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.
Update: Adidas Renews Manchester United Kit Deal Through 2035
The renewed agreement continues the partnership for an additional ten years, or until June 2035, and has a minimum cash guarantee of £900 million, or north of $1.1 billion, subject to certain adjustments.
Rally House to Open Two Stores in Ohio
Rally House opened two stores in Ohio in Columbus and Akron.
Paris Saint-Germain Partners with Lids in Las Vegas
French league football club Paris Saint-Germain (PSG) unveiled a new store in Las Vegas, which Lids will manage. As part of PSG’s long-term partnership with Lids and Fanatics, Lids will oversee operations for the organization’s storefronts.
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.
Cane Creek Cycling Components Hires Two New Leaders
Cane Creek Cycling Components expanded its internal sales group (ISG), hiring Stephanie Bush as supply chain leader and Lev Weschler as an engineering manager to support riders, bike shops and dealers across the U.S.
Safilo and Fossil Renew Eyewear License Through 2028
Initially offered as a North American ophthalmic exclusive, the Fossil eyewear collection has evolved over time to include sunglasses and expansion outside the U.S.
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: 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.
Vista Outdoor Appoints CFO and General Counsel for Sporting Products Company
Vista Outdoor, Inc. named Andy Keegan as CFO of its Sporting Products segment. Jeff Ehrich becomes general counsel and corporate secretary of Sporting Products.
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.”
Envo Drive Systems Acquires Canadian E-Mobility Brand
Envo Drive Systems, a maker of e-bikes and e-vehicles for snow, water and 4-wheeling, reported it acquired fellow Canadian e-mobility brand Veemo from its sole creditor, Velo Metro.
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.
