August 03, 2023 Adidas’ Yeezy Windfall Gives Q2 a Boost
The Big a’s second quarter results came in decidedly better than dire predictions had augured, helped by strong sales of Yeezy stock that benefitted both top and bottom lines, with more of the leftover product dropping in Q3. Acushnet Gains in U.S. as International Stumbles
Net income was 12% higher at $74,655,000 versus $66,454,000 as the Titleist, FootJoy, and Kjus parent achieved 5% revenue growth to $689,363,000 from $658,599,000 for the quarter ended June 30. Canada Goose Moves to Clean Up Wholesale
Net loss widened to C$85.0 million ($63.3 mm) in the fiscal first quarter ended July 2, from a loss of C$63.6 million last year, on revenue that was up 21% (+18% CC) to C$84.8 million ($63.1 mm) from C$69.9 million. Gildan Tempers FY23 Outlook on Consumer Shift
Gildan Activewear, citing an unfavorable shift in its activewear assortment as more consumers flock to lower-priced products, has adjusted its full-year revenue and operating margin outlook. Solo Brands’ Move Toward Wholesale Continues in Q2
The bottom line swung back to a $7,424,000 profit attributable to Solo Brands, Inc. from last year’s loss of $12,039,000, as it lapped $30.6 million in impairment charges related to the Isle acquisition, while net sales ticked down 4% to $130,927,000 from $136,019,000. Delta Apparel Struggles with Lower Demand
Consolidated net loss was $6,292,000 for the fiscal third quarter ended July 1, compared to $6,237,000 in income prior, as net sales fell 16% to $106,319,000 from $126,875,000. Johnson Outdoors Net Flat in Q3
The bottom line was flat at $14,801,000 from $14,802,000 in the fiscal third quarter ended June 30, on revenues that declined 8% to $187,047,000 from $203,819,000, as stable fishing and diving sales were offset by weakness in the camping and watercraft segments. GoPro Swings to Q2 Loss on Strategy Shift
The action camera maker’s price cuts and pivot back towards wholesale took their toll in Q2, sending the bottom line $17,212,000 into the red compared to a $2,519,000 profit last year, on 4% lower revenues of $241,020,000 against $250,685,000. Fox Factory Bike Segment Sales Plunge Again
FOXF’s Specialty Sports Group was hit hard by bloated channel inventories, sending revenues from bike suspensions and other components down 41% in the second quarter, to an implied $105 million from $178 million last year. Newell Brands Downgraded by S&P Global
The parent of Coleman, Contigo, Marmot and other outdoor brands’ issuer credit rating and rating on its unsecured notes were slashed to BB from BB+ by S&P.
The World Federation of the Sporting Goods Industry’s board of directors elevated its current VP of strategic and external affairs Emma (Mason) Zwiebler to interim CEO, effective Nov. 1, succeeding Robbert De Kock who has decided to step down from the role after 16 years. Etcetera: Hanesbrands, REI, Vimazi, Fanatics, Skechers
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