SGB Executive Sports & Fitness
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.
EXEC: Mizuno Posts Strong Fiscal Q1 Results; Footwear Jumps 46 Percent
The company reported sales grew in strong double-digits in the fiscal first quarter ended June 30, driven by double-digit growth across all categories. The Japan-based company is maintaining its forecast for sales of ¥225 billion in fiscal full-year 2023.
EXEC: Asics Corp. Increases Full-Year Guidance on Strong H1 Results
For the first half ended June 30, net sales were ¥290.0 billion, recording the highest for the six month period and increased year-over-year in all regions and categories.
EXEC: Analysts Gaining Confidence in Adidas’ Turnaround
While some still see an uphill battle for Adidas to regain share in the competitive landscape, the majority of analysts covering the stock were encouraged by the progress the company made in the second quarter toward a turnaround, including building momentum in its underlying business on the back of the “terrace” trend.
EXEC: Titleist Parent Sees Continued Benefit from Golf’s Pandemic Boost
Acushnet Holdings Corp.’s second-quarter results topped analyst estimates as the momentum in Titleist golf balls and golf clubs offset weakness at FootJoy. David Maher, president and CEO, told analysts, “Supporting the company’s first half results, we are enthused by the golf industry’s overall health and stability with participation remaining vibrant even as golfers return to many pre-COVID activities.”
EXEC: Nike Opening Chain of Boutique Fitness Studios
The first location will open in West Hollywood, CA this year, with additional openings to follow in Los Angles and across the U.S., according to nikestudios.com
EXEC: Nike Declares Dividend; 22 Percent of Proceeds Go to Knight Family, Foundation
The Nike, Inc. Board of Directors, which is 75 percent controlled by the Knight family, has declared a quarterly cash dividend of 34 cents per share on the company’s outstanding Class A and Class B Common Stock.
EXEC: GoPro Gets Q2 Sales Lift on Lower Prices, Return to Retail Doors
GoPro said it saw an immediate retail sales and GoPro subscription lift in the second quarter as a result of its mid-quarter go-to-market strategy shift that included a return to pre-pandemic pricing and a greater emphasis on retail sales.
EXEC: Adidas Sees North America Struggles Continue
Adidas’ second quarter results included several encouraging signs, including securing an incremental profit of €150 million ($164 mm) from the first drop of leftover Yeezy, significantly improved margins due to better sell-throughs and less discounting, and a return to double-digit growth in China. However, the laggard continues to be North America, where sales on a currency-neutral basis tumbled 16.4 percent in the period.
EXEC: Adidas Says No More Yeezy After Sell-Off Despite Flat Q2, Profit Bump
On Thursday, Adidas raised its earnings outlook for the year, in part because of demand for the company’s remaining stock of its discontinued Yeezy merchandise. The brand was boosted by the margin benefit from reduced inventory levels in the marketplace and China’s continuing recovery.
EXEC: Retail Inventory Woes Impact Q2 Sales at BOA and Primaloft; Marucci and 5.11 See Gains at CODI
Brand aggregator Compass Diversified (CODI) saw first-quarter sales decline 36 percent at BOA and 18 percent at Primaloft as both businesses continued to be impacted by stubbornly elevated inventories in the marketplace. Among CODI’s other active lifestyle brands, revenues grew 35 percent at Marucci Sports and 5 percent at 5.11 while sliding 30 percent at Velocity Outdoor.
