JD Sports' profit warning wipes shine off shares
JD, which sells Nike, Adidas and other sports fashion ranges, now expects profit before tax and adjusted items of 915-935 million pounds ($1.16-1.19 billion) for the year ending Feb. 3.
JD, which sells Nike, Adidas and other sports fashion ranges, now expects profit before tax and adjusted items of 915-935 million pounds ($1.16-1.19 billion) for the year ending Feb. 3.
“India is a crucial market for us and with the changing consumer landscape we see a huge potential with new and emerging demand for sports across different regions in India,” said Yasuhito Hirota, President, CEO and COO, Asics.
The Agilitas investment from Nexus underscores the growing trend of venture funds looking to back companies in the manufacturing and retail business that leverage technology as an additional layer.
"The company is not giving up on pricing while their competitors are...especially during this holiday centered season," Dave Wagner, portfolio manager at Aptus Capital Advisors said. He added, "the consumer is starting to hurt a little bit and even though they (Lululemon) focus more on the high-end consumer, they are probably seeing just a little less top line sales right now."
The company recently opened its first store in Bengaluru. Cultsports which started selling online in 2019 on the Cult application, expanded its presence across key marketplaces such as Myntra, Flipkart, and Amazon. It also went omnichannel by selling in multi-brand outlets offline.
“The NBA is one of the largest sports leagues globally, and we’re excited to collaborate with them on their official online store in India,” said Anand Ahuja, founder and CEO, Bhaane.
Decathlon's India unit experienced a 37% increase in sales to Rs 3,955 crore in FY23, driven by high demand for fitness wear and sports equipment. The company, which offers products for 85 different sporting disciplines, is larger than Adidas, Nike, and Asics combined in India. Despite the growth in sales, Decathlon reported a net loss of Rs 18.6 crore.
Puma's operating profit was 236.3 million euros ($252.3 million) for the quarter, down from 257.7 million a year earlier, but revenue beat analysts' expectations with 6% growth in currency-adjusted terms, coming in at 2.31 billion euros.
The group, already the UK's biggest sportswear retailer and with an expanding presence in North America and Europe, said group underlying sales rose 12% in the period, driven by European growth of 27% and North American growth of 15%.
Talking about the brand, Chahar said, “The brand and products are inspired by my own journey. I have a goal to make the best products at affordable prices to cater to the middle class. My target audience is anyone who wants to live a healthy life.”
Nike's gross margin fell 140 basis points to 43.6% in the reported quarter on efforts to clear excess inventory through more promotions and discounts at a time when the industry is being squeezed by higher supply chain, input and labor costs.