May 03, 2023
A $374.4 million impairment charge on goodwill and tradenames sent VSTO’s bottom line deep into the red in its fiscal fourth quarter ended Mar. 31, for a loss of $294,335,000 against a $112,824,000 profit last year.
HBI’s Champion business continued to underperform in the first quarter, falling 17% worldwide, including a 22% drop in the U.S. and a 12% falloff internationally that would have been down 7% constant currency.
CODI blamed excess inventory in the supply chain for lower sales at BOA, PrimaLoft and Velocity Outdoor, while 5.11 ABR and Marucci Sports posted strong sales gains in the first quarter.
Net income was halved to $14,350,000 in Q1 from $30,232,000, on 10% lower sales of $149,453,000 down from $166,575,000 now that consumer demand is cooling and distribution channels are well-stocked.
Brooks said revenues were up 20% in the first quarter, including a record 32% increase in the EMEA region, as strong demand across all channels was able to offset pandemic-related supply chain and inventory challenges.
Net income was up 55% to BRL 83,630,000 ($16.1 mm) in the first quarter from BRL 53,981,000 as revenue increased 20% to BRL 571,118,000 ($110.0 mm) from BRL 477,750,000.
GRMN’s fitness segment saw Q1 sales rise 11% to $244,721,000 over $220,896,000 on strong demand in advanced wearables, while operating income returned to the eight figures at $10,578,000 after last year’s drop to $580,000.
Rebel Sport same store sales increased 9% for the 17 week period ending Apr. 30, while SRG’s outdoor banners BCF and Macpac comped up 3% and 18%, respectively, with all the Australian retailer’s banners lapping last year’s Covid restrictions down under.
Farfetch Limited’s New Guards Group launched its previously announced partnership with Reebok to operate the brand across Europe, and formed a new division to handle operations.
Weyco’s outdoor brand slipped 2% in the first quarter, lapping last year’s 72% sales increase that benefitted from restocking, as retailers are now cautious about adding to their inventory in the category.
A NY federal judge denied a motion to certify a proposed class of consumers that accused Peloton of falsely advertising its ever-growing library of on-demand fitness classes.