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Sports and Apparel Companies are Facing a Rough Holiday Season

by | Dec 21, 2023 | Episodes | 0 comments

The holiday shopping season is typically a time of big sales numbers for retailers, but one industry seeing a big decline as of late is the sporting goods and apparel industry.

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12.21.23: Audio automatically transcribed by Sonix

12.21.23: this mp3 audio file was automatically transcribed by Sonix with the best speech-to-text algorithms. This transcript may contain errors.

Speaker1:
The holiday season has morphed into crunch time for companies in the sports apparel space. I'm Jim Tarabukin. With the Retirement Radio Network powered by Emeril Live, tis the season for shopping. It's that time of year when Americans flock to stores and websites to complete their holiday gift to do list. But as Gerald Storch of CNBC explains, the American consumer may have a bit of a shopping hangover from 2022.

Speaker2:
What happened is during the pandemic, consumer had a lot of money and they spent it, so sales were really high. Now, as things normalize somewhat, the comparisons aren't very good.

Speaker1:
For many sporting goods brands like Nike, Under Armour and Adidas. This time of year is very critical to get the customer engaged and ultimately to buy. All three of those. Industry giants have suffered revenue and double digit earnings declines in recent months. Companies in the sports apparel space like Dick's Sporting Goods have had to weather a downtrend recently in 2023, but Dick's president and CEO Lauren Hobart, has taken a more optimistic approach, saying, quote, we are very excited about what we have within our control for quarter for a sediment, Wells Fargo equity research analyst Will Gartner echoes.

Speaker3:
Look, I mean, they clearly have momentum going into the holiday. Interestingly, you know, we had cut numbers going into the print credit card and traffic data. So, you know, they kind of bucked that trend.

Speaker1:
Sports retailers and apparel companies still remain positive about holiday sales. And look to deliver a wonderful holiday shopping experience on behalf of the entire Retirement Radio Network crew. I'm Jim Tabarka. Wishing you a wonderful holiday season.

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