EXEC: Xponential Fitness Sees Fitness Boutique Business Undergo Strong Rebound
Xponential Fitness said first-quarter North American systemwide sales grew for the seventh consecutive quarter, up 70 percent year-over-year. The owner of fitness boutiques is on track to open over 500 new studios this year.
EXEC: Planet Fitness Counting On Gen-Z To Drive Same-Store Sales
Planet Fitness has seen a strong recovery from the pandemic, with the first quarter marking an all-time record-high for membership count, at 16.2 million members. To continue to drive same-store growth, Planet Fitness is looking to connect with teens. Planet Fitness CEO Chris Rondeau told analysts, “Gen Z was the fastest-growing demographic group of our membership in 2021.”
EXEC: SportChek’s Stellar Q1 Performance Boosted By Hockey’s Return
SportChek’s same-store sales grew 10.2 percent in the first quarter, boosted by a return to playing hockey and strong demand for skiing. Greg Hicks, Canadian Tire’s president and CEO, said on a call with analysts, “SportChek delivered its strongest Q1 on record, with comparable store sales up significantly as families returned to organized sport, namely hockey as well as skiing.”
EXEC: Allbirds Lowers Full-Year Outlook On International Concerns
Allbirds, Inc. reported sales grew 26 percent in the first quarter year-over-year and increased 49 percent compared to the first quarter of 2020 due to strong momentum in its U.S. business. However, the eco-friendly footwear company reduced its guidance for the year due to increasing international headwinds.
EXEC: Wolverine World Wide Sees Q1 Revenues Top Guidance
Wolverine World Wide reported revenues and operating margin in the first quarter exceeded expectations. Better-than-expected performances by Saucony and Sperry and strong international growth helped overcome shortfalls in its e-commerce operations and at Sweaty Betty. Wolverine reiterated its guidance for 2022.
EXEC: Callaway Golf Hikes Guidance As Golf’s Momentum Hums Along
Callaway Golf lifted its outlook for earnings and sales for the year after reporting that first-quarter earnings came in well above guidance. Demand for the company’s golf equipment and soft goods lines remained robust while Topgolf bounced back toward the end of the quarter after being impacted by Omicron spikes early on.
EXEC: Yeti Delivers Above-Plan 19 Percent Q1 Growth
Yeti Inc. reported sales in the first quarter climbed 18.6 percent year over year, exceeding plan. Sales have more than doubled since the first quarter of 2019 with drinkware sales leading the gains. Earnings were slightly ahead of Wall Street estimates.
EXEC: Clarus Corp Overcomes Supply Chain Woes At Black Diamond In Q1
Clarus Corp. reported first-quarter results topped Wall Street targets as strong sales growth in its Precision Sport or ammunition segment and strong North-American sales for Rhino-Rack offset inventory shortfalls due to logistics challenges at Black Diamond.
EXEC: Beachbody Eyes Recovery After Posting Steep Q1 Loss
The Beachbody Company, Inc. reported a wider loss in the first quarter due in part to an inventory charge related to its connected fitness bikes. Sales declined 12 percent; however, revenue and adjusted EBITDA came in ahead of expectations.
EXEC: Peloton’s Restructuring Off To Slow Start
Shares of Peloton fell $1.23, or 8.7 percent, on Tuesday to $12.90, reaching an all-time low, as sales and the loss in the fiscal third quarter ended March 31 were worse than expected and a tepid outlook was delivered for the fourth quarter.
EXEC: Johnson Outdoors Thwarted By Inventory Shortages In Fishing Segment
Johnson Outdoors continued to see robust demand across its operating segments, but raw material shortages led to inventory shortfalls in its Fishing segment and a high-single-digit decline in its fiscal second-quarter sales.
EXEC: Fox Factory’s Cycling Segment Delivers 44 Percent First-Quarter Growth
Fox Factory Holding Corp. said sales in its Specialty Sports Group (SSG), its cycling component segment, grew 43.5 percent in the first quarter year over year, to just under $170 million. Fox Factory’s CEO Mike Dennison, told analysts, “Our order book remains robust for the rest of 2022, supported by signs of improvement in supply chain capacity.”
EXEC: Adidas Reduces 2022 Expectations Amid China Lockdowns
Adidas lowered its expectations for 2022 after a first-quarter slump as renewed COVID-related lockdowns worsened trends in Greater China. Sales declined 35 percent in the region in the quarter, and Adidas officials now expect sales to decline “significantly” in the key country this year.
EXEC: Under Armour’s Stock Takes Hit On Weak Guidance
Shares of Under Armour were trading down about 25 percent in mid-day trading Friday after the company reported results for its transitional March quarter that slightly lagged Wall Street expectations and provided weak guidance for the current year as it battles supply chain disruption and COVID-related lockdowns in China.
EXEC: BOA And Marucci Sports Pace CODI’s Q1 Active Lifestyle Gains
Compass Diversified (CODI) reported sales in the first quarter grew 55.8 percent at BOA Technology and 42.3 percent at Marucci Sports. Among other businesses in the active lifestyle space owned by CODI, 5.11’s revenues grew 4.2 percent while Velocity Outdoor’s sales declined 21.6 percent.
