SGB Executive Footwear
Sports Direct Parent Gets Fiscal Year Lift From Acquisitions and Extra Week
The owner of the Sports Direct business in the U.K., and former owner of Bob’s and EMS in the U.S., got a lift from acquisitions and the 53rd week in the fiscal year ended April 30 to post mid-teens revenue growth while nearly doubling profit for the year.
EXEC: Sebago Parent BasicNet Sees Net Profit Drop in H1; Royalties Decline
Royalties from commercial and productive licensees declined 6.4 percent to €32.7 million. Direct sales grew versus the same period in 2022 partly due to the contribution of K-Way France S.a.s, acquired in April 2022, but corresponding royalties from the French subsidiary decreased.
EXEC: Footwear De-Stocking Hits Factory Sector as Yue Yuen Warns on H1
Call it a reverse trickle-down process as bad news looks to be moving up the supply chain with predictable results. As retailers de-stock inventories and brands follow suit, the backup and subsequent slow-down have hit the manufacturing sector with more ferocity.
EXEC: Pou Sheng H1 Profits Surge as China Retail Recovers Post-Lockdown
While its parent company was busy warning investors about a sharp decline in profits for the first half tied to a contracting manufacturing business, Yue Yuen’s retail subsidiary was providing good news for the half in a pre-announcement of its own.
EXEC: Hoka Parent Sees Tighter Retail Inventory Key to Growing DTC Business
Fiscal Q1 results slightly outpaced the company’s expectations, with consolidated revenue increasing 10 percent to $676 million, gross margin improving more than 300 basis points, and diluted earnings per share growing 45 percent to $2.41 a share.
EXEC: Skechers Finds Strength Overseas Offset America Wholesale Weakness
Skechers U.S.A., Inc. raised its outlook for the year as broad strength internationally and strength in the U.S. direct-to- channel offset a 25 percent decline in wholesale sales in the U.S. due to overall elevated inventories in the marketplace. CFO John Vandemore said, “We expected the inventory congestion at our domestic wholesale partners to impact us most significantly in the second quarter.”
EXEC: Crocs Inc. Shares Fall After Company Cuts HeyDude Revenue Forecast
The arrows were all pointing in the right direction until company management mentioned on a conference call with analysts that they were reducing the back half and full-year revenue expectations for the HeyDude brand.
Geox Swings to Positive EBIT in First Half on Sales Growth, Margin Expansion
First half results show a significant improvement, with a 3.8 percent positive trend in sales, combined with the 370 basis point improvement in gross margins and the resulting positive operating result (EBIT) of €3.6 million compared to a loss in H1 2022.
EXEC: Puma CEO Talks Cautious Approach on U.S. Turnaround
Puma SE delivered second-quarter results that topped analyst targets and said it might be able to raise its outlook for the year should the recent momentum in China, Europe and Latin America continue in the third quarter. However, Arne Freundt, Puma’s CEO, was hesitant to forecast a return to growth in the U.S. market due to weak consumer spending.
Puma’s Q2 Earnings Down, Sales Up Despite North America Decline
Second quarter earnings declined on higher costs and currency effects despite an 11 percent currency-neutral sales gain for the period. However, earnings topped analyst expectations on strength in China, Europe and Latin America.
UPS and Teamsters Reach Five-Year Deal, Averting Strike
UPS and the International Brotherhood of Teamsters, representing about 330,000 UPS employees in the U.S., have reportedly reached a tentative collective bargaining agreement.
Adidas Ups Full-Year Guidance After Prelim Q2 Results Show Yeezy Sales Bump
Adidas now expects currency-neutral revenues to decline mid-single-digits in 2023, compared to prior guidance of a high-single-digit decline. Adi now expects to report an operating loss of €450 million in 2023 compared to the previously guided loss of €700 million.
EXEC: Saucony’s New President Looks to Lean Into Innovation
Saucony, which is celebrating its 125th anniversary in 2023, in June named Rob Griffiths president. Here, Griffiths talked with SGB Executive about the brand’s authenticity and commitment to innovation, opportunities away from the run business, and his message to the run specialty community.
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.
