SGB Executive Sports & Fitness
EXEC: 361 Degrees Gets Lift from Kids in H1 Growth
The 361° Kids business, a major initiative for the company in China, grew 33.4 percent year-over-year and now accounted for approximately 21.1 percent of the Group’s total H1 revenue.
EXEC: Pou Sheng is Latest Chinese Retailer to Boast Growth on China Re-Opening
The retail subsidiary of footwear manufacturing powerhouse Yue Yuen International, said it saw decent recovery momentum with increased foot traffic to its brick-and-mortar channels and improved purchasing intent following the lifting of all control measures in mainland China.
EXEC: On Continues to Gobble Up Share in U.S. Run Specialty
On Holdings once again raised its sales guidance for the year after reporting second-quarter results that topped analyst targets. In the Americas, sales vaulted 59.8 percent in the period, driven by strong full-price selling and share gains within the run specialty channel.
EXEC: Descente Ltd. Gets Lift from China Re-Opening in Fiscal Q1
Japan and South Korea reportedly “progressed as expected,” and China’s performance expanded significantly due to “revenge consumption” following the re-opening in January.
EXEC: Analysts Offer Mixed Feedback on July Retail Sales Increase
Retail sales reversed their downward trend in July as Amazon Prime Day and major promotions prompted increased shopping while wage increases gave consumers more money to spend, but an increase in the July inflation numbers and a year-ago July decline could also be at the core of the increase, according to analysts.
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.
