SGB Update Sports & Fitness
Gildan Activewear Sees Modest Sales Growth in Third Quarter
Gildan Activewear, Inc. reported sales grew 2 percent in the third quarter with flat sales in activewear and gains in the hosiery and underwear category. Results were in line with expectations with the sales gains following several quarters of declines. The company, however, now sees sales and earnings landing at the lower end of guidance due to macroeconomic pressures.
Peloton Narrows Fiscal Q1 Loss as Company Gets Control of Inventory and Costs
Across the bike portfolio, the blended landed cost per unit was down 17 percent year-over-year as inventory sold last year was burdened with high historical inbound logistics costs. Last mile cost per delivery was down 36 percent year-over-year.
Titleist Parent Lifts Annual Earnings Outlook on Golf Club and Ball Strength
Acushnet Holdings Corp., the parent of Titleist and Footjoy, reported net earnings rose 10.6 percent in the third quarter on a 6.3 percent revenue gain. The increases were led by double-digit growth in club sales with with a 6.3 percent increase in balls. Revenue guidance for the year was reaffirmed and earnings guidance slightly raised.
Report: Authentic and WHP Global Exploring Champion Acquisition
Hanesbrands, the parent company of Champion, has had “wide interest” from parties, including WHP Global and Authentic, in acquiring the brand since the company announced in late September that it was considering a possible sale.
Topgolf Callaway Acquires BigShots Golf
Topgolf Callaway Brands Corp. reported that the company purchased certain assets from Invited, Inc., the largest owner and operator of private golf clubs in the U.S., related to its BigShots Golf business.
Riddell Extends NFL Helmet Partnership Through 2030 Season
Riddell has inked a 7-year extension of its partnership with the National Football League and will continue to serve as the Exclusive Licensee of Collectible Helmets and an Authorized Supplier of Helmets to the NFL through the 2030 season.
Good Feet Holdings Closes on Stretch*d Acquisition
Good Feet Holdings, LLC, a holdings group of wellness brands, including The Good Feet Store and ING Source, reported that it completed its acquisition of Stretch*d.
Burn Boot Camp Promotes Burke to COO
Burn Boot Camp, based in Charlotte, NC, promoted Amber Burke to chief operating officer. She was VP of franchise operations.
Deckers Brands Promotes Fox to Senior Marketplace Manager
Deckers Brands promoted Lindsey Fox to senior marketplace manager, trend and lifestyle. She was previously a senior account executive with Deckers for nearly five years.
U.S. Consumer Confidence Drops for Third Consecutive Month
The Conference Board said its consumer confidence index fell to 102.6 in October from an upwardly revised 104.3 in September. Economists polled by Reuters had forecast the index slipping to 100.0 from the previously reported 103.0
Brooks Running Eyes Return to Double-Digit Growth In 2024
Brooks Running’s global revenue grew 5 percent in the first nine months of 2023, with North America revenue increasing 7 percent. The Seattle, WA-based running brand, owned by Berkshire Hathaway, reported it “remains the leading running footwear brand across U.S. retail and forecasted a return to double-digit growth in 2024.”
Garmin Lifts Outlook On Q3 Beat
Garmin, Ltd. raised its guidance for the year as third-quarter results topped expectations. Among segments, fitness sales grew 26 and Outdoor advanced 7 percent while Marine declined 7 percent.
Big 5 Sporting Goods Sees Q3 Profits Miss Plan, Warns on Weak Holiday Quarter
Big 5 Sporting Goods Corp. reported earnings were slightly below guidance in the second quarter ended October 1 as same-store sales dropped 8.2 percent on weak discretionary spending. The California-based chain further predicted same-store sales in the fourth quarter will decline in the high single-digit to low double-digit range.
Former Academy Sports CEO Joins Guitar Center as Chairman
Guitar Center Holdings, Inc. appointed Ken Hicks, executive chairman of Academy Sports and Outdoors and former CEO, as Board Chair. Guitar Center also named Gabriel Dalporto its new CEO and rehired Tim Martin as CFO.
Canadian Tire Exploring Alternatives for Financial Services Business
Canadian Tire Corp. said it bought back Scotiabank’s 20 percent stake in its financial services arm in a cash transaction valued at C$895 million ($647.14 mm) and is reviewing alternatives for its financial services arm. The moves were made in part to better support its loyalty program.
