EXEC: Dick’s SG Gets Citi Downgrade On Markdown Concerns
Citi Research downgraded shares of Dick’s Sporting Goods to “Neutral” from “Buy” due to margin concerns tied to the need to clear excess overall inventory in the marketplace.
SGB Question: Is The Supply Chain Crisis Over?
SGB Executive reached out to industry executives to get their perspectives on the supply chain’s ongoing recovery efforts. Responses surveyed from Case And Zippo, Cascade Designs, Hot Chillys, Land Energy, Lowa, NetVirta, Reima, The Woolmark Company, Tread Labs, TRE US, and Vibram are outlined.
EXEC: Rocky Brands Warns Of Tough Year Ahead
Rocky Brands reported fourth-quarter results easily topped expectations due to outperformance by its Retail segment. However, Rocky officials on an analyst call provided a cautious outlook for 2023, expecting sales to decline between 7 and 9 percent, due to low visibility into wholesale orders and uncertain consumer demand.
EXEC: Yeti Confident On Return To Double-Digit Growth
On a call with analysts, Matt Reintjes, Yeti’s president and CEO, said he remained confident that the drinkware and cooler maker would return to its long-term revenue target of 10 percent to 15 percent growth despite sales growth expected to fall well below that rate in the current year due to a massive recall and a slowdown at wholesale.
EXEC: SFIA Report Highlights Pandemic Winners
Led by a hike in pickleball participation, the Sports & Fitness Industry Association (SFIA) Topline Participation Report found that physical activity rates increased in the U.S. for a fifth consecutive year. The report also indicates that activities ranging from golf to tennis, basketball, kayaking and surfing continue to build on pandemic-related gains.
Globe International Sees Double-Digit Sales Declines In Fiscal H1; EBIT Shrinks
Globe International Limited, the Australian company that is home to the Globe, Salty Crew, FXD and Impala Skate brands, among others. reported a decline in sales and profitability for its half-year period ended December 31 as the downturn in the hardgoods market and general macro-economic conditions continued to have an impact on performance.
EXEC: Pickleball Rare Bright Spot For Escalade In 2022
Escalade, Inc. reported lower earnings in the fourth quarter and year as demand for many of its sporting goods gear normalized and it warned of continued challenges in 2023. However, pickleball, led by its Onix and Dura brands, was a bright spot, landing among the few categories managing growth in the fourth quarter.
EXEC: Wolverine Worldwide Charts Path To Improved Profitability
Wolverine Worldwide reported fourth-quarter results that were in line with guidance but officials on a call with analysts gave a bullish outlook for profit improvement in the back half of 2023 as inventory and expense reduction efforts are already starting to pay off. For the current year, mid-single digit growth is expected for both Merrell and Saucony and low-single digits gains for Sweaty Betty.
EXEC: Walmart Delivers Weak Guidance As Higher Prices Squeeze Shoppers
Walmart comfortably topped holiday-quarter earnings and sales targets, but the retail giant delivered weak guidance for the current year due to high prices and the potential for further macro pressures, foreshadowing a tough year for the retail sector.
Brooks Gets Fourth Quarter Lift And DTC Help To Post 2022 Growth
Brooks Running said in a release that the company “crossed the finish line in 2022 with record global revenue,” up 6 percent over 2021 with growth in all regions, and direct-to-consumer sales up 16 percent.
Shimano Forecasts Sharp Drop In 2023 Sales; Pursues A New Culture
After reviewing in more detail the financial statements filed by Shimano, Inc. following the company’s 2022 earnings report this past week, there is an ominous set of figures and remarks in the company’s outlook for its business in 2023 missed in earlier reporting of the company’s strong 2022 results.
Great Britain January Retail Sales Analysis Reveals Decline After Inflation
The Office of National Statistics in Great Britain reported that retail sales volumes in January 2023 increased by 0.5 percent, following a fall of 1.2 percent in December 2022 (revised from a fall of 1.0 percent). Sales volumes were reportedly 1.4 percent below its pre-COVID-19 February 2020 levels.
Super Retail Group Posts 11 Percent Comp Growth In Fiscal H1
Super Retail Group, the Australia-based parent of the Rebel sports, BCF outdoor and Macpac outdoor retail chains, reported that sales for the first half of fiscal 2023 rose 15 percent to A$1.96 billion, driven by strong Black Friday and peak Christmas season sales.
EXEC: CTC Details SportChek’s Holiday Woes Inside The Analyst Call
SportChek’s same-store sales declined slightly in the fourth quarter against challenging year-ago comparisons but were also impacted by a lack of snowy weather and a pickup in promotional activity in the marketplace. Helly Hansen delivered growth of over 20 percent for the second straight year.
EXEC: Crocs CEO Details Top 2023 Growth Drivers Inside The Analyst Call
Crocs, Inc’s results for the fourth quarter and year came in even better than a favorable pre-announcement issued in early January. On an analyst call, Andrew Rees, CEO, called out sandals and international as key growth drivers for the Crocs brand in the current year while also expecting Heydude to build on its ramped-up wholesale partner expansion in the U.S.
