Financial insights for the sporting goods industry – Page 32
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ArticleChallenging market conditions continue to weigh on XXL ASA
XXL ASA, the operator of sporting goods across Scandinavia and Austria, continues to see historically low consumer confidence and diminished demand for sporting goods, in general, weigh on its financial results. Earlier, the group said the two trends commenced in mid-May. Now, the retailer, which recently promoted CFO Stein Eriksen ...
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News briefsRecord sales for Pádel Nuestro
Pádel Nuestro not only expects to close out the current year with record sales of about €55 million, up by 10 percent from last year but also projects a further rise to €80 to €85 million for 2023 – this according to CMDsport, which cites statements to ABC by the ...
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ArticlePolygiene sales fall as distributors cut order levels
The Swedish Polygiene Group reported lower third-quarter sales and profits as distributors tightened order and inventory levels. The company said net sales fell 21.7 percent to 41 million Swedish kronor (€3.75m) in the three months to Sept. 30, mainly attributed to reduced sales at the distributor level. Operating profit fell ...
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ArticleSkechers drops fourth-quarter outlook as Q3 net dips
Skechers, impacted by $50 million in incremental freight and logistics costs and elevated operating expenses, reported a 17 percent decline in third-quarter profit to $85.9 million from $103.1 million for the period ended Sep. 30. Operating expenses were nearly 20 percent higher at $754.0 million, and gross margin was down ...
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ArticleShimano resists slowing demand with results above pre-Covid level
Triggered by the Russian invasion of Ukraine, global shortages in raw material and energy supply, as well as rising raw material prices, will have a direct impact on the business of Shimano Inc. Nevertheless, demand for bicycles and fishing tackle remained stable in the first three sales quarters of fiscal ...
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ArticlePuma reports strong Q3 results, maintains FY outlook
Puma is maintaining its full-year outlook, which calls for currency-adjusted mid-teens sales growth and EBIT of €600-€700 million, despite numerous headwinds that will likely weigh down annual profitability. Those negative factors include inflationary pressures from higher freight costs, persistent operational inefficiencies related to the Covid-19 pandemic and the ongoing crisis ...
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News briefsStella is seeing a slowdown in sales
In the third quarter of 2022, Stella International, a Southeast Asia shoe manufacturer that is also a retailer, increased overall revenues by 4.8 percent year-over-year to $460.5 million, with manufacturing revenues rising to $453.6 million from $431.6 million. In the first nine months of the year, revenues increased by 13.5 ...
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News briefsLi Ning with high single-digit growth in Q3
Chinese sportswear giant Li Ning Company Ltd. reported that sales across its entire platform, excluding Li-Ning Young stores, grew in the high single digits year-on-year in the third quarter. Broken down by sales channel, directly operated retail stores posted a mid-single-digit increase, while franchised distributor sales posted a high-single-digit increase. ...
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ArticleAdidas cuts guidance again, unveils "business improvement program" after weak Q3
Adidas cut its full-year guidance for the second time in three months and announced a new “business improvement program” after preliminary results for the third quarter showed sales were hit by a “strong” double-digit decline in Greater China and profits shrank in the wake of nearly €300 million in one-off ...
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News briefsE-commerce spurs growth at 361 Degrees
In the third quarter, core brand sales at 361 Degrees increased by a mid-teen rate and sales of the running brand’s independently run 361° Kids brand saw year-on-year growth of 20 to 25 percent, our colleagues at the U.S. edition of SGI report. E-commerce, up by 45 percent year-on-year, was ...
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News briefsXtep sees Q3 growth
Xtep International Holdings has released an operational update on business in Mainland China for the third quarter, which ended on Sept. 30. The group’s unaudited operational data show growth of 20 to 25 percent in retail sell-through for its core brand, with on- and offline channels combined. Retail discount stood ...
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News briefsFila returns to growth in China
After a weak first half in which premium brand Fila suffered from zero-Covid closures in China, retail sales grew in the low teens year-on-year in the third quarter. Anta Sports, which co-owns the brand in China through a joint venture with Fila Korea, said in an update that Fila outperformed ...
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News briefsSweaty Betty posts 45% sales increase, helped by digital
Sweaty Betty, the U.K.-based brand of women’s fitness apparel, saw its turnover rise by 45 percent in 2021 compared to 2020, with revenues for the full year reaching £183.2 million (€212.3 million), mainly as a result of the strong trading performance across its digital channels. Physical shops continued to be ...
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News briefsNordic countries weigh on Footway’s results
Habit.se reports that Swedish e-commerce company Footway Group posted an operating loss of SEK 13.5 million (€1.2m) in the third quarter, compared with SEK 0.8 million (€72,700) in the corresponding period last year. Overall, the company posted sales of SEK 261.6 million (€23.8m) in the third quarter – SEK 76.3 ...
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News briefsAtmósfera Sport looking to top its record-breaking 2021
Atmósfera Sport is projecting 30 percent revenue growth for the current year, finance director Paco Zaragoza tells Diffusion Sport. The rosy news follows what was already the retail buying group’s best year ever in 2021. Álvaro Llorens, director of e-commerce and digital marketing, credits a tripling of digital sales – ...
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News briefsSuperdry returns to profit
Superdry has announced its preliminary results for the fiscal year to April 30, 2022 (FY22), reporting adjusted profit before tax of £21.9m (€25.0 million), up from a loss of £12.6 million (€14.4 million) in the previous year. Total revenues increased 9.6 percent to £609.6 million (€694.2 million) year-on-year, driven by ...
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ArticlePeloton’s ride to breakeven cash flow results in more layoffs
In an effort to continue to drive the business forward and achieve cash flow breakeven by the end of the current FY23, Peloton is laying off more employees. On Oct. 6, the connected fitness company announced another round of job cuts, the fourth in 2022. The latest action – the ...
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News briefsLe Coq Sportif posts double-digit sales growth in H1
Le Coq Sportif saw sales in the first half of 2022 jump to €65 million, representing a 23 percent increase compared to the first half ended June 2021. The strong performance was primarily driven by international sales, which rose by 80 percent. Textile sales, which registered a 13 percent growth, ...
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ArticleNike addressing excess inventory; Q1 Ebit falls 13 percent
Nike, ever bullish on its digital approach, is facing an excess-inventory dilemma, contracting gross margins and persistent currency headwinds as it moves into the holiday season. The scenario emerged as the group reported a 22 percent decline in Q1 net income to $1,468 million from $1,874 million for the period ...
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VF Corp. sets initiatives for brands to reach FY27 targets
This is how VF Corp. wants to reach its growth targets for 2027 in challenging times.
