May 04, 2023
Further positive developments at Peloton Interactive, including a 64% reduction in the Q3 net loss and a 5% gain in connected fitness subscriptions, are dimmed by a $75 million settlement and patent license agreement with Dish Technologies that will negatively impact Q4 cash flow.
Net income at the Titleist and FootJoy parent increased by 15% in the first quarter to $93,275,000 from $81,045,000 on 13% higher revenues of $686,290,000 against $606,087,000 helped by strong sales of balls and clubs and a recovery in golf gear.
Net income dropped 44% to $81.6 million in the first quarter from $144.3 million prior as net sales decreased 10% to $702.9 million from $774.9 million, including 12% lower Activewear sales at $587.8 million, lapping post-pandemic inventory replenishments at U.S. distributors.
The bottom line swung to a loss of $6,998,000 from last year’s profit of $10,137,000 as net sales fell 16% to $110,335,000 from $131,698,000 for the fiscal second quarter ended Apr. 1.
Solo Brands reported a $924,000 net profit against a loss of $2,035,000 in the first quarter as revenues for the parent of Oru Kayak, Isle paddleboards, Chubbies apparel and Solo Stoves rose by 7% to $88,207,000 from $82,203,000.
Net income slipped 13% to $41,767,000 from $48,050,000 in the first quarter despite 6% higher revenues of $399,851,000 against $377,977,000 that included a 35% increase in Powered Vehicles Group sales and a 30% drop in Specialty Sports Group sales.
The bottom line swung to a $5,184,000 loss in the fiscal third quarter ended Apr. 2 from a profit of $2,066,000 on 22% lower revenues of $156,738,000, down from $200,780,000.
The ratings agency affirmed NWL’s Ba1 corporate family and debt ratings, but changed its outlook on the company to negative from stable, citing elevated risks that inflation will persist and consumers will remained pressured for 12 to 18 months.
The specialty footwear and lifestyle chain opened its prototype “neighborhood” concept store at Atlantic Station in midtown Atlanta, GA, a format that will account for all TAF’s new locations going forward.
National Sporting Goods Association called out a 79% jump in pickleball participation last year among the findings in the newly released 2023 edition of its Sports Participation in the U.S. report.
Reebok International is suing Autry USA, and its parent company, Autry International S.r.l. in MA district court, accusing them of copying its Window Box, Stripecheck, and Crosscheck design marks on its footwear.