All articles by Bob McGee – Page 17
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ArticleGoPro sees opportunity from new go-to-market effort
After three years of a pandemic-induced strategy that focused on a reduced retail presence by about 30 percent, lower marketing expenditures, and an exit from an entry-level SKU due to supply chain constraints, GoPro has adjusted its go-to-market approach. The GoPro group believes its new line of attack – ...
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News briefsYue Yuen Q1 results impacted by soft global footwear demand
High inventory levels across the industry coupled with softer global footwear demand negatively impacted Q1 results at Yue Yuen. Ebit fell by 32.2 percent to $65.9 million from $97.1 million for the period ended March 31. Net profit attributed to the company declined by 42.6 percent to $50.8 million from ...
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ArticleSurge in Asian markets bolsters Asics Corp. in Q1
Significant recoveries in China, Southeast and South Asia and its home market of Japan were big contributors to Asics Corp.’s largest Q1 sales quarter ever as the company generated a 120 percent increase in operating income to ¥22,120 million (€161.5m) for the period ended March 31. Net profit attributable to ...
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News briefsPou Sheng’s Q1 benefits from China recovery
Helped by the gradual recovery of in-store traffic and an acceleration in its digital business, Pou Sheng Intl. reported a 71.0 percent increase in Q1 operating income to yuan renminbi 332.7 million (€43.8m) from RMB 194.5 million as the operating profit margin increased by 220 basis points to 5.7 percent ...
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News briefsAllbirds reports wider loss but outlines cost-saving measures
Having already revealed plans to slow the pace of U.S. store openings and a movement to a distributor model in key international markets, Allbirds reported a Q1 net loss of $35,166,000 against a loss of $21,878,000 for the period ended March 31.
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News briefsGrupo SBF adjusted Ebitda rises by 11.1 percent
Grupo SBF, the operator of Brazil’s top sporting goods chain in Centauro, posted 11 percent improvement in adjusted Ebitda to 205.9 million Brazilian reais (€38.4m) for Q1 ended March 31. Gross margin increased by 380 basis points to 50.0 percent from 46.2 percent, the highest margin as a group since ...
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ArticleUnder Armour’s new CEO establishes strategy as latest earnings announced
Coming out of FY23 where sales and profitability increased but gross margin slipped due mostly to currency impact and the promotional environment in its home U.S. market, Under Armour is charging forward under new CEO Stephanie Linnartz with its new “Protect This House 3” objectives.
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ArticleAcushnet Holdings posts solid results in seasonally strong quarter
Acushnet Holdings, the parent of the Titleist, FootJoy, and KJUS brands, produced a 15.2 percent increase in Q1 net income to $93.3 million versus $81.0 million in the year-ago period ended March 31. Total revenues, benefitting from new product introductions for another golf season and enhanced supply chain and customization ...
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ArticleMoncler Q1 revenues driven by DTC; new CEO for Stone Island
The DTC channel paced Q1 sales growth for the Moncler Group, rising by 34 percent on a constant-currency basis to €501.5 million for the Moncler brand and 40 percent to €39.1 million for the Stone Island business, which will have a new CEO in Robert Triefus on June 1. ...
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ArticleAdidas begins "bumpy year" with flat revenues, big operating income decline
After working aggressively and diligently in his first 90 days on the job to simplify and accelerate processes at Adidas, CEO Bjorn Gulden is straightforward when offering a brand assessment for the company in both the short and long term. “Adidas has all the ingredients to be the best ...
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ArticlePeloton makes more strides, prepares app and brand relaunch
Further positive developments at Peloton Interactive, including a 64 percent reduction in the Q3 net loss and a 5 percent gain in connected fitness subscriptions, are dimmed by a $75 million settlement and patent license agreement with DISH Technologies that will negatively impact Q4 cash flow. The connected fitness ...
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News briefsYue Yuen issues Q1 profit warning on weak order book
Yue Yuen, which in mid-March warned of “gathering headwinds,” issued a Q1 profit warning late last week. The globe’s largest maker of footwear, citing a weak order book that impacted the operating efficiency of its manufacturing business, said net income is likely to decline by 40 to 45 percent to ...
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ArticleGarmin with losses in EMEA and gains in Americas, sticks to FY outlook
Garmin, which generated an 85 percent increase in Q1 free cash flow to nearly $232.4 million and paid a quarterly dividend approaching $140 million, is standing by its FY23 financial guidance that calls for approximate revenues of $5.0 billion and pro forma EPS of $5.15 a share. In Q1, ...
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ArticleLong-term growth outlook for Champion is solid despite current challenges
Hanesbrands, the Champion parent, is excited about the long-term outlook for the activewear brand despite current brand challenges in the U.S. and China. Besides facing lower sell-in shipments in China in Q1, Champion’s business was negatively impacted in its home U.S. market by a slowdown in consumer spending and high ...
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ArticleVulcabras posts strong Q1 results
Despite unstable macroeconomic conditions and a challenging retail environment, the Brazilian Vulcabras group reported record revenues and strong gross margin and Ebit growth in Q1, which ended March 31. Ebit rose by 45 percent to 93.2 million Brazilian reais (€16.7m) as the year-over-year gross margin grew by 430 basis points ...
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ArticleAdidas hit with shareholder lawsuit over Kanye West relationship
The proposed class action suit, filed in U.S. federal court in Oregon on April 28, names Adidas AG, the company’s former CEO Kasper Rorsted, and current CFO Harm Ohlmeyer as defendants. The 26-page complaint, filed on behalf of Adidas investor HRSA-ILA Funds and other shareholders, accuses the company of ignoring ...
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News briefsNautilus sells namesake trademark, pays down debt
Nautilus, Inc. has completed the sale of non-core assets, including the Nautilus brand trademark assets and related licenses, for approximately $13 million. The connected home fitness solution company used the net proceeds from the divestiture to pay down part of its term loan. Additionally, the Bowflex parent has improved the ...
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ArticleColumbia’s Q1 revenues bolstered by early spring shipments, DTC channel
While Columbia Sportswear generated both lower gross and operating margins in Q1, the company was able to report 10 percent constant-currency revenue growth to $820.6 million thanks to early shipments of Spring 2023 wholesale orders and a reported 4 percent increase in direct-to-consumer sales to $368.1 million. “2023 is off ...
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ArticleCrocs raises FY revenue outlook, banking on markets outside U.S. to pace growth
Markets outside the U.S. are forecast to generate Crocs’ highest FY23 revenue growth rates and help the group deliver 11 to 14 percent reported sales expansion this fiscal year to a range of $3.95 to $4.05 billion. Crocs brand sales are projected to increase by 7 to 9 percent with ...
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ArticleNew Wave posts double-digit sales gains in all sports & leisure regions
New Wave Group, which boasts 13 brands in its sports & leisure unit, reported a 35 percent increase in Q1 operating profit to 128.0 million Swedish kronor (€11.4m) for the period ended March 31. Segment sales increased by 23 percent to SEK 917.4 million (€81.9m) from SEK 746.6 million. Regionally, ...
