SGB Executive Footwear
EXEC: Nike Confident In Profit Recovery in FY24
At its annual meeting, Nike officials expressed confidence that profitability would bounce back in the coming fiscal year ended May 2024 after markdowns to clear excessive inventories led to a profit shortfall in the prior fiscal year. Execs were also bullish on the brand’s innovation pipeline, structural tailwinds behind the athletics space and its evolving marketplace strategy.
EXEC: Inside Birkenstock’s Growth Plans
In its IPO prospectus, Birkenstock said it sees “ample whitespace to continue growing the Birkenstock brand” by raising brand awareness, production capacity expansion, core and new product portfolio innovation, and a continued DTC shift.
EXEC: Birkenstock Files for IPO
Birkenstock Holding filed for an initial public offering with the U.S. Securities and Exchange Commission. The filing shows revenues increasing to €1.24 billion ($1.33 bn) in FY22 from €727.9 million in fiscal 2020, a 31 percent two-year CAGR (compound annual growth rate).
EXEC: Skechers Notes Continued Pressure in U.S. Wholesale Business
Speaking at the Piper Sandler Growth Frontiers Conference, John Vandemore, the CFO at Skechers USA, said the company continues to see strong demand for the brand across its DTC channels but is not seeing any indication that the elevated inventories affecting U.S. wholesale business to alleviate anytime soon.
EXEC: Active Lifestyle Retail Weathers Rough Second Quarter Waters
Although a few retailers outperformed in the second quarter, big names in the active lifestyle space fought through a challenging quarter amid promotional pressures, retail theft and the consumer’s continued shift away from discretionary purchases.
Yue Yuen Sees Another Sharp Footwear Manufacturing Sales Decline in August
The manufacturer of footwear for most major outdoor and athletic brands, reported that in August, net consolidated operating revenue, declined 19.8 percent after posting a 106 percent increase in the prior-year month.
EXEC: Zumiez Hopeful for Holiday Selling After Q2 Beat and BTS Momentum
Zumiez, Inc. reported better-than-expected Q2 results with sales declines lessening further into the third quarter, including men’s, its largest category, turning positive. The action sports chain predicted another high-single to low-double-digit decline for the third quarter but remains hopeful of continued improvement through holiday selling.
EXEC: Sportsman’s Warehouse Sets Aggressive Markdowns as Business Weakens Further
Shares of Sportsman’s Warehouse are running down about 17 percent in pre-market trading Thursday as the hunt & fish chain’s second-quarter earnings came in well below guidance and another double-digit comp decline was forecast for the third quarter.
EXEC: Amer Sports Files Confidentially to Go Public
Amer Sports, the parent of Salomon, Wilson, Arc’teryx and other sports brands, filed confidentially for a U.S. initial public offering that could value the group as high as $10 billion. The offering would come as Amer Sports’ business has seen accelerated growth, driven by Arc’teryx and Salomon and growth in China.
Study: American Malls Making a Comeback Post-Pandemic
A study conducted by Coresight Research found that traffic at U.S. shopping malls has recovered and surpassed pre-COVID levels, supported by the “halo effect” created by a brand’s online and offline presence in a mall, brand synergy in malls and omnichannel retail investments.
EXEC: Tilly’s Execs Remain Cautious Despite Improving Q3 Trends
Comparable net sales, including both physical stores and e-commerce, decreased by 8.5 percent on top of the 16.5 percent decrease posted in the prior-year Q2 period. The retailer saw early Q3 comps down in the low- to mid-single digits.
EXEC: Lululemon Claims North America Market Share Gain Despite Slower Q2 Growth
While its outsized growth in China continues to get much of the media attention, Lululemon Athletica, Inc. churned out sales gains of 11 percent in the second quarter in North America, slowing from the 17 percent growth in the first quarter.
EXEC: Caleres Sees Famous Footwear Gaining Share
Famous Footwear’s same-store sales declined 4.3 percent in the second quarter but showed sequential improvement from the first quarter and is estimated to be taking market share. Jay Schmidt, president and CEO of Caleres, the parent of Famous, told analysts on a call, “During the second quarter, Famous continued to navigate difficult spending trends among its target consumer and the challenging economic backdrop overall.”
EXEC: Academy Sports’ Shares Jump On Upbeat Outlook
Shares of Academy Sports and Outdoors, Inc. closed up $4.63, or 9.3 percent, to $54.57 Thursday as second-quarter earnings topped analysts’ estimates and the retailer reiterated its guidance for the year. Academy officials said sales steadily improved throughout the second quarter as customers responded to its message around value and newness.
EXEC: Genesco Shares Surge as CEO Highlights an Improving Picture at Journeys
Board Chair, President and CEO Mimi Vaughn said that thus far in the third quarter, sales trends for the back-to-school season improved a little further with consumers shopping when there is a reason and much closer to need.
