SGB Update Sports & Fitness
Foot Locker’s Debt Ratings Placed Under Review Following Dick’s SG’s Offer
Moody’s Ratings placed all Foot Locker, Inc.’s debt ratings on review with direction uncertain following the announcement that Dick’s Sporting Goods, Inc. has entered into a definitive agreement to acquire Foot Locker for an enterprise value of approximately $2.5 billion.
TruGolf Holdings Builds in Q1, Eliminates Convertible Notes and Inks L.I. Franchisee
The three founders of TruGolf agreed to convert existing dividends owed to them into a combination of Class A common stock and Class B common stock. The ability for the noteholders to invest in further tranches of debt will be terminated, and upon the closing of these note exchange transactions, approximately $9.3 million in outstanding debt will be eliminated.
Miura Golf Mourns the Passing of Founder Katsuhiro Miura
A master craftsman of hand-forged golf irons known worldwide for their quality and performance, has passed away at 83. Under the supervision of Miura’s sons, Shinei and Yoshitaka, and grandson, Kokuse, Miura clubs continue to be designed and forged in the company’s factory in Himeji.
Xponential Fitness CEO Mark King to Exit After Less Than a Year at the Helm
The owner of the Club Pilates, CycleBar, StretchLab, YogaSix, Pure Barre, Rumble, BFT, and Lindora fitness and wellness brands put King in a tough position when the company had to restate its 2023 financial statements within nine months of his joining the company as CEO.
Culture Kings Parent A.K.A. Brands Posts 14 Percent U.S. Sales Growth in Q1
The company’s portfolio of brands that includes Culture Kings, Princess Polly, Petal and Pup, and MNML looks to reach at least $600 million in sales in 2025.
Beachbody’s Q1 Sales Fall 40 Percent but Net Loss Narrows
Total revenue was $72.4 million compared to $120.0 million in the prior year period. Net loss was $5.7 million compared to a net loss of $14.2 million in the prior year period.
Puma Appoints Dominique Gathier as VP Teamsport Business
Dominique Gathier replaces Matthias Bäumer, who took on the role of Puma’s chief commercial officer earlier this year. Gathier reports to Maria Valdes, Puma’s chief product officer, effective May 15.
Dick’s SG Expects to Post 4.5 Percent Comp Sales Growth in Q1
The 4.5 percent comparable sales growth expected for the fiscal 2025 first quarter comes on top of a 5.3 percent increase in the prior-year Q1 period.
Leatt Corp. Continues Double-Digit Growth Across All Protective Gear Categories in Q1
Dealer direct sales in the U.S. at the brick-and-mortar level contracted by 9 percent as U.S. Moto and MTB dealers continue to manage industry-wide stocking dynamics and some turbulence at the dealer level.
24 Hour Fitness Closes On $305M Senior Secured Facility
This transaction “proactively addresses upcoming debt maturities, enhances liquidity, while strengthening the company’s position in the fitness industry.
Urban Outfitters Debuts On Rotation In-Store Experience — Starting with Nike
On Rotation will debut in UO stores featuring lounge-style installations in five key cities: New York, Washington D.C., Scottsdale, AZ, San Diego, CA, and Manhattan Beach, CA. The activation starts today, May 14, with its first partner, Nike.
Rakuten Rewards Appoints Chief Marketing Officer
Previously, Wendy Bergh was the general manager of Zoom’s Online business as the company became an AI-first work platform. She also held leadership roles at ServiceNow, Minted and Walmart.
Inflation Rise Falls Short of Estimates; CPI Posts Slowest Annual Rate Since 2021
On an annual basis, CPI came in at 2.3 percent, reportedly the slowest annual rate since early 2021, countering the consensus estimate that it would hold at 2.4 percent.
U.S. Customer Satisfaction Falls in First Quarter
The American Customer Satisfaction Index has remained flat or dropped in four consecutive quarters, something that has not occurred since the COVID pandemic.
Crunch Fitness Franchisee Opening Two New Albuquerque Locations in Fall 2025
The 50,000-square-foot Crunch Albuquerque Atrisco and 43,000-square-foot Crunch Albuquerque Cottonwood in Albuquerque, NM are operated by Crunch Fitness franchisee The Undefeated Tribe.
