Stella Intl Sees Q1 Factory Revenues Slide As Athletic And Casual Brands Pull Back
Stella International Holdings Limited, a developer, manufacturer and retailer of footwear and leather goods, reported that first-quarter revenues decreased 25.8 percent to approximately $284.6 million, compared to revenue of about $383.3 million for the comparable 2022 period.
EXEC: Surveys Show Macroeconomic Pressures Derailing Sustainability Progress
Recent surveys timed to Earth Day, April 22, indicate economic pressures are working against sustainability measures despite continued commitments and show that consumers are challenged by rising inflation in support of “green” products.
Designer Brands Reveals Amounts Paid For Keds And Topo Athletic
Designer Brands, the parent of DSW, paid $123.3 million to acquire the Keds business from Wolverine World Wide and paid $19.1 million to acquire majority ownership of Topo Athletic, according to the company’s recently-released annual report.
REI Logs Loss In 2022 Amid Investments; Sales Growth Slows Sharply
REI Co-op reported a loss in 2022, impacted by lower margins but said it made significant investments in its employees, community and other areas. Sales reached $3.85 billion in 2020, up 4.1 percent year-over-year after posting a 36 percent increase in 2021.
Melody Ehsani Leaving Role As Foot Locker Women Creative Director
Melody Ehsani, CEO of the Melody Ehsani brand and creative director at Foot Locker Women, is leaving her role at Foot Locker.
EXEC: SFIA Study Finds Industry Cautiously Optimistic On 2023
SFIA’s 2023 State of the Industry Report finds the outlook for the sports and fitness industry remains strong, although current macroeconomic headwinds and uncertainty have dimmed that optimism slightly from 2020 and 2021 levels.
Yue Yuen Enters India In Move To Diversify Footwear Manufacturing
Yue Yuen reported diversifying its footwear manufacturing capabilities by entering India to access labor and as it looks for access to manufacturing outside of China. Yue Yuen is China’s largest athletic and outdoor footwear manufacturer, serving some of the more iconic brands in the U.S. and European markets.
361 Degrees International Reports First Quarter Retail Overview
361 Degrees International Limited reported that retail sales of 361º core branded products for the first quarter posted approximately low-teens growth versus the comparable period in 2022. Retail sales of 361º kids branded products grew approximately 20 percent to 25 percent in the quarter.
Report: Lululemon Exploring Sale Of Mirror Fitness Platform
Lululemon Athletica, Inc. is working with an adviser to explore selling the Mirror connected fitness business, which has underperformed since LULU acquired the company in 2020, sources told Bloomberg. The report comes as LULU, on March 29, said it absorbed after-tax impairment and other charges against fourth-quarter earnings totaling $442.7 million related to Mirror.
EXEC: VF Scores Upgrade From Goldman Sachs
Goldman Sachs upgraded its stock rating on VF Corp. to “Buy” from “Sell” as the investment firm believes strategic actions, including overhauling Vans’ management team, have improved VF’s outlook for profitability.
EXEC: Analysts Cautious On Recovery Prospects For Sportsman’s Warehouse
Sportsman’s Warehouse’s shares fell Thursday on weak first-quarter guidance and the abrupt retirement of CEO John Barker. Analysts slashed price and earnings targets on the hunt & fish retailer while generally remaining cautious on the stock, given the low visibility into a return to positive same-store growth.
EXEC: Omega Sports To Shutter Operations After 45 Years In Business
Omega Sports, the sporting goods retailer based in Greensboro, NC, reported it is its brick-and-mortar and e-commerce operation after 45 years of business.
EXEC: Sportsman’s Warehouse Delivers Bleak Q1 Outlook On Weather Woes
Sportsman’s Warehouse Holdings, Inc., as expected, reported a sharp decline in sales and earnings in the fourth quarter as inflationary and recessionary pressures slowed sales of higher-ticket items. However, the hunt & fish retailer unexpectedly delivered dismal guidance for the first quarter as unseasonally snowy and rainy weather in the West stalled the start of the shooting, fishing and camping seasons.
EXEC: Peloton’s Shares Slide As Morgan Stanley Warns Of Slowing Web Traffic
Peloton Interactive Inc.’s shares fell 11.2 Wednesday after Morgan Stanley said the connected fitness company’s web traffic had decelerated and could hinder growth.
EXEC: Shares Of Topgolf Callaway Rally Following Rahm’s Masters Win
Shares of Topgolf Callaway Brands Corp. rallied on Monday and Tuesday following the Masters Tournament win by Jon Rahm this weekend as well as a bullish analyst note highlighting healthy tailwinds for the company and the golf industry.
