SGB Executive Sports & Fitness
Finish Line Shares Crash On Q4 Miss
Said CEO Sam Sato, “Elements of our offering didn’t resonate with our customers. This was true in both, running and basketball, our two largest categories where full price selling fell short of forecast.”
Eastern Outfitters Faces Objections Over Sports Direct Bid
In defending the stalking horse bid, Eastern Outfitter’s lawyers noted that the alternative to accepting Sports Direct’s proposal was a liquidation. Indeed, the retailer said it was “fully prepared” to liquidate ten days before the bankruptcy petition date.
Luke’s Locker Wins Court Approval To Hire Restructuring Officer
Joseph Sullivan Associates (JSA) will help determine the optimal turnaround strategy, including a potential restructuring, refinancing and/or sale of assets.
Perry Ellis Sees Momentum In Golf And Nike Swim
George Feldenkreis, chairman, said the rash of department store closures “is a positive development in the long run, especially in light of the way in which retailers moving these days and the demographic implication of Generation Z, Generation Y versus Generation X.”
Acushnet Q4 Boosted By Robust Golf Club Sales
While the bankruptcy and liquidation of Golfsmith impacted U.S. sales, Acushnet Holdings Corp. still managed to show a modest gain in sales in the fourth quarter while improving profitability.
Nike Grapples With Promotional North American Climate
Said Andy Campion, EVP and CFO, on the company’s third-quarter conference call with analysts, “Digital disruption and other dynamics are resulting in more aggressive promotional activity than we expected 90-days ago. So we are going to remain tight, with respect to the supply that we are putting into the North America market in the short-term.”
Nike Accelerates Efforts To Reach Digital Consumers
Said Mark Parker, president and CEO, “The consumer has decided digital isn’t a just part of the shopping experience. Digital is the foundation of it. This and other factors have shifted consumer patterns, especially in North America, impacting traffic, the economics of brick-and-mortar retail and is driving a more promotional environment in the near term.”
Nike Q3 Boosted By International Gains
Beyond double-digit gains in double-digit growth in Western Europe, Greater China, the Emerging Markets as well as DTC overall, Nike’s better-than-expected earnings were helped by expense leverage, higher other income and a lower effective tax rate.
Jeff Phillips Out At Fleet Feet Sports
Jeff Phillips has stepped down as president and CEO of Fleet Feet Sports. In a statement, Joey Pointer, CFO of Fleet Feet Sports, said he will be partnering with the Fleet Feet Sports board of directors “to lead the company through this change.”
MC Sports To Wind Down Headquarter Operations Starting March 31
While still seeking a buyer for the business as a going concern as part of its bankruptcy recovery efforts, MC Sports plans to wind down operations at its headquarters and distribution center starting March 31.
Aisle Talk, Week Of March 13
Top headlines from the active lifestyle industry you may have missed this week.
GoPro’s Shares Jump On Job Cuts, Raised Expectations
GoPro shares were up nearly 15 percent in late-trading Thursday after the company announced cost-cutting measures and forecast first-quarter earnings at the high end of guidance.
DSW To Add Under Armour
While reporting fourth-quarter earnings that were well above year-ago levels due to improved margins and expense controls, DSW Inc. said it was adding Under Armour to its mix in time for back-to-school season.
Camping, Firearms, Classic Footwear Drive 2016 Sporting Goods Revenues
Camping, firearms, classic footwear, soccer and lacrosse were among the strongest selling categories for the sporting goods industry last year, according to the just-released 2017 Sports & Fitness Industry Association (SFIA) Manufacturers’ Sales by Category Report.
Gander Mountain Files For Chapter 11
Gander Mountain Co., as expected, filed for bankruptcy in U.S. Bankruptcy Court for the District of Minnesota. The hunt & fish specialist plans to close 32 of its approximately 160 stores in coming weeks but is in active discussions with a number of parties interested in a going-concern sale.
