EXEC: Rockport Blames Bankruptcy On Lackluster Back-To-Work Recovery
Rockport survived a steep drop in sales in 2020 during the first year of the pandemic, but an inventory glut to capitalize on the return to working in offices post-pandemic failed to deliver and led to the iconic footwear company’s second bankruptcy in five years, according to court papers.
Golf Equipment Sales Growth Moderates, But Still Well Above Pre-Pandemic Levels
Golf ball sales have surged upward this spring with a boost from healthier inventory levels and the return of promotions to help offset some weakening across golf club categories, according to the latest data from Golf Datatech and the National Golf Foundation. Growth across most equipment categories remains well ahead of pre-pandemic 2019 levels.
The Rockport Co. Files For Chapter 11 Bankruptcy; CEO Resigns
The Rockport Co. has filed Chapter 11 bankruptcy in a U.S. District Court in Delaware and intends to file a motion seeking authorization to pursue an auction and sale process.
EXEC: Ammo, Inc. Eyes Recovery Year With Focus On Premium Offerings
Ammo, Inc. reported a loss in its fiscal year ended March 31, as sales dropped 20.3 percent; however, company officials forecasted improved profitability in FY24 due to its focus on premium brass and large-caliber ammunition rounds within its ammunition business and several enhancements, including a payment suite and cart platform, to its GunBroker.com marketplace.
EXEC: A Cautious Look Ahead After Retail’s Bumpy Ride In First Quarter
For many retailers with a prominent presence in the active lifestyle space, the first quarter worsened as the months went on with a large part of the blame placed on inflationary and macro-economic pressures. Seven retailers – Academy Sports, Hibbett, Foot Locker, Genesco, Shoe Carnival, Designer Brands and Macy’s – reduced their outlook for the year, although three – Lululemon Athletica, TJX Cos. and Ross Stores – bucked the trend by raising guidance.
EXEC: Adidas Earns Upgrade On Lionel Messi’s Move To Miami
Bernstein analysts upgraded their rating on Adidas from “Market Perform” to “Outperform” in part due to Lionel Messi’s move to join Inter Miami to become Major League Soccer’s biggest star. In 2017, Messi signed a lifetime contract with Adidas worth a reported $1 billion.
Citi Survey: Nike’s Appeal Strong In North America And Improving In China
Recent survey data from analysts at Citi found Nike’s consumer appeal remained vibrant in North America with the brand by far the most-popular athletic brand in the region. Among Chinese consumers surveyed, Nike generated sequential improvement in consumer sentiment and held a slight lead as the favorite brand in the country.
Yue Yuen Manufacturing Business Revenues Falls 10.8 Percent In May
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 May was $701.0 million against $758.0 million a year ago, a 7.8 percent decline versus the year-ago month.
EXEC: Boot Barn Resets Growth Expectations With Push Beyond Western
Speaking at William Blair’s 43rd Annual Growth Stock Conference, Jim Conroy, Boot Barn’s president and CEO, said that while Boot Barn may have been founded as a western boot retailer in 1978, its growth trajectory has resized multiple times as it has expanded across work, fashion and country lifestyle categories.
EXEC: Vail Resorts Sees Promising Start To 2023/24 Ski Season
Vail Resorts saw a pickup in visitation and spending in March and April to help wrap up a healthy 2022/23 North American ski season, is seeing encouraging early season pass sales for the upcoming season, and believes its ski resorts are positioned well to mitigate many of the impacts of a potential economic downturn.
EXEC: DSW To Lean On Casual Assortments To Drive Second-Half Recovery
Designer Brands, the parent of DSW, joined several retailers lowering its outlook for the year after seeing a first-quarter shortfall, but officials are hopeful that heightened focus on value and an increase in casual footwear brands will drive improved results in the back half of the year.
EXEC: Nike To Return To DSW Stores
Designer Brands reported that Nike would return to DSW’s selling floors in October following its exit from the retail chain in fall 2021 and following recent moves by Nike to repair relationships with Macy’s and Foot Locker.
EXEC: Crocs Asserts HeyDude’s Slow Down Not A Signal Of Weakening Demand
Speaking at Baird’s 2023 Global Consumer, Technology & Services Conference, Andrew Rees, Crocs’ CEO, said HeyDude is expected to see U.S. wholesale sales decline in the second and third quarters of 2023 as it comped against aggressive initial distribution at several major U.S. retailers in 2022. However, he insisted that the demand for casual remains strong.
EXEC: On Brand Eyes Broader Wholesale Distribution
Speaking at the Stifel 2023 Cross Sector Insight Conference, On’s Co-CEOs, Marc Maurer and Martin Hoffmann, said that while the faster growth is expected to come from DTC, the running-focused brand is just getting started expanding to more mainstream wholesale accounts, marked by its recent expansion at Dick’s Sporting Goods and Foot Locker.
EXEC: Wall Street Bullish On Golf Industry Benefits From PGA-LIV Merger
Favorable notes arrived on Topgolf Callaway Brands Corp. and Acushnet Holdings Corp., the parent of Titleist, from Jefferies and B. Riley following news of the merger of PGA Tour with Saudi-backed rival LIV Golf as analysts project the deal will heighten interest in golf.
