Retail Giant Pou Sheng Sees Sharp 2022 Profit Decline On Pandemic Woes
Pou Sheng International (Holdings) Limited warned that it expects to record a 20 percent decline in revenues to approximately RMB18.6 billion for the year ended December 31. The resulting profit is attributable to owners of the Chinese mega-retailer and is forecasted to fall approximately 75 percent to approximately RMB89 million for the year compared to the 2021 financial year.
Velo Cyclery Names President And CEO
Velo Cyclery, an online retailer of cycling equipment and accessories headed by investment management firm Sterling Partners, comprised of Planet Cyclery and Colorado Cyclist, hired Paul McAfee as president and CEO.
West Marine Seeks Additional Funding From Owner
West Marine, Inc. is in talks to secure additional funding from L Catterton, its owner, as it faces pressure from its lenders over its term loan, according to Bloomberg Law.
Authentic Brands Closes In On Acquisition Of Quiksilver, Billabong Parent
Authentic Brands Group has proposed a new term loan that it plans to use to support a potential acquisition of Boardriders, Inc., according to a report from Moody’s.
Dillard’s, Inc. Declares Cash Dividend
The Dillard’s, Inc,’s board of directors declared a cash dividend of 20 cents per share on the Class A and Class B Common Stock of the company.
VF Prices €1 Billion Of Senior Notes To Fund Sustainable Development Goals
On the heels of a Moody’s Investors Service downgrade in the debt ratings of VF Corporation, the active lifestyle company has priced €500 million aggregate principal amount of unsecured senior notes due 2026
Duluth Trading Sees Retirement Of Board Director
Duluth Holdings, Inc. announced the retirement of Thomas Folliard as a member of its board of directors.
Fox Factory Sees Q4 Sales Dip In Specialty Sports Group Segment
Fox Factory Holding Corp. reported sales grew 19.4 percent in the fourth quarter ended December 30 as a gain of a 38.5 percent increase in its Powered Vehicles Group segment offset a 1.9 percent decrease in sales in Specialty Sports Group bicycle components segment. The weakness in the Specialty Sports Group was attributed to a return to seasonality.
NSGA Hall of Famer, Augie Nieto, Passes Away
Augie Nieto was one of the most successful innovators in the fitness industry who turned his efforts toward finding a cure for ALS after he was diagnosed with the disease 18 years ago. Nieto, a 2008 Sporting Goods Industry Hall of Fame inductee, passed away on February 22.
Rocky Brands Sees Lower Q4 Sales On Weaker Wholesale Business
Rocky Brands, Inc. reported that fourth quarter net sales decreased 18.0 percent to $138.9 million, compared with $169.5 million in the fourth quarter of 2021. Wholesale segment sales for the fourth quarter decreased 26.6 percent to $98.9 million.
Cascade Designs Taps Industry Vet To Lead NAPR Sales And Marketing
Cascade Designs, the parent of MSR, Therm-a-Rest, Platypus, SealLine, PackTowl, and Varilite, hired David Fee as VP of sales and marketing, North America/Pac Rim.
Academy’s Debt Ratings Raised By Moody’s
Moody’s Investors Service upgraded Academy, Ltd.’s debt ratings to reflect Academy’s continued outperformance relative to expectations and the overall retail industry.
Sportsman’s Warehouse To Open In North Naples
Sportsman’s Warehouse Holdings, Inc. announced it would open a new store in North Naples on March 2, making this the retailer’s first store in Southwest Florida and fourth in the state.
Yeti Posts Fourth-Quarter Loss On Massive Recall Charges
Yeti reported a loss in the fourth quarter as it absorbed $128.9 million in write-offs related to the recall of several magnet-lined products. Sales were up 1 percent in the fourth quarter but would have risen 10 percent, excluding the recalled products. Yeti also warned that 2023 profitability and sales would be impacted by the recall, with growth planned at 3-to-5 percent.
BikeExchange Partners With Blaupunkt E-Bikes For DTC Sales
Electronics brand Blaupunkt signed an exclusive agreement with BikeExchange naming them the DTC sales outlet for its foldable e-bikes in North America.
