarter. Fenix is the latest to attribute sales decreases to the over-inventory position of outdoor products at retail and the retailers’ inability to refill their inventory as needed.
EXEC: Nike Hit by Lawsuit Over Pocket Bras
Nike is facing a lawsuit in Boston Federal Court by an inventor who claims the sportswear giant stole her technology for a line of sports bras with pockets. In court papers, SherryWear, LLC said that its founder, Sherry Goff, first pitched her patented Pocket Bra to Nike in 2015.
EXEC: Anta Sports Sees Retail Sales Accelerate in Q2; Fila Up in High-Teens
Anta brand retail sales increased in high-single-digits in Q2, while Fila brand sales increased in the high teens. The All Other Brands segment posted 70 percent to 75 percent growth in the period.
EXEC: Lululemon Lays Off 100 Employees at Mirror Business
Lululemon confirmed with SGB Media reports that it has laid off 100 employees from Lululemon Studio, which represents its Mirror connected fitness business. In mid-April, reports arrived that Lululemon was working with an advisor to explore the sale of Mirror.
Nike Canada Investigated by Canadian Ombudsperson for Responsible Enterprise
Nike Canada Corp. is alleged to have or have had supply chains or operations in the People’s Republic of China identified as using or benefitting from the use of Uyghur forced labor.
EXEC: Jordan Brand Shines For Nike In FY23
On Nike’s fourth-quarter analyst call, John Donahoe, president and CEO, Nike, Inc. talked up progress and untapped opportunities for Nike Brand around global football (soccer), basketball and running categories, but Jordan Brand was by far the star performer for Nike’s fiscal year ended May 31.
EXEC: Nike Delivers Rare Quarterly EPS Miss, Cloudy Outlook
Nike missed on earnings for the first time in three years as compressed margins weighed on profits during its fiscal fourth quarter ended May 31. The sportswear giant also forecast first-quarter revenue below Wall Street targets as North America softness overshadowed China’s recovery. On the positive side, Nike indicated demand remains healthy across regions and inventories have been rebalanced to position the company for profitable growth going forward.
Report: Asics Cutting Ties with Smaller U.K. Specialty Retailers
Independent sports retailers in the U.K. are reportedly reeling from a move Asics Corp. is making to narrow its distribution in the region. In a recent article published by The Guardian, Asics was said to be “cutting off supply to hundreds of small U.K. outlets…”
JD Sports Maintains Full-Year Outlook Despite North America Drag On Growth
JD Sports Fashion Plc shares were down nearly 6 percent in early trading in London on Tuesday after the retailer, parent of the JD, Finish Line, DTLR and Shoe Pavilion in the U.S., provided and update on the current year business for attendees at its Annual General Meeting.
Yue Yuen Warns On Q1 Profit Decrease As Footwear Manufacturing Contracts
Footwear manufacturing powerhouse Yue Yuen Industrial (Holdings) Limited is expected to record a decrease of 40 percent to 45 percent in profit attributable to owners of the company as compared to profit of $88.6 million for the corresponding three-month period in 2022.
EXEC: Is Pickleball Losing Its Pandemic Bump?
Awareness of pickleball in the U.S. has increased by 33 percent since May 2022, and 17 percent of U.S. adults have reported trying pickleball, according to the latest polling data from CivicScience; however, the research firm found that what appeared to be a COVID-related boom in popularity seems to have faltered as consumers experience the sport and decide if it is right or not for them.
OR To Shift 2024 Winter Show To November 2023, Adds January Conference
Outdoor Retailer said that starting November 2023, the Outdoor Retailer Snow Show will shift from early January to November and be rebranded as Outdoor Retailer Winter.
Vittoria Industries To Move North America Headquarters To Bentonville
Vittoria Industries North America is moving its headquarters from Oklahoma City to Bentonville, AK taking space in the Ledger, a new six-story building downtown, providing employees with a bike-friendly facility. The move is expected to take place in December 2022.
EXEC: Athleta’s Sales Slump On Athleisure Softness
Athleta’s same-store sales slumped 8 percent in the second quarter due to a demand shift from athleisure to occasion and work-based categories as well as some fashion miscues on spring/summer product. On an analysts’ call, Bobby Martin, interim CEO of Athleta’s parent, Gap Inc., remained confident Athleta would return to its mid-teens growth target.
Inside The Call: North America And Digital Power Nike To Q2 Beat
Nike Inc.’s fiscal second-quarter earnings and sales topped Wall Street’s expectations as strong momentum in North America helped offset a steep decline in China. The sportswear giant maintained its guidance for the full year. Major themes on Nike’s analyst call included continued hyper-growth in digital, the Nike One Place reset accelerating Nike’s direct growth, healthy full-price sales, and ongoing, but not-worsening, supply chain disruption.
