SGB Executive Sports & Fitness
EXEC: Hoka Parent Sees Tighter Retail Inventory Key to Growing DTC Business
Fiscal Q1 results slightly outpaced the company’s expectations, with consolidated revenue increasing 10 percent to $676 million, gross margin improving more than 300 basis points, and diluted earnings per share growing 45 percent to $2.41 a share.
EXEC: Skechers Finds Strength Overseas Offset America Wholesale Weakness
Skechers U.S.A., Inc. raised its outlook for the year as broad strength internationally and strength in the U.S. direct-to- channel offset a 25 percent decline in wholesale sales in the U.S. due to overall elevated inventories in the marketplace. CFO John Vandemore said, “We expected the inventory congestion at our domestic wholesale partners to impact us most significantly in the second quarter.”
EXEC: Puma CEO Talks Cautious Approach on U.S. Turnaround
Puma SE delivered second-quarter results that topped analyst targets and said it might be able to raise its outlook for the year should the recent momentum in China, Europe and Latin America continue in the third quarter. However, Arne Freundt, Puma’s CEO, was hesitant to forecast a return to growth in the U.S. market due to weak consumer spending.
Puma’s Q2 Earnings Down, Sales Up Despite North America Decline
Second quarter earnings declined on higher costs and currency effects despite an 11 percent currency-neutral sales gain for the period. However, earnings topped analyst expectations on strength in China, Europe and Latin America.
UPS and Teamsters Reach Five-Year Deal, Averting Strike
UPS and the International Brotherhood of Teamsters, representing about 330,000 UPS employees in the U.S., have reportedly reached a tentative collective bargaining agreement.
Adidas Ups Full-Year Guidance After Prelim Q2 Results Show Yeezy Sales Bump
Adidas now expects currency-neutral revenues to decline mid-single-digits in 2023, compared to prior guidance of a high-single-digit decline. Adi now expects to report an operating loss of €450 million in 2023 compared to the previously guided loss of €700 million.
EXEC: Saucony’s New President Looks to Lean Into Innovation
Saucony, which is celebrating its 125th anniversary in 2023, in June named Rob Griffiths president. Here, Griffiths talked with SGB Executive about the brand’s authenticity and commitment to innovation, opportunities away from the run business, and his message to the run specialty community.
EXEC: Mips AB Sees Q2 Sales Halved on Tough Bike Inventories, Late Season Start
Swedish helmet technology provider Mips AB saw second-quarter revenues cut in half from the year-ago comparable period, led by a continued sharp decline in the company’s Sport and Moto businesses.
EXEC: Nike Hit by Lawsuit Over Pocket Bras
Nike is facing a lawsuit in Boston Federal Court by an inventor who claims the sportswear giant stole her technology for a line of sports bras with pockets. In court papers, SherryWear, LLC said that its founder, Sherry Goff, first pitched her patented Pocket Bra to Nike in 2015.
Thule, Inc.’s Q2 Sales Fall on Continued Cycling Inventory Imbalances
Thule, Inc. reported another challenging quarter as sales fell 15 percent in the Swedish company’s second quarter. The decline was attributed to weak bike-related product sales as retailers focused on reducing inventory levels.
EXEC: Selkirk Sport Co-Founder Talks Capitalizing on Pickleball’s Fast Growth
Brothers Mike and Rob Barnes started Selkirk Sport in Hayden, ID, in 2014, believing that pickleball, once an obscure sport played by seniors and in physical education classes, was about to take off. Rob Barnes, co-founder and co-CEO, talked with SGB Executive about Selkirk’s and the sport of pickleball’s potential growth and its challenges.
EXEC: Giant Group Sales Inch Down in Q2 as June Decline Disappoints
Giant Group reported that consolidated revenue for the second quarter inched down 1.2 percent as sales in June fell in double-digits, erasing a strong start for the period.
EXEC: Anta Sports Sees Retail Sales Accelerate in Q2; Fila Up in High-Teens
Anta brand retail sales increased in high-single-digits in Q2, while Fila brand sales increased in the high teens. The All Other Brands segment posted 70 percent to 75 percent growth in the period.
EXEC: Lululemon Lays Off 100 Employees at Mirror Business
Lululemon confirmed with SGB Media reports that it has laid off 100 employees from Lululemon Studio, which represents its Mirror connected fitness business. In mid-April, reports arrived that Lululemon was working with an advisor to explore the sale of Mirror.
Yue Yuen Manufacturing Business Revenues Falls 24.2 Percent in June
Yue Yuen Industrial (Holdings) Limited, a subsidiary of Pou Chen Corporation that manufactures a large percentage of global athletic and outdoor footwear, reported that its net consolidated operating revenue for June was $676.8 million, an 18.9 percent decline year over year.
