SGB Executive

Adidas’ surprise profit warning for 2023 last week signaled to analysts that the fallout from the Yeezy break-up would be worse than expected and the sales recovery under new CEO Bjorn Gulden would take longer than forecast.

Asics Corp reported sales in its North American region grew 22 percent in 2022 with a big foreign-exchange boost. Currency-neutral sales rose 3.1 percent on top of a 27.2 percent jump in 2021. The region was profitable for the second straight year although profits were down due to e-commerce expenses.

Nautilus, Inc. reported a steep decline in sales in the fiscal third quarter ended December 31, slashed its full0-year outlook for the second straight quarter and said it would reduce its workforce by approximately 15 percent as part of further cost-reduction actions.

Topgolf Callaway Brands posted a solid fourth-quarter performance, but company President and CEO Chip Brewer admitted the company had a “rare miss” relative to its quarterly guidance. 

Mizuno Corp reported earnings slid 22 percent in the fiscal third quarter ended December 31, but sales grew 21 percent with double-digit gains in all regions.

Under Armour is making progress in its recent brand repositioning that includes better targeting teens and tapping lifestyle offerings. However, shares fell $1.01, or 8.2 percent, to $11.22 Wednesday as management warned on an analyst call that markdown pressures felt in its most recent quarter will continue in coming quarters.

VF Corp. management confirmed on a Tuesday conference call with analysts that the company began a review of strategic alternatives for its global packs business. SGB Media previously reported speculation regarding the divestment of the Jansport brand this past December.

Vans brand revenue fell 13 percent (-9 percent in constant dollars) to $927 million in the fiscal third quarter ended December 31, reflecting positive performances in Europe and Asia outside of Greater China, while the Americas remained problematic.

VF Corporation posted a 3 percent decline in revenues in the fiscal third quarter ended December 31, with currency fluctuations impacting results by six percentage points to the negative. The “big four brands” were down 3 percent, or up 2 percent in constant dollars, and the balance of the portfolio was down 2 percent, or up 5 percent in constant dollars.

At its Investor Day, Canada Goose Holdings revealed plans to nearly triple its growth in five years as it further double-downs on its direct-to-consumer push and ramps up expansion across geographies and enters categories, including eyewear, luggage, and home.