EXEC: Nike’s Reduced Outlook, Planned Cuts and Market View Takes Broader Market Down
Nike, Inc. announced a broad restructuring program while slashing revenue guidance for its fiscal year amid softening online sales, promotional pressures and heightened macro headwinds, particularly in China and the EMEA. For its fiscal year ended May 31, 2024, sales are now projected to increase only 1 percent against a prior outlook of up mid-single-digits.
Nike to Undergo Layoffs, Cost-Cutting Amid Weakening Sales Outlook
Nike, Inc. reported earnings in its fiscal second quarter ended November 30 topped analyst expectations but also announced a program to cut costs by about $2 billion over the next three years, including through layoffs, as it sees a “softer” sales outlook for its fiscal second half.
TRX Partners with Club Pilates and YogaSix
TRX collaborated with Xponential Fitness brands YogaSix and Club Pilates to create a custom TRX Suspension Trainer for both brands.
Nordstrom Rack To Add Another Houston Location in Fall 2024
The store will occupy 34,000 square feet in the Meyerland Plaza, among Texas’s Top 5 most visited open-air shopping centers. The retailer operates eight Nordstrom stores and 23 Nordstrom Rack stores in the state.
Jason Mayden Returns to Jordan Brand as Chief Design Officer
Jason Mayden, recently president of Fear of God Athletics, is returning to Nike as senior global design director of Jordan Brand.
IHRSA Finds Gym Memberships Surpass Pre-Pandemic Levels
The total number of Americans who were members of a fitness club in 2022 increased by a record 3.7 percent to 68.9 million (ages six and older).
EXEC: Report Finds Troubling Core Participation Trend in Team Sports
SFIA’s recently released U.S. Trends In Team Sports Report noted that participation in 16 of 23 team sports tracked by the Association has not returned to pre-pandemic levels, and only one sport, soccer, showed Core Participation gains in the 2019-2022 period. However, the SFIA report offered more encouraging findings in team sports trends.
U.S. Consumer Confidence Rises to 5-Month High in December
The Conference Board reported that its Consumer Confidence Index rose to 110.7 million in December, up from a downwardly revised 101.0 in November in an indication that concerns about a recession in the U.S. are lessening. The Index improved for the third consecutive month, reaching its highest level since July.
Tonal Launches Trade-In Program for Lululemon Mirror Customers
Tonal launched a “Mirror Trade-In” program for Lululemon Studio customers as Lululemon phases out the fitness device.
Study: Gen Z and Boomers Most Likely to Shop In-Store
ICSC wrote that while Gen Z grew up with digital and mobile technology, their penchant for in-store shopping at times exceeds that of the generations that grew up shopping in physical stores.
MSG Names Oura official partner of the New York Knicks
Oura will be the presenting partner of two original content series that will run across Knicks digital channels, one which spotlights the key role that strength and conditioning plays within the organization and the other custom content with Knicks Guard Jalen Brunson.
SKLZ Launches Speed Gates to Elevate Athlete Training
The Speed Gates set includes four cones, four sensors, a timer, and a carry bag. Athletes set up a start and finish gate using the light indicators and run the distance between them.
EoS Fitness Opens Gym Near Cal State Fullerton
EoS Fitness opened its 14th venue in California with a new fitness center in Fullerton, close to Cal State Fullerton. EoS Fitness on Chapman Avenue reportedly boasts 39,000-plus square feet of workout space accessible 24 hours a day, seven days a week.
UCM Athletics Extends Apparel Contract with BSN/Nike
The University of Central Missouri Board of Governors approved a five-year contract extension with BSN and Nike to provide apparel for the University’s Athletic department.
Topgolf Breaks Ground in Greensboro, NC
Topgolf recently broke ground on a new two-level venue in Greensboro, NC, set to open in late 2024, and is part of a shopping center development also under construction.
