Sporting Goods Industry News for July 28, 2021
The bottom line swung back to profitability for the luxury outwear marker, posting €58,724,000 ($70.8 mm) in net income for the first half against last year’s loss of €31,632,000, on revenues that climbed 54% to €621,768,000 ($749.1 mm) from €403,334,000.
GRMN’s fitness segment sales increased 40% to $413,201,000 from $294,642,000 in the second quarter driven by cycling and wearables, and the launch of the new Forerunner 945 LTE GPS running smartwatch.
Great Outdoors Group LLC saw S&P Global Ratings raise its issuer credit rating to BB- from B+ on good operating performance and less aggressive credit metrics, along with expectations that the Sportsman’s Warehouse acquisition will close this year.
The ratings agency said that G-III Apparel Group’s results have improved over the last year, and raised its outlook on the company to positive, while maintaining its Ba3 corporate family rating and senior secured notes rating.
The Quiksilver and Billabong parent is suing Great American Insurance Company in Cen. CA federal court for failing to reimburse it for losses incurred recovering from an Oct. 2019 ransomware attack.