SGB Update Sports & Fitness
Nike Reports 15.7% Third Quarter Revenue Increase
Nike, Inc. posted a strong fiscal third quarter as sales jumped 15.7% to $4.54 billion for the period ended February 29, 2008 from $3.93 billion for the same period last year. Changes in currency exchange rates increased revenue growth by 6 percentage poi
Li Ning Sales Rise 36% on Strong Chinese Demand
Li Ning Group Limited, one of the leading sports brand enterprises in China, said revenue grew by 36.7% to RMB4.35 billion ($572mm) for the year ended Dec. 31. The company's LI-NING branded products saw sales surge 34.0% to RMB4.24 billion ($558mm).
Reebok Pays $1MM Fine for Lead Jewelry
Reebok International will pay a record $1 million civil penalty to settle allegations that it imported and distributed charm bracelets that contained toxic levels of lead, the U.S. Consumer Product Safety Commission said. The agency said in March 2006, a
Washington Bicyclists Team with German Embassy
Just weeks after cycle advocates made their annual pilgrimage to Washington D.C. to lobby Congress for greater support of cycling, the Washington Area Bicyclist Association (WABA) announced it had found government support of another sort. WABA said it has
SIA: Snow Sports Sales on Course for 13% Growth this Season…
U.S. snow sports sales for the August through January period grew at 13% and are likely to keep on that track through the end of the season, according to research released last week by Snowsports Industries America…
City of Chicago Adopts Bicycle Safety Ordinance…
The Chicago City Council passed an ordinance Wednesday that allows the city to fine motorists from $150 to $500 for endangering cyclists. The new fines would apply to motorists caught parking or otherwise obstructing a bike lane, turning left or right in
Foot Locker, Inc. Takes its Lumps in Q4 and Gears Up for Improved 2008 Comps…
Foot Locker, Inc. suggested that the 2007 Holiday season was one of the most difficult retailing periods in the U.S. in many years, but the world’s-largest-athletic-specialty-retailer saw the trend early and aggressively liquidated inventories to end the
A Look Inside the GSCO/FINL Settlement…
At the beginning of its quarterly conference call with analysts, Genesco chairman and CEO Hal Pennington provided an overview of the details of the settlement with The Finish Line and UBS. While the settlement calls for GCO to receive a cash payment of $
Pacific Sunwear’s Q4 Net Sinks 33.9%
Pacific Sunwear of California, Inc. reported sales from continuing operations for the fourth quarter decreased 7.8% to $420.1 million from $455.8 million. Same-store sales decreased 2.2%. By concept, PacSun same-store sales increased 2.1% and demo same-st
City Sports Acquired by PE Firm; Hanaka Takes Board Seat
City Sports has been acquired by Highland Consumer Fund, with the firm also supplying City Sports with a substantial growth equity investment. The move will enable City Sports to further invest in its growth strategy and enhance its leadership position in
Dick’s Sporting Goods Q4 Net Income Beats Estimates
Dick's Sporting Goods said fourth-quarter net income rose 8% to $73.2 million, or 62 cents a share, topping recent guidance calling for 60 to 61 cents a share. A year ago, the company posted net income of $67.7 million, or 60 cents a share, for the f
Doug Kelly Out at Russell Athletic
Doug Kelly, who joined Russell Athletic as president about a year and half ago, is leaving the company to pursue other interests. No new president will be appointed. Kelly's duties will be divided among several Russell executives: Gary Barfield, Matt
Shirts and Skins Moves Headquarters
Shirts & Skins, Inc. (S&S), the producer of basketball uniforms, recently announced plans to move its corporate office/warehouse to Tualatin, Oregon, a suburb of Portland, in Mid-February of 2008. The new building will be approximately 15 miles from its c
Keen’s Richardson to Become Chief of Corporate Social Responsibility
Kirk Richardson will step down from his current role as president of Keen to move into a new role as the company's chief of corporate social responsibility. Richardson was named Keen president in February 2006. His move follows the departure of the c
Loop’d Network Launches Site for Skiers
Loop’d Network, a San Diego start-up that is creating a social networking site for action sports brands, has launched a community for skiers. The new site offers skiers the ability to seek sponsorship, enter contests sponsored by brands such as Oakley and
