SGB Update Sports & Fitness
Compass Diversified Raises FY Guidance On Above-Plan First Quarter
Compass Diversified (CODI) raised its earnings for the year due to a better-than-expected first-quarter performance. Sales on an adjusted basis in its branded consumer segment, which includes Boa, 5.11 and Primaloft, were up 2 percent in the quarter.
Brooks Posts Strong Double-Digit Q1 Global Growth Despite EMEA Decline
Brooks Running carried momentum into the first quarter of 2023 with 20 percent year-over-year global revenue growth, including a record 32 percent increase in the Europe, Middle East, and Africa (EMEA) region.
Farfetch Launches Reebok European Effort Through New NGG++ Division
Farfetch has commercially launched its European partnership with Reebok, following its deal announced in February 2022 with new Reebok owner Authentic Brands Group. The partnership is being managed by New Guards Group (NGG), a wholly-owned Farfetch company.
Five Iron Golf To Open In Cincinnati
Five Iron Golf is opening in Cincinnati, marking its 18th location nationwide and the first in Ohio.
OR, Surf Expo Parent Sees Strong Double-Digit Revenue Growth In First Quarter
Emerald Holding, Inc., the owner and producer of the Outdoor Retailer and Surf Expo trade shows, reported that first quarter 2023 revenues were $122.3 million, an increase of 24.2 percent versus the first quarter 2022.
Outerstuff Receives Debt Downgrade On MIssed Payment
Moody’s downgraded the debt ratings of Moody’s following a missed payment on a shareholder loan. Moody’s said Outerstuff has communicated that the shareholder has made a decision to convert the shareholder loan to equity, which would be a positive for Outerstuff’s capital structure
Champion Brand Posts Double-Digit Global Sales Decline In Q1 Led By U.S. Weakness
HanesBrands, Inc. reported first-quarter net sales from continuing operations declined 12 percent to $1.39 billion, which includes a $31 million unfavorable impact from foreign exchange rates, compared to last year’s strong first-quarter results. Global Champion brand sales decreased 17 percent on a reported basis.
Garmin’s Q1 Sales Slide On Weakness In Outdoor Segment
Garmin Ltd. reported sales declined 2 percent in the first quarter ended April 1. A 27 percent sales tumble in its Outdoor segment, tied to challenges anniversarying major launches in the adventure watch category, offset double-digit gains in other segments, including Fitness and Marine.
Skechers Appoints New Managing Director For UK And Ireland Market
Skechers promoted Richard Parker to managing director of the United Kingdom and Ireland. Former Managing Director, Peter Youell, transitioned into an advisor role on special and key international projects.
On Revises Regional Reporting Structure, Eliminates “Rest Of World” Region
Swiss performance sportswear brand On will update its reporting of net sales by geography. Specifically, the “Rest of World” region, which represented Middle East, Africa and Latin America in previous reporting, will no longer be reported as a geographic location.
F45 Fitness Co-Founder Resigns From Board
According to a regulatory filing, Adam Gilchrist, one of the founders of F45 Training Holdings, resigned as a member of the board of directors on April 21.
Big 5 Sees First-Quarter Earnings Decline, Forecasts Weak Q2
Big 5 Sporting Goods Corp. reported a sharp decline in earnings in the first quarter ended April 1 on a 7.1 percent same-store decline with cold weather slowing the start of spring selling. Earnings came in line with guidance due to tight expense controls. Big 5 predicted another steep decline in the second quarter with comps expected to be down in the high single-digit range.
Tifosi Optics Hires New Sales Director
Tifosi Optics hired Rick Dyer as director of sales. Dyer, a cycling industry veteran, will bolster existing company partnerships and expand the brand’s presence in other key markets.
Oura Ring Parent Forms Medical Advisory Board
Ōura, the parent company of the Oura Ring fitness wearable, reported that the company formed a medical advisory board consisting of Dr. Kiarra King, Dr. Rebecca Robbins, Dr. Christine Noa Sterling, and Dr. Matthew Walker, with plans to add new members in the coming months.
Tiger Woods, TaylorMade-Backed PopStroke To Open Four Locations
PopStroke Entertainment Group, the golf entertainment concept owned by Greg Bartoli, Tiger Woods’ TGR Ventures and TaylorMade Golf Co., announced plans to add four locations in 2023 and begin construction on more venues with opening dates in 2024.
