SEC Charges Coleman’s Parent Co, Former CEO With Misleading Investors
The SEC on Friday charged Newell Brands and Michael Polk, its former CEO and current CEO of Implus, with misleading investors over financial accounting practices. The company and Polk agreed to a settlement with the SEC.
Lululemon Undergoes Layoffs Following Peloton Partnership
Lululemon confirmed that it laid off approximately 120 Lululemon Studio employees following the announcement that it partnered with Peloton and the related discontinuance of its Mirror device.
Dick’s SG To Open Store in Glen Carbon, IL
Dick’s Sporting Goods plans to open a new store at Orchard Town Center in n Glen Carbon, IL, in spring 2025.
Report: Woods and Golf Balls Help Drive Positive Golf Equipment Growth in August
Golf Datatech reported that golf equipment sales posted an increase in on-and off-course specialty stores in August after 11 consecutive months of contracting sales. Total golf equipment sales reportedly grew by almost 3 percent for the month in the channel, driven by the Woods and Golf Balls categories.
Report: Adidas Appoints New Digital Chief
Scott Zalaznik, Adidas’ SVP of digital, is leaving the company, according to a report from Germany’s Manager Magazin. His successor is Tobias Seemann, who joins the company as SVP of global digital and e-commerce in October.
EXEC: Nike Shares Surge as Meatier Q1 Margins, EPS Beat Offset Weaker NA Sales
The company’s CEO outlined a number of shortcomings that have created some recent challenges and laid out a future view that includes a more focused approach to performance running and delivering more compelling assortments, particularly when it comes to serving their women consumers, among other key areas.
Survey: Plurality of Fitness Enthusiasts Prefer to Work Out in a Gym or Fitness Center
The survey revealed that a plurality of respondents indicated that they preferred working out at the gym (47.4 percent). Still, a majority of respondents (52.6 percent) preferred to work out elsewhere.
EXEC: Wall Street Upbeat On Lululemon/Peloton Partnership
Analysts generally view Peloton and Lululemon’s new partnership positively but question how much growth it will drive for the companies.
Burley Names New National Sales Manager
Burley promoted Carson Kiesewetter to national sales manager, overseeing and coordinating sales strategies for the company’s U.S. retail partners.
Nike Misses Revenue Estimates on Weak North America; Profits Beat
Nike, Inc. reported profits slipped 1 percent in the fiscal first quarter ended August 31. Sales grew 2 percent on a currency-neutral basis as double-digit gains in China helped offset a 1 percent decline in North America. Earnings came in well above analyst targets but sales were slightly below.
EXEC: ASOS plc Warns on Fiscal Year Cashflow Issue Due to Timing Effects
The retailer typically receives cash from their sales gross of returns and sales tax immediately. However, the cash outflow from sales tax, returns and variable costs associated with those sales predominantly impacts the following two months. The impact will reverse during September and October.
Enduro Bearings Expands Efforts in Australia, New Zealand
Enduro Bearings inked a multi-year distribution agreement with Lusty Industries in Australia and strengthened its relationship with Performance Recreation Velo in New Zealand.
Trek Bicycle Recalls Allant+ 7 E-Bikes Over Rear Brake Hose Issue
The company said the rear brake hose could kink and break when the handlebar is turned causing the rider to lose control of the bike, posing a crash hazard.
BioSteel Sports Nutrition Files for Creditor Protection, Seeks Buyer
BioSteel Sports Nutrition, Inc., the Toronto-based sports drink manufacturer, filed for creditor protection in the U.S. and Canada and plans to pursue a sale.
Lululemon and Xponential Fitness Confirm Ongoing Retail Partnership
Lululemon and Xponential Fitness confirmed that their retail partnership continues following Lululemon’s new five-year partnership with Peloton.
