SGB Update Footwear
Under Armour Lowers FY Earnings Guidance On Margin Contraction
Under Armour, Inc. reported first-quarter results that matched profit expectations and slightly topped on revenue. The company maintained its full-year revenue outlook but reduced its earnings outlook amid continued gross margin pressures. On an adjusted basis, EPS is expected in the range of 47-to-53 cents a share compared to the previous expectation of 63-to-68 cents.
Weyco Group Sees 29 Percent Q2 Growth
Weyco Group Inc.’s earnings improved in the second quarter ended June 30 as sales were up 29 percent. Bogs increased 35 percent to represent record second-quarter sales.
Rocky Brands Q2 Sales Expand 23 Percent
Rocky Brands, Inc. reported earnings were down in the second quarter ended June 30 due to lower gross margins tied to supply-chain challenges. Sales grew 23 percent.
Big 5’S Q2 Sales Drop Against Challenging Comparisons
Big 5 Sporting Goods Corp. reported same-store sales fell 22.3 percent in the second quarter ended July 3 against tough comparisons in the year-ago quarter. Sales were below company guidance but both earnings and sales surpassed any pre-pandemic second quarter.
APL To Open Store In New York City
APL, the Los Angles-based sneaker upstart also known as Athletic Propulsion Labs, is opening its first store in New York City, in Soho, according to TheRealDeal.
Li Ning Hires Group VP And CFO
Li Ning Company, Ltd. has hired of Zhao Dong Sheng as group vice president and chief financial officer.
JD Sports Sells Footasylum To Germany’s Aurelius
JD Sports sold Footasylum to German private equity firm Aurelius Group for an enterprise value of about £37.5 million ($38 million), less than the £86 million pounds ($102.9 million) price it paid for the chain in 2019.
Nordstrom Announces Senior Merchandising Promotion
Nordstrom, Inc. promoted Sam Lobban to executive vice president and general merchandise manager for women’s and men’s apparel and all designer categories supporting product strategy and vision.
Inflation Expected To Impact Back-To-School Spending
Numerator’s 2022 Back-To-School Survey of nearly 2,400 households found that 89 percent of respondents expect inflation to impact their back-to-school spending and increase cost-saving measures, including buying items on sale, reusing old supplie, and switching to cheaper brands.
Under Armour To Pay $67 Million To Settle UCLA Lawsuit
Under Armour has agreed to pay UCLA nearly $67.5 million to settle the school’s lawsuit with the company, according to a report in the Los Angeles Times. UCLA was seeking over $200 million in damages in its original lawsuit filed in August 2020 over Under Armour’s terminated UCLA contract.
Adidas Won’t Renew NHL Jersey Deal After 2023/24 Season
Adidas will not return as the NHL’s official supplier of uniforms and apparel when its agreement expires after the 2023/24 season.
Sidi Sport Acquired By Italian Investment Company
Sidi Sport, the Italian cycling and motorcycling footwear brand, has been acquired by Italmobiliare.
FDRA: Families Plan To Spend Same Or More On Back-to-School Shoes
The Footwear Distributors and Retailers of America (FDRA), in collaboration with First Insight, conducted a survey that shows 78 percent of families plan to spend more, or the same, as last year on their kids’ shoes.
Deckers Brands Lifts FY Outlook On Blowout Q1 For Hoka
Deckers Brands slightly raised its EPS guidance for its fiscal year after reporting earnings and sales in the fiscal first quarter ended June 30 topped Wall Street’s targets. The gains were led by an outperformance by Hoka, with sales up 54.9 percent year-over-year.
VF Corp. Lowers FY Outlook Due To Currency Impact
VF Corp. reported sales on a currency-neutral basis rose 7 percent in its fiscal first quarter ended July 2 as 37 percent growth at The North Face offsetting a 4 percent slide at Vans. Earnings and sales were below analyst targets, and VF lowered its guidance for the year to reflect ongoing negative impacts from foreign currency fluctuations.
