EXEC: Asics Delivers 19 Percent Q3 Growth In North America
Asics Corp. reported significant profit improvement in the North America region in the third quarter on a 19 percent revenue gain. Asics raised its overall outlook with strength across regions in the quarter.
Global Footwear Factory Giant Sees Q3 Pairs Surge On Easy Vietnam Comparisons
Yue Yuen Industrial (Holdings), Inc. revenue increased 38.4 percent in the third quarter ended September 30, driven in large part by strong growth and easy year-ago comparisons in its manufacturing businesses in Vietnam, partially offset by weak retail sales in mainland China amidst volatile retail sentiment following continued COVID-19 outbreaks.
EXEC: Fitness Chains Continue Pandemic Recovery In Q3
Planet Fitness, Xponential Fitness and Life Time Group Holdings all raised their full-year guidance and reported a strong uptick in revenues and membership growth in the third quarter, although membership activity has yet to return to pre-pandemic levels. Executives on analyst calls said they remain bullish on continued improvement in 2023 despite inflationary and macroeconomic pressures.
EXEC: Yeti Shares Jump On Q3 Beat, Upbeat Narrower Outlook
Shares of Yeti Holdings shot up $9.64, or 31.8 percent, to $39.98 on Thursday after reporting third-quarter earnings and sales that beat expectations on robust sales momentum. The drinkware and cooler specialist also maintained its guidance for the year. Matt Reintjes, president and CEO, told analysts about holiday selling, “Our goal remains focused on winning this season’s gifting occasions.”
EXEC: Nautilus Cuts Outlook On Cautious Ordering By Retailers
On an analyst call, Nautilus Inc.’s CEO Jim Barr said sales in the second quarter ended September 30 remain strongly above pre-pandemic levels and membership growth in its digital fitness platform, JRNY, attests to the long-term opportunity of at-home fitness. However, quarterly sales were significantly down year-over-year due to tough comparisons and guidance for the year was lowered due to tighter inventory controls from retailers.
EXEC: Wolverine World Wide Shares Plunge On Weaker Guidance
Wolverine World Wide, Inc. saw double-digit gains at Merrell in the third quarter, but overall consolidated sales and profitability came in below plan due to supply chain and promotional pressures. Wall Street punished the company in response to its reduced guidance for the year, as WWW shares plummeted more than 34 percent for the day.
EXEC: Champion Sales Hurt By Order Cancellations
HanesBrands Inc. reported global Champion brand sales slumped 14 percent on a reported basis (9 percent in constant currencies) in the third quarter. On an analyst call, Steve Bratspies, CEO, said Champion was hurt by soft consumer demand in the U.S., order cancellations in the U.S. from late shipments as retailers tightly managed inventory, and lingering COVID challenges in certain Asian markets.
EXEC: Adidas’ Outgoing CEO Defends His Record At Adidas
On his last quarterly conference call as CEO of Adidas, Kasper Rorsted touted his achievements at Adidas and largely attributed the company’s recent shortfalls to the pandemic.
EXEC: Clarus Axes Outlook On Adventure Segment Shortfall
Clarus Corp. lowered its guidance for the year as strong demand for its Precision Sport segment, led by Sierra and Barnes, was offset by softer sales in its Adventure segment, which consists Rhino-Rack and Maxtrax. The Outdoor segment, led by Black Diamond, saw strong demand but is facing some supply chain challenges and reduced open-to-buys from larger accounts.
EXEC: Wall Street Bullish On Bjorn Gulden’s Potential As Adidas CEO
News that Puma’s outgoing CEO Bjorn Gulden may succeed Kasper Rorsted as Adidas’ CEO was greeted favorably by Wall Street as several analysts were hopeful Gulden may be able to replicate Puma’s recent success at the struggling Adidas. His exit was seen as slightly negative for Puma.
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.
