SGB Update Sports & Fitness
Garmin Raises 2022 EPS Guidance On Improved Margin Outlook
Garmin Ltd. reported sales declined 4 percent in the third quarter ending September 24, dragged down by an 18 percent slide in the fitness segment. Second-quarter earnings topped Wall Street estimates and Garmin lifted its full-year EPS outlook on an improving margin outlook.
Puma Sees 17 Percent Currency-Neutral Growth In Q3
Puma reiterated its outlook for the year despite market volatility while reporting another quarterly record of sales and EBIT performance in the third quarter ending September 30. Sales in the third quarter grew 16.9 percent on a currency-adjusted basis, led by growth of 18.8 percent in the Americas region and 18.5 percent in EMEA.
Shimano’s Revenues Expand 18 Percent In Nine Months
Shimano, Inc. reported sales grew 18.3 percent in the nine months ended September 30 with sales expanding 20.6 percent in the Bicycle Components segment and 9.0 percent in the Fishing Tackle segment.
Skechers’s Q3 Falls Short Of EPS Guidance
Skechers USA, Inc. reported sales in the third quarter ended September 30 ran up 20.5 percent but earnings missed guidance amid margin pressures and foreign exchange currency headwinds. Guidance for the fourth quarter was also provided that was below Wall Street targets.
Body Fit Training Opens First Canadian Location, Sets Sights On U.S. Growth
Body Fit Training opened its first Canadian studio in Toronto, marking the company’s North American growth after being acquired by Xponential Fitness, Inc. last year.
Brand Velocity Group Launches Sports Industry Vertical
Brand Velocity Group (BVG), the investment firm, launched its sports-focused vertical, Brand Velocity Group Sports (BVGS). Joseph Cohen, chairman and CEO, West Ridge Associates, a sports and media consulting firm, will serve as chairman of BVGS.
Adidas Ends Partnership With Kanye West
Adidas said on Tuesday that it is ending its partnership with Ye, formerly known as Kanye West, after the rapper made antisemitic remarks. Adidas said the move would have a short-term negative impact of up to ($246 million (€250 million) on net income in 2022 due to high seasonality in the fourth quarter.
Gold’s Gym Owner Rainer Schaller, Family Feared Dead
Rainer Schaller, owner of RSG Group, which includes McFit, John Reed and Gold’s Gym fitness studios, and his family were among the six people aboard a private plane that crashed off the coast of Costa Rica, RSG Group said in a statement Monday.
Puttshack Plots Expansion
Puttshack plans to open locations in Boston and Miami this fall and another in St. Louis this winter.
Golftec Opens Seven Locations In Third Quarter
Golftec opened seven locations in the third quarter of 2022 and now has over 240 locations worldwide.
Feedback Sports Hires Director Of Operations Timed With Office Relocation
Feedback Sports, LLC. hired Carl Boni as director of operations. Boni joins the company timed with the occupancy of a new building in Golden, CO this month.
Highway Two Adds New Hires
Highway Two (H2), the North American importer and distributor of cycling brands Continental, Selle Royal, Fizik, crankbrothers, Brooks England, ABUS, Knog, and 100%, announced hires in finance, operations, sales, and marketing.
Former Nike COO Joins Jigx’s Board
Jigx, the mobile application development SaaS based in Seattle, WA, announced that Eric Sprunk, former Nike COO, has been appointed to its Board of Directors. Sprunk is also an investor in the brand.
Lacoste Names Deputy CEO
Lacoste promoted Catherine Spindler to deputy chief executive officer. Spindle joined Lacoste as chief brand officer in 2019.
Adidas Issues Profit Warning, Blames Ongoing China Weakness
Adidas announced preliminary results for the third quarter and reduced its full-year 2022 guidance. The company’s new outlook takes into account a further deterioration of traffic trends in Greater China as well as a significant inventory build-up as a result of lower consumer demand in major Western markets since the beginning of September, which is expected to lead to higher promotional activity during the remainder of 2022.
