EXEC: Sports Direct Parent Expands Stake in Norwegian Retailer
Shares of XXL, the struggling Oslo-listed sports retailer, are reportedly surging after the company reported that Frasers Group, the UK-based parent of Sports Direct, purchased 117.4 million shares of the company, bringing its total holding to 162.1 million.
EXEC: BRC Sees Weaker UK Retail Growth in September as Non-Food Sales Decline
The British Retail Consortium reported that total UK retail sales were 2.7 percent in September, against a growth of 2.2 percent in September 2022, supported by a 9.5 percent inflation rate.
EXEC: JD Sports Completes Shares Purchase of Iberian Sports Retail Group
Effective October 10, JD acquired 49.98 percent of shares of ISRG from Balaiko Firaja Invest, S.L. and Sonae Holdings, S.A. for cash consideration of €500.1 million ($531.2 million) and now owns 100 percent of ISRG shares.
Report: UK Holiday Spending Increase Will Fall Short of Inflation Growth
The 3.4 percent growth for the holiday selling period, driven by 9.3 percent inflation for the year, still falls short of last year’s increase and marks a second quarter of slowing growth in 2023.
EXEC: Report Sees Crocs, Hoka, New Balance, and On Increasing Teen Appeal
Crocs, Hoka, New Balance, and On were among the brands in the active lifestyle space that increased their appeal with teens in Piper Sandler’s 46th Semi-Annual Taking Stock With Teens Survey. Nike dominated teen mindshare in footwear and apparel but lost brand appeal in the performance category, while Adidas, Converse, Under Armour, and Vans ost ground with teens. Lululemon had a mixed performance.
Rupert Campbell Leaving Adidas North America
The president of Adidas North America will step down to pursue other opportunities, effective October 27. Executive board member Arthur Hoeld, who leads global sales, will oversee the region until a successor is found.
EXEC: On Snags Two Upgrades Following Investor Day Event
Shares of On Holding remained down slightly since the company’s Investor Day last week due, apparently, to concerns that On’s third-quarter results will miss estimates. However, two analysts upgraded On’s stock and a number of other upbeat reports arrived in recent days as most analysts were left impressed by its ambitious long-term growth strategy.
EXEC: Famous Footwear Leans On Kids Footwear to Drive Market Share Gains
Speaking at Caleres’ Investor Day event, Michael Edwards, president of Famous Footwear, said the family footwear chain plans to leverage its strong position in the kids’ category to meet its goal of making Famous “the destination for the Millennial family.”
EXEC: An Inside Look at On as Company Builds a “True Sportswear Brand”
On is also looking to expand its share with core runners as part of a long-term goal to become the world’s leading running shoe but recent findings show the brand being worn by just 15 percent of runners on major running routes in Miami and only 7 percent in New York City.
EXEC: Hydro Flask and Osprey on Divergent Paths in Fiscal Q2
Osprey reportedly surpassed expectations for the third straight quarter with help from improving travel demand, but Hydro Flask continued to be pressured by a shift in consumer preference from insulated bottles to tumblers.
EXEC: U.K. Retailers Facing Rising Retail Crime Demand Government Action
The 2023 BRC Crime Survey showed incidents of violence and abuse towards retail workers had almost doubled from pre-pandemic levels to 867 incidents every day in 2021/22. Top executives at JD Sports were signatories to the demand letter.
EXEC: JLL Holiday Survey Sees Experiences Weighing on Traditional Gift Spend
In the JLL 2023 Holiday Shopping Survey Report consumers are poised to increase spending on entertainment and experiences during the holiday season but at the expense of the amount they would have spent on gift giving. The survey found spending on physical goods to decline 13.8 percent.
Movement Skis Cuts OpEx After Tough Start to Year
Weak sales prompted the company to take a hard look at its operating expenses, with personnel costs cut by 16 percent, advertising costs by 10 percent, R&D costs by 25 percent, and G&A expenses by 19 percent.
Le Coq Sportif Posts Wider H1 Loss on Weaker Footwear Sales
Growth in the brand’s apparel and accessories businesses wwas offset by declines in footwear for the six-month period ended June 30.
EXEC: Wall Street Lukewarm on Nike’s Fiscal Q1 Results
Nike’s shares rose 6.7 percent on Friday after the company reported earnings in the fiscal first quarter ended August 31 handily topped expectations on stronger-than-expected margins, but many analysts were non-plussed, remaining concerned about sluggish growth trends, particularly in the North American wholesale channel.
