Wolverine World Wide, Inc. Cuts 2023 Outlook After Disappointing Q2 Results
Revenue for Q2 declined 17.3 percent in constant-currency terms to $589.1 million, compared to $713.6 million in the year-ago quarter. Revenue from the ongoing business was $578.2 million, declining 13.8 percent on a constant-currency basis.
Wolverine Worldwide Appoints New CEO as Brendan Hoffman Departs
The Board of Directors appointed Chris Hufnagel as president and CEO of the company and a member of the Board of Directors, effective immediately. He succeeds Brendan L. Hoffman, who is no longer with the company
ThredUp Inc. Narrows Q2 Loss on Revenue Increase, RaaS Ramp-Up
The company reported 1.7 million Active Buyers and Orders of 1.8 million in the second quarter, representing a decrease of 0.8 percent and an increase of 5 percent, respectively, year-over-year.
Ammo, Inc. Sales Implode in Fiscal Q1; Margins Grow as Business Transitions to Brass
The company said that margins in its Marketplace segment remained strong and gross margins had increased in its Ammunition segment as they began to see the benefits of transitioning to a leaner operating model with a higher focus on brass (ammunition) sales.
Nautilus, Inc. Shrinks Loss in Q1 but Sales Drop 24 Percent
Nautilus, Inc., the parent of Bowflex, slashed its loss in the fiscal first quarter ended June 30 due to an uptick in gross margins and a steep reduction in expenses with the year-ago period including a $27.0 million asset impairment charge. Sales were down 23.8 percent with a decline of 17.5 percent in the Direct segment and 29.0 percent in the Retail segment.
YogaSix Hits Key Milestone with Over 600 Signed Franchise Agreements
The company said expansion in key markets such as Alexandria, VA; Los Angeles, CA; Boston, MA; and Long Island, NY would fuel the brand’s yoga experience that includes six core formats.
WellnessSpace Brands Hires Fitness Industry Vet as VP of Sales
WellnessSpace Brands, a developer of experiential wellness products, hired industry veteran Eric Jaworsky as VP of sales.
Cordura Brand Appoints European Business Development Manager
Invista’s Cordura brand hired Ruud Vermeij as European business development manager for the Cordura brand, responsible for developing and executing the commercial strategy for growing its consumer business in Europe.
Beachbody’s Q2 Revenues Decline 25 Percent
The Beachbody Company, Inc.’s adjusted operating loss widened in the second quarter ended June 30 despite sales sliding 25.0 percent. The fitness subscription company said it made progress in restructuring its financial covenants while hiring Mark Goldston as executive chairman of its Board of Directors to support its turnaround efforts.
Topgolf Callaway Gets Double-Digit Q2 Lift from Topgolf; Callaway Flat
The revenue increase was said to be driven by strong 16.6 percent growth at Topgolf, including approximately 1 percent same-venue sales growth.The result came despite an $8.0 million negative impact from FX rate variances.
Allbirds Posts Q2 Loss on 10 Percent Sales Drop
Allbirds, Inc. reported a loss on a 10 percent sales decline in the second quarter but said it had made progress in its turnaround program focused on reducing inventory levels, lowering operating cash use and controlling expenses.
Johnson Outdoors Hires Industry Vet to Run Fishing Business
The company hired Bill Kirchner as group vice president, Fishing segment, reporting to CEO Helen Johnson-Leipold and was appointed as a member of the company’s executive committee.
Crocs Refinances Term Loan
Crocs, Inc. announced a repricing of the $1.18 billion outstanding under its Term Loan B facility through a refinancing amendment which reduces the interest rate margins applicable to the facility.
JD Sports Acquires Balance of Shares in Poland-Based Sports Retailer
JD exercised its rights under a call option to acquire the outstanding 40 percent minority stake of Marketing Investment Group S.A. (MIG) to become MIG’s 100 percent sole owner.
Report: Small Businesses Report Significant Hiring Decline in July
The CBIZ Small Business Employment Index (SBEI) reported a seasonally adjusted decrease of 2.1 percent in July. This month’s reading is a dramatic reversal from the strong hiring reported in June.
