August 23, 2023
The bottom line showed $5 million in red ink for the second quarter compared to income of $94 million last year as revenues were cut 10% to $1,864 million from $2,068 million prior, hit by continued macro pressure on lower income consumers, a soft start to Back to School, and the Nike reset.
Roadblocks, namely costs associated with a bike seat recall and a separate legal settlement, detracted from Peloton Interactive’s financial recovery in its fiscal Q4 under CEO Barry McCarthy.
Net income at the Chinese sportswear brand rose 14% to RMB 671.2 million ($95.7 mm) from RMB 589.1 million on revenue that was up 15% to RMB 6,522.4 million ($929.8 mm) from RMB 5,683.6 million.
Nike and Under Armour got a call out for leading a footwear sales trend improvement in a second quarter that saw comps down 5% for the mass merchant.
New Balance filed suit in MA district court against Golden Goose USA, Inc., for copying NB’s 990 trade dress with its Dad-Star line of sneakers.