Sports Direct Parent Gets Fiscal Year Lift From Acquisitions and Extra Week
The owner of the Sports Direct business in the U.K., and former owner of Bob’s and EMS in the U.S., got a lift from acquisitions and the 53rd week in the fiscal year ended April 30 to post mid-teens revenue growth while nearly doubling profit for the year.
REI to Open Store in Albany
REI signed a ten-year lease at Crossgates Mall in Albany, its first store in New York’s capital region.
BRC: Britain Loses 6,000 Storefronts Over Last Five Years
Crippling business rates and the impact of the COVID lockdowns were said to be a key part of decisions for retailers to close stores and think twice about new openings, according to recent analysis by the British Retail Consortium.
EXEC: Sebago Parent BasicNet Sees Net Profit Drop in H1; Royalties Decline
Royalties from commercial and productive licensees declined 6.4 percent to €32.7 million. Direct sales grew versus the same period in 2022 partly due to the contribution of K-Way France S.a.s, acquired in April 2022, but corresponding royalties from the French subsidiary decreased.
EXEC: Footwear De-Stocking Hits Factory Sector as Yue Yuen Warns on H1
Call it a reverse trickle-down process as bad news looks to be moving up the supply chain with predictable results. As retailers de-stock inventories and brands follow suit, the backup and subsequent slow-down have hit the manufacturing sector with more ferocity.
EXEC: Pou Sheng H1 Profits Surge as China Retail Recovers Post-Lockdown
While its parent company was busy warning investors about a sharp decline in profits for the first half tied to a contracting manufacturing business, Yue Yuen’s retail subsidiary was providing good news for the half in a pre-announcement of its own.
Report: Off-Price and Children’s Well-Positioned for BTS Foot Traffic Surge
Following a lull in April and May, the 2023 back-to-school season is giving retail, and especially the wider apparel segment, a major boost, according to new data from Placer.ai.
Newell Brands Outdoor & Recreation Core Sales Fall 21 Percent In Q2
Newell Brands, the parent company of Marmot, Ex Officio, Stearns, Bubba, Coleman, and Contigo, among others, generated net sales of $333 million, down 22.0 percent compared with $427 million in the prior year period. The decline reflects a core sales decline of 20.9 percent, as well as the impact of unfavorable foreign exchange.
Adidas to Release More Yeezy Inventory in August
Adidas will reportedly go back to the Yeezy well in August after a very successful first-selling effort in May and June boosted second-quarter revenues and prompted Adidas to raise its outlook for the year.
EXEC: Hoka Parent Sees Tighter Retail Inventory Key to Growing DTC Business
Fiscal Q1 results slightly outpaced the company’s expectations, with consolidated revenue increasing 10 percent to $676 million, gross margin improving more than 300 basis points, and diluted earnings per share growing 45 percent to $2.41 a share.
EXEC: Skechers Finds Strength Overseas Offset America Wholesale Weakness
Skechers U.S.A., Inc. raised its outlook for the year as broad strength internationally and strength in the U.S. direct-to- channel offset a 25 percent decline in wholesale sales in the U.S. due to overall elevated inventories in the marketplace. CFO John Vandemore said, “We expected the inventory congestion at our domestic wholesale partners to impact us most significantly in the second quarter.”
FDRA: Back-to-School Shoe Shoppers Prioritizing Deals
The Footwear Distributors and Retailers of America (FDRA) released its 2023 Back-to-School Shoe Sales Forecast, outlining that parents seek in-store deals and prioritize price.
Report: Tennis Apparel and Footwear Sales Growing at Double-Digit Pace
In the U.S., sales revenue for tennis apparel increased by 15 percent in the 12 months ended June 2023 and is up 38 percent versus three years ago, according to Circana. Tennis shoe sales grew by 21 percent versus the prior year and increased 37 percent compared to three years ago.
Outdoor Recreation Roundtable Appoints Senior Program Director
Outdoor Recreation Roundtable, the coalition of outdoor recreation trade associations that collectively represents the $862 billion outdoor recreation economy, hired Ambreen Tariq as senior program director.
Deckers Brands Lifts Outlook on Hoka and DTC Momentum
Deckers Brands raised its outlook for the year after reporting results for the fiscal first quarter ended June 30 that surpassed analyst targets. Direct-to-consumer growth net sales increased 35.3 percent to offset a slight wholesale decline. Among major brands, sales of Hoka’s jumped 27.4 percent while Ugg’s sales decreased 6.0 percent.
