EXEC: Dick’s SG Not Seeing Consumers Trading Down
Dick’s Sporting Goods reported first-quarter earnings that topped analyst expectations on healthy sales growth while reiterating its outlook for the year. Officials told analysts it hadn’t seen any pullback in spending due to inflationary or macro-pressures that other retailers have felt, from Walmart to Foot Locker.
EXEC: Shares Of Nike Under Pressure Following Foot Locker’s Outlook Cut
Shares of Nike remained under pressure on Monday following the arrival of Foot Locker’s subpar first quarter and the sneaker retailer’s move to slash its outlook for the year. Some analysts also expressed concerns about broader weakness in the U.S. athletic space.
EXEC: Foot Locker Sees Downgrades Following Weak Outlook
Foot Locker saw stock downgrades from Citi and Williams Trading on Monday following its first-quarter miss and move to significantly reduce its full-year guidance. Some analysts were still hopeful that improved Nike allocations and benefits from its new Lace Up transformation plan would eventually pay dividends.
EXEC: Foot Locker’s Shares Tank On Major Outlook Correction
Shares of Foot Locker, Inc. collapsed about 25 percent in mid-day trading Friday after the sneaker giant axed its guidance for the year and indicated it will miss medium-term targets only set in March as sales have dropped sharply below expectations. Mary Dillon, CEO and president, told analysts, “Since our Investor Day in the face of increasing macro headwinds, our sales trends have slowed significantly, just in the past month and a half, which will have an impact on our near-term results.”
EXEC: Canada Goose’s Shares Take Hit On Caution On U.S. Business
Canada Goose Holdings reported better-than-expected results in the fiscal fourth quarter ended April 2 on strength in its EMEA region and China. However, Canada Goose’s shares are trading down about 11 percent in late-afternoon trading Thursday as company officials struck a cautious note on its U.S. business as luxury spending cools.
BGF Leads £19 Million Minority Investment In Brompton Folding Bikes
BGF, formally Business Growth Fund, has led a £19 million ($23.6 million) investment into Brompton to “further accelerate the growth of the iconic folding bike brand.”
Coresight Research: Nike Tops Apparel/Footwear Sellers On Amazon
Nike bounced back substantially to regain its position as the most popular apparel and footwear brand selling on Amazon, overtaking the e-tailer’s private label range after two years, according to Coresight Research’s sixth annual Amazon Apparel U.S. Consumer Survey.
EXEC: Yonex Fiscal Year Sales Jump On Yen Depreciation, Strong Post-COVID Demand
Yonex Co., Ltd. reported fiscal 2023 global net sales increased 43.7 percent year-over-year to ¥107.0 billion ($806.0 million), reflecting strong demand in all regions and despite concerns over inflation, economic slowdown and geopolitical risks. Earnings per share increased 27.1 percent to 84.05 yen for fiscal 2023.
JD Posts 12 Percent Organic Growth In Fiscal 2023; U.S. Business Lagged
JD Sports Fashion Plc, parent company of the JD, Finish Line, Shoe Palace and DTLR retail nameplates in the U.S., along with many others across Europe, reported total revenue increased 12 percent in fiscal 2022 but North America sales rose just 5 percent for the period.
Descente Ltd. Posts Double-Digit Fiscal 2022 Revenue Growth On Post-COVID Asia Retail Recovery
Descente Ltd reported that revenues for the 2022 full fiscal year ended March 31, 2023 rose 10.8 percent to ¥120.61 billion ($922.3 million), exceeding the company’s November forecast. Net profit was a record high, growing 69.4 percent year-over-year.
EXEC: On’s Q1 North America Outperformance Boosted By Dick’s SG
On Holdings raised its revenue outlook for 2023 after delivering a better-than-expected first quarter. The Americas led the regional growth, surging 91.9 percent to CHF 270.2 million ($301 mm), boosted by a strong reception for the brand at Dick’s Sporting Goods, On officials said on an analyst call.
EXEC: Wilson Sportswear’s President Talks Retail Expansion
Wilson Sporting Goods in early May opened its first-ever West Coast retail location in Santa Monica, CA, bringing its total store count to six. Gordon Devin, president and general manager, Wilson Sportswear, talked with SGB Executive about Wilson’s aggressive retail push, its expanding apparel business and current business conditions.
Fila Holdings Relies On Golf, FX Rates To Post Q1 Gain; Lowers Outlook On Fila Woes
Fila Holdings weathered a tough first quarter in the market for the Fila brand, managing a 3.3 percent increase in total sales year-over-year. Assessing the business without the benefit of FX Rate fluctuations was not so rosy as sales fell 6.2 percent for the quarter in currency-neutral terms
Giant Group Drops Planned Investment In Stages Cycling
Giant Group, based in Taiwan, has pulled out of its planned $20 million investment in Portland, OR-based Stages Cycling due to an inability to “reach mutual consensus on the terms and conditions of definitive agreements.”
EXEC: Mizuno’s Revenues Climb 23 Percent In Fiscal Year
Mizuno Corp. reported record earnings for the year as revenues jumped 23 percent. The revenue gains were mainly driven by golf in overseas markets and baseball, football and work business in its domestic Japanese market. For the fourth quarter, earnings rose 31 percent on a 35 percent revenue gain.
