SGB Executive Sports & Fitness
EXEC: GoPro Inc. Cutting 15 Percent of Workforce in Cost-Cutting Effort
The Restructuring Plan would reduce its full-time employees by 15 percent from 925 full-time workers at the end of Q2. Cuts would begin in Q3 2024 and be “substantially completed” by the end of 2024. The layoffs would affect 139 positions.
EXEC: A Look Ahead at Amer’s Q2 Results as Weak China Retail Worries Market
Amer Sports Inc. will report Q2 results tomorrow morning and investors are hoping against hope that the slowdown in China did not have an outsized impact on the company’s performance in the period, and the Arc’teryx brand in particular, which relies heavily on the Greater China market for revenue.
EXEC: Why is Nike Back in Play on Wall Street?
There may be some light at the end of the tunnel for Nike investors after NKE shares tallied their longest winning streak in over eight years, pushed higher by a range of actions.
EXEC: Li Ning Company First Half EPS Declines Despite Revenue Growth, Margin Expansion
Li Ning Company Limited reported its overall performance remained stable with pragmatic growth in the 2024 first half (H1) period. Revenue amounted to RMB 14,345 million in H1, an increase of 2.3 percent
EXEC: Nike Cuts Off Shipments for Türkiye Online Orders
The move by Nike comes as Türkiye’s Ministry of Trade increases the duty paid on shipments valued over €30 to 30 percent from 20 percent, if arriving from EU countries, and to 60 percent from 30 percent if arriving from other countries.
EXEC: Fila USA Narrows Q2 Net Loss Despite Strong DD Decline in Sales
Revenues were down more in local currencies as constant-currency sales fell 20.4 percent for the second quarter, compared to a 7.4 percent decline in the first quarter.
EXEC: Ahead, Craft, Cutter & Buck Parent Gets Q2 Lift from Sports & Leisure
The Sports & Leisure segment increased 10 percent, and all regions except Other Countries improved their net sales. Net sales from April through June increased to SEK 958.6 (869.2) million.
EXEC: Equinox Group’s Blink Fitness Unit Files for Bankruptcy to Facilitate Sale
Blink Fitness reported that it has made the strategic decision to execute an “efficient and value-maximizing sale process to optimize its footprint and position the business for long-term success.”
EXEC: 361 Degrees Posts Healthy H1 Results, Outpaces China Retail Growth Trends
The strong growth was said to be mainly due to the Group’s continuous efforts in channel rollout and marketing to promote online and offline omni-channel operations.
EXEC: On Posts Strong Q2 but U.S. Growth Slowed by New Atlanta DC Transition Issues
Without the impact of the Atlanta warehouse transition, the company believes it would have been able to deliver sales growth on a global level above its full year guidance and would have seen a stronger D2C share or higher D2C share.
EXEC: Asics Corp. Gets Big First Half Lift from Yen Depreciation
Net sales for the 2024 first half increased 18.0 percent to ¥342.2 billion, which was said to be due to strong sales in all categories, but the weaker yen had a major positive impact of the first half. Excluding FX currency fluctuations, sales would have increased just 8.7 percent year-over-year.
EXEC: Yue Yuen Sees Improving FW Manufacturing but China Retail Still a Drag
The volume of shoes shipped during the first half period increased by 9.9 percent to 120.7 million pairs amid a “decent recovery trend” and a further normalized order book. Pou Sheng China retail decreased 12.7 percent to $1.38 billion in U.S. dollar terms for the first half.
EXEC: Mizuno Corp. Fiscal Q1 Profits Expand DD on Solid Sales Growth
Sales in Japan remained robust in competitive sports including soccer, volleyball and racket sports, and sales in the work business remained strong. Non-Japan sales also continued to grow in products for competitive sports such as soccer, and lifestyle shoes.
EXEC: Yonex Posts DD Fiscal Q1 Int’l Growth on Yen Depreciation, Badminton Surge
Consolidated sales reportedly reached a record high, driven in part by the positive effect of yen depreciation on overseas sales. Despite the depreciation upside, North America sales declined year-over-year while Asia and Europe posted double-digit growth
EXEC: Under Armour’s Shares Jump on Q1 Beat, Guidance Raise
Shares of Under Armour rose nearly 20 percent Thursday after the company notched a surprise quarterly profit before litigation-related charges as both gross margins and North America’s sales performance exceeded expectations. Under Armour slightly raised its outlook for the year.
