SGB Executive Outdoor
EXEC: Boot Barn Ups Full-Year Outlook as Fiscal Q1 Improves and Q2 Off to Strong Start
Fiscal first-quarter net sales increased 4.9 percent to $384 million. The sales performance was said to benefit from new stores opening during the past 12 months, partially offset by a consolidated same-store sales decline of 2.9 percent.
EXEC: Rocky Brands Sees Brand Momentum Build After Tough Start to Q2
Notwithstanding the slow start, at-once orders reportedly improved month-over-month as the quarter progressed and the trend continued into July, providing a good start to the third quarter creating optimism that channel inventories are getting properly aligned with demand.
EXEC: Vans’ and Dickies’ Sharp Q1 Declines Offer Rude Welcome for New VF CEO
Vans has an outsized impact on the fiscal first quarter while The North Face, Timberland, Jansport, and others have more impact in the back half of the year.
EXEC: Columbia Sportswear Axes Outlook on Expectations of Promotional Second Half
On Columbia Sportswear’s Q2 analyst call, Tim Boyle, chairman, president and CEO, said softer sell-through trends in the U.S. due to “cautious consumer behavior” and elevated inventory levels, particularly in footwear, caused the company to slash its guidance for the year.
EXEC: Big 5 Unable to Overcome Slow Start to Summer Selling
Big 5 Sporting Goods Corp. saw its core market in El Segundo, a city in Los Angeles County, CA, where it is headquartered, baking in extreme heat in recent weeks. Still, president and CEO Steve Miller told analysts that cool weather in the early months of the second quarter ended July 2, caused sales to fall below the retailer’s already low target.
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: 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: Clif Bar Continues to Improve Profitability Under New Owner
Mondelez International said its recently-acquired Clif Bar business continued to improve profitability in the second quarter with the help of higher prices amid “robust” sales growth and as Clif Bar recently overhauled its management team, including the exit of CEO Sally Grimes.
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: Brunswick Corp. Reports Lower Q2 Results Due in Part to IT Security Incident
On June 13, the company announced it was impacted by an IT security incident, which ultimately resulted in financial results that were lower than initial expectations.
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.
Shimano Pares Forecast Again as First Half Sales Trends Worsened
Shimano, Inc. again slightly lowered its outlook for the 2023 full year after reporting earnings declined in the first half on a 13.3 percent revenue decline, accelerating the decrease seen in the first quarter.
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.
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.
Rapala VMC Cutting Jobs, Looking for Cash as H1 Results Disappoint
Rapala VMC reported that current market conditions continue to pose challenges as the de-stocking process at the retail and wholesale levels has persisted for a longer duration than the company initially anticipated.
