Daily News Feed 10/21/2024 RevolutionRace Posts Strong Profit, Sales Growth
Net income was up 27% to SEK 308 million ($29.0 mm) over SEK 243 million at the Swedish outdoor apparel company for fiscal 2024 ended June 30 as net sales hit SEK 1,840 million ($173.0 mm), up 18% from SEK 1,560 million. Nike Extends NBA Sponsorship through 2037
The Eager Beavertons, which took over from Adidas as the league’s uniform provider in 2017, inked a 12-year extension of their outfitting and marketing partnership that covers the NBA, WNBA, and NBA G League. Report: Dick’s SG Pulling Back from Public Lands
DKS plans to close the five large Public Lands stores converted from Field and Streams, according to OR’s The Daily, citing unnamed brand executives who had information on the move. Zamberlan Consolidates U.S., Canada Operations
The Italian rugged footwear brand has combined its Canadian subsidiary with its U.S. organization, launching Zamberlan North America under general manager Philip Benson, and hired Bill Johnson to oversee sales. Puma Launches Forever Faster for Hoops
The Big Cat has released its first global brand campaign focused on basketball, extending its “Forever. Faster. See The Game Like We Do.” tag line and showcasing its roster of hoopers. Yeti Sues over Drinkware Designs
Yeti Coolers is suing Waterbear Global in W. TX district court, accusing it in a 192-page complaint of infringing on dozens of patents for tumbler, bottle, and mug designs, and on Yeti’s trade dress for various products. Etcetera: L.L.Bean, Dick’s, Sitka, Topgolf, Nike, Canada Goose
10/18/2024 Sales at Largest Global Retailers Inched up 2% in 2023
Aggregate revenue from the world’s largest sporting goods retailers increased by just 2% in weighted local currencies last year, and grew in dollars to $148,088 million from $145,599 million. Nike’s Outlook Turns Negative, S&P Global Says
The ratings agency affirmed the Eager Beavertons’ excellent AA- issuer credit rating and unsecured debt ratings and A-1+ short-term and commercial paper ratings, but revised its outlook to negative due to recent revenue and profit declines. Fanatics Commerce Downgraded by Moody’s
Moody’s downgraded the licensed apparel giant’s corporate family rating to B1 from Ba3, and reduced its rating on Fanatics Commerce’s senior secured term loan to B2 from B1, while maintaining a negative outlook. REI Plans Six New Stores for 2025
While still on pace to open ten stores this year, the outdoor co-op confirmed a somewhat smaller slate for the coming year, and is working on firming up two additional leases for 2026. Adidas Names New Executive Board Member for Global Sales
The Big a appointed Mathieu Sidokpohou as the board member responsible for global sales, effective Nov. 1, succeeding Arthur Hoeld, who will step down by mutual agreement. Carbitex Closes New Funding Round
The fast-growing Kennewick, WA-based carbon fiber composite company has secured an undisclosed amount in a new funding round from longtime investors, including Michael Marks, Carbitex’s executive chairman. Cox Enterprises Buys Loop Tackle
The $23 billion Atlanta, GA-based conglomerate inked an agreement to acquire conservation-focused fly fishing equipment maker Loop Tackle for undisclosed terms. SFIA Taps Rawlings CEO as Board Chairman
Mike Zlaket succeeds former Clarks chief, Jon Ram, who was serving his third one-year term and will step down to become immediate past chairman.
10/17/2024 Deloitte Survey Sees More Spending on Experiences
Deloitte’s annual Holiday survey found that total average consumer spending for the season will jump 8% to $1,778 from $1,652 last year, which was a 14% increase over $1,455 in ‘22 and significantly higher than $1,496 in pre-pandemic ‘19. Sporting Goods Sales Fell 3.5% in September
Adjusted sales of sporting goods/hobby/book and music stores declined again last month to $8,167 million from $8,463 million, the ninth straight month of negative growth, according to Commerce Dept. data. Stella Sees Revenues Decelerating in Q3
The high-end sneaker and fashion footwear maker’s third quarter sales inched up around 1% to $389.7 million from $387.2 million, on moderately higher demand. Nike Appoints New Global CEO of Greater China, ACG
To strengthen its localized strategy under Elliott Hill, the Eager Beavertons elevated Angela Dong to CEO of Greater China, and also appointed her chairwoman and global CEO of Nike's ACG business. Under Armour Taps Operalp to Grow Swiss Business
Under Dog is hoping to replicate its success in Italy, where a partnership with the sports brand owner and distributor grew revenues there from €8 million in 2017 to €50 million last year.
Ski Kare, the largest distributor of Vola Racing Waxes in the U.S., has been acquired by Kyle and Rachel Kucin from Gifford Hoback for undisclosed terms. Nike Must Pay Lontex Attorneys Millions in Fees
After multiple appeals, an E. PA federal court judge has ruled that the Eager Beavertons are on the hook for almost $7 million in legal bills and interest, after losing a long-running trademark infringement suit to the small compression wear maker over the “Cool Compression” mark. Etcetera: Bass Pro, Dick’s, Academy, On, New Balance, Reebok
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