SGB Update Outdoor
Costco’s Q4 Profits Climb 15 Percent
Costco Wholesale Corp. reported earnings rose 15.4 percent in its fiscal fourth quarter ended September 3 as sales gained 9.4 percent. Same-store sales in the U.S., excluding the impact of gas prices, were up 3.1 percent.
U.S. Consumer Confidence Slides to Four Month Low
The Conference Board’s Consumer Confidence Index dropped to a four-month low in September, weighed down by rising interest rates, still-high inflation and a stalemate over the federal budget in Washington.
American Outdoor Brands Secures Patent Settlement Agreement
American Outdoor Brands, Inc. announced it has secured a settlement with The Allen Company, Inc. related to Allen’s infringement of AOB’s patent rights.
Target Closing Nine Stores in Four Markets Due to Theft, Safety Concerns
Target said in a statement it is closing nine stores in four states, including one in East Harlem, NY, three in San Francisco, two in Portland, OR and two in Seattle, WA, suggesting that theft and organized retail crime have threatened the safety of its employees and customers.
Nordstrom To Open Another Rack Store in New York
The 24,000-square-foot Bay Shore store will be located on the South Shore of Long Island at the Gardiner Manor Mall with other retailers, including HomeGoods, Barnes & Noble, Michaels, and Old Navy.
Bote Opens Sixth Florida Retail Store
The brand opened its newest store in Jacksonville, FL, joining other Florida shops in Destin, Fort Lauderdale, Fort Walton Beach, Grayton Beach, and St. Petersburg.
Project Bike Tech Hires New ED; Mercedes Ross Transitions
PBT hired Jeff Donaldson as its new executive director, replacing Mercedes Ross, who held the position for eight years, and is transitioning into a new role with PBT as “director of awesome.”
RV Industry Association Sees Moderating Shipments Decline in August
The trade association’s August 2023 survey of manufacturers found that total RV shipments ended the month with 28,071 units, a decrease of 16.9 percent, and down 45.0 percent year-to-date.
Surf Hardware International Relocates Global Headquarters
Surf Hardware International relocated its global headquarters to Australia’s Coffs Harbour and is trading under the name of Gowings Pacific Trader.
Arc’teryx Re-Opens Newbury Street Store
Arc’teryx reported it re-opened its Boston retail store in the Newbury Street shopping district.
West Marine’s Debt Ratings Withdrawn Following Debt Exchange
Moody’s Investors Service amended its debt ratings on West Marine following the retailer’s distressed exchange of all of its debt into equity as announced by the company on September 18.
Haro Bicycles Names COO
Haro Bicycles, based in Vista, CA, promoted Doss Barnes to chief operations officer, one year after joining the company as director of supply chain.
S&P Raises Authentic Brands Debt Ratings on Improved Performance
S&P Global Ratings raised the debt rating of Authentic Brands Group, LLC after the company outperformed its previous forecast for its sizable 2022 acquisition of Reebok and recently-closed acquisition of Boardriders, Inc. S&P said the company funded the Boardriders acquisition with less debt than previously expected due to new equity from its financial sponsors.
Thor Industries’ Fiscal Year EPS Hammered as Sales Fall 32 Percent
Thor Industries, Inc.’s profits tumbled 67.9 percent on a 28.4 percent revenue decline in the fiscal fourth quarter ended July 31 but both came in well above analyst targets. The RV maker predicted sales will decline about 3 percent in the current fiscal year following a 31.8 percent slide this past fiscal year.
Report: U.K. Cycling Market Down 8 Percent in First Half of 2023
While the early summer saw an improvement in the underlying trend after a tough start to the year, the Bicycle Association detailed the factors culminating in continued inventory surplus challenges in the U.K. at mid-year.
