NPD Report: Prime Day Promotions Boosted Retail Revenue 14 Percent But Unit Sales Still Fell
The week of Amazon’s Prime Day and other big retailer promotions showed that consumers continue to spend but are purchasing less, according to The NPD Group. U.S. sales revenue from discretionary general merchandise for the week ending July 16, 2022, was 14 percent higher than last year’s non-promotional week, and unit sales were 1 percent lower.
Boot Barn’s Comps Improve 10 Percent In Fiscal First Quarter
Boot Barn Holdings, Inc. reported flat earnings in the first fiscal quarter ended June 25 as sales jumped 19 percent and same-store sales gained 10 percent. EPS exceeded guidance, but the footwear retailer reduced its outlook for the year due to “recent macroeconomic uncertainty.”
Golftec Opens Location Near Boston
Golftec announced opening an instruction and club fitting center in Waltham, MA.
Cotopaxi Hires Chief People And Impact Officer
Cotopaxi hired Grace Zuncic as its first chief people and impact officer.
Vista Outdoor’s Q1 Tops Guidance On Sporting Products Momentum
Vista Outdoor reported earnings on an adjusted basis rose 33 percent in the first quarter ended June 26 on a 21 percent revenue gain. Strong double-digit growth in the Sporting Products segment offset a 2 percent decline in Outdoor Products, primarily driven by Outdoor Accessories. Both sales and earnings topped company guidance and Vista’s full-year guidance was raised.
Vista Outdoor To Acquire Simms Fishing Products
Vista Outdoor Inc. announced the acquisition of Simms Fishing Products for a purchase price of $192.5 million.
Columbia Sportswear Reduces FY Guidance
Columbia Sportswear Company reported second-quarter earnings that topped Wall Street’s estimate but reduced its sale and EPS guidance for the year due to growing economic uncertainty. Chairman, President and Chief Executive Officer Tim Boyle said, “As 2022 has progressed, it is increasingly clear that the operating environment has become more challenging.”
Topgolf Set To Enter Rhode Island
Topgolf Entertainment Group is opening a Topgolf location in the Greater Providence area, marking the company’s entry into Rhode Island.
Garmin Q2 Sales Dragged Down By Weakness In Fitness Wearables
Garmin, Ltd. reported sales declined 6 percent in the second quarter ended June 25, pulled down by a 34 percent drop in the fitness segment. Garmin reduced its guidance for the year, with earnings being impacted by the strengthening of the U.S. dollar, high inflation and rising interest rates.
KOA: Camping To Remain Popular Amid Volatile Economic Conditions
Kampgrounds of America (KOA) believes camping will continue to be popular even during volatile economic times. In the July edition of KOA’s Monthly Research Report, the camping industry giant forecasted that 15.93 million households would camp this month.
Rack Room Shoes Strengthens Merchandising Team
Rack Room Shoes has strengthened its merchant team, promoting Melanie Ortlieb to senior director of planning and allocation and three senior buyers from the merchandising team.
Puma Lifts Full-Year Revenue Outlook After Solid Q2
Puma reported stronger than expected second-quarter earnings on “very strong growth” across its product range and raised its revenue outlook for the full-year 2022. Earnings guidance was maintained as Puma warned of uncertainties that could dilute profitability.
Stanley Hires Global Vice President, Brand Marketing
Stanley announced it hired Jenn Reeves as global vice president of brand marketing.
F45 Training Announces Strategic Update
F45 Training Holdings Inc. said Adam Gilchrist, its president, CEO, and chairman, has stepped down and a search for a successor has been launched. The fitness boutique also reduced its 2022 guidance and announced a reorganization that will lead to the layoff of 110 employees.
Skechers’ Q2 Results Top Guidance
Skechers USA reported profits in the second quarter were down due to lower gross margins as sales grew 12 percent. Results came in easily above Skechers’ guidance, led by the Americas. Skechers maintained its guidance for the year.
