Outerstuff Receives Debt Downgrade On MIssed Payment
Moody’s downgraded the debt ratings of Moody’s following a missed payment on a shareholder loan. Moody’s said Outerstuff has communicated that the shareholder has made a decision to convert the shareholder loan to equity, which would be a positive for Outerstuff’s capital structure
Champion Brand Posts Double-Digit Global Sales Decline In Q1 Led By U.S. Weakness
HanesBrands, Inc. reported first-quarter net sales from continuing operations declined 12 percent to $1.39 billion, which includes a $31 million unfavorable impact from foreign exchange rates, compared to last year’s strong first-quarter results. Global Champion brand sales decreased 17 percent on a reported basis.
Garmin’s Q1 Sales Slide On Weakness In Outdoor Segment
Garmin Ltd. reported sales declined 2 percent in the first quarter ended April 1. A 27 percent sales tumble in its Outdoor segment, tied to challenges anniversarying major launches in the adventure watch category, offset double-digit gains in other segments, including Fitness and Marine.
Skechers Appoints New Managing Director For UK And Ireland Market
Skechers promoted Richard Parker to managing director of the United Kingdom and Ireland. Former Managing Director, Peter Youell, transitioned into an advisor role on special and key international projects.
On Revises Regional Reporting Structure, Eliminates “Rest Of World” Region
Swiss performance sportswear brand On will update its reporting of net sales by geography. Specifically, the “Rest of World” region, which represented Middle East, Africa and Latin America in previous reporting, will no longer be reported as a geographic location.
F45 Fitness Co-Founder Resigns From Board
According to a regulatory filing, Adam Gilchrist, one of the founders of F45 Training Holdings, resigned as a member of the board of directors on April 21.
Big 5 Sees First-Quarter Earnings Decline, Forecasts Weak Q2
Big 5 Sporting Goods Corp. reported a sharp decline in earnings in the first quarter ended April 1 on a 7.1 percent same-store decline with cold weather slowing the start of spring selling. Earnings came in line with guidance due to tight expense controls. Big 5 predicted another steep decline in the second quarter with comps expected to be down in the high single-digit range.
Tifosi Optics Hires New Sales Director
Tifosi Optics hired Rick Dyer as director of sales. Dyer, a cycling industry veteran, will bolster existing company partnerships and expand the brand’s presence in other key markets.
Oura Ring Parent Forms Medical Advisory Board
Ōura, the parent company of the Oura Ring fitness wearable, reported that the company formed a medical advisory board consisting of Dr. Kiarra King, Dr. Rebecca Robbins, Dr. Christine Noa Sterling, and Dr. Matthew Walker, with plans to add new members in the coming months.
Tiger Woods, TaylorMade-Backed PopStroke To Open Four Locations
PopStroke Entertainment Group, the golf entertainment concept owned by Greg Bartoli, Tiger Woods’ TGR Ventures and TaylorMade Golf Co., announced plans to add four locations in 2023 and begin construction on more venues with opening dates in 2024.
B. Riley Securities Adds Three Key Hires Covering Retail And Outdoor/Active Lifestyle
B. Riley Securities, a middle market investment bank and a subsidiary of B. Riley Financial, reported it made strategic hires across Consumer Industries.
Hyperice Names Nike Veteran To Head Marketing
Hyperice hired Andy Miguel, who spent nearly two decades with Nike, as head of marketing, leading its go-to-market global strategy, partnerships, digital marketing, retail activations, brand experiences, public relations, media, brand, and content strategy.
Nautilus Sells Nautilus Brand Trademark
Nautilus, Inc. completed the sale of non-core assets, including the Nautilus brand trademark assets and related licenses, for approximately $13 million in cash as part of an ongoing strategic review. The company, which makes Bowflex and Schwinn fitness equipment, also reported preliminary results for the fourth quarter that topped recent guidance.
Iconic Ski Shop Founder Willi Klein Passes Away
Willi Klein, the founder and owner of Willis Ski and Snowboard Shops in Pittsburgh, PA, passed away after celebrating his 90th birthday.
Amazon To Shutter Halo Fitness Wearable Business
Amazon reported it would stop supporting its Halo health-tracking wearable business after July 31, and notified employees on April 26 who work in that division that they were being laid off.
