Daily News Feed 05/10/2024 Asics Bounds Higher to Start 2024
Net income jumped 64% in the first quarter to ¥26,737 million ($180.3 mm) against ¥16,310 million, on 14% higher revenues of ¥174,102 million ($1,173.7 mm) up from ¥152,297 million, helped by sales in overseas markets as the yen weakened. Alpargatas Returns to Profitability in Q1
Net income from continuing operations was back to a positive BRL 32.7 million ($6.6 mm) after last year’s BRL 169.2 million loss related to a missed payment on the 2019 sale of Argentinean sportswear brand Topper, while net sales were up 3% to BRL 931.8 million ($188.1 mm) from BRL 902.5 million. Yue Yuen Manufacturing, Retail Slips in April
YY’s manufacturing segment revenue inched down 2% in Apr. to an implied $425,628,000 from $417,863,000 last year, while total revenues were 5% lower at the Chinese footwear maker and retailer at $650,212,000 for the month. Superspeed Sues Stack System for False Advertising
Superspeed Golf filed suit in IL district court accusing The Stack System of false advertising by claiming its golf swing training products are superior to others on the market. Etcetera: Superfeet, Rally House
05/09/2024 Hanesbrands Weighing Options for Champion as Sales Keep Falling
Senior Hanesbrands’ executives remain mum on whether the company will retain or eventually divest the Champion business, but they confirm the brand will likely reach its low-water sales point in Q2. Yeti Bumps Up FY Income Outlook after Solid Q1
The outdoor product group maintained its full year adjusted sales outlook of 7% to 9% growth but moved its adjusted operating income percentage target up slightly to 16.0% to 16.5% after reporting strong Q1 results. Solo Brands Sees More Red Ink as DTC Falls
Net loss attributable to Solo Brands Inc. was $3,402,000 against last year’s profit of $924,000 on sales that were down 3% to $85,324,000 from $88,207,000 for the first quarter, as lower direct-to-consumer e-commerce traffic was partially offset by wholesale growth.
Canadian Tire’s sports banners posted 8% lower sales of C$387.7 million ($287.2 mm) in the first quarter, down from C$420.8 million, including a 6.5% same store sales decline. Unifi Loss Deepens in FQ3, but Sees Sequential Gains
The red ink gushed at the recycled and synthetic yarn maker in the fiscal third quarter ended Mar. 31 to $10,295,000 against a loss of $5,184,000 on 5% lower revenues of $148,996,000, down from $156,738,000. Xtep Selling K-Swiss and Palladium to Ding Family
Xtep will divest its wholly owned subsidiary KP Global Investment, which owns the K-Swiss and Palladium brands, to the controlling shareholder Ding family at a transaction valued at $151 million, as it aims to focus on its core Xtep, Saucony and Merrell brands.
Weyco said that revenues at its Bogs outdoor and boot brand declined by nearly half in Q1 to $6,659,000 from $12,820,000, as retailers remain overstocked with the outdoor footwear category. Etcetera: Fanatics, Crocs, Academy, Bauer
05/08/2024 Puma Approaches Growth Inflection Point
The Big Cat continued to suffer from unfavorable foreign exchange impacts, as net income in the first quarter slipped 26% to €87.3 million ($94.9 mm) from €117.3 million, on 4% lower revenues of €2,102.3 million ($2,285.1 mm) down from €2,187.7 million. Vista Outdoor’s Sales Drop to Finish Year
Net income in the final fiscal quarter ended Mar. 31 was $40,168,000, lapping a $294,335,000 loss last year that included a $374.4 million impairment charge, as revenues declined 6% to $693,669,000 from $740,742,000. Emerging Proof Points are Positive News for Wolverine
In a self-proclaimed transition year, Wolverine Worldwide is beginning to witness proof points that it hopes signal an ongoing turnaround for the Saucony, Merrell and Sweaty Betty parent. Topgolf Callaway Cuts Guidance on ForEx, Jack Wolfskin
Net income was just $6.5 million in the first quarter, down nearly three quarters from $25.0 million last year, on combined revenues that inched 2% lower to $1,144.2 million from $1,167.4 million. Allbirds’ Loss Narrows as Transformation Progresses
Net loss declined 22% to $27,331,000 from a loss of $35,166,000 on sales that were down 28% to $39,327,000 from $54,352,000 for the first quarter due to lower demand, the ongoing international distributor transitions and retail store closures. Delta Apparel Red Ink Deepens on Shrinking Margins
Net loss widened to $36,300,000 from a loss of $6,998,000 on a revenue drop of 28% to $78,936,000 from $110,335,000 for fiscal Q2 as the embattled Delta Group was off 31% to $63.4 million while Salt Life declined 18% to $15.5 million. Vulcabras Gains in Q1 from Athletic Growth
Net income gained 6% to BRL 88,762,000 ($17.9 mm) from BRL 83,630,000 in the first quarter as revenue increased 5% to BRL 597,267,000 ($120.6 mm) from BRL 571,118,000. Super Retail Group Comps Lower
Rebel Sport same store sales slipped 2% for the 17-week period ending Apr. 30, while SRG’s outdoor banners BCF and Macpac were mixed, comping down 5% and up 3%, respectively, as inflation and interest rates are weighing down consumers despite improved foot traffic. Simon Property Group Sells Remaining Stake in ABG
Simon Property Group, the largest U.S. mall owner, is selling its remaining 10% stake in Authentic Brands Group for a reported $1.2 billion. Peloton Settles Shareholder Class Action
PTON has agreed to pay a total of $13,950,000 in cash to settle a May 2021 shareholder suit filed in E. NY federal court that alleged the company’s management misled investors on quarterly filings and conference calls by failing to disclose Tread+ safety issues. Etcetera: Dick’s, New Era, Lululemon, Adidas, Reebok
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