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Nike Beats Q3 Profit Projections, But Sales Growth Still Slightly Below Expectations

Published in SportsBusiness Daily on 03 / 22 / 17

Nike "blew away Wall Street profit projections" in Q3 as some industry analysts had predicted the company would "post its first profit decline in four years," according to Jeff Manning of the Portland OREGONIAN. Nike after the markets closed yesterday reported sales of $8.4B, up 5.5% but "...

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Tags: Nike, Finance

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GoPro To Cut 270 Full-Time Jobs

GoPro yesterday announced that it will "cut 270 full-time jobs to lower operating expenses" after "mounting quarterly losses, botched product launches, and having its stock price hit record lows," according to Tracey Lien of the L.A. TIMES. GoPro in a statement said that the cuts would "no ...

Tags: Finance, GoPro

Dodgers Owner Leads $100M DraftKings Investment

DraftKings has raised more than $100M in a private investment round led by Dodgers co-Owner Todd Boehly's Eldridge Industries, and the infusion of cash "bolsters the company’s finances as it awaits federal review of its proposed merger" with rival FanDuel, according to a source cited by Curt W ...

Tags: Finance

Adidas' CCM Hockey Brand Up For Sale Again

While Adidas is performing well as a company lately, its CCM Hockey brand is on the block for the "second time in less than a year," and speculation as to "who the interested buyers might be has already begun," according to Barbara Shecter of the FINANCIAL POST. Toronto-based Brookfie ...

Tags: Finance, CCM

Dick's Ed Stack Outlines Plan To Grow Market Share

Dick's Sporting Goods Chair & CEO Ed Stack in an earnings call yesterday "outlined how his company will continue grabbing share amid consolidation in the industry," according to Krystina Gustafson of CNBC.com. His strategy includes "opening stores in markets where competitors' bankruptcies left ...

Tags: Finance, Dicks Sporting Goods

SMI's Total Revenue For FY '16 Up 3%

SMI this morning reported Q4 and full-year ’16 earnings, and it was another mixed bag for the track operator. For the quarter, which encompassed six NASCAR races, one NHRA race and a Red Bull Air Race, total revenue was down 5% due to weakness in admissions and event-related revenue. SMI attri ...

Tags: Finance, Speedway Motorsports Inc.

Churchill Downs Inc. Net Income Of $108.1M In '16

Churchill Downs Inc. had net income of $108.1M in '16 on record revenues of $1.31B, up sharply from net income in '15 of $65.2M on revenues of $1.21B, "despite weak results at several of its racetracks and stagnating casino revenues," according to financial statements cited by Matt Hegarty of the DA ...

Tags: Finance, Churchill Downs Inc.

Sources: Adidas Struggles With TaylorMade Sale

Adidas has been attempting to sell TaylorMade since last May, but losses at the golf equipment brand are "much greater than many potential bidders anticipated, causing suitors to walk away," according to sources cited by Josh Kosman of the N.Y. POST. Sources said that the golf division -- which in ...

Tags: Finance, TaylorMade Golf, Adidas

Minute Media Closes On $15M Investment Round

Minute Media, parent company of digital sports outlets 90min and 12up, has closed on a $15M investment round, led by Israeli late-stage venture fund Qumra Capital. The new round, the company’s fourth to date, brings the total investment in Minute Media to $60M. The company has been in a period ...

Tags: Finance

ESPN Still Hurting Disney Quarterly Results

Rising costs and declining viewership at ESPN "once again dragged down quarterly results" for Disney, while Chair & CEO Bob Iger on a conference call yesterday "gave his first public signal he may stay beyond his planned retirement" in '18, according to Ben Fritz of the WALL STREET JOURNAL. ...

Tags: Walt Disney, Finance, ESPN

Under Armour's Kevin Plank Defends Company

Under Armour Founder, Chair & CEO Kevin Plank yesterday appeared on CNBC for a nearly 30-minute interview where he defended his company and its strategy in the wake of last week's sharp stock price drop . CNBC’s Scott Wapner said to Plank, "This is the second quarter in a row that we've s ...

Tags: Finance, Under Armour

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