June 06, 2023
Hit by the same consumer confidence and weather impacts that have pressured competitors, ASO’s net income declined 37% in the first quarter to $93,970,000 from $149,806,000 on 6% lower sales of $1,383,609,000 down from $1,467,730,000 last year.
On Holding, which last month accelerated its FY23 revenue forecast by 2% to at least 1.74 billion Swiss francs ($1.9 bb), remains dogged on building a complex, multi-billion-dollar sportswear brand that is premium-focused and not overdistributed.
Demand, traffic and conversion levels remain healthy, Skechers told investors at Deutsche Bank’s Global Consumer Conference, but the lingering effects of summer 2022’s inventory ramp up at retail is still expected to be a headwind for the balance of ’23.
CLAR credited its “super fan brands” strategy for driving demand in the company’s DTC channel, with enthusiast consumers largely maintaining spending levels, in a discussion at the Stifel Cross Sector Insight Conference.
The ratings agency cut VFC’s issuer credit rating and all issue-level ratings to BBB from BBB+, citing worse than expected results for the most recent fiscal year ended Mar. 31, which sent leverage up to near 4x.
VFC has opened its new 1.2-million-sq.-ft. distribution center in Ontario, CA, the largest among its 46 facilities, enabling the company to provide more efficient distribution services for its owned retail stores, wholesale customers and e-commerce orders.
Bala footwear, which was founded in 2020 by former Nike execs Brian Lockard and John Eberle along with Under Armour veteran Caprice Neely, has been acquired by medical apparel, footwear and accessories company Careismatic Brands.