SGB Executive Sports & Fitness
EXEC: Fila Holdings Sees Sharp Decline in Q2 Margins, Profit on Inventory Liquidation
The company was able to offset most of the sales decline at Fila Brand with a solid contribution from the Acushnet business but the company was not so lucky with margins or profits as inventory liquidation took its toll on the quarter’s bottom line and outlook.
Study: Strong Pickleball Growth Nets Access Challenges
“If you build it, they will come” certainly applies to the sport of pickleball, according to a new study from the Sports & Fitness Industry Association (SFIA) and Pickleheads, a website that helps players find and schedule pickleball games. The study concluded that pickleball’s unprecedented growth would require a $900 million investment to build the 25,000 courts in the U.S. necessary to support continued participation gains.
EXEC: Li Ning Gets Brick & Mortar Boost to Post Mid-Teens Q2 Retail Growth
The company’s offline channel, including retail and franchisees registered a high-teens increase, with retail increasing in the high 20s and franchisees increasing in the mid-teens.
Yue Yuen Sees Footwear Manufacturing Decline Accelerate in July
The Manufacturing business tallied a 23.9 percent decrease in July and a 20.0 percent decrease for the seven-month year-to-date period, an acceleration of the decrease posted in the first half reported through June.
Yue Yuen Footwear Manufacturing Sees Pairs Shipped Fall Nearly 24 Percent in First Half
First half revenue attributed to footwear manufacturing activity, including athletic/outdoor shoes, casual shoes and sports sandals, decreased by 18.1 percent to $2.38 billion, compared with the corresponding period of last year.
EXEC: Wolverine Worldwide Closing Boston Offices; Consolidating Brands to Michigan
The Boston offices have been home to the Saucony, Keds, Sperry and Stride Rite brands. Keds has been sold and the company is seeking a “strategic alternative” for Sperry.
EXEC: New Wolverine Worldwide CEO to Focus on Building Brands After Q2 Results Disappoint
The new CEO said that while he is excited about the future, the company’s financial update that same morning is “well short of expectations.” He said they have seen softness in the marketplace and headwinds impacting the business that they now expect to continue to the second-half of the year.
EXEC: Sport Chek, Helly Hansen Parent Pulls Growth Targets Amid Consumer Spending Retreat
Canadian Tire Corp, the parent of the Canadian Tire chain and Sport Chek, reported a drop in quarterly revenue, as demand for sporting goods and home improvement items slowed at its stores. The retailer also said it was withdrawing its previously disclosed financial targets for 2022-2025 as it battles high inventory costs and strained consumer spending.
EXEC: Yeti CEO Talks Return to Double-Digit Growth in Fourth Quarter
Shares of Yeti Holdings rose about 17.3 percent Thursday after the drinkware and cooler maker raised its guidance for the year after second-quarter results handily topped Wall Street targets. Speaking to analysts, Matt Reintjes, president and CEO of Yeti Holdings, predicted a return to double-digit growth in the fourth quarter as the firm recovers from a massive recall and taps success with newer product families and line extensions.
EXEC: HBI Leadership Outlines Champion’s U.S. Turnaround Strategy
Company CEO Steve Bratspies said that sales in the U.S. would remain pressured through the back half of this year and that the company had to improve product segmentation to help fix the issues the company sees in the market.
EXEC: Nautilus Sees Direct Business Improving on Momentum in Strength Products
Nautilus Inc., the parent of Bowflex and Schwinn fitness equipment, significantly reduced its loss in its fiscal first quarter ended June 30 due to improved margins and lower costs. Sales were again down sharply with retail segment sales impacted by high marketplace inventories, but the direct segment showed improving trends, including flat sales across strength products.
EXEC: Yonex Posts High-Teens Growth in Fiscal Q1; Profits Down
Global net sales increased 18.1 percent year-over-year aided by Yen depreciation overseas., reflecting strong demand globally despite concerns over inflation, economic slowdown and geopolitical risks.
EXEC: Topgolf Callaway Leadership Talks Up Modern Golf Trend, Q2 Results, IT Incident
CEO Chip Brewer noted that the company hopes to clearly explain the short-term volatility and highlight the long-term positive story of continued improvement in the earnings power of the business and the resilience of the core Modern Golf consumer.
EXEC: Under Armour Reduces North America Guidance on Wholesale Softness
Under Armour reported results for the fiscal first quarter ended June 30 came in line with expectations amid progress reducing inventory levels while reiterating its overall guidance for the year. However, sales guidance was reduced for North America as the brand was unable to overcome due to stubborn challenges at U.S. wholesale.
EXEC: Dunlop Sports Full-Year Forecast Cut After Q2 Growth Falls Short
Dunlop Sports’ business increased 19.5 percent to ¥68.15 billion ($504.8 million) in the first half, but the company forecasted sales on May 15 to reach ¥70.0 billion in the first half after reducing its previous forecast of ¥75.5 billion.
