September 07, 2022
Net income at Academy Sports & Outdoors inched down 1% in the second quarter to $188,801,000 from $190,510,000, as lower stock compensation helped offset tightening margins, on 6% lower revenues of $1,686,915,000 down from $1,791,530,000.
Skechers still has the international market pegged as the keystone on its path to $10 billion in sales by 2026 despite continued lockdown headwinds in China, where a “2020-esque” bounceback has not materialized from the latest rounds of restrictions.
Officials at GOOS are optimistic their FY 2023 will play out the same as every past recession—save for the first year of Covid-19—with the P&L free of red ink as its luxury consumer base remains insulated from market headwinds.
Sparc Group, the joint venture between Simon Property Group and Authentic Brands Group, appointed Todd Krinsky as the new CEO of Reebok’s U.S. operations, succeeding Matt O’Toole, who will become executive vice chairman of ABG.
The parent of Coleman and several other outdoor brands now expects 2022 sales will come in at $9.37 to $9.58 billion, down from a previous outlook of $9.76 to $9.98 billion, with core sales off 2% to 4% rather than flat to 2% growth.
The O’Neill licensee has made an unspecified investment in Mountain Khakis and added the outdoor lifestyle brand to its portfolio, where it will provide strategic guidance and back-end support for the brand.