SGB Executive Sports & Fitness
EXEC: Skechers USA Agrees to Settle SEC Charges Without Admitting Guilt
The company agreed to settle charges for failing to disclose payments for the benefit of its executives and immediate family members. Skechers agreed to pay a $1.25 million civil penalty to settle the SEC’s charges, without admitting guilt.
EXEC: Inside the Turnaround Plan at Journeys, Pain Continues Into 2024
Journeys’ comps are expected to be down in the mid- to high-single-digits for the fiscal first quarter, and Genesco plans to close an additional 50 Journeys stores this year.
EXEC: Athleta Expects to See Continued Challenges in First Half
Athleta was said to be making good underlying progress, but faced tougher comparisons from the prior-year Q4 period, as the brand is lapping significant promotional volume and it’s weighing on the revenue performance.
EXEC: Foot Locker Shares Plummet as New Team Overshoots on Plan
FL shares closed down 29.4 percent for the day. Some expected give-back would come after a 43 percent run-up since the Q3 report, but others grew more concerned that FL may be too optimistic about 2024.
EXEC: Intersport Spain’s Director General Exits at Board Request
The company said that Ángel Solores, under mutual agreement, is leaving as director general and head of Intersport Spain. However, European media reported that the company had terminated Solores.
EXEC: Amer Sports Sees Q4 Growth Slow as Wholesale Declines; Posts Adjusted Net Loss
The parent of Wilson Sports, Salomon and Arc’teryx said they saw an expected deceleration from third quarter and year-to-date comparative trends due to the supply chain related sales shift that occurred from the third quarter into the fourth quarter in 2022.
EXEC: Deckers Brands Moving to S&P 500 Index
The parent of the Hoka, Teva and Ugg brands is moving to the S&P 500 Stock Index, effective prior to the open of trading on March 18. DECK shares were previously included in the S&P Midcap 400.
EXEC: Macy’s Suitor Raises Acquisition Price to $6.6 Billion
The rejected suitors for Macy’s are not going away anytime soon after moving this weekend to raise their offer for the struggling department store chain.
EXEC: BOA Posts 25 Percent Sales Decline in 2023 as Retail Inventory Takes Toll
Fourth quarter sales at BOA were down slightly year-over-year while Adjusted EBITDA for the BOA business increased to $14.0 million in Q4, compared to $13.8 million in the 2022 fourth quarter.
EXEC: 5.11 Tactical was the Lone 2023 Active Lifestyle Gainer at CODI
The 5.11 Tactical brand was the only active lifestyle brand in the segment to post an increase in sales for the year, due in large part to its direct-to-consumer component of the business as all other brands continued to deal with the ongoing retail de-stocking process prevalent across the U.S. retail landscape.
EXEC: Titleist Golf Ball Sales Increase Double Digits in 2023; Clubs Up in High Singles
Titleist golf balls posted healthy sales gains for the year, led by the successful Pro V1 and Pro V1x launch and continued strengthening of the golf ball supply chain, while Titleist golf clubs growth was said to be driven by new T-Series irons and expanded club fitting capabilities.
EXEC: Big 5 CEO Talks Efforts to Offset One-Two Punch from Weather and Economy
The Apparel category was down approximately 30 percent year-over-year in the fourth quarter. The Footwear category was down approximately 17 percent and the Hardgoods category was down approximately 11 percent for the period.
EXEC: Puma SE Posts Flattish Bottom Line in Q4 on Sales Decline to End the Year
Sales growth for 2024 is estimated in the mid-single-digit percentage rate in constant-currency terms and EBIT is seen in a range between €620 million and €700 million.
Sports Direct Parent Frasers Group Adds to Board of Directors
The parent of Sports Direct, Slazenger, Donnay, LA Gear, No Fear, and Antigua, is appointing new directors to its Board, including Helen Wright, Global CEO of Sergio Rossi, Sir Jon Thompson, former chief executive of the Financial Reporting Council, and two current company executives, Ger Wright and Ger Wright.
EXEC: Gymshark Sees All Regions Grow in Fiscal 2023 But U.S. Growth Slows
The U.S. region, which boasts the largest regional sales volume, grew 9.7 percent year-over-year to £250.4 million. U.K. sales increased 25.6 percent to £111.7 million and Europe revenues increased 16.1 percent year-over-year.
