SGB Update Sports & Fitness

Under Armour Must Submit Documents Related To SEC, DOJ Investigations To UCLA

Under Armour, Inc. must submit documents related to the federal government’s investigation into its accounting practices which led to a $9 million fine last year, a Los Angeles judge overseeing the litigation over its canceled UCLA contract has ruled, according to the Baltimore Business Journal.

RYU Apparel Hires DJM Sales Consulting

Vancouver-based RYU Apparel Inc. announced the hiring of DJM Sales Consulting, to lead global sales and oversee the company’s wholesale strategy.

Recall: Fitbit Ionic Smartwatches

About 1 million Fitbit Ionic Smartwatches sold in the U.S. are being recalled. The lithium-ion battery in the Ionic smartwatch can overheat, posing a burn hazard.

Fanatics Earns $27 Billion Valuation In Latest Funding Round

Fanatics, Inc. raised $1.5 billion from a group of investors, including Fidelity Management & Research Co., managed by BlackRock, Inc. and Michael Dell’s family office (MSD Capital LP), valuing the company at $27 billion, according to a report from the Wall Street Journal.

Amazon To Close 4-Star, Book And Pop-Up Stores

Amazon is closing 68 brick-and-mortar bookstores and pop-up kiosks in the U.S. and UK to concentrate on its supermarkets, including Whole Foods and Amazon Fresh, according to a report from Reuters.

Nike Suspends Online Sales In Russia

Nike Inc. has stopped taking online orders on its Russian website because it can’t guarantee delivery, Nike said on its Russian website.

Xponential Fitness Appoints President Of XPass

Xponential Fitness, Inc. announced the nationwide launch of XPass, a fitness class subscription service, and Danyal Ali as president of XPass. Xponential’s brands include Pure Barre, Club Pilates, CycleBar, Rumble, YogaSix, StretchLab, Row House, AKT, STRIDE, and BFT.

Beachbody’s Revenues Slide 4 Percent In Q4

The Beachbody Company, Inc. reported fourth-quarter results exceeded guidance, marked by a 42 percent two-year growth in total digital and nutritional subscriptions and a 21 percent gain in total streams versus 2019.

Big 5 Posts Flat Comps In Fourth Quarter

Big 5 Sporting Goods Corp. reported earnings declined 5.2 percent in the fourth quarter ended January 2 as same-store sales inched up 0.2 percent.  The sporting goods chain forecast a steep drop in sales and earnings in the first quarter due to tough year-ago comparisons.

Authentic Brands Group Finalizes Acquisition Of Reebok

Authentic Brands Group announced that it completed the acquisition of Reebok from Adidas. Becoming its largest acquisition to date, the company said it is setting a “new path for Reebok” that capitalizes on the brand’s heritage in sports and fashion.

Acushnet Posts Flat Q4 Revenues On Supply Chain Constraints

Acushnet Holdings Corp. reported sales were flat against year-ago levels as supply chain constraints impacted sales volumes across all reportable segments.  The parent of Titleist reported a net loss in the period due to increased inbound freight costs, the negative impact of raw material and component shortages on production costs,  lower golf club sales and higher marketing expense. For the year, sales grew 33 percent and adjusted EBITDA surged 41 percent.

Kohl’s Q4 Earnings Tops Wall Street Targets

Kohl’s Inc. reported a decline in fourth-quarter earnings but they topped Wall Street estimates. Sales in the quarter rose 5.8 percent. Kohl’s provided an upbeat outlook for the year.