SGB Executive Sports & Fitness
EXEC: Nike Confident In Profit Recovery in FY24
At its annual meeting, Nike officials expressed confidence that profitability would bounce back in the coming fiscal year ended May 2024 after markdowns to clear excessive inventories led to a profit shortfall in the prior fiscal year. Execs were also bullish on the brand’s innovation pipeline, structural tailwinds behind the athletics space and its evolving marketplace strategy.
EXEC: Skechers Notes Continued Pressure in U.S. Wholesale Business
Speaking at the Piper Sandler Growth Frontiers Conference, John Vandemore, the CFO at Skechers USA, said the company continues to see strong demand for the brand across its DTC channels but is not seeing any indication that the elevated inventories affecting U.S. wholesale business to alleviate anytime soon.
EXEC: Active Lifestyle Retail Weathers Rough Second Quarter Waters
Although a few retailers outperformed in the second quarter, big names in the active lifestyle space fought through a challenging quarter amid promotional pressures, retail theft and the consumer’s continued shift away from discretionary purchases.
Yue Yuen Sees Another Sharp Footwear Manufacturing Sales Decline in August
The manufacturer of footwear for most major outdoor and athletic brands, reported that in August, net consolidated operating revenue, declined 19.8 percent after posting a 106 percent increase in the prior-year month.
Report: New Era Preparing for Initial Public Offering
New Era Cap, LLC is reportedly talking to law firms and investment banks as part of a plan to go public next year. The IPO comes after fourth-generation company leader Chris Koch stepped down last fall from daily operations as private equity firms bought a significant stake in the headwear manufacturer.
EXEC: G-III Apparel Sees Champion Outerwear Extending Reach to Athletic Channels
On the company’s second-quarter analyst call, Morris Goldfarb, G-III Apparel’s longtime chairman and CEO, said he sees G-III’s new multi-year license to produce outerwear under the Champion brand presenting opportunities to reach Dick’s Sporting Goods, Foot Locker and other athletic retailers.
EXEC: Amer Sports Files Confidentially to Go Public
Amer Sports, the parent of Salomon, Wilson, Arc’teryx and other sports brands, filed confidentially for a U.S. initial public offering that could value the group as high as $10 billion. The offering would come as Amer Sports’ business has seen accelerated growth, driven by Arc’teryx and Salomon and growth in China.
Study: American Malls Making a Comeback Post-Pandemic
A study conducted by Coresight Research found that traffic at U.S. shopping malls has recovered and surpassed pre-COVID levels, supported by the “halo effect” created by a brand’s online and offline presence in a mall, brand synergy in malls and omnichannel retail investments.
EXEC: Tilly’s Execs Remain Cautious Despite Improving Q3 Trends
Comparable net sales, including both physical stores and e-commerce, decreased by 8.5 percent on top of the 16.5 percent decrease posted in the prior-year Q2 period. The retailer saw early Q3 comps down in the low- to mid-single digits.
EXEC: Lululemon Claims North America Market Share Gain Despite Slower Q2 Growth
While its outsized growth in China continues to get much of the media attention, Lululemon Athletica, Inc. churned out sales gains of 11 percent in the second quarter in North America, slowing from the 17 percent growth in the first quarter.
EXEC: Academy Sports’ Shares Jump On Upbeat Outlook
Shares of Academy Sports and Outdoors, Inc. closed up $4.63, or 9.3 percent, to $54.57 Thursday as second-quarter earnings topped analysts’ estimates and the retailer reiterated its guidance for the year. Academy officials said sales steadily improved throughout the second quarter as customers responded to its message around value and newness.
EXEC: Symphony Holdings Posts Solid H1 as Brand Division Jumps 24 Percent
The Branding segment, which is comprised of the Skins and Pony businesses, sourcing, manufacturing and trading of healthcare products in Hong Kong and distribution of Sunseeker swimwear, posted a 24.2 percent YoY increase for the first half period. Still, the majority of revenues come from its malls leasing segment.
EXEC: Mainland Headwear H1 Revenues, Profits Fall Double-Digits
The manufacturer and seller of headwear and accessories products said in its H1 report that manufacturers and traders faced the “challenges of built-up inventories waiting to be consumed, weakened new demand and stagnant production and sales.”
EXEC: Saris Plots Continued Recovery Under New Ownership
The bike racks and trainers manufacturer Saris is under new ownership, acquired by C+A Global in October 2022. SGB Executive talked with Stefan Guelpen, head of global sales, about how the company helped stabilize and reposition Saris for growth.
EXEC: Active Lifestyle Well Represented on 2023 Inc. 5000 List
Golftec, Xero Shoes, SylvanSport, Stinger Sports, Bases Loaded and GiantMouse are brands in the wide range of companies in the active lifestyle space to land in Inc’s 5000 for 2023 annual ranking of the fastest-growing private companies in America—a snapshot of companies’ performance from 2019 to 2022.
