SGB Update Sports & Fitness
Yeti Lifts EPS Outlook on Strong Margins and Drinkware Strength
Yeti Holdings, Inc. raised its EPS guidance for the year after seeing margins in the second quarter top expectations, expanding over 600 Basis Points. Q2 Sales were flat as a 6 percent gain in drinkware sales offset a recall-related decline in cooler sales.
Topgolf Callaway Brands Shares Fall on Lower Full-Year Guidance
MODG shares fell more than 20 percent overnight after losing nearly 5 percent of their value during the day on Wednesday. The company cut its full-year guidance on weaker-than-expected Topgolf same-venue sales growth.
NRF Economist: Holiday Sales Will Have a ‘Whole New Set of Dynamics’
NRF Chief Economist Jack Kleinhenz said job gains have “slowed but not tumbled,” with payrolls climbing by 150,000 positions in October and the three-month moving average at 204,000 despite downward revisions for August and September.
Tommy Hilfiger Appoints New Global President
PVH Corp. appointed Lea Rytz Goldman as the global brand president of Tommy Hilfiger. She will join the company by Spring 2024, reporting to Stefan Larsson, CEO of PVH. Rytz Goldman is currently the managing director of COS, the global fashion brand.
PXG Opens First Location in London
PXG opened a store in London South, its first golf club-fitting location in the UK, mimicing the company’s U.S. retail and service experience.
Adidas Ekes Out Growth in Q3 on Gains in all Regions Except North America
Currency-neutral sales in North America declined 9 percent during the quarter. The region was said to be “particularly affected” by elevated inventory levels in the market. The company responded to the issue that it had significantly reduced sell-in to retailers.
Charm City Run to Relocate Two Stores in 2024
Baltimore, MD-based Charm City Run announced plans to relocate both its Timonium and Annapolis, MD stores in 2024 to nearby larger spaces.
NSGA Renames Annual Event to NSGA Leadership Conference
The National Sporting Goods Association (NSGA) renamed its annual conference from the NSGA Management Conference & Team Dealer Summit to the NSGA Leadership Conference.
Under Armour Lowers Revenue Outlook on Continued North American Weakness
Under Armour, Inc. reduced its revenue forecast for its fiscal year due to continued softness in the North American marketplace while raising its margin targets. The adjustments came as UA sales and earnings in its fiscal second quarter, which ended September 30, arrived ahead of analyst expectations.
Beachbody Q3 Revenues Drop 23 Percent
The Beachbody Company, Inc. reported sales declined 22.7 percent in the third quarter but revenue and cash used in operations ahead of the midpoint of guidance and the subscription health and wellness company indicated the company is making progress with its transformation efforts.
GoPro’s Q3 Revenues Slide 4 Percent
GoPro, Inc. reported sales in the third quarter were down 4 percent but landed in the upper range of guidance. EPS also was slightly ahead of forecasts and double-digit gains were seen in both subscribers and subscription/service revenue.
Xponential Fitness Ups Full-Year Guidance on YTD Performance
Based on the company’s performance year-to-date, Xponential reported it is increasing its full-year 2023 guidance for revenue and tightening the top-end ranges for new studio openings, system-wide sales and Adjusted EBITDA.
Xponential Fitness Hires International President; Signs New Multi-Brand Deals
Xponential Fitness, Inc. hired Bob Kaufman as president of international to lead global expansion plans across Xponential’s fitness boutique brands. The company also reported signing multi-brand deals in new and existing international markets.
Moody’s Assigns B2 Rating to Varsity Brand’s New Debt Offering
Moody’s Investors Service assigned a B2 rating to Varsity Brands Holding Co., Inc.’s new senior secured first lien notes due December 2026. Varsity Brands is the parent of BSN Sports and Varsity Spirit.
Planet Fitness Sees 8.4 Percent System-Wide Comp Growth
Planet Fitness, Inc. reported net earnings jumped 45.3 percent in the third quarter ended September 30 as total revenue grew 13.6 percent and system-wide same-store sales increased by 8.4 percent.
