Sporting Goods Industry News for April 24, 2019
LULU is forecasting annual low-teens revenue growth in a new 5-year plan, introduced today at its investor meeting in New York, and sees modest gross margin expansion and modest SG&A leverage driving operating income that grows faster than revenue and net income that grows faster that operating income.
The two had been set to renew their partnership that expires this year when the NCAA basketball investigation broke and that deal was put on hold.
Football players at Alabama, Notre Dame, Penn State, North Carolina, Pittsburgh, Northwestern and Michigan received payments from 2000-2014 in violation of NCAA rules, testified Louis Martin Blazer, a former agent and financial advisor to NFL players who is now cooperating with the FBI, in the first day of the bribery trial.
The current deal, renewed in 2015 through 2024 worth some £33 million in total, will now end amicably after the 2020 season.
A tough January comparison because of the 53rd week last year, late tax refunds in February and the Easter shift to April combined to dampen Q1 sneaker sales, according to NPD.