SGB Update Sports & Fitness

Planet Fitness’ Q1 Sales Climb 19 Percent On Membership Growth

Planet Fitness saw sales jump 19.0 percent in the first quarter, boosted by a system-wide same-store sales increase of 9.9 percent. Earnings climbed 27.7 percent. The fitness chain saw the highest quarterly net member growth since the first quarter of 2020.

Titleist Parent Sees 13 Percent Q1 Revenue Growth

Acushnet Holdings Corp., the parent of Titleist, FootJoy and KJUS, reported earnings rose 15.2 percent in the first quarter ended March 31 on a 13.2 percent sales gain. The gains were led by a healthy double-digit increase in golf balls and club sales with the U.S. turning in the best regional performance. Results beat analyst expectations although Acushnet maintained its full-year guidance.

Revolve Group Reports Lower Q1 Profits On Tighter Margins, Lower Sales

Revolve Group, Inc. reported net sales were $279.6 million in the first quarter, a year-over-year decrease of 1 percent against a very difficult prior-year comparison. Net income was $14.2 million, or 19 cents per diluted share, for the quarter, a year-over-year decrease of 37 percent.

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.

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.

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.