SGB Update Sports & Fitness
Li Ning’s Sales Climb 22 Percent In First Half
Li Ning Company, Ltd. reported net income grew 11.6 percent in the half ended June 30 on a 21.7 percent revenue gain. The improvement came despite the “impact of repeated outbreaks of the COVID-19 pandemic and significant increase in raw material prices that led to certain challenges to the operating environment.”
On Lifts Guidance On North America Momentum
Swiss running brand On raised its earnings and sales guidance for the year after reporting quarterly results again exceeded expectations. Sales in the second quarter climbed 66.6 percent, driven by strong wholesale growth of 70.1 percent, DTC growth of 60.8 percent and continued momentum in the North America region, growing at 102.5 percent.
Fila Holdings Q2 Earnings Slump On Gross Margin Pressures
Korea-based Fila Holdings Corp. reported earnings declined 15.7 percent in the second quarter ended June 30 despite a 15.0 percent sales gain.
Under Armour Named Official Outfitter Of Spire Academy
Spire Academy, located in Geneva, OH, said Under Armour has become the official outfitter of its student-athletes.
Nike Closes Offices For “Well-Being Week”
Nike, Inc., for the second consecutive year, has closed its global corporate office from August 15-19 for “Well-Being Week,” for Nike employees to “relax and recharge.”
Trek Bicycle Appoints VP Of Ascend
Trek Bicycle, based in Waterloo, WI, announced that longtime executive Roger Gierhart will take the helm as vice president of Ascend, the retail management system that Trek sells to independent retailers.
Kohl’s Names Chief Marketing Officer
Kohl’s announced that Christie Raymond was promoted to chief marketing officer, reporting to CEO Michelle Gass.
Ahead Appoints Director Of Strategic Accounts
Ahead announced it hired Jackie Kirkwood as director of strategic accounts. Most recently, Kirkwood was general manager for Ecco Golf USA
SoulCycle To Close About A Quarter Of Its Locations
SoulCycle is closing 19 of its 82 studio locations nationwide within the next few weeks, CEO Evelyn Webster announced Friday in a town hall-style Zoom meeting with its employees.
Peloton Is Cutting Jobs, Exiting Stores And Raising Prices
Peloton in a memo to employees said it is cutting approximately 780 jobs, closing a significant number of stores and hiking prices on the Tread and Bike+ in further moves to improve profitability.
Fanatics Expands Partnership With Detroit Lions To Create Omnichannel Shopping Experience
Fanatics and the Detroit Lions extended its multi-year deal, expanding on their existing e-commerce partnership, which now sees Fanatics become the team’s end-to-end omnichannel retail partner. A cornerstone of the new partnership is Fanatics’ investment to reinvent the in-venue retail experience for consumers, highlighted by Lions Supply, a new team store inside Ford Field.
Peloton To Face Lawsuit Over Availability Of Fitness Classes
U.S. judge on Thursday ruled that Peloton Interactive Inc. must face a proposed class action lawsuit accusing the bike and treadmill maker of misleading customers about the “ever-growing” size of its library of on-demand fitness classes, according to a report from Reuters.
SportChek Same-Store Sales Expand 4.1 Percent in Second Quarter
SportChek’s retail sales increased 0.6 percent in the second quarter, with comparable sales up 4.1 percent over the same period last year, according to its parent, Canadian Tire Corporation, Ltd.
Jordan Brand Announces 20-Year Partnership With Howard University
Jordan Brand announced a 20-year partnership with Howard University. The Nike subsidiary will unveil the first Jumpman uniforms for the program on August 27.
Xponential Fitness Raises Outlook On Robust Q2
Xponential Fitness, Inc. raised its full year 2022 guidance for revenue and adjusted EBITDA after reporting second-quarter revenue surged 66 percent.
