SGB Executive Footwear
Yue Yuen Footwear Manufacturing Sees Pairs Shipped Fall Nearly 24 Percent in First Half
First half revenue attributed to footwear manufacturing activity, including athletic/outdoor shoes, casual shoes and sports sandals, decreased by 18.1 percent to $2.38 billion, compared with the corresponding period of last year.
EXEC: Wolverine Worldwide Closing Boston Offices; Consolidating Brands to Michigan
The Boston offices have been home to the Saucony, Keds, Sperry and Stride Rite brands. Keds has been sold and the company is seeking a “strategic alternative” for Sperry.
EXEC: New Wolverine Worldwide CEO to Focus on Building Brands After Q2 Results Disappoint
The new CEO said that while he is excited about the future, the company’s financial update that same morning is “well short of expectations.” He said they have seen softness in the marketplace and headwinds impacting the business that they now expect to continue to the second-half of the year.
EXEC: Sport Chek, Helly Hansen Parent Pulls Growth Targets Amid Consumer Spending Retreat
Canadian Tire Corp, the parent of the Canadian Tire chain and Sport Chek, reported a drop in quarterly revenue, as demand for sporting goods and home improvement items slowed at its stores. The retailer also said it was withdrawing its previously disclosed financial targets for 2022-2025 as it battles high inventory costs and strained consumer spending.
EXEC: HBI Leadership Outlines Champion’s U.S. Turnaround Strategy
Company CEO Steve Bratspies said that sales in the U.S. would remain pressured through the back half of this year and that the company had to improve product segmentation to help fix the issues the company sees in the market.
EXEC: Allbirds Shares Pop As Transformation Efforts Gain Traction
Allbirds reported a loss in the second quarter, but the period marked the troubled eco-friendly sneaker seller’s second quarter in a row of top- and bottom-line results above expectations. Company officials told analysts that its transformation efforts included a refocus on core styles, including the Wool Runner and Tree Dasher, which had made progress.
EXEC: Under Armour Reduces North America Guidance on Wholesale Softness
Under Armour reported results for the fiscal first quarter ended June 30 came in line with expectations amid progress reducing inventory levels while reiterating its overall guidance for the year. However, sales guidance was reduced for North America as the brand was unable to overcome due to stubborn challenges at U.S. wholesale.
EXEC: Mizuno Posts Strong Fiscal Q1 Results; Footwear Jumps 46 Percent
The company reported sales grew in strong double-digits in the fiscal first quarter ended June 30, driven by double-digit growth across all categories. The Japan-based company is maintaining its forecast for sales of ¥225 billion in fiscal full-year 2023.
EXEC: Asics Corp. Increases Full-Year Guidance on Strong H1 Results
For the first half ended June 30, net sales were ¥290.0 billion, recording the highest for the six month period and increased year-over-year in all regions and categories.
EXEC: Analysts Gaining Confidence in Adidas’ Turnaround
While some still see an uphill battle for Adidas to regain share in the competitive landscape, the majority of analysts covering the stock were encouraged by the progress the company made in the second quarter toward a turnaround, including building momentum in its underlying business on the back of the “terrace” trend.
EXEC: Titleist Parent Sees Continued Benefit from Golf’s Pandemic Boost
Acushnet Holdings Corp.’s second-quarter results topped analyst estimates as the momentum in Titleist golf balls and golf clubs offset weakness at FootJoy. David Maher, president and CEO, told analysts, “Supporting the company’s first half results, we are enthused by the golf industry’s overall health and stability with participation remaining vibrant even as golfers return to many pre-COVID activities.”
EXEC: L.L.Bean Expands Wholesale to Dillard’s, Moosejaw and Select Independents
L.L.Bean is adding Dillard’s and Moosejaw to its roster of U.S. wholesale key accounts, as well as ten independent specialty retailers in the southeastern U.S. The Maine-based retailer also plans to open four stores, with two in Quebec.
EXEC: Nike Declares Dividend; 22 Percent of Proceeds Go to Knight Family, Foundation
The Nike, Inc. Board of Directors, which is 75 percent controlled by the Knight family, has declared a quarterly cash dividend of 34 cents per share on the company’s outstanding Class A and Class B Common Stock.
EXEC: Adidas Sees North America Struggles Continue
Adidas’ second quarter results included several encouraging signs, including securing an incremental profit of €150 million ($164 mm) from the first drop of leftover Yeezy, significantly improved margins due to better sell-throughs and less discounting, and a return to double-digit growth in China. However, the laggard continues to be North America, where sales on a currency-neutral basis tumbled 16.4 percent in the period.
EXEC: Adidas Says No More Yeezy After Sell-Off Despite Flat Q2, Profit Bump
On Thursday, Adidas raised its earnings outlook for the year, in part because of demand for the company’s remaining stock of its discontinued Yeezy merchandise. The brand was boosted by the margin benefit from reduced inventory levels in the marketplace and China’s continuing recovery.
