SGB Update Sports & Fitness
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.
BSN Sports Secures Partnership with USA Water Polo
BSN Sports signed its first partnership with USA Water Polo. Through the agreement, BSN Sports will outfit the USA Water Polo Olympic Development Program and USAWP National Team programs with custom apparel.
KT Tape Secures New Distributor for Sports Medicine Markets
Kinesiology tape brand KT has inked a distribution partnership with Boxout, a national distributor to the field of sports medicine. Together, they are introducing the KT Tape Pro for sports med professionals.
Walmart Celebrates “Re-Grand Opening” of 117 Remodeled U.S. Stores
The re-grand opening project represents over a half a billion dollars in capital investments in local communities across 30 states.
QBP Drops DeFeet from Brand Stable; Sock Brand Will Not Add Reps
DeFeet is now entirely in-house with its sales team, employing no independent sales rep. The company distributes in-line products in the U.S. through its remaining domestic distribution partners and its DeFeet B2B platform.
Fanatics Partners with Argentine Football Association
Fanatics entered an e-commerce partnership with The Argentine Football Association (AFA). The long-term agreement will see Fanatics build and operate the AFA’s e-commerce store.
Report: Decathlon Explores Sales of Minority Stake in China Business
Decathlon SA is working with advisors to explore the sale of a minority stake in its China business, sources told Bloomberg. The report indicated that the French retailer seeks a strategic partner to drive regional expansion.
VF Corp. Sees Continued Americas Weakness In U.S. in Q2 Tied to Vans Declines
The company also said that Kevin Bailey will be stepping down from his role as global brand president, Vans. He will remain on the Executive Leadership Team reporting to the CEO and will transition to lead Reinvent, the company’s business transformation plan. CEO Bracken Darrell will be more involved with Vans until a new brand president is found.
Dick’s SG Sued Over Calia Logo
Wooter, a maker of sports apparel based in Staten Island, NY, reportedly filed a trademark infringement lawsuit against Dick’s Sporting Goods over the infinity symbol used in the logo of women’s private label brand Calia.
Anytime Fitness Sees Double-Digit Franchise Growth in Q3
Self Esteem Brands, the parent of Anytime Fitness based in Woodbury, MN, reported Anytime Fitness franchise locations saw double-digit increases in same-store sales in the third quarter over the same period in 2022.
PedalCell to Cease Operations
PedalCell, a manufacturer of weather-proof generators for power bikes, announced it will cease operations on January 1.
