SGB Executive Sports & Fitness
EXEC: Superfeet’s New CEO Discusses the Untapped Insoles Opportunity
In June, Trip Randall, a former long-time Nike executive, became the third CEO in Superfeet‘s 46-year history. He talked with SGB Executive about the outsized growth potential still ahead for Superfeet as well as for the overall insoles category.
EXEC: Jefferies Downgrades Nike, Foot Locker on Slowdown Concerns
Analysts at Jefferies downgraded Nike, Foot Locker and Urban Outfitters as survey data shows the resumption of payments on student loans may force families to limit their spending on apparel and sneakers. Nike’s sales are also expected to be pressured by lean inventory disciplines across wholesale channels and macro headwinds facing China.
EXEC: UBS Sees Weaker Softgoods Spending Ahead Tied to Student Loan Repayments
UBS, the global financial services firm, reported it expects the consumer spending environment for softgoods in the U.S. to partly deteriorate over the coming months due to the resumption of student loan repayments in October. Inflation concerns and higher interest rates are among other factors expected to impact consumer spending.
EXEC: Academy Sports CEO Talks Expansion Strategy Focused on Profitability
Speaking at Wells Fargo’s Sixth Annual Consumer Conference, Academy Sports and Outdoors officials discussed the retail chain’s competitive advantages and how it reworked its expansion strategy while rolling out an aggressive strategy.
EXEC: Nike Retains Top Spot as Most Valuable Global Apparel Brand
Nike ranked as the world’s most valuable apparel brand for the ninth consecutive year, according to Brand Finance’s 2023 Annual Apparel 50 Report. Other brands in the active lifestyle space that made the Top 50 included Adidas, at #5; Lululemon, #16; Puma, #19; Anta, #26; Under Armour, #27; The North Face, #28; Moncler, #29; Skechers, #32; Fila, #34; Li Ning, #42; and New Balance, #50.
EXEC: HSBC is Bullish on Adidas, Lululemon and Puma; Still Holds on Nike
In a bullish report, HSBC said that despite tough conditions expected to continue in the U.S., sales growth and margins should improve for the global sporting goods sector following its “post-pandemic hangover.” Beneficiaries include Adidas, Lululemon and Puma, all rated “Buys” by HSBC while Nike remains at “Hold” due to its U.S. exposure.
HanesBrands Looking at Strategic Alternatives for Global Champion Business
The Board said it would consider a broad range of alternatives to maximize shareholder value, including, among others, a potential sale or other strategic transaction, including continuing to operate the business as part of HanesBrands.
EXEC: Planet Fitness Shares Plummet After CEO Exit, Multiple Downgrades
Shares of Planet Fitness were down again on Monday after crashing on Friday following the exit of its long-time CEO, Chris Rondeau. The surprise departure led to a number of analyst downgrades and downward price adjustments.
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.
