EXEC: Clif Bar Continues to Improve Profitability Under New Owner
Mondelez International said its recently-acquired Clif Bar business continued to improve profitability in the second quarter with the help of higher prices amid “robust” sales growth and as Clif Bar recently overhauled its management team, including the exit of CEO Sally Grimes.
EXEC: Hoka Parent Sees Tighter Retail Inventory Key to Growing DTC Business
Fiscal Q1 results slightly outpaced the company’s expectations, with consolidated revenue increasing 10 percent to $676 million, gross margin improving more than 300 basis points, and diluted earnings per share growing 45 percent to $2.41 a share.
EXEC: Skechers Finds Strength Overseas Offset America Wholesale Weakness
Skechers U.S.A., Inc. raised its outlook for the year as broad strength internationally and strength in the U.S. direct-to- channel offset a 25 percent decline in wholesale sales in the U.S. due to overall elevated inventories in the marketplace. CFO John Vandemore said, “We expected the inventory congestion at our domestic wholesale partners to impact us most significantly in the second quarter.”
EXEC: Crocs Inc. Shares Fall After Company Cuts HeyDude Revenue Forecast
The arrows were all pointing in the right direction until company management mentioned on a conference call with analysts that they were reducing the back half and full-year revenue expectations for the HeyDude brand.
EXEC: Vista Outdoor Signals Back-Half Rebound
Vista Outdoor reported another tough quarter but shares were up slightly Thursday as company officials indicated Outdoor Products’ profitability is improving and the segment is still projected to resume growth by the holiday quarter.
Geox Swings to Positive EBIT in First Half on Sales Growth, Margin Expansion
First half results show a significant improvement, with a 3.8 percent positive trend in sales, combined with the 370 basis point improvement in gross margins and the resulting positive operating result (EBIT) of €3.6 million compared to a loss in H1 2022.
EXEC: Brunswick Corp. Reports Lower Q2 Results Due in Part to IT Security Incident
On June 13, the company announced it was impacted by an IT security incident, which ultimately resulted in financial results that were lower than initial expectations.
EXEC: Puma CEO Talks Cautious Approach on U.S. Turnaround
Puma SE delivered second-quarter results that topped analyst targets and said it might be able to raise its outlook for the year should the recent momentum in China, Europe and Latin America continue in the third quarter. However, Arne Freundt, Puma’s CEO, was hesitant to forecast a return to growth in the U.S. market due to weak consumer spending.
Puma’s Q2 Earnings Down, Sales Up Despite North America Decline
Second quarter earnings declined on higher costs and currency effects despite an 11 percent currency-neutral sales gain for the period. However, earnings topped analyst expectations on strength in China, Europe and Latin America.
EXEC: Life Time Shares Hit by Membership Shortfall
Shares of Life Time Group Holdings, Inc. were down about 15 percent in late-afternoon trading Tuesday after reporting adjusted EBITDA exceeded analyst targets, but revenues and membership growth came in below plan. Bahram Akradi, founder, chairman and CEO remains bullish on the high-end fitness center prospects, telling analysts that membership growth is in line with plan.
UPS and Teamsters Reach Five-Year Deal, Averting Strike
UPS and the International Brotherhood of Teamsters, representing about 330,000 UPS employees in the U.S., have reportedly reached a tentative collective bargaining agreement.
Shimano Pares Forecast Again as First Half Sales Trends Worsened
Shimano, Inc. again slightly lowered its outlook for the 2023 full year after reporting earnings declined in the first half on a 13.3 percent revenue decline, accelerating the decrease seen in the first quarter.
EXEC: UPS Strike Could Cost U.S. Economy Billions
A study from the Anderson Economic Group (estimated that a 10-day strike by 340,000 unionized workers at UPS could cost the U.S. economy $7.1 billion, making it the costliest work stoppage in U.S. history.
Adidas Ups Full-Year Guidance After Prelim Q2 Results Show Yeezy Sales Bump
Adidas now expects currency-neutral revenues to decline mid-single-digits in 2023, compared to prior guidance of a high-single-digit decline. Adi now expects to report an operating loss of €450 million in 2023 compared to the previously guided loss of €700 million.
Fenix Outdoor Posts Q2 Sales and Profit Declines on Retail Inventory Issues
Sales declined 6.5 percent in what the company described as a “very challenging” quarter. Fenix is the latest to attribute sales decreases to the over-inventory position of outdoor products at retail and the retailers’ inability to refill their inventory as needed.
