Nike Tops Fiscal Q4 Sales Expectations, Misses On Earnings On Margin Pressures
Nike, Inc. reported net earnings slid 28 percent in its fiscal fourth quarter ended May 31 and were just short of Wall Street expectations due in part to higher markdowns used to clear inventories.
Precor Partners To Support Stages Cycling’s Global Distribution
Precor, a wholly-owned subsidiary of Peloton, and Stages Cycling, a manufacturer of commercial indoor cycles, power meters and cycle computers, announced plans to enter into a “strategic global distribution agreement that will expand the availability and reach of Stages Cycling products to new markets and customers.”
L Catterton Sells Majority Stake In Cicli Pinarello
L Catterton reported selling its majority stake in Cicli Pinarello, the Italian manufacturer of road bikes, accessories and apparel, which it acquired in December 2016, to a “private family office.” The company did not disclose the terms of the transaction.
Authentic Brands Raises $500M In Funding From General Atlantic
Authentic Brands Group has raised $500 million from its existing investor General Atlantic, bringing the private equity firm’s investment in the apparel chain operator to nearly $2 billion. The funds will be used to accelerate growth.
Soccer Pioneer Hubert Vogelsinger Passes Away
Hubert Vogelsinger, a pioneer of soccer camps in the United States and a notable figure in the North American Soccer League (NASL), has passed away.
Lululemon Partners With Ohio State University
The Ohio State Buckeyes Department of Athletics announced a new merchandising partnership with Lululemon.
Koroyd Grows HQ With New Hires, Innovation Investment and Brand Relaunch
Koroyd, the maker of advanced impact protection technology, headquartered in Monoco, relocated and expanded its headquarters, added new hires, relaunched its brand messaging, and reported category growth in significant markets for the brand.
JLL Survey: Back-To-School Spending Expected To Rise 15.7 Percent This Year
According to JLL Retail Advisory’s back-to-school survey of more than 1,000 parents of school-aged kids, planned back-to-school spending will rise 15.7 percent. The company found that more than half of the parents have budgeted more this year to accommodate higher retail prices.
Trek Recalls Certain Promax Hydraulic Disc Brakes Sold On Trek Bicycles
Trek Bicycle Corp., in cooperation with the U.S. Consumer Product Safety Commission (CPSC), is recalling Promax hydraulic disc brakes sold on Trek Bicycles. The brake hose can detach from the brake lever, posing a crash hazard.
Sound Around, Inc. Recalls Children’s Multi-Purpose Helmet
Sound Around, Inc., cooperating with the U.S. Consumer Product Safety Commission (CPSC), recalled approximately 1,800 Hurtle multi-purpose children’s helmets. The recalled helmets do not comply with the positional stability requirements of the U.S. CPSC federal safety standard for bike helmets.
Pickleball Injuries Could Cost Americans Upwards Of $500 Million In 2023
Pickleball, the fastest-growing sport in the U.S., could cost Americans from $250 million to $500 million in medical costs in 2023 tied to higher injury rates, particularly among seniors, according to a report from UBS.
Under Armour Makes Senior Leadership Changes
Under Armour reported the company made senior leadership changes, including hiring Marriott veteran Jim Dausch as EVP, chief consumer officer, effective July 24, and promoting Danny Miles to EVP, chief technology officer. Effective July 3, Dan Leraris, UA’s head of apparel, will begin serving as the company’s interim CPO.
Xponential Fitness Defends Itself Against Negative Short-Seller Report
Shares of Xponential Fitness, Inc. bounced sharply on Wednesday, after the franchiser of boutique fitness brands, including CycleBar, StretchLab and Club Pilates, denounced a bearish investor’s report that led to a record selloff in the previous session.
L Catterton Appoints Peter Chang As Managing Partner
L Catterton, the consumer-focused investment boutique, hired Peter Chang as managing partner and co-head of Private Credit. With Shahab Rashid, Chang will co-lead the firm’s direct lending strategy.
Signa Sports’ Fiscal Q2 Revenues Slide 24 Percent
Signa Sports United N.V. (SSU) reported a wider operating loss in the fiscal second quarter ended March 31 as sales dropped 23.5 percent. The Berlin-based owner of numerous e-commerce sites focused on tennis, outdoor, and team sports said the results reflect continued weak demand versus pre-pandemic levels and “severely elevated” inventories across the marketplace.
