SGB Update Sports & Fitness
Peloton Narrows Fiscal Q3 Loss Despite Weaker Sales; Settles Dish Action
Peloton narrowed its net loss despite weaker sales in the fiscal third quarter ended March 31 as margins expanded and expenses were reduced. The company also announced a settlement agreement with Dish Network.
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.
Gildan Activewear Posts Sales And Profit Declines In Q1 But Reconfirms Outlook
Gildan Activewear Inc. said net sales for the first quarter ended April 2 were in line with expectations at $703 million, down 9 percent, versus prior-year quarter sales.
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.
