Latest Headlines – Page 127
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ArticleFrasers Group to acquire some of DW’s gyms and stores
Frasers Group says that it has bought some of the gyms and sports stores of its rival Dave Whelan Sports group out of administration for £37 million (€41m-$48m). Its revenues wiped out by the coronavirus lockdown, DW Sports was placed in the hands of BDO Business Restructuring earlier this month, ...
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ArticleGlobe faces pressure from strong U.S. dollar
U.S. tariffs introduced early in the year and the strengthening U.S. dollar weighed on the results of the multi-brand skate company, Globe International, during its latest fiscal year. Net profit after tax for the twelve months ended June 30 declined by 26 percent to 6.1 million Australian dollars (€3.7m-$4.4m). This ...
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ArticleFrasers Group survives an annus horribilis
The management of Frasers Group, formerly known as Sports Direct International, said the past year will likely be remembered as the most challenging year in the history of the company. It cited political uncertainty around Brexit, the Covid-19 crisis and a Belgian tax investigation for an amount of €674 million. ...
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Article361 Degrees focuses on branding and e-commerce
361 Degrees International saw its revenues decline by 17.0 percent in the first half of this year to 2,686 million yuan renminbi (€327.3m-$388.4m). The Chinese sporting goods company’s attributable profit went down by 17.8 percent to RMB 302.0 million (€36.8m-$43.6m), hit by a $34.9 million impairment charge for losses on ...
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ArticleNew strategies make Li Ning resilient
Li Ning fared better than most of its Chinese peers during the first half. While its net income declined by 14 percent from the year-ago period to 683.3 million yuan renminbi (€82.8m-$98.7m) in reported terms, its adjusted net income progressed by 22 percent when excluding a RMB 269.9 million (€32.7m-$39.0m) ...
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ArticleA £1 billion valuation for Gymshark
A New York-based private equity investment firm, General Atlantic, said it is acquiring a 21 percent stake in Gymshark, a fast-growing U.K.-based fitness apparel brand born eight years ago, in a deal that values it at more than £1 billion (€1.11bn-$1.32bn). While the fitness apparel market is very buoyant right ...
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ArticleIntersport and Stadium close stores in Sweden
The Swedish Intersport banner has decided to close at least ten of its 130 stores, fewer than originally expected, as some landlords have accepted more flexible rental terms. Other stores may have to be shut down, depending on ongoing negotiations with their landlords. Intersport Sverige filed on April 14 for ...
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ArticleFrasers is reportedly bidding for DW Sports
Mike Ashley’s Frasers Group, formerly called Sports Direct International, has offered to pay more than £30 million (€31.3m-$39.1m) for DW Sports, according to the Sunday Times, or 33 percent more than the reported asking price for the chain. It’s not clear whether Ashley is bidding only for DW Sports’ 50 ...
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ArticleYue Yuen posts a $136 million loss
Yue Yen Industrial Holdings was hard hit by China’s measures to contain the spread of coronavirus. The world’s largest shoe manufacturer posted a net loss of $136.7 million for the first half of 2020, against net income of $165.9 million for the year-ago period. The company managed to reduce operating ...
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Asics posts heavy losses
After ending the first quarter in the red, Asics posted steep losses again in the second quarter. They reached 11,700 million yen (€92.5m-$109.5m), versus a profit of ¥2,100 million for the same quarter last year. Sales were off by 21.5 percent to ¥146,800 million (€1.16bn-$1.37bn) in the period, or by ...
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ArticleExecutive Survey: Sports and outdoor brands are pushing DTC
While experiencing generally lower orders from retailers, primarily because of the coronavirus outbreak, more than two-thirds of sports and outdoor brands responding to our survey intend to further develop their own direct-to-consumer (DTC) operations, relying more on their own websites than on those of third-party e-tailers.
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Vulcabras banks on its business model for the recovery
Vulcabras, parent company of Olympikus and Brazilian licensee for Under Armour, claims that its business model, which relies for the most part on in-house shoe production at two modern factories in the Brazilian northeast, is giving it a unique agility in responding to the Covid-19 crisis, positioning it as an ...
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Reebok is giving the public a say in production
Reebok has introduced an internet platform through which consumers from all over the world can determine the fate of the company’s new sneaker designs. The first design is actually a redesign, the “Bee Keeper” Classic Leather, by Emily Gibbemeyer and Alex Chou. Called First Pitch, the new internet platform was ...
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WFSGI’s monthly survey shows signs of optimism
The outlook is more positive than before for the sporting goods sector, based on the results of the July edition of the Covid-18 Impact Survey carried out by the World Federation of the Sporting Goods Industry (WFSGI), a monthly report conducted among manufacturers as well as retailers and brands across ...
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Cycling boom benefits Dorel Sports
Like many other bike companies, Dorel Sports, the cycling division of Dorel Industries, has been growing during the pandemic. It registered revenues of $285.6 million for the second quarter, representing an 18.5 percent increase from the same quarter last year, driven by strong performances at the Cycling Sports Group (CSG), ...
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Mizuno’s sales fall by 32%
Sales decreased significantly in all regions where Mizuno operates due to the impact of the pandemic. The Japanese group’s revenues for the first fiscal quarter ended on June 30 were off by 32.0 percent from the year-ago quarter to 28,700 million yen (€229.0m-$268.9m). The gross margin narrowed by 3.3 percentage ...
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ArticleCanada Goose to cut production as Covid-19 hits Q1 sales
Canada Goose is cutting production and opening fewer stores as the coronavirus pandemic hit its sales, causing first-quarter net losses to almost double to 50.1 million Canadian dollars (€32.0m-$37.7m) from Can$ 29.4 million a year earlier. On adjusted basis, excluding restructuring charges, the net loss amounted to Can$ 38.4 million ...
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Nautilus’ momentum accelerates
Swimming against the tide, Nautilus recorded one of its best results in the second quarter, thanks to strong demand for home fitness equipment. Sales surged by 94 percent to $114.2 million. Cardio and strength product proved popular from the start of the coronavirus-related lockdowns, particularly connected-fitness bikes, the company’s Max ...
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ArticleZalando benefits from the lockdown as Q2 sales, profits surge
Zalando‘s net profit rose to €122.6 million in the second quarter from €45.5 million a year earlier as its client base expanded in terms of final customers as well as participants in its marketplace. The German online fashion retailer now serves 34.1 million active customers across Europe, up by 20.4 ...
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ArticleGoPro’s losses widen
The U.S. action camera brand’s sales tumbled by 54.1 percent in the second quarter to $134.2 million, while the gross margin contracted by 4.6 percentage points to 30.3 percent. Adjusted Ebitda was negative $22 million, compared to $14 million in the same period a year ago. The company’s net loss ...
