Global Champion brand sales tumbled 23% in the final quarter, including a 30% drop in the U.S. that resulted from weak demand and cautious retailers, combined with HBI’s efforts to clean up wholesale distribution to strengthen its activewear brand.

A one-time $112 million tax benefit from the Heydude IP transfer sent net income soaring 84% in the final quarter of 2023 to $253,586,000 over $137,735,000 on a 2% revenue improvement to $960,097,000 from $945,162,000.

The bottom line swung back to $78,593,000 in profit from last year’s $27,738,000 loss on sales of $519,793,000, up 16% over $447,996,000, benefitting from a positive $2.8 million impact from recall reserves compared to a $38.4 million hit from the recall in the prior year.

Canadian Tire’s sports banners had a difficult fourth quarter, posting a 13% drop in revenues to C$552.2 million ($405.7 mm) down from C$637.9 million, as a -6.4% same store sales decline extended last year’s -1.7% comp.

Sporting goods/hobby/book and music store adjusted sales tumbled 3.2% to start the year, falling to $8,481 million from $8,764 million, according to Commerce Dept. data, and slipped 0.2% sequentially.

The ratings agency downgraded VF’s BBB issuer credit rating to BBB- and its short-term and commercial paper ratings to A-3 from A-2, while maintaining a negative outlook after the company’s FQ3 earnings came in below expectations.

The Chinese shoe maker and retailer’s revenues fell 9% in Jan. to $736,473,000 from $810,278,000, on weakness from Pou Sheng retail sales.

Foot Locker is partnering with Nike and brand Jordan to launch The Clinic at the upcoming NBA All-Star Weekend in Indianapolis, a year-long program that combines basketball culture with major athletes, live events, and more.