Sporting Goods Industry News for July 16, 2018
The battle for control of Perry Ellis continues to unfold with the filing of a proxy statement that reveals the offer of founder George Feldenkreis won’t go higher than $27.50 because its bid is already at a debt-to-EBITDA ratio of 7X.
Back-to-school spending is expected to be roughly in line with 2017 this year, with consumers continuing to favor mass merchants and discounters while migrating more purchases to online, according to surveys conducted by the National Retail Federation and Deloitte.
Xtep International same store sales continued to accelerate to mid-teens growth in the second quarter with lower levels of discounting, and the Chinese footwear brand said retail inventories were on plan at about four months.
With the acquisition, Headsweats will become NG Labs, and will expand its product line to include high-performance, dye sublimated branded apparel.
Jacobus Rentmeester, who took the photograph on which he says Nike based the iconic Jordan logo, will ask the highest court to review his appeal, after seeing his suit dismissed first in District Court and most recently by the Ninth Circuit Court of Appeals.
Some 30 running specialty stores will host the apparel-focused shops by the end of Jul. in a pilot program, but Brooks expects to expand the program to more than 150 stores by the end of the year.
Adjusted sales for sporting goods/hobby/book and music stores declined 5% to $6,669 million last month from $7,001 million in June, 2017, according to Commerce Dept. data.