Menu
Finance

FOOTWEAR INDUSTRY'S FOURTH-QUARTER HIT; CFO LEAVES NIKE

          The athletic-footwear industry "is expected to report
     lackluster fourth-quarter results, reflecting a continuing
     swing away from the traditional athletic look to other
     casual styles," according to Joseph Pereira of the WALL
     STREET JOURNAL.  The "fashion shift could mean at least six
     more months, and possibly up to a year, of sluggishness as
     retailers clear out inventories before resuming the
     aggressive buying that marked the year-ago period." 
     Sporting Goods Intelligence estimates that '97 U.S. footwear
     sales "climbed less than" 3% to $7.7B.  Pereira adds that
     one alternative brand "cashing in" on the fashion switch is
     Vans Inc., while adidas AG "is expected to reverse a year-
     earlier loss" (WALL STREET JOURNAL, 1/12).
          NIKE CFO OUT: Nike CFO Robert Falcone resigned last
     week to "pursue other opportunities," according to a REUTERS
     report.  Nike named controller Robert Harold as interim CFO
     and accounting officer, pending the selection of a permanent
     successor to Falcone.  Nike's recent second-quarter earnings
     report "fell well short of Wall Street expectations,"
     leading some analysts "to question whether Falcone had been
     pressured to leave" (REUTERS, 1/10). 
          QUARTER LOSS: FL-based The Sports Authority said it
     expects fourth-quarter earnings to be "about" $0.35 a share,
     compared to $0.50 a share the previous year, due to "slow
     holiday sales and the cost of store closings," according to
     the MIAMI HERALD.  Fourth-quarter sales are expected to be
     about $422M, with comparable store sales about 3.5% lower
     than the same period last year (MIAMI HERALD, 1/10).  TSA
     Chair/CEO Jack Smith said "several key sporting goods
     segments such as fitness, licensed products and footwear
     were especially weak" (WALL STREET JOURNAL, 1/12).

SBJ Morning Buzzcast: March 25, 2024

NFL meeting preview; MLB's opening week ad effort and remembering Peter Angelos.

Big Get Jay Wright, March Madness is upon us and ESPN locks up CFP

On this week’s pod, our Big Get is CBS Sports college basketball analyst Jay Wright. The NCAA Championship-winning coach shares his insight with SBJ’s Austin Karp on key hoops issues and why being well dressed is an important part of his success. Also on the show, Poynter Institute senior writer Tom Jones shares who he has up and who is down in sports media. Later, SBJ’s Ben Portnoy talks the latest on ESPN’s CFP extension and who CBS, TNT Sports and ESPN need to make deep runs in the men’s and women's NCAA basketball tournaments.

SBJ I Factor: Nana-Yaw Asamoah

SBJ I Factor features an interview with AMB Sports and Entertainment Chief Commercial Office Nana-Yaw Asamoah. Asamoah, who moved over to AMBSE last year after 14 years at the NFL, talks with SBJ’s Ben Fischer about how his role model parents and older sisters pushed him to shrive, how the power of lifelong learning fuels successful people, and why AMBSE was an opportunity he could not pass up. Asamoah is 2021 SBJ Forty Under 40 honoree. SBJ I Factor is a monthly podcast offering interviews with sports executives who have been recipients of one of the magazine’s awards.

Shareable URL copied to clipboard!

https://www.sportsbusinessjournal.com/Daily/Issues/1998/01/12/Finance/FOOTWEAR-INDUSTRYS-FOURTH-QUARTER-HIT-CFO-LEAVES-NIKE.aspx

Sorry, something went wrong with the copy but here is the link for you.

https://www.sportsbusinessjournal.com/Daily/Issues/1998/01/12/Finance/FOOTWEAR-INDUSTRYS-FOURTH-QUARTER-HIT-CFO-LEAVES-NIKE.aspx

CLOSE