The holiday shopping season is now in full flight, but for sports apparel retailers and manufacturers, the mood is anything but festive. Many sporting goods giants are entering this critical selling period reeling from recent slumps. Nike,
NKE,
-0.64%
Under Armour,
UAA,
-0.37%
Adidas,
ADS,
-0.30%
and Puma
PUM,
+1.20%
have all suffered either revenue or earnings declines, or have generally missed Wall Street expectations. Foot Locker
FL,
-1.95%
beat expectations when it reported earnings on Nov. 29.
Those most recent reports extended a series of lagging company results from the summer and have brought a palpable sense of unease. “When we look towards the balance of the year, we expect a further contraction in North America, mainly due to ongoing pressures in our wholesale business, which have gotten tougher since our last call,” Stephanie Linnartz, president and chief executive for Under Armour, said earlier in November. The company lowered its fiscal 2024 outlook to a 2-4% decline in revenue from a prior projection of “flat to up slightly.” Even those companies in the sports apparel and footwear space that are somewhat bucking the downward trend of late, such as Dick’s Sporting Goods,
DKS,
+0.41%
are entering the final stretch of 2023 with a sense of trepidation. “We are very excited about what we have within our control for Q4,” said Lauren Hobart, Dick’s president and CEO. “Our [store] teams are pumped to deliver an amazing holiday experience, but we’re balancing that with caution about the macroeconomic environment, because we know consumers are going through a lot right now.” Related: Under Armour no longer expects revenue to grow this year Despite nearly three years of uninterrupted job g …
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NKE,
-0.64%
Under Armour,
UAA,
-0.37%
Adidas,
ADS,
-0.30%
and Puma
PUM,
+1.20%
have all suffered either revenue or earnings declines, or have generally missed Wall Street expectations. Foot Locker
FL,
-1.95%
beat expectations when it reported earnings on Nov. 29.
Those most recent reports extended a series of lagging company results from the summer and have brought a palpable sense of unease. “When we look towards the balance of the year, we expect a further contraction in North America, mainly due to ongoing pressures in our wholesale business, which have gotten tougher since our last call,” Stephanie Linnartz, president and chief executive for Under Armour, said earlier in November. The company lowered its fiscal 2024 outlook to a 2-4% decline in revenue from a prior projection of “flat to up slightly.” Even those companies in the sports apparel and footwear space that are somewhat bucking the downward trend of late, such as Dick’s Sporting Goods,
DKS,
+0.41%
are entering the final stretch of 2023 with a sense of trepidation. “We are very excited about what we have within our control for Q4,” said Lauren Hobart, Dick’s president and CEO. “Our [store] teams are pumped to deliver an amazing holiday experience, but we’re balancing that with caution about the macroeconomic environment, because we know consumers are going through a lot right now.” Related: Under Armour no longer expects revenue to grow this year Despite nearly three years of uninterrupted job g …nnDiscussion:nn” ai_name=”RocketNews AI: ” start_sentence=”Can I tell you more about this article?” text_input_placeholder=”Type ‘Yes'”]