SGB Executive Sports & Fitness
Report: Adidas Pauses Yeezy Releases
Adidas has now put a pause on its planned Yeezy releases, including a planned drop in November, a decision that was attributed to the company’s Board. No reason was given for the pause.
Circana Delivers Muted Holiday Retail Outlook
Holiday spending is expected to come close to last year’s results but could fall short by as much as 2.5 percent during the traditional November and December shopping season, according to Circana’s annual Holiday Purchase Intentions study. The outlook was slightly improved when holiday sales falling in October are included.
Shimano’s YTD Sales Tumble 20 Percent on Cycling Weakness
Shimano, Inc.’s sales tumbled 19.8 percent in the nine months as sales in its Bicycle Components segment dropped 24.8 percent with the decline tied to high inventories in the IBD channel. The Japanese-based company nonetheless slightly raised its outlook for the year as orders in the back half weren’t as soft as expected.
VF Corp. Appoints Former Nike President to Board
VF Corp. appointed former Nike executive Trevor A. Edwards to the company’s Board of Directors, effective October 22. Edwards served as president of Nike, Inc. from 2013 until 2018.
Signa Sports Prepares for Insolvency Filings
Signa Sports United (SSU), which earlier last week confirmed that it had lost a major funding commitment from its parent company, said its subsidiary, Tennis-Point GmbH, had filed for insolvency and the overall company is preparing for insolvency proceedings in the coming days.
361 Degrees Int’l Posts Double-Digit Q3 Sales Growth in Owned-Retail
The company reported that 361° branded retail stores posted 15 percent year-over-year growth for the third quarter ended September 30. E-commerce sales increased approximately 30 percent for the period.
China Kappa Retail Comps Grow Mid-Singles in Fiscal Q2
The company’s Kappa-branded retail stores in China posted mid- to low-single-digit year-over-year growth for the second fiscal quarter ended September 30.
Survey Sees Nike, Jordan, Lululemon Winning Popularity Contest with Gen Y + Z
While upstarts such as Hoka and On are making noise, Cowen’s sixth annual Gen Z and Millennial survey found Nike, Air Jordan and Lululemon hit new all-time highs in brand preference and showed material growth year-over-year in both 18-to-24 and 25–34-year-old cohorts.
EXEC: Vista Outdoor’s Guidance Cut Surprises Wall Street
Analysts said Vista Outdoor’s agreement to sell its Sporting Products segment business to Czechoslovak Group (CSG) for $1.91 billion appeared largely in line with the businesses’ valuation. Vista’s 24 percent stock drop on Monday was attributed to Vista’s sharp guidance cut tied to the deteriorating Outdoor Products business.
EXEC: Adidas Ups Full-Year Guidance on Improved Preliminary Q3 Results
Adidas now expects full-year 2023 currency-neutral revenues to decline at a low-single-digit rate in 2023 compared to its previous forecast of a mid-single-digit decline. An operating loss of around €100 million is now forecast, compared to its previous estimates for a loss of €450 million for the year.
EXEC: Sports Direct Parent Acquires Top Germany Sports Retailer
Frasers Group plc, the parent company of UK-based sports retailer Sports Direct, entered into a binding agreement with Signa Retail Department Store Holding GmbH to acquire SportScheck, one of the top sports retailers in Germany.
EXEC: Vista Outdoor Cuts Fiscal Year Outlook After Q2 Weakness
Along with the sale of its Sporting Products business to Czechoslovak Group. (CSG), Vista Outdoor announced that it was slashing its full-year guidance, largely due to weakness at its Outdoor Products segment.
EXEC: Surveys Reveal Run Specialty’s Challenges with Gen Z
A recent member survey from the Running Industry Association (RIA) found that while the run specialty channel has made progress in attracting the Gen X demographic, with Millennials not far behind, a significant opportunity remained to attract more Zoomers.
EXEC: Giant Group Sales Fall in Third Quarter
Consolidated revenue for the third quarter declined 24.5 percent year-over-year as sales in each month of the quarter declined more than 20 percent. Still, the decrease in September was a a sequential improvement versus sharper declines in July and August.
EXEC: Anta Sports Sees Fila Q3 Retail Trend Lagging First Half Gain
The company, which runs retail stores in China for the Anta brand, Fila, Descente, Kolon Sport, and Amer Sports, reported that Fila brand retail sales posted low-teens positive growth in the third quarter, down from the mid-teens growth from the first half.
