January 10, 2023
The Merrell and Saucony parent is now about half way through a 100-day plan announced at the end of Nov. aimed at addressing short term inventory problems and taking initial steps toward simplifying the business by divesting Keds and Wolverine Leathers.
Contributions from Heydude, acquired last Feb., pushed preliminary top line results to $3.55 billion for the year, a 53% gain over ’21, as the Crocs brand went +15% to $2.65 billion and Heydude added $890 million, up 70% on a pro forma basis to about $1 billion.
The Swiss-based “disruptor” running brand, which generated $1 billion in trailing 12-month sales through Q3, is continuing to focus on innovation and sustainability while it establishes growth levers to reach younger, Chinese, and apparel consumers.
Ahead of its presentation at the ICR Conference, GCO said that comps increased by 3% for the fourth quarter through Dec. 24, including a 2% drop in same store sales that was more than offset by a 22% increase in e-commerce.
While some inventory issues remain in the wholesale channel, Rocky sees a path to normalizing in 2023 after onboarding the Honeywell brands in ’21 amidst labor and supply chain challenges.
The publicly traded Grapevine, TX company, which owns four businesses led by its Solo Stove unit, has a direct-to-consumer to wholesale ratio of 85 to 15, a percentage that is likely to persist given Solo’s extreme focus on its relationship with customers.
After a strong H1, the high-end sneaker and fashion footwear maker’s sales fizzled in the final quarter as revenues fell 15% to about $343.3 million from $405.8 million.
Yue Yuen’s manufacturing segment revenue fell 13% in Dec. to an implied $429,232,000 from $491,019,000 last year, while YY’s Pou Sheng Chinese retail segment tumbled 29% in local currency to RMB 1,359,211,000 ($200.5 mm).
The Winfield, KS-based supplier of reloading components, ammunition and accessories has acquired the multi-category distributor for undisclosed terms.