November 09, 2023
Wolverine Worldwide’s Q3 results weren’t pretty, but they did exceed Street estimates on several fronts as the Merrell, Saucony, and Sweaty Betty parent moved forward with numerous initiatives aimed at reducing annualized costs by $215 million and turning the company’s fortunes in the right direction again.
Net income at the cooler and drinkware brand declined 6% in Q3 to $42,657,000 from $45,520,000 on flat sales of $433,561,000 compared to $433,556,000, as big gains in direct-to-consumer offset wholesale softness.
Slowing sales growth in the Americas and EMEA resulted in a 6% increase in fiscal Q2 net income to ¥3,112 million ($21.5 mm) from ¥2,924 million, on 8% higher revenues of ¥57,330 million ($396.7 mm) against ¥53,010 million.
Operating profit for Hanesbrands’ Activewear segment fell 54% to $24,853,000 from $53,491,000 for the period ended Sep. 30, as sales tumbled 17% to $383,600,000 from $461,043,000.
Third quarter revenues at Canadian Tire’s sporting goods banners declined 10% to C$518.3 million ($386.5 mm) from C$576.4 million, including a -7.4% comp.
Net loss widened to $7,495,297 from $803,507 on revenues that were down 29% to $34,372,386 from $48,288,559 for the fiscal second quarter.
Net income slipped 11% in the fiscal second quarter ended Sep. 30 to ¥2,481 million ($17.2 mm) from ¥2,779 million, though revenues grew by 7% to ¥32,823 million ($227.1 mm) from ¥30,785 million, largely driven by a recovery in China, where sales more than tripled to ¥3,890 million.
The owner of The North Face, Canterbury, Helly-Hansen and other brands for Japan reported a 23% increase in net income to ¥3,976 million ($27.5 mm) from ¥3,241 million in the fiscal second quarter ended Sep. 30.
The bottom line swung to a BRL 8.5 million ($1.7 mm) loss from BRL 44.9 million of income in the prior year as revenue declined 18% to BRL 896.2 million ($183.6 mm) from BRL 1,089.9 million.
Retail import volumes at U.S. container ports are expected to slow during the remainder of the year, according to the NRF and Hackett Associates, as September’s tally was flat year-over year.
OrderMyGear will incorporate DistributorCentral’s technology solutions into its online stores that serve more than 4,000 promotional product distributors, apparel decorators, and team dealers.
The Big Cat is being sued along with LaMelo, LaVar, and Tina Ball by the co-founder of the Big Baller Brand and the Ball’s former partner, Gregory Alan Foster, in Cen. CA district court for infringing on several trademarks related to the “MB1” mark.
Amer Sports is recalling 5,696 Armada, Atomic, and Salomon branded ski bindings because the toe component can fail, causing the ski boot to disconnect from the ski.