EXEC: Sturm, Ruger Finds Inflationary Pressures Stalling Firearms Recovery
On its third-quarter analyst call, Chris Killoy, president and CEO, said new products are selling strong but sales of modern sporting rifles and polymer centerfire pistols remain soft as inflationary pressures “constrained discretionary spending.”
EXEC: BOA, Marucci Sports And 5.11 Pace CODI’s Q3 Active Lifestyle Gains
Compass Diversified (CODI) reported BOA, Marucci Sports and 5.11 all delivered healthy double-digit sales growth in the third quarter. Primaloft saw flattish growth on a pro-forma basis while Velocity Outdoor’s sales were down slightly.
EXEC: Topgolf Callaway Raises Full-Year Sales And EBITDA Guidance
Topgolf Callaway Brands raised its 2023 full-year outlook on positive trends across its business highlighted by increased traffic at its Topgolf venues, market share gains in our golf equipment business, and strong brand momentum in its active lifestyle segment.
EXEC: Dick’s SG Launches $50 Million In-House Investment Fund
Dick’s Sporting Goods, Inc. launched DSG Ventures, a $50 million investment fund targeting sports-related companies. The retailer said the fund would focus first on outfits that directly serve athletes and their communities or that help the company better serve its own athletes.
EXEC: Vista Outdoor Cuts Outlook On Inflationary And Promotional Pressures
On a call with analysts, Vista Outdoor officials said inflation and rising interest rates have impacted consumer spending at a faster rate than the company expected last quarter, prompting the company to reduce its outlook for its fiscal year. Sudhanshu Priyadarshi, SVP and CFO, also noted that retailers are working through higher inventory while promotional activity rises.
EXEC: Crocs Shares Jump After Clog-Maker Lifts Full-Year Guidance
Shares of Crocs, Inc. climbed $9.55, or 14.2 percent, to $76.60 on Thursday after the parent of Crocs and Heydude reported third-quarter results that handily exceeded Wall Street expectations while raising its outlook for the year. Andrew Rees, CEO, said on an analyst call, ““Consumer demand for both the Crocs and Heydude brands is exceptional.”
EXEC: Under Armour’s Shares Pop On Earnings Beat
Shares of Under Armour closed up about 12 percent on Thursday after the company reported better-than-expected earnings for its latest quarter while only slightly lowering its full-year guidance. Under Armour interim president and CEO Colin Browne told analysts on a call, “In a highly challenging retail environment, we’re pleased that we’re able to deliver second-quarter results that were in line with our expectations.”
EXEC: Peloton Sees Continued 2023 Headwinds As Q1 Results Fall Short Of Estimates
Peloton Interactive, Inc. took an early beating after reporting fiscal 2023 first quarter results after missing consensus Wall Street estimates but shares reversed course as the day progressed. PTON reported that total fiscal first-quarter revenue fell 23 percent to $616.5 million for the period that ended September 30.
EXEC: Canada Goose Slashes Outlook On China Softening, Macro Concerns
Canada Goose Holdings, Inc. significantly cut its outlook for its fiscal year ending March 2023 as COVID-19 restrictions continue to slow the recovery in China and macroeconomic concerns mount. The downward adjustment comes despite Canada Goose reporting second-quarter results that handily topped analyst targets.
EXEC: Big 5 Delivers Cautious Holiday Guidance
Big 5 Sporting Goods Corp. reported a challenging third quarter against tough year-ago comparisons and guided for a downbeat fourth quarter despite continued progress on merchandise margins and significantly improved inventory levels. Steve Miller, president and CEO, told analysts, “Hopefully, we turn out to be conservative.”
Vittoria Industries To Move North America Headquarters To Bentonville
Vittoria Industries North America is moving its headquarters from Oklahoma City to Bentonville, AK taking space in the Ledger, a new six-story building downtown, providing employees with a bike-friendly facility. The move is expected to take place in December 2022.
EXEC: Escalade Stymied By Inventory Pruning At Mass Channel
Escalade, Inc. is seeing momentum in pickleball and cornhole but said efforts to reduce inventories by mass merchants led to declining earnings and sales in the third quarter.
EXEC: Newell Brands’ Outdoor Segment Hit By Softening Demand
Newell Brands’ Outdoor and Recreation segment reported an 18.4 percent decline in core sales due to a shift of retailer orders into the first half and softening demand. Newell officials also said they expect the recent pandemic-related benefits to “continue to subside” for its outdoors and home businesses.
NPD Report: Active Lifestyle Industry Categories Draw Tough Comparisons To 2021
At SFIA’s 2022 Industry Leaders Summit, Matt Powell, senior industry advisor, sports to The NPD Group, outlined how most active lifestyle categories have run down in 2022 against elevated 2021 comparisons but remain ahead of 2019.
EXEC: Shares Of Columbia Climb On Earnings Beat
Shares of Columbia Sportswear are trading up about 4 percent in mid-day trading Friday after the company reported third-quarter earnings that topped Wall Street targets, boosted by 29 percent growth at Sorel and 19 percent at the Columbia brand. The company reiterated revenue and earnings targets despite order cancellations due to delayed shipments as well as heightened promotions.
