SGB Executive Sports & Fitness
EXEC: Under Armour Can’t Dodge North American Turbulence
Under Armour reported sales and earnings in the fiscal second quarter ended September 30 topped analyst targets, but annual sales guidance was reduced due to further deterioration in the North American wholesale business. CEO Stephanie Linnartz told analysts, “Several forces are at play here, including inflation and consumer confidence, normalizing inventory levels amid still broad promotions, and overall softness in our future wholesale order book.”
New Wave Group Gets Lift from Tenson Deal to Post Q3 Sales Growth
The Swedish-based owner of Ahead, Auclair, Craft, Cutter & Buck, and Tenson AB, reported that net sales increased 5 percent (+1 percent currency-neutral) to SEK 2,337.0 million, but sales would declined had it not been for sales from the acquired outdoor gear brand Tenson.
Clif Bar Again Sees Double-Digit Growth In Third Quarter
Mondelez International reported that Clif Bar delivered another quarter of double-digit growth and improved profitability in the third quarter ended September 30. Its other snack bar brands, Grenade and Perfect Snacks, also delivered double-digit gains.
EXEC: BRC Sees Cautious UK Consumer Spending Stalling in October
The BRC reported that total UK retail sales increased 2.5 percent in October. The number was said to be below the three-month average growth of 3.1 percent and the 12-month average growth of 4.2 percent as reported by the BRC.
EXEC: Investor Doubts Follow Fox Factory’s Acquisition of Marucci Sports
Fox Factory’s plans to acquire Marucci Sports, the maker of baseball bats and gloves, for $572.0 million has drawn skepticism from Wall Street analysts concerned about the timing given the company’s struggles and how the acquisition fits alongside its core suspension components businesses.
EXEC: Wrapping Up the Less-Than-Jolly Holiday Forecasts For Retail
Holiday forecasts arriving in recent weeks roundly forecast sales will slow this year versus pandemic stimulus-boosted gains in recent years. However, while many expect a “resilient” consumer will drive solid gains similar to pre-pandemic levels, some see inflationary and macroeconomic concerns weighing disproportionately on discretionary spending.
EXEC: BOA, Primaloft and Velocity Outdoor Drag on Parent’s Q3 Results
Brand aggregator Compass Diversified saw Q3 sales decline 25 percent at BOA, 16 percent at Primaloft and fall 28 percent at Velocity Outdoor, while revenues grew 13 percent at Marucci Sports and 7 percent at 5.11. The company reported it was selling Marucci.
EXEC: Titleist Parent Gains Q3 Boost from Healthy U.S. Golf Market
Acushnet Holdings Corp., the parent of Titleist and FootJoy, reported third-quarter earnings and sales topped Wall Street expectations on strength in the U.S. golf market. On an analyst call, David Maher, president and CEO, said the U.S. is outpacing markets overseas in both golf rounds played and consumer spend due to resilient golf enthusiasts.
EXEC: VF’s Turnaround Plan to Focus on Vans, the Americas, Debt and Cost Structure
New company CEO Bracken Darrell said the U.S. is not working well. He noted that the company’s innovation engine has historically been strong but had drifted downward over the past few years. He said employees still love the brands and business, but morale was hurt by poor performance. He also said costs and debt were too high, and there were no sacred cows in the turnaround effort. Vans was the first to see change.
EXEC: Thule’s Profits Bounce Back in Third Quarter
Thule Group reported a strong recovery in earnings in the third quarter as sales rose 8.0 percent. Sales in the North American region decreased 15 percent on a currency-neutral basis.
EXEC: Deckers Delivers Blowout Q2 as Hoka Takes Lead in U.S. Run Specialty
Deckers Brands hiked its annual guidance as results for its fiscal second quarter ended September 30 were boosted by an robust recovery at Ugg. However, Hoka’s momentum showed no signs of slowing down with Deckers’s officials telling analysts the brand has become the leading footwear seller in the U.S.-run specialty channel.
EXEC: Li Ning Sees Q3 China Retail Sales Comp Down Mid-Singles
In terms of channels, the retail channel registered a mid-single-digit increase and the wholesale channel registered a low-teens decline; while its e-commerce virtual stores business registered a low-single-digit decline on a year-over-year basis.
Mips Sales Pain Still Persists in Bike Helmets in Q3
Swedish helmet technology provider Mips saw sales declines moderate a bit in the third quarter from the 51 percent decline experienced in the second quarter, but the company acknowledged it was another soft quarter with the impact of inventory adjustments still being felt in the bike sub-category.
Super Retail Group Comps Up 2 Percent for 16-Week YTD Period
The Australia-based parent of the Rebel Sports, BCF Outdoor and Macpac outdoor retail chains, provided an update on its year-to-date performance at its annual general meeting on October 25 as it cycles against big increases last year.
Skechers Enters the Basketball Arena
Skechers announced its entry into the technical basketball shoe category by launching two mid-top styles—SKX Resagrip and SKX Float—and signed endorsement deals with Julius Randle of the New York Knicks and Terance Mann of the Los Angeles Clippers.
