SGB Executive Footwear
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.
Stella International Sees Moderating Declines in Footwear Shipments in Q2, Higher ASPs
The manufacturer of footwear for Nike, Saucony, Under Armour, Merrell, Timberland and Ugg saw Q2 shipment volumes decrease by approximately 6.7 percent year-over-year, which signaled a more moderate decline than in the first quarter.
Yue Yuen Manufacturing Business Revenues Falls 24.2 Percent in June
Yue Yuen Industrial (Holdings) Limited, a subsidiary of Pou Chen Corporation that manufactures a large percentage of global athletic and outdoor footwear, reported that its net consolidated operating revenue for June was $676.8 million, an 18.9 percent decline year over year.
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.
