EXEC: Columbia Cutting 3 to 5 Percent of U.S. HQ Staff on Lowered 2024 Outlook
Bright spots for 2023 included a 27 percent reduction in inventory that helped the company generate over $600 million in operating cash flows for the year, but a sick U.S. market for the Columbia brand and weaker Sorel and Prana performances continue to drag on the business.
EXEC: Vista Outdoor Reaffirms Guidance; Work Toward Split Continues
CFO Andy Keegan said the company expects the separation of its business to jump-start the “compelling vision” for Revelyst, the former Outdoor Products segment, by capitalizing its balance sheet with cash to accelerate its capital allocation strategy.
EXEC: Amer Sports IPO Comes Up Short; Some Cite China Concerns
Arc’teryx generated 43 percent of its overall revenues in Greater China in the nine-month YTD period in 2023, while the region only generated 5 percent of sales for Salomon and Wilson. Thirty-six Arc’teryx stores in China accounted for 16.7 percent of global brand revenues for the 2023 YTD period.
Safilo Group Posts Best Quarter of 2023 in Q4; Smith Optics Up on DTC Growth
The parent of Smith and the eyewear licensee for Carrera, Havaianas, Under Armour, and Fossil, reported preliminary unaudited net sales were €238.7 million in the 2023 fourth quarter, marking the best performance of the year.
EXEC: Adidas Tops Latest 2023 Guidance; Will Not Write-Off Most Yeezy Inventory
Adidas is reporting that 2023 currency-neutral revenues were flat versus the prior-year in reported euro terms, and sales were said to be down 5 percent to €21.43 billion in 2023, compared to €22.51 billion in 2022 in reported euro terms.
EY Survey: CEOs are Displaying Newfound Resilience and Confidence
Global CEOs are optimistic about their ability to drive revenue growth and profitability in 2024 despite global economic headwinds, according to the latest EY CEO Outlook Pulse survey.
Triple Eight Distribution Acquires Certain Pro-Tec Brand Assets
The combination of Pro-Tec to its existing brand portfolio, including Triple Eight, 187 Killer Pads, Eightball, Wipeout, and 80six, enables Triple Eight to deliver a broader breadth and depth of protective gear to the global action sports market.
Gildan: The Saga Continues
The back and forth is nearly impossible to report on as each side lobs another boulder over the wall at their adversary only to have another come right back.
Dr. Martens Sees 18 Percent Sales Decline in Fiscal Q3 on U.S. Results
Group revenue reportedly declined 18 percent in constant-currency terms or a reported currency decline of 21 percent to £261.7 million. The result was said to be driven by a weak U.S. performance, as expected.
Beyond Yoga Sees Sales Growth Moderate in Fiscal Q4
Sales were up 14 percent for the fourth quarter and =19 percent for the full year, achieving revenues of over $115 million.
Winchester Posts Strong Q4 Growth on Surging Ammo Sales
The 23.6 percent increase in sales was due primarily to higher commercial ammunition shipments, higher domestic and international military sales, and sales related to the acquisition of White Flyer, which the company completed in the fourth quarter.
REI Co-op to Lay Off 357 Non-Store Staff; Forecasts Revenue Decline for 2024
The move sees 357 employees affected, “impacting 200 people at headquarters, 6 in S&CS, 30 in Experiences and 121 in our distribution centers,” according to the CEO’s letter obtained by SGB Executive. The senior leadership team will be pared 22 percent for 2024.
EXEC: Puma Expects to Come Up Short in 2023; Tempers 2024 Outlook
The company points to the extraordinary 54 percent devaluation of the Argentine peso in December 2023 and the application of hyperinflationary accounting for a miss on its bottom line.
EXEC: Stella International Sees Footwear Shipments Turnaround in Q4
Fourth quarter revenues increased approximately 13.5 percent to $389.5 million, compared to $343.1 million in the prior-year quarter. The increase was the first positive revenue quarter since Q3 2022.
EXEC: Amer Sports Expects 2023 Full-Year Revenues North of $4.35 Billion
Revenue reportedly increased across all operating segments, geographic regions and channels, according to the company’s recently amended F-1 filing statement. The company sees its annual net loss contracting but EBITDA expanding for the year.
