SGB Executive

On Holding AG, in its first report since going public, reported third-quarter results that far outpaced Wall Street’s targets. The Swiss-running shoe company also provided a bullish outlook for the full year and 2022 despite the warning that supply chain constraints would cap growth over the next three quarters.

The Beachbody Company, which recently went public in an initial public offering, reported sales dropped 17 percent in the third quarter in part because new subscribers to its fitness content weakened amid a softening in at-home fitness demand.

At SFIA’s Trends & Insights conference, Joe Preston, New Balance CEO and president, said his company’s sales are on a path to climb about 30 percent this year and move past 2019 levels as it strongly recovers from the pandemic. The brand also continues to pack momentum going forward. Preston said, “Our trajectory feels really strong right now.”

On November 5, Fleet Feet announced that it agreed to acquire JackRabbit, marking the biggest acquisition in the franchisor’s 45-year history. Here, Joey Pointer, Fleet Feet’s CEO and president, discusses the reasons behind the acquisition, integration plans and its recent strong performance.

Canadian Tire Corp., Ltd. reported comparable-store sales at its SportChek segment climbed 11.2 percent in the third quarter and 7 percent compared to 2019, boosted by the return of hockey and organized sports. Canadian Tire officials also detailed the advantages the Canadian retail giant has in managing supply chain disruption. 

Yeti Holdings Inc. was able to circumvent supply chain hurdles to deliver third-quarter results that surpassed Wall Street targets and slightly raise its outlook for the full year. Sales grew 23 percent year-over-year and are up 58 percent against the second quarter of 2019. Officials said price actions will be taken to offset cost pressures

Wolverine World Wide Inc. reported strong demand for most brands and record bookings but reduced its earnings guidance in the year due to supply chain challenges that are expected to continue at least until the end of the year. In the third quarter, Wolverine officials indicated they lost at least $60 million in sales due to factory closures in Vietnam and logistics delays.

Adidas AG downgraded its full-year sales and profit forecasts and predicted costly disruptions from supply-chain snags will carry into the first quarter of 2022, after factory closures in Vietnam and consumer boycotts in China weighed on top-line growth in the third quarter.

“Our company is on a roll, and I’m very optimistic about the road ahead,” Chip Brewer, Callaway Golf’s president and CEO, told analysts after the company delivered strong third-quarter results that exceeded expectations despite supply chain hurdles and again raised its guidance for the year.

Clarus Corp. said aggressive inventory investments are helping navigate what John Walbrecht, president, describes as “the toughest supply chain environment in our history” to support outsized Q3 growth in both its Black Diamond and bullet/ammunition businesses.

Asics’ sales in the North America region climbed 15.1 percent in the third quarter, marking the third consecutive quarter of double-digit quarterly growth. Asics overall raised its profit outlook for the year.

Fox Factory Holding Corp. said its Specialty Sports Group (SSG), its cycling component division, soared 48.1 percent in the third quarter despite continuing supply chain constraints. Officials said with the current pace of industry demand, it expects it will take eight to 10 months to meet the current customer demand level and another 12-to-18 months to replenish the depleted inventory channels.

Dorel Industries Inc. reported a slight decline in sales at its Dorel Sports segment as continued strong demand for bikes was not able to overcome supply chain disruptions and component shortages. Martin Schwartz, Dorel’s CEO, said he doesn’t see it changing anytime soon.

Shares of Canada Goose are running up about 20 percent in mid-day trading as the outerwear specialist reported second-quarter earnings topped Wall Street targets and lifted its outlook for the year. Officials also bragged that its Canadian production is helping it completely avoid the widespread supply chain challenges. Dani Reiss, president and CEO, said, “The weaknesses in unprepared supply chains have been exposed.”

Shares of Peloton were trading down about 33 percent in mid-day trading on Friday after the connected fitness pioneer slashed its forecast for the full fiscal year ending next June as demand for its exercise bikes and treadmills was slowing faster than expected.