August 10, 2022
Wolverine Worldwide, concerned about inventory escalation in various U.S. retail channels and the likelihood of higher wholesale order cancellations in the market for the remainder of the year, has adjusted its FY22 outlook downward.
Footwear manufacturing revenues grew 59% last month to an implied $551,692,000, lapping the beginning of last year’s Vietnam factory closures, which were shuttered to combat an outbreak of the Covid Delta variant there.
The Daiwa fishing and golf parent reported 10% net income growth in the fiscal first quarter ended June 30 to ¥4,352 million ($33.6 mm) up from ¥3,953 million, as sales increased 12% to ¥36,978 million ($285.1 mm) from ¥33,015 million.
Net income at Sumitomo Rubber’s sports division declined by 27% in the second quarter to ¥2,230 million ($17.2 mm) from ¥3,050 million, despite a 13% increase in sales to ¥31,848 million ($245.6 mm) from ¥28,112 million.
Golftec has inked a definitive agreement to acquire the golf launch monitor and simulator maker for $65 million.
The bicycling logistics provider has opened new warehouses in Salt Lake City, UT, and Asheville, NC, for fulfillment and LTL services, boasting an additional 20,000 square feet, to support growth of U.S. based and global brands.