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.
EXEC: Crocs Shares Jump After Clog-Maker Lifts Full-Year Guidance
Shares of Crocs, Inc. climbed $9.55, or 14.2 percent, to $76.60 on Thursday after the parent of Crocs and Heydude reported third-quarter results that handily exceeded Wall Street expectations while raising its outlook for the year. Andrew Rees, CEO, said on an analyst call, ““Consumer demand for both the Crocs and Heydude brands is exceptional.”
EXEC: Under Armour’s Shares Pop On Earnings Beat
Shares of Under Armour closed up about 12 percent on Thursday after the company reported better-than-expected earnings for its latest quarter while only slightly lowering its full-year guidance. Under Armour interim president and CEO Colin Browne told analysts on a call, “In a highly challenging retail environment, we’re pleased that we’re able to deliver second-quarter results that were in line with our expectations.”
EXEC: Peloton Sees Continued 2023 Headwinds As Q1 Results Fall Short Of Estimates
Peloton Interactive, Inc. took an early beating after reporting fiscal 2023 first quarter results after missing consensus Wall Street estimates but shares reversed course as the day progressed. PTON reported that total fiscal first-quarter revenue fell 23 percent to $616.5 million for the period that ended September 30.
EXEC: Canada Goose Slashes Outlook On China Softening, Macro Concerns
Canada Goose Holdings, Inc. significantly cut its outlook for its fiscal year ending March 2023 as COVID-19 restrictions continue to slow the recovery in China and macroeconomic concerns mount. The downward adjustment comes despite Canada Goose reporting second-quarter results that handily topped analyst targets.
EXEC: Big 5 Delivers Cautious Holiday Guidance
Big 5 Sporting Goods Corp. reported a challenging third quarter against tough year-ago comparisons and guided for a downbeat fourth quarter despite continued progress on merchandise margins and significantly improved inventory levels. Steve Miller, president and CEO, told analysts, “Hopefully, we turn out to be conservative.”
