SGB Update Sports & Fitness
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.
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.
Hanesbrands Faces Activist Investor Calling for Leadership Changes
Barington Capital, an activist shareholder group, issued a letter calling for changes in the Board of Directors of Hanesbrands, possibly the CEO and other operational changes to reduce debt. In response, Hanesbrands highlighted progress under its Full Potential strategy and said it remains committed to driving shareholder value.
Under Armour Limits Fiscal Q1 Downside with Strong International Growth
Total net revenue was down 2.4 percent (-1.3 percent currency-neutral) year-over-year to $1.32 billion in the fiscal first quarter ended June 30. Wholesale revenues declined 6.3 percent while DTC increased 4.5 percent.
NRF Sees Cargo Volume Hitting Yearly Peak in August
Import cargo volume at the nation’s major container ports is forecasted to hit its highest level in nearly a year in August as retailers stock up for the winter holidays, according to Global Port Tracker’s report released by the National Retail Federation.
Garmin to Acquire JL Audio
Garmin, Ltd. reported it has entered into a definitive agreement to acquire JL Audio, a privately-held U.S. company that designs and manufactures audio solutions for marine, aftermarket automotive, powersports, home, and RV customers.
Nordstrom Rack to Open Store in Queen Creek, AZ
Nordstrom, Inc. plans to open a new Nordstrom Rack in spring 2024 in Queen Creek, AZ. Nordstrom Rack is the off-price retail division of Nordstrom, Inc.
24 Hour Fitness Opening Two New California Clubs
The Irvine club, situated in the Irvine Marketplace, opened to the public on August 5 and the Roseville club will officially open its doors on August 12.
Rally House Opens Seven Stores in Record-Breaking Weekend
Rally House opened seven stores in five states over the weekend, marking the first time in the retailer’s history to open that number of doors in one weekend.
Martha Taps Surf Industry Vet as National Sales Manager
New NSM Mike Vavak was most recently international sales manager at Paris Truck Co. His past work includes brand director at SGS Sports and sales manager at Body Glove Wetsuits and Ocean and Earth.
NRF Launches Center for Digital Risk and Innovation
The Center is expected to serve as the focal point for NRF’s engagement on technology issues that have significant policy and risk management implications for the global retail industry.
BRC: British Retail Foot Traffic Recovers as Outlets Fuel Growth
The data shows that much of the footfall recovery in July was shored up by strong performance in outlet retail, as shoppers turn to discount formats to make spend go further.
