SGB Executive Sports & Fitness
EXEC: Footwear ASPs Continue to Decline Coming Out of Yue Yuen Factories in H1
Yue Yuen reportedly saw the volume of shoes it shipped to brands in the U.S. and Europe increase nearly 10 percent in the first half period ended June 30 (H1), but revenues for those pairs only increased 1.3 percent as average selling prices (ASP) declined 7.8 percent for the period.
EXEC: Genesco CEO and CFO Share Journeys, Schuh and J&M Details from Q2
Although Q2 results were better than expected, the company continues to retain a cautious view and, as such, reiterated its most recent full-year EPS outlook of 60 cents to $1.00 per share. The soft guidance sent shares lower for the day.
EXEC: Callaway and Topgolf Management Outline Separation Plan
The company said it expects to effect the separation by spinning off the Topgolf business to Topgolf Callaway Brands’ shareholders in a transaction that is intended to be tax-free for both the company and its shareholders for U.S. federal income tax purposes.
EXEC: Dick’s SG Tempers Outlook for H2 on Concerns Over Consumer
The largest sporting goods retailer in the country, which just posted 4.9 percent comp growth in the first half of the year, also has concerns about the consumer. As many others have noted in their earnings calls, DKS is clearly seeing something at the store level.
EXEC: Nordstrom Family Offers Path to Take Namesakes Retailer Private
A real deal to go private is finally on the table at Nordstrom Inc., with family members Erik Nordstrom and Pete Nordstrom at the center of a proposed $3.76 billion deal.
EXEC: Lululemon to Fast-Track New Product but Cuts 2024 Guidance
Lululemon reported second quarter net revenue increased 7 percent to $2.37 billion, or increased 8 percent on a constant-currency (cc) basis. Analysts were looking for $2.41 billion. Earnings came in at $3.15 per share, above consensus estimates for $2.93 per share.
EXEC: Athleta’s Q2 Comps Decline as Expected; Expects Return to Growth in H2
In the second quarter, Athleta was expected to lap the balance of last year’s heavy discounting, and, as a result, the company planned for second quarter net sales to be down in mid-single-digits year-over-year.
EXEC: Foot Locker Gives Q2 Nod to Nike in Basketball, Adidas and New Balance in Lifestyle
North America overall comps were up 1.7 percent for the quarter, led by Foot Locker North America, which delivered a comp increase of 5.9 percent.
EXEC: Wall Street Reacts as Foot Locker CEO Talks Turnaround Plan and Positive Q2 Comps
FL shares have been on a bit a roll, with the stock up 24 percent in the last month and 42 percent over a three-month period, but the Q2 results weren’t positive enough to build on that momentum as FL shares fell in double digits on Wednesday.
EXEC: Sports Direct Parent Invests in Australian Sportstyle Retailer
Frasers Group plc, the parent of the UK-based retailer Sports Direct, has acquired a 14.65 percent strategic investment in Accent Group Ltd., a retailer in the performance and lifestyle market in Australia and New Zealand.
EXEC: Slinger Bag Headed Toward Another Ownership Transition
Company CEO Mike Ballardie has signed a separation agreement to acquire all assets and liabilities related to the Slinger Bag legacy business.
EXEC: Saucony and Merrell Post H1 Surge in China as Xtep Takes Full Control
Saucony and Merrell are now operating under a licensing model in China, and housed within Xtep International’s new Professional Sports segment of business, representing 8.2 percent of total revenues for the company.
EXEC: Mainland Headwear H1 Hurt by Economy, Slow Mexico Factory Output
With production at its new Mexico factory yet to run smoothly as the newly recruited local staff are grappling with workflow., the company has run into high operating costs, resulting in an operating loss for the H1 period.
EXEC: BSN Sports Gets A New Parent as KKR Closes Varsity Sports Acquisition
As the new majority owner of Varsity Brands, KKR said it will support the company as it continues to grow its business. KKR said it is making this investment primarily through its North America Fund XIII.
EXEC: Golf Rounds Played Fell 5 Percent in Q2 in Great Britain
Total rounds played per course in Great Britain dropped by 5 percent year-on-year in Q2 2024, according to a recent report from UK-based Sporting Insights.
