All articles by Bob McGee – Page 19
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News briefsWolverine Worldwide names new chairman, directors
Tom Long, the lead independent director for Wolverine Worldwide and former CEO of MillerCoors, LLC, will become chairman of Wolverine on May 4 following the retirement of Blake Krueger, chairman and retired CEO. Meanwhile, earlier this week, the parent of the Merrell and Saucony brands, among others, named three ...
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ArticleAcushnet opposes proposed golf ball bifurcation
Acushnet Company, parent of the popular Titleist golf ball brand, has voiced its disapproval of proposed rule changes by the Royal & Ancient Golf Club of St. Andrews (R&A) and the U.S. Golf Association that would create two golf ball specifications – one for professionals and one for recreational players. ...
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News briefsAnta wants shares to also be traded in Chinese currency
Anta Sports Products is applying for approval from the Hong Kong Stock Exchange to allow its shares also to be traded in the Chinese yuan renminbi (RMB) currency besides the Hong Kong dollar under the dual counter model. The group said the change would be beneficial by allowing shareholders and ...
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Article361 Degrees reports flat FY22 operating income
361 Degrees, which is continuing to upgrade its omnichannel retail experience in China, realized an 0.8 percent drop in FY22 operating income to 1,074 million yuan renminbi (€144.9m) against RMB 1,083 million for the 12 months ended Dec. 31. The operating profit margin fell to 15.4 percent from 18.3 percent. ...
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ArticleZumiez remains positive on Europe as overall results slip
Zumiez, the operator of the Blue Tomato retail chain, is positive about its future in Europe despite losing unspecified millions of dollars in the region in 2022, where the banner’s total sales rose 8.8 percent to €126 million. All category sales were up in the region on a comparable basis, ...
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News briefsBasicNet FY22 Ebitda rises by 38 percent
The parent company of Kappa, Robe di Kappa, K-Way, Superga, Sebago and other brands reported a net profit of €11.2 million against earnings of €65.7 million for the 12 months ended Dec. 31, including a €60.9 million contribution from K-Way in the year-ago period. Annual Ebitda rose 38 percent to ...
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ArticleAllbirds’ Q4 loss widens; company sets transformation plan
Allbirds completed its first full year as a public company by reporting a $25.5 million operating loss versus an operating loss of $6.4 million in the period ended Dec. 31. The net loss was $24,866,000 against a net loss of $10,444,000. Promotion and the discontinuation of first-generation apparel contributed to ...
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ArticleXponential Fitness posts operating profit in Q4, FY22
Xponential Fitness, the global franchisor of boutique fitness brands, reported Q4 operating income of $2.6 million against an operating loss of $26.9 million for the period ended Dec. 31. The Q4 net loss was $367,000 against a loss of $29.8 million. Total revenues rose by 44 percent to $71.3 million ...
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ArticleAcushnet FY22 sales rise by double digits in all categories
Acushnet Holdings Corp., after exceeding the low-end of its annual revenue and Ebitda range forecasts for FY22, has established consolidated net sales guidance of $2,325 to $2,375 million for FY23, a growth range of 2.0 to 7.9 percent year-over-year, and an adjusted Ebitda range of $345 to $365 million. Senior ...
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ArticleVulcabras’ momentum in athletic footwear persists
Vulcabras’ Ebitda increased by 47 percent to 176.6 million Brazilian reais (€40.0m) in the final period of FY22. Gross margin improved by 220 basis points to 38.3 percent from 36.1 percent as net income came in at R$214.3 million (€40.0m). Quarterly net revenues were 19.2 percent higher year-over-year to ...
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ArticlePuma eyes more gains after record FY22
Under new CEO Arne Freundt, Puma has established numerous brand and company priorities for 2023 after reporting record annual sales and Ebit in FY22. While forecasting a “normalization” of market conditions in the U.S. and China this year, the group predicts high-single-digit revenue growth and an Ebit range of €590 ...
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News briefsGlobe Intl. eyes H2 for improved profitability
Australian company Globe Intl. reported an after-tax net loss of A$0.2 million versus a profit of A$12.5 million for its H1 ended Dec. 31 as revenues declined by 16 percent to A$120.5 million (€77.5m). Ebit came in at A$0.9 million, or 0.7 percent of sales, significantly below the 12.7 percent ...
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News briefsPou Sheng Intl. warns on record FY profit drop
The Yue Yuen retail unit blames an expected annual profitability decline of 75 percent to 89 million yuan renminbi (€12.2m) on “weak foot traffic and soft consumer sentiment” in China throughout 2022 due to the country’s pandemic control measures. Pou Sheng’s FY22 revenues are forecast to come in 20 percent ...
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ArticleIs ABG buying Boardriders?
Jamie Salter-led Authentic Brands Group (ABG) may be on the verge of landing another big fish for its portfolio of brands. Recent developments suggest Oaktree Capital-controlled Boardriders is on the verge of selling its portfolio of largely surf-focused brands, led by Quiksilver and Billabong, and ABG appears in a position ...
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ArticleGarmin operating income dips in Q4, eyes $5 billion in FY23 sales
Positive currency effects of more than $44.5 million helped Garmin report a 2.5 percent increase in Q4 net income to $293.3 million from $286.1 million. Operating income decreased 15 percent to $267.2 million for the period ended Dec. 31, but gross margin improved to 57.0 percent from 55.5 percent. Total ...
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News briefsAlibaba reports improved results despite challenges
Despite softer demand and supply chain and logistics disruptions, Alibaba Group reported revenue and profits for Q3 that exceeded Wall Street estimates. Revenues increased by 2 percent to 247.8 billion yuan renminbi (€34.1b) from RMB 242.6 billion for the period ending Dec. 31. The Chinese e-commerce behemoth said in a ...
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ArticleEvolving Wolverine Worldwide forecasts meaningful profit progress in H2
Wolverine Worldwide, having already taken numerous actions in Q4 that included staff cuts and the divestiture of its Keds business, is targeting flat to 2 percent sales growth in FY23 and a 210-basis point improvement in adjusted gross margin to approximately 42.0 percent as it continues to transform its business, ...
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News briefsThe Athlete’s Foot FY sales jump by 10%, set to introduce new concept
The 550-door chain The Athlete’s Foot (TAF) and affiliated websites across 30+ countries grew its year-over-year global retail revenues by 10.3 percent in 2022 to $555 million, parent Arklyz Group reported, despite a difficult retail environment that was impacted by rising inflation, supply chain challenges, and socioeconomic and political unrest. ...
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ArticleBrooks' success builds on connection with runners worldwide
Berkshire Hathaway-owned Brooks, which continues to make strides with the global running community, generated a 6 percent increase in annual sales in 2022 to an implied $1.166 billion despite persistent supply chain obstacles within the running industry. The company also gained new customers last year in categories outside of running, ...
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ArticleSuper Retail Group profit up 38% in H1
The Australian parent of the Rebel Sport, Boating Camping and Fishing (BCF) and Macpac chains reported a first-half profit of A$144.2 million (€107.0m) against A$110.8 million for the six months ended Dec. 31. Super Retail Group, which also owns the Supercheap Auto chain, recorded a 32 percent increase in first-half ...
