SGB Update Sports & Fitness
Life Time Reaffirms Guidance; Names Interim CFO as Houghton Departs
The company expects to be free cash flow positive after all capital expenditures, including new club growth, by the middle of 2024. SVP and Controller Erik Weaver, a 19-year company veteran, will assume the role of interim CFO with the departure of CFO Bob Houghton.
Crunch Fitness Opening First Club in Nebraska
The new gym, located in a former Gordmans space in Lincoln, NE, has 55,000 square feet and $1 million worth of fitness equipment. The gym is set to open on January 5.
Report: Merchandise Returns Reach 14.5 Percent in 2023
According to the report released by the National Retail Federation and Appriss Retail, for every $1 billion in sales, the average retailer reportedly incurs $145 million in merchandise returns. Online sales do see a higher return rate, at 17.6 percent.
Report: U.S. Holiday Season Retail Sales at Low End of Forecast
U.S. retail sales, excluding automotive, increased 3.1 percent year-over-year this holiday season, according to a report from Mastercard SpendingPulse measuring the period from November 1 through December 24.
Happy Holidays From SGB Media
In observance of the Christmas holiday, SGB Media is taking time to be with family and will not publish the SGB Updates on December 25. Publishing will resume on December 26 with one Update newsletter daily through December 29.
Nike to Undergo Layoffs, Cost-Cutting Amid Weakening Sales Outlook
Nike, Inc. reported earnings in its fiscal second quarter ended November 30 topped analyst expectations but also announced a program to cut costs by about $2 billion over the next three years, including through layoffs, as it sees a “softer” sales outlook for its fiscal second half.
Nordstrom Rack To Add Another Houston Location in Fall 2024
The store will occupy 34,000 square feet in the Meyerland Plaza, among Texas’s Top 5 most visited open-air shopping centers. The retailer operates eight Nordstrom stores and 23 Nordstrom Rack stores in the state.
Jason Mayden Returns to Jordan Brand as Chief Design Officer
Jason Mayden, recently president of Fear of God Athletics, is returning to Nike as senior global design director of Jordan Brand.
IHRSA Finds Gym Memberships Surpass Pre-Pandemic Levels
The total number of Americans who were members of a fitness club in 2022 increased by a record 3.7 percent to 68.9 million (ages six and older).
U.S. Consumer Confidence Rises to 5-Month High in December
The Conference Board reported that its Consumer Confidence Index rose to 110.7 million in December, up from a downwardly revised 101.0 in November in an indication that concerns about a recession in the U.S. are lessening. The Index improved for the third consecutive month, reaching its highest level since July.
Tonal Launches Trade-In Program for Lululemon Mirror Customers
Tonal launched a “Mirror Trade-In” program for Lululemon Studio customers as Lululemon phases out the fitness device.
EoS Fitness Opens Gym Near Cal State Fullerton
EoS Fitness opened its 14th venue in California with a new fitness center in Fullerton, close to Cal State Fullerton. EoS Fitness on Chapman Avenue reportedly boasts 39,000-plus square feet of workout space accessible 24 hours a day, seven days a week.
Topgolf Breaks Ground in Greensboro, NC
Topgolf recently broke ground on a new two-level venue in Greensboro, NC, set to open in late 2024, and is part of a shopping center development also under construction.
Kohl’s Expands Board of Directors to 13 Members with Latest Appointment
Wendy C. Arlin, who, most recently, was the CFO for Bath & Body Works, Inc., reportedly brings more than three decades of experience in corporate finance, financial reporting, oversight and accounting, with deep expertise in the consumer industry.
Vuori Appoints Chief Marketing Officer
Vuori hired Karen Riley-Grant, previously at Levi Strauss & Co., as chief marketing officer, effective January 22.
