Sporting Goods Industry News for June 05, 2024
Strong international growth compensated for tepid U.S. sales in the first quarter, resulting in net income of $321,421,000, up 11% from $290,405,000 a year ago, as revenues grew 10% to $2,208,891,000 compared to $2,000,792,000.
In what may be its last quarterly report as a public company, Hibbett’s Q1 profits fell 9% to $32,500,000 from $35,875,000 on 2% lower revenues of $447,163,000 against $455,497,000 that included a -5.8% comp.
Hanesbrands directors unanimously stamped a deal to send the century-old apparel brand to Authentic Brands Group for a transaction value of $1.2 billion, with another $300 million potentially coming HBI’s way in contingent cash consideration based on performance thresholds.
The Eager Beavertons’ global cost reduction efforts have now extended to their European hub in Hilversum, The Netherlands, according to multiple reports.
The connected fitness company has added ThriveX, which designs and sells recovery products, including cold immersion systems, saunas and compression boots.
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