August 10, 2023
Wolverine Worldwide’s ongoing, massive turnaround effort will be led by industry and 15-year company veteran Chris Hufnagel, who has been named president and CEO of the Merrell and Saucony parent following the sudden departure of former chief, Brendan Hoffman.
Worldwide Champion sales continued to slide in Q2, falling 16% entirely due to a 25% drop in the U.S. that was attributed to an over-inventoried market combined with HBI’s efforts at channel discipline and better product segmentation.
Net income slipped 18% to $38,071,000 from $46,252,000 on net sales that were down 4% to $402,563,000 from $420,042,000, but would have been up 2% without a $24.5 million reserve adjustment for the bag recall announced in Q4.
Canadian Tire’s sporting goods banners—SportChek, Hockey Experts, Sports Experts and Atmosphere—saw sales decline 3% in the second quarter to C$461.0 million ($343.3 mm) from C$476.1 million, but comps inched up 0.1%.
The Taiwan-based owner of the Matrix, Vision and Horizon fitness brands rebounded in the second quarter with a net profit attributable to shareholders of TWD 333.3 million ($10.8 mm) against a loss of TWD 410.3 million last year.
The South African protective equipment maker’s bottom line fell 72% to $776,139 from $2,726,920 million on 31% lower revenues of $12,350,224 million down from $17,938,310 million in the second quarter.
YY’s manufacturing revenues fell 24% for the second consecutive month to an implied $421,629,000 contributing to a 20% decline in total revenues at the Chinese footwear maker and retailer to $617,403,000 in July.
The Kinetic Group will be the new name of VSTO’s Sporting Products ammunition business, once the Outdoor Products brands are spun off into a separate public company later this year.
The parent of Schutt, Vicis, ProGear and Tucci has named industry veteran Jeremy Erspamer as CEO to drive product innovation and operations.