SGB Executive

Lululemon Athletica, Inc. took a massive impairment charge in the fourth quarter to cover write-offs and the restructuring of its Mirror’s connected-fitness business. However, shares of Lululemon are up about 15 percent in -pre-market trading Wednesday as fourth-quarter results topped estimates and an upbeat outlook was provided for 2023.

At a recent webinar exploring SFIA’s 2023 Sports & Fitness Topline Participation Report, Tom Cove, president and CEO of SFIA, highlighted the substantial progress in improving America’s activity rates and detailed which activities benefited from the pandemic, including pickleball.

Some Wall Street analysts were pleased with Nike’s progress in working down inventory levels and reviving China in the fiscal third quarter ended February 28; others were concerned that the growth is mainly from promotions.

In February, Janji, the Boston-based running apparel brand, and Oiselle, a Seattle-based women athletic apparel brand, announced they were partnering on a merger of niche brands in the run space. Here, Dave Spandorfer, co-founder and CEO of Janji, talks about the reasons behind the merger, the mission behind each brand and the Janji story.

Add Beyoncé to the list of collaboration woes for Adidas. According to reports from The Hollywood Reporter and TMZ, Adidas ended its partnership with Beyoncé and shuttered the Ivy Park athleisure line.

Over the past year, the number of Sneakerheads, defined as consumers willing to spend $100 or more on sneakers, is up 18 percent in the U.S., according to YouGov’s latest report, “The Sole Obsession: Inside the World of Sneakerheads.”

Shoe Carnival Inc. said athletic footwear further weakened due to shifting trends in the fourth quarter ended January 28, but the family footwear chain posted record earnings on higher margins and claimed it’s continuing to build on significant share gains over competitors in recent years.

Mainland Headwear Holdings Ltd. reported that revenue increased 17.1 percent to HK$1.87 billion. Profit generated in the Manufacturing Business was partially offset by a loss for the year in the Trading Business, but Profit to Shareholders still rallied 52.6 percent to HK$195.4 million

Fila Holdings reported that consolidated revenue grew 11.3 percent to ₩4.22 trillion for the full year 2022, compared to ₩3.79 trillion in the prior year. Operating profit declined 11.7 percent to ₩435.07 billion in 2022.

KMD Brands Limited reported that fiscal 2023 first-half revenue jumped 34.5 percent to A$547.9 million. The first-half saw continued sales growth for Rip Curl, strong Australian recovery for Kathmandu, and record first-half sales for the Oboz business

Nike Inc. reported sales and earnings in its fiscal third quarter ended February 28 topped Wall Street targets as strong demand drove broad-based growth across brands, channels and geographies. However, the sportswear giant lowered its margin guidance for its fiscal year as it still has some work to do in whittling down bloated inventories.

Shares of Foot Locker rose 7 percent on Tuesday as analysts at Citi and Evercore upgraded the stock following the retailer’s Investor Day on Monday. Citi’s Paul Lejuez said Foot Locker’s moving in the right direction, turning attention away from malls and the Champs brand and instead focusing on offerings related to kids, loyalty and digital.

Anta Sports Products Limited saw revenue increase 8.8 percent to RMB53.65 billion in 2022, compared to RMB49.33 billion in 2021. The Group’s operational measures and “Dynamic Management” approach were said to have been effective as profit attributable to shareholders reached RMB7.59 billion, outperforming market expectations.

Shares of On Holding rose 26 percent Tuesday after the Swiss running brand reported revenues jumped 92 percent in the fourth quarter with the help of market share gains in running and tennis and On’s strengthening appeal with younger consumers. On officials also provided a bullish outlook for 2023.