S&P Raises Authentic Brands Debt Ratings on Improved Performance
S&P Global Ratings raised the debt rating of Authentic Brands Group, LLC after the company outperformed its previous forecast for its sizable 2022 acquisition of Reebok and recently-closed acquisition of Boardriders, Inc. S&P said the company funded the Boardriders acquisition with less debt than previously expected due to new equity from its financial sponsors.
Thor Industries’ Fiscal Year EPS Hammered as Sales Fall 32 Percent
Thor Industries, Inc.’s profits tumbled 67.9 percent on a 28.4 percent revenue decline in the fiscal fourth quarter ended July 31 but both came in well above analyst targets. The RV maker predicted sales will decline about 3 percent in the current fiscal year following a 31.8 percent slide this past fiscal year.
Report: U.K. Cycling Market Down 8 Percent in First Half of 2023
While the early summer saw an improvement in the underlying trend after a tough start to the year, the Bicycle Association detailed the factors culminating in continued inventory surplus challenges in the U.K. at mid-year.
M&S | The Sports Edit Adds Activewear Brands To Growing Platform
Marks & Spencer’s M&S | The Sports Edit is adding Adidas, Columbia, Sweaty Betty, Regatta and Sorel to its dedicated sportswear platform on M&S.com as part of its continued push into the sportswear category.
Sorel Opens Pop-Up Shops Inside Hudson’s Bay
Hudson’s Bay, the Canadian luxury department store chain, opened three Sorel footwear pop-up shops on September 22 at Hudson’s Bay flagship stores in Vancouver, Montreal and Yorkdale in Toronto.
Gravity Haus to Open in Jackson, WY
Gravity Haus, the adventure-centric hotel and membership club, announced the addition of Gravity Haus Jackson Hole in Jackson, WY, marketing its 9th hotel.
EXEC: UBS Sees Weaker Softgoods Spending Ahead Tied to Student Loan Repayments
UBS, the global financial services firm, reported it expects the consumer spending environment for softgoods in the U.S. to partly deteriorate over the coming months due to the resumption of student loan repayments in October. Inflation concerns and higher interest rates are among other factors expected to impact consumer spending.
Dick’s to Close Nearly All Moosejaw Stores
Moosejaw, the outdoor specialty retailer acquired by Dick’s Sporting Goods in March, is closing 11 of 14 stores in a realignment of Dick’s outdoor specialty business, including the company’s Public Lands’ store concept. Moosejaw’s headquartered in Madison Heights, MI, is also closing.
Survey Finds 92 Percent of Consumers Cut Spending This Year; Apparel Tops Cuts
A recent CNBC-Morning Consult survey found that 92 percent of U.S. adults reduced their spending over the past six months, and the majority expect to remain frugal through the 2023 holiday shopping season.
Gartner Survey Points to Softer Holiday Spending
According to a survey of 302 consumers conducted in June by Gartner, Inc., only nine percent of respondents said they plan to spend more this holiday season than in 2022, with 28 percent saying they will spend less and 63 percent saying they would spend the same.
EXEC: Academy Sports CEO Talks Expansion Strategy Focused on Profitability
Speaking at Wells Fargo’s Sixth Annual Consumer Conference, Academy Sports and Outdoors officials discussed the retail chain’s competitive advantages and how it reworked its expansion strategy while rolling out an aggressive strategy.
Fieldsheer Appoints Midwest RSM for Mobile Warming Brand
Travis Mayne is responsible for handling territory account management, developing go-to-market strategies and increasing sales in commercial and consumer markets.
KOA Sees Jump in Fall and Winter Camping
Kampgrounds of America (KOA) Inc.’s September Research Report found that 85 percent of campers have planned fall trips while winter camping has doubled in intent year-over-year.
Norrøna Selects Boston for New U.S. Concept Shop
Norrøna reported it will open a 2,637-square-foot concept shop on Boston’s Newbury Street in Spring 2024. The company said the move signifies the sustainable growth the family-owned Norwegian manufacturer of apparel and gear has achieved in the U.S.
Shimano North America Recalls Approximately 760,000 Cranksets
The recall affects certain 11-Speed Bonded Hollowtech II Road Cranksets as they could separate and break, posing a crash hazard to consumers.
