Daily News Feed 07/26/2024 Newell Outdoor Sales Plunge Again
NWL’s Outdoor and Recreation segment continued to struggle in the second quarter, with revenues falling 23% to $258 million from $333 million. Nike Hit with Derivative Shareholder Suit
The complaint was filed in OR district court by Danny Leung on behalf of shareholders, accusing the Eager Beavertons, John Donahoe, Matthew Friend, Mark Parker, Peter Henry, and several other Swoosh executives of making misleading statements about the strength of its digital platforms and its DTC strategy from Mar. 18, 2021, through Jun. 27, 2024. Leki Transitions Top Leadership
The maker of ski and trekking poles tapped Chris O’Donoghue as its new general manager, effective immediately, succeeding the departing president and 34-year company veteran, Greg Wozer. CPSC Warns of Dangerous Bike Helmets
The agency is warning consumers to immediately stop using Camzimo bicycle helmets, because the Chinese seller, Shanxixijuanguojimaoyiyouxiangongsi, which does business on Amazon as Amzomn, has refused to recall them. Etcetera: PGA Tour Superstore, Strava, Oberalp Group, ATN Corp
07/25/2024 Skechers Rides Balanced Growth to Q2 Record
Net income dipped 8% to $140,302,000 from $152,759,000 on a 7% increase in sales to a second quarter record of $2,157,643,000 over $2,012,516,000, as domestic wholesale rebounded from a string of sluggish results while European wholesale was hurt by Red Sea supply chain disruptions. Another Strong Quarter for Deckers as Powers’ Era Ends
Fueled by higher levels of full-price selling and double-digit sales gains for both its Hoka and Ugg brands, Deckers Outdoor reported 81% net income growth to $115,625,000 from $63,552,000 for the fiscal first quarter ended June 30. Columbia Hit by Weak U.S. Demand in Q2
Second quarter results swung red for COLM, reporting a net loss of $11,741,000 against a profit of $8,350,000 last year, on 8% lower revenues of $570,244,000 in the seasonally small quarter, down from $620,933,000. JD Sports Closes Hibbett Acquisition
Following the overwhelming approval of the merger by HIBB shareholders at a special meeting held on July 19, the deal closed effective July 25. Escalade Balance Sheet Improves in Difficult Q2
Net income was cut 22% to $2,844,000 from $3,642,000 on sales that were down 8% to $62,526,000 from $67,771,000 for the second quarter on softening consumer demand and subsequent channel inventory destocking in indoor/outdoor games categories. Winchester Results Improve, but Commercial Sales Lag
Persistent weakness from the commercial channel was more than offset by strength in international military sales, military project revenue, and the addition of White Flyer, growing the top line at Olin Corp.’s ammunition segment 11% to $406.0 million from $366.6 million in Q2. Tour Edge Names New President, CEO
The golf club maker tapped golf industry veteran Tim Clarke as president, effective Aug. 5, succeeding David Glod who will become CEO and remains majority owner and chief golf club designer. Cirrus Cycles Names New President
The bike parts and accessory maker appointed Lindsay Cousley as president, where he’ll look to increase distribution in European markets, while expanding Cirrus’ product offerings and strengthening service to N.A. bike dealers and OEM customers. Kappa Sales Dip in Q1 for China Dongxiang
The Chinese sportswear company said that retail sales at its Kappa and Kappa Kids’ stores slipped mid- to low- single digits in the first quarter ended June 30, with same store sales dropping mid-single digits.
The sustainable footwear and accessories brand filed suit in DE district court against Mia Shoes and retailers Designer Brands (DSW), Stitch Fix, QVC, and Caleres (Famous Footwear), for knocking off up to ten patents related to Rothy’s The Point and The Flat trade dress. CPSC Recalls: Scooters, Golf Grip Solvent, Dumbbells
Razor is recalling about 7,300 Icon electric scooters because the downtube can separate from the floorboard during use. Etcetera: Rip-It Sports, Veja, Adidas, Plae, Zoot Sports
07/24/2024 Moncler Brand Outperforms, but Stone Island is a Drag
First half net income at the luxury skiwear and apparel company was up 24% to €180,741,000 ($167.1 mm) over €145,351,000 on an 8% revenue gain to €1,230,163,000 ($1,137.0 mm) from €1,136,590,000. Rapala VMC’s H1 Gains Driven by North America
The Finnish fishing gear maker ended the first half of 2024 in the black, posting a €4.7 million ($5.1 mm) profit against a loss of €1.1 million prior, but the bottom line was boosted by the €6.3 million sale and lease back of real estate in Canada. Back-to-School Shoppers Have Debt Worries
Back-to-School insights from Lending Tree found the combination of inflation and the push for on-trend styles is stressing consumers to the tune of 73% this season, led by Millennials at 77%, as 40% of total respondents believe they’ll land in debt over school purchases averaging $793. Nike Taps Salesforce Exec as CIO
Cheryan Jacob oversees the Eager Beavertons’ technology infrastructure and digital platforms, according to an internal memo first reported by Bloomberg. Salomon Sets New Softgoods Business Unit
The Amer Sports-owned brand promoted its VP of footwear and 27-year employee, Guillaume Meyzenq as its new global chief product officer for softgoods, heading up a newly created softgoods business unit. Under Armour Shareholder Settlement Moves Forward
The $434 million shareholder class action settlement reached last month has now received preliminary approval from the U.S. district court in Maryland. Sacks Parente Golf Plans Reverse Stock Split
The high-end putter startup’s board of directors approved a 1 for 10 reverse stock split, effective Jul. 30, that will enable the company to meet the $1.00 minimum bid price requirement and regain Nasdaq compliance.
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