SGB Executive Sports & Fitness
EXEC: Gartner Expects 32 Percent of Consumers to Shop Early for Holidays
Gartner suggests that 32 percent of consumers will begin holiday shopping between July and October and only 14 percent of U.S. consumers plan to spend more year-over-year, with 21 percent of consumers reducing their holiday spending.
Go Sport Expanding into Baghdad, Iraq
The international sports retailer’s expansion into Iraq is part of Go Sport’s broader growth strategy, following the brand’s acquisition by Al Mana in April 2023.
EXEC: Bain Sees E-Commerce Driving 90 Percent of Holiday Growth (updated)
Bain said a potential rate cut this week could spur consumer confidence and sales may also benefit as some consumers feel wealthier from rising disposable income and strong stock market gains this year. Deloitte and Bain both see e-commerce up in the high single digits for Holiday 2024 versus Holiday 2023.
EXEC: Nike and Adidas’ China Retail Partner Warns of Fiscal H1 Sales and Profit Decline
The company, which also manages retail operations in China for other “non-principal” brands, including Puma, Converse, Vans, The North Face, Timberland, Asics, Hoka, Skechers, the NBA, and other brand partners, reported that H1 profit is expected to decrease 35 percent year-over-year.
EXEC: New Hibbett Parent JD Sports Names First U.S. Non-Executive Director
Following the acquisition of Hibbett, Inc. and recommendations made as part of the JD Sports Board of Directors’ recent external evaluation, the Board undertook a thorough search process to recruit a U.S.-based non-executive director to add U.S. market perspective and insight to Board discussions.
EXEC: Biden Uses Executive Action to Stymie Temu and Schein Efforts in the U.S.
The actions would also protect U.S. textile and apparel manufacturers, noting the critical role they play in the U.S. defense industrial base and its support of hundreds of thousands of direct and indirect jobs in the United States.
EXEC: Caleres Brand Portfolio Sees Tough Q2 on SAP Update while Famous FW Improving
An ERP upgrade to SAP Cloud during the quarter was said to be a significant part of the problem as it impacted the Brand Portfolio business and helped push sales down 5.1 percent in that segment, but it was not the entire problem. CEO Jay Schmidt detailed the problems and the solutions implemented.
EXEC: Tommy Bahama Parent Sees Economic Uncertainty Hit 45+ Affluent Consumer
Oxford Industries, Inc., the parent company of Tommy Bahama, Lilly Pulitzer and Johnny Was, continued progress on long-term strategic goals in Q2, but the company also said it fell short of delivering on its near-term financial targets.
EXEC: Designer Brands CEO Digs Deeper into DSW Results as August Comps Turn Positive
The parent of the DSW, The Shoe Co., and Rubino retail brands, and Topo Athletic, Keds, Le Tigre, Hush Puppies, and other footwear brands, also had to come to terms with the impact of the economy on their customers and cut guidance for the full year.
EXEC: Academy Shares Get Lift as Positive Comps Returned in August
With some major negative events behind it, Academy looks to new store growth as the primary sales driver. The stores opened in 2022 are all comping postive despite the challenging economic backdrop and remain pleased with the 2023 and 2024 new stores.
EXEC: Footwear ASPs Continue to Decline Coming Out of Yue Yuen Factories in H1
Yue Yuen reportedly saw the volume of shoes it shipped to brands in the U.S. and Europe increase nearly 10 percent in the first half period ended June 30 (H1), but revenues for those pairs only increased 1.3 percent as average selling prices (ASP) declined 7.8 percent for the period.
EXEC: Genesco CEO and CFO Share Journeys, Schuh and J&M Details from Q2
Although Q2 results were better than expected, the company continues to retain a cautious view and, as such, reiterated its most recent full-year EPS outlook of 60 cents to $1.00 per share. The soft guidance sent shares lower for the day.
EXEC: Callaway and Topgolf Management Outline Separation Plan
The company said it expects to effect the separation by spinning off the Topgolf business to Topgolf Callaway Brands’ shareholders in a transaction that is intended to be tax-free for both the company and its shareholders for U.S. federal income tax purposes.
EXEC: Dick’s SG Tempers Outlook for H2 on Concerns Over Consumer
The largest sporting goods retailer in the country, which just posted 4.9 percent comp growth in the first half of the year, also has concerns about the consumer. As many others have noted in their earnings calls, DKS is clearly seeing something at the store level.
EXEC: Nordstrom Family Offers Path to Take Namesakes Retailer Private
A real deal to go private is finally on the table at Nordstrom Inc., with family members Erik Nordstrom and Pete Nordstrom at the center of a proposed $3.76 billion deal.
