The sportswear giant reported top and bottom line results for the quarter that beat the expectations of analysts. Hill, who replaced John Donahoe as CEO in October, said in a statement that his top priority is to “return sport to the center of everything we do.”

“We’re taking immediate action to reposition our business, so we can get back to driving long-term shareholder value,” Hill said. “Our team is ready to go, and I’m confident you will see more moments of Nike being Nike again.”

Shares of Nike were up more than 10 percent in the initial moments in after hours trading on Thursday.

For the second quarter, Nike reported that revenues were down 8 percent to $12.4 billion over the same quarter last year, ahead of the $12.11 billion expected by analysts surveyed by Yahoo Finance. Net income was down 26 percent to $1.2 billion and diluted earnings per share was 78 cents, which represented a 24 percent decline. This was ahead of the 63 cents expected by analysts.

Nike chief financial officer Matthew Friend said in a statement that Nike’s Q2 results “largely met” expectations as the company continues to realign demand for its key products. Nike recently implemented a promotional strategy to manage higher levels of inventory that have accumulated as a result of slower than expected retail sales. Nike has also reduced the presence of its popular franchises, such as the Air Force 1, Air Jordan 1 and Dunk, to reset demand for these key franchises.

“Under Elliott’s leadership, we are accelerating our pace and reigniting brand momentum through sport,” Friend said.

By brand, Nike brand revenues were down 7 percent to $12 billion in Q2, driven by declines across all geographies. Converse brand sales declined 17 percent to $429 million. By channel, Nike direct revenues were down 13 percent to $5 billion. Wholesale was down 3 percent to $6.9 billion. Inventories were flat compared to the prior year.

Given the CEO shift, Nike withdrew its guidance for the year last quarter and said will provide quarterly guidance throughout 2025.

Hill’s turnaround hinges on several key elements including a reinvigorated innovation pipeline, an improved company culture and, perhaps most notably, a new wholesale strategy. After exiting several retail partners in 2021, Nike has started to lean back into these relationships and recently elevated Tom Peddie to the role of vice president, general manager of North America to oversee this business unit

For the fourth quarter of 2024, revenue increased 22 percent to 456 million euros, which was ahead of prior guidance from the company. Net income was 52 million euros, or 28 cents per share, up from a loss of 15 cents in the same quarter the prior year.

Birkenstock said top-line growth was the result of strong consumer demand across several channels and categories. Birkenstock chief executive officer Oliver Reichert in a statement called out the brand’s progress of expanding into “white space opportunities” like closed-toe silhouettes, orthopedics and outdoor, as well as in strength in the APMA (Asia Pacific, Middle East and Africa) region and via owned retail.

“As we continue to gain the attention of consumers and wholesale partners, we are seeing strong, balanced growth in both our DTC and B2B channels,” Reichert said. “Both of these channels are highly profitable and allow us to maximize our reach, especially into new targeted consumer groups.”

For the full year, Birkenstock reported a revenue increase of 21 percent to 1.8 billion euros, which included double-digit revenue growth across all geographies. Net profit was 192 million euros, which was up 155 percent from the prior year. EPS was 1.02 euros.

In the Americas, revenues grew 19 percent, driven by DTC and wholesale growth. Birkenstock noted that wholesale growth was particularly strong towards the end of the year in this region, driven by back-to-school and the brand’s 250-year anniversary.

Across all regions, wholesale revenue grew 23 percent in fiscal 2024. Birkenstock noted that more than 90 percent of growth in the category came from existing doors “as key retail partners continue to expand the breadth and depth of their Birkenstock offerings to meet growing consumer demand.” DTC revenue was up 21 percent, making for a 40 percent penetration rate in that channel. In 2024, Birkenstock opened 20 new stores, bringing its total store fleet to 67.

Birkenstock also provided guidance for the 2025 fiscal year. The brand expects revenues to grow between 15 and 17 percent. Adjusted EBITDA margin is expected to be between 30.8 and 31.3 percent, which would be a 50 basis point increase compared to fiscal 2024.

The Katy, Texas-based retailer reported that net sales decreased 3.9 percent in the third quarter to $1.343 billion, down from $1.397 billion the same time last year. Net income in the period was $65.8 million, a 34.2 percent decline from $100 million in Q3 2023.

Academy said that it opened eight new locations during the third quarter and another five new stores early in the fourth quarter, bringing the company’s total store count to 298. To date in fiscal 2024, the company has opened a total of 16 new stores, equating to approximately 6 percent annual unit growth, in line with its stated plans for the year.

The company added that it plans to open an additional 20 to 25 stores in 2025, representing approximately 7.5 percent annual unit growth at the midpoint.

Steve Lawrence, chief executive officer of Academy Sports, told analysts on the company’s earnings call on Tuesday that the declines seen in Q3 were due to some unseasonably warm temperatures, which persisted throughout the entire month of October across its footprint, negatively impacting the company’s seasonal businesses and having roughly 140 basis point drag comps. In addition, Academy noted that it lapped the Rangers World Series run from last year, which also negatively impacted its comp in Q3 by roughly 120 basis points.

“We also saw a continued very active storm season during Q3 with Hurricane Helene and Milton hitting in October,” Lawrence added. “I’m incredibly impressed by the resilience of our team members and commend them on their tireless efforts navigating these challenging circumstances.”

Looking at the results by division, the CEO noted that its outdoor business was Academy’s best-performing category, posting total sales growth of 4 percent versus last year, led by continued strength in its camping and hunting businesses. Footwear was its second-best performing category in the period, which was down 2 percent in Q3.

According to Matt McCabe, executive vice president and chief merchandising officer at Academy, newness across footwear continues to do well for the company. “Koolaburra by Ugg has been a strong performer for us,” McCabe told FN in a call on Tuesday. “We continue to perform well with Nike, and probably our shining star has been Brooks in terms of how much volume we’ve added throughout the year.”

The CMO noted that performance run segment continues to be “really strong” at Academy. “We are seeing good performance in that segment from Asics, which, on a percent increase basis, has been our best brand of the year,” McCabe told FN. “And New Balance as well.”

As far as the outdoor category, McCabe added that Skechers continues to perform for the company, Crocs has been a standout and Ariat boots have done “very well.”

Back on the company’s earnings call, Lawrence announced a deeper relationship with Nike. “I’m excited to announce that in Q1 of 2025, we’ll have one of the most meaningful launches in Academy’s history with the addition of an expanded offering of Nike product in 140-plus stores,” the CEO said. “The plan is to launch in April with full assortments in men’s, women’s and kids’ across footwear, apparel and accessories, along with a strong statement of sporting goods.”

Lawrence added that more details of the enhanced partnership will be discussed during the company’s fourth-quarter earnings call in March, but expect to see a “very visible” investment in the brand next year.

Pressed further by analysts on whether this “upgrade” in Nike merchandise could lead to other brands that don’t currently work with Academy – namely On and Hoka – to want to do business with the retailer, Lawerence didn’t give too much away.

“The more we continue to upgrade our assortments and bring in new brands,” the CEO said. “It opens the door for complementary brands to want to come in as well. So it’s certainly a step in the right direction. We continue to have dialogue with those two brands [On and Hoka] that you’re mentioning, but we have nothing to share at this moment in time. Obviously, our goal would be to get access to them because our customer wants access to them, and it’s a way for us to better serve our customers. So I think it could be a step in the right direction, but we’ll have to see how it all plays out.”

Looking ahead, the company is narrowing its guidance for fiscal 2024. As such, Academy now expects net sales for the year between $5.89 billion to $5.94 billion, which ranges from a 4.3 percent loss to a 3.6 percent loss for the year. This is down from the company’s previous guidance, which called for net sales between $5.89 billion and $6.07 billion, which ranges from a 4.3 percent loss to a 1.4 percent loss for the year.

According to the Nashville-based footwear company, total net sales in the third quarter of fiscal 2025 increased 3 percent to $596 million, up from $579 million the year prior. Loss from continuing operations was $18.8 million in the third quarter compared to earnings from continuing operations of $6.6 million in the prior year.

Genesco noted in its earnings release that this sales increase reflects a 6 percent bump in comparable sales, including a 15 percent rise in e-commerce comparable sales and a 4 percent increase in same store sales.

The company further noted that overall sales increase for the third quarter was driven by an increase of 4 percent at Journeys, an increase of 3 percent at Schuh and a 10 percent increase at Genesco Brands, partially offset by a decrease of 4 percent at Johnston & Murphy.

Genesco president, chief executive officer and board chair Mimi Vaughn said in a statement that the company’s quarterly performance once again exceeded expectations and marked a return to positive overall comparable sales. 

“Following a strong start to the third quarter including the heart of back-to-school, sales trends at Journeys remained robust in September and October, fueling a double-digit comp gain for the business,” Vaughn said. “This result was driven by the initial phase of Journeys’ strategic growth plan which has focused on elevating the consumer experience including improving the product assortment and visually resetting our stores. Earnings per share would have been stronger without the shift of an important back-to-school week into the second quarter this year.”

The CEO added that the company is satisfied with Journeys’ start to the fourth quarter including the important Black Friday and Cyber Monday period, especially as demand for several discretionary categories including footwear continues to be very selective and event driven.

And based on the current variability of consumer demand and shopping trends, Vaughn noted that Genesco has adopted a more cautious view for Schuh and Johnston & Murphy over the remainder of this year.

“We are in the very early innings of returning Journeys and the overall company to historical rates of sales and profitability,” the CEO continued. “With the progress we’ve recently made, and our track record of successfully evolving our businesses in response to changing consumer preferences and purchasing behavior, I feel confident we have the experience and strategies to drive profitable growth across the company and create greater value for our shareholders over the near- and long-term.”

Following its third quarter performance, Genesco said it is raising its yearly guidance. The shoe company now expects total sales to be down 1 percent to flat compared to fiscal 2024, or flat to up 1 percent excluding the 53rd week in fiscal 2024 versus prior expectations for a total sales decrease of 1 percent to 2 percent, or flat to down 1 percent excluding the 53rd week in fiscal 2024.

Genesco also revised its adjusted diluted earnings per share for the year, and now expects EPS from continuing operations in the range of 80 cents to $1.00 versus prior guidance of 60 cents to $1.00.

According to the St. Louis-based footwear company, net sales in Q3 were $740.9 million, down 2.8 percent from $761.9 million in the third quarter of 2023. Net earnings in the third quarter $41.4 million, or earnings per diluted share of $1.19, compared to net earnings of $46.9 million, or earnings per diluted share of $1.32, in the same period last year.

By business segment, Caleres reported that net sales at Famous Footwear decreased 4.8 percent, with comparable store sales up 2.5 percent. The company’s brand portfolio segment saw net sales increase 0.7 percent.

These results missed the company’s Q3 guidance, which were expected to see net sales between flat for the period to down 2 percent. Earnings per diluted share in Q3 were expected to be between $1.24 and $1.34.

The miss led to the company’s stock dipping nearly 19 percent in pre-market trading on Thursday.

Jay Schmidt, president and chief executive officer of Caleres, said in a statement on Thursday that performance in the quarter was due to “softer seasonal demand in the boot category, late receipts of key athletic product at Famous Footwear, and a discrete customer credit issue that impacted shipments.” The company’s business in China was also weaker than planned in Q3, the CEO noted.

Despite the lower sales, Schmidt remains confident in the business. “The third quarter saw progress toward our strategy highlighted by the Brand Portfolio delivering growth, Famous Footwear delivering positive comparable store sales, and both segments increasing market share,” he said.

“As we begin the fourth quarter, our strategies are working to drive market share and we are aligning our expenses with expected sales, while appropriately investing behind areas of the business that are expected to deliver a strong ROI,” Schmidt continued.

Looking ahead, the company is lowering its full-year outlook as it expects its season-to-date sales trend to continue in the final quarter of the year and anticipates pressure on its gross margin as it takes action to move through excess inventory in order to position itself well for 2025.

Caleres now expects net sales for the full fiscal year 2024 to be down between 2.5 percent and 3 percent versus previous guidance of sales down in the low single digits. Caleres is also lowering its fiscal 2024 outlook for earnings per diluted share to the range of $3.35 to $3.45 versus prior guidance of $3.94 to $4.09.

“Longer term, we believe we are well-positioned to execute our strategic plan, invest to fuel our ambition, and drive sustained value for our shareholders,” Schmidt added.

The sporting goods chain said Tuesday that Q3 revenues were $3.06 billion, up 0.5 percent from the same quarter last year and ahead of the $3.03 billion expected by analysts surveyed by Yahoo Finance. Earnings per diluted share were $2.75, up 15 percent from last year and ahead of the $2.69 analysts were looking for. Comparable store sales were up 4.2 percent.

Dick’s Sporting Goods’ president and chief executive officer Lauren Hobart said the retailer’s strong results were driven by an “excellent” back-to-school season and focus on the retailer’s strategic pillars.

“We believe our differentiated product, quality service and powerful omni-channel experience will resonate well with our athletes this holiday season,” Hobart said.

Dick’s raised its outlook for fiscal year 2024 and expects net sales in the range of $13.2 billion to $13.3 billion. Earnings per diluted share are expected to be between $13.65 and $13.95 and comparable sales are projected to grow between 3.6 percent and to 4.2 percent.

As of Nov. 2, Dick’s operated 727 locations, including 17 House of Sport stores, five of which opened in fiscal 2024.

“Our strong third quarter results demonstrate the significant momentum we have in our business,” Hobart said. “We continue to make strategic investments such as our House of Sport and Dick’s Field House concepts, where we are redefining sports retail and creating strong engagement with our athletes, brand partners and communities, that will fuel our long-term growth. Sport continues to have a strong influence on culture, and culture on sport, and our House of Sport concept is uniquely positioned to meet the needs of athletes as they look for the best of performance as well as the lifestyle of sport.”

JD Sports chief executive officer Régis Schultz said in a release that in the U.S., “suppressed demand” ahead of the presidential election impacted performance in the key region for the global retailer. Sales in North America overall declined 1.5 percent in the quarter.

JD Sports, which will be honored with the 2024 Footwear News Achievement Award for Best Retailer in December, has recently pushed into the U.S. market via acquisitions, brand partnerships and store openings. In July, JD closed the acquisition of American retailer Hibbett and added 1,179 stores to its portfolio across the U.S. in markets outside of JD’s existing fleet.

“We are gaining share in U.S. and our market share is around 5 percent,” Schultz said in a Thursday call with analysts. “In the U.S. market, we have seen what we have seen in the last 12 months, which is the fact that the market is performing well at peak periods.”

Schultz also reaffirmed the retailer’s strong relationship with its key brand partner, Nike, and its new chief executive officer, Elliott Hill. Nike recently made the decision to pull back some of its key Jordan products to reignite demand in North America, a decision that has impacted some key retailers like JD. However, Schultz said the retailer is still on track to receive hot products for important sales moments.

“We will see some high heat products for the key holiday period. We have some Jordan high heat product and some Nike high heat product,” Schultz said. “For me, it’s all good news in terms of the relationship, in terms of the way of thinking and the way of working. We feel really good about what will happen in the U.S. market following the appointment of Elliott.”

Across all regions, JD delivered organic sales growth of 5.4 percent and like-for-like sales decline of 0.3 percent for the quarter.

The Evansville, Ind.-based footwear retailer reported that net sales in the third quarter were $306.9 million, down from the $319.9 million from the same quarter last year and short of the company’s expectations. Excluding the impact from a shift in the retail calendar, net sales were up 2.2 percent, led by a strong back-to-school performance and sales from the $45 million February acquisition of Rogan Shoes. Comparable store sales declined declined 4.1 percent in the quarter, due to hurricanes that impacted sales in September and October and warmer weather that delayed demand for boots.

Net income for the third quarter was $19.2 million, or 70 cents per diluted share, which was in line with the company’s expectations.

Shoe Carnival president and chief executive officer Mark Worden said that back-to-school helped drive sales throughout the season, despite weather challenges.

“Our flexible digital-first marketing campaign and great brand assortment drove demand during this peak shopping period and profitability in line with expectations for the third quarter,” the executive said. “I am very proud of our team for delivering the company’s profit results despite two significant hurricanes disrupting third quarter sales and a very warm October that delayed the start of our winter boot season.”

As of Nov. 21, the company operated 431 stores, with 361 Shoe Carnival stores, 42 Shoe Station stores and 28 Rogan’s locations. Last quarter, Shoe Carnival said that it plans to grow its fleet to more than 500 stores by 2028 via “organic growth and strategic M&A activity.”

Worden added that Shoe Carnival continued its store rebanner strategy and converted seven Shoe Carnival stores to Shoe Station banners in the quarter. The company expects to test rebanners at 25 more stores in the first half of 2025. Shoe Carnival also noted that sales from its Rogan Shoes acquisition have contributed net sales of over $80 million in fiscal 2024, $22.3 million of which was in the third quarter.

Shoe Carnival downgraded its sales outlook for fiscal year 2024 and now expects net sales in the range of $1.2 billion and $1.23 billion, which would represent growth between 2 percent and 4.5 percent year-over-year. Adjusted EPS is still expected to be between $2.60 and $2.75.

The public Finnish company, which also owns the Arc’Teryx, Wilson, Peak Performance and Atomic brands, reported a 17 percent increase in sales in Q3 to $1.35 billion. Net income increased 257 percent to $56 million, or 11 cents diluted earnings per share. Adjusted net income increased 651 percent to $71 million, or 14 cents diluted earnings per share. Gross margin increased 420 basis points to 55.2 percent.

The outdoor performance segment, which includes the company’s Salomon brand, saw revenues grow 8 percent to $534 million in Q3. The brand announced that it has elevated chief product officer Guillaume Meyzenq to the role of president and CEO of Salomon, effective Jan 1, 2025. He replaces Franco Fogliato, who stepped down from the role in April for personal reasons after about three years at the helm of the brand.

Amer posted quarterly gains in its other brand segments as well. Revenues for technical apparel, which includes Arc’teryx and Peak Performance, were up 34 percent year-over-year to $520 million. And the Ball & Racquet category, which includes the Wilson brand, grew 11 percent to $300 million.

Amer CEO James Zheng said in a statement that company saw growth across all brands and regions in Q3.

“Led by Arc’teryx, our unique portfolio of premium technical brands continues to create white space and take market share in sports and outdoor markets around the world,” Zheng said. “We are executing against our largest growth opportunities in Arc’teryx and Salomon footwear, while our market-leading Ball & Racquet franchise experienced a growth acceleration.”

Amer also announced that chief operating officer Michael Hauge Sørensen would step down from his role and return his former role as an advisor to the board of directors.

Given the strong results, Amer Sports raised its outlook for fiscal year 2024 and now expects revenues to grow between 16 and 17 percent for the year. Fully diluted EPS is expected in the range of 43 cents to 45 cents. Gross margin is projected to be between 55.3 percent and 55.5 percent. Revenues for the technical apparel category are expected to grow 34 percent. Outdoor performance revenue is projected to grow eight percent and ball and racquet revenues are projected to grow four percent.

“As we begin to look beyond this year, we are also confident in our initial 2025 outlook and expect to deliver results consistent with our long-term financial algorithm of low-double-digit to mid-teens annual revenue growth and 30-70+ bps of annual adjusted operating margin expansion driven by gross margin expansion,” Amer chief financial officer Andrew Page said in a statement.

Marc Maurer, co-chief executive officer, told FN sister publication WWD that the company is well on its way to reaching its previously announced goal of doubling its 2023 revenues by 2026. He said the means to that end is built around scaling the company’s own retail network, growing apparel and increasing its reach in the Asia-Pacific region.

“We’ve been very consistent in executing that strategy,” Maurer said. “And we’re very happy to also see in Q3 that it’s working out and that consumers are appreciating it, and we’re really looking forward to the holiday season. We very much feel we’re attacking it from a position of strength, and then we can take the momentum into 2025.”

He said the recent campaign with Zendaya that showed her in the Swiss Alps in On’s apparel is expected to provide a big boost to clothing sales going forward.

In the period ended Sept. 30, net sales for the Zurich-based brand increased 32.3 percent to 635.8 million Swiss francs. The jump was fueled by a significant increase in the company’s direct-to-consumer sales which were up 49.8 percent to 246.7 million Swiss francs over the prior year. DTC sales now account for 38.8 percent of the company’s overall business.

But it wasn’t just DTC that did well, wholesale sales also increased 23.2 percent in the period, hitting 389.1 million francs.

As Maurer explained: “With everything we do, we really try to focus on long-term brand growth and reaching and tapping into new communities with lots of product innovation. What you saw over the summer with the Olympics, for example, is now playing out. We had a huge jump in brand awareness in the U.S. We grew to 20 percent aided awareness, which still leaves a lot of room to grow, but it is a significant jump from where we were before. I think this really converted into e-com revenues.”

He also said the company’s partnerships with Zendaya as well as FKA Twigs, an English singer and dancer, “really allow us to gain additional credibility in those communities.”

In terms of profits, On achieved its highest gross profit margin since going public in September of 2021, reaching 60.6 percent in the third quarter, up from 59.9 percent in the same period last year.

But net income decreased 48 percent to 30.5 million Swiss francs from 58.7 million francs in the same period last year.

Maurer explained that the company looks at other indices to determine its performance. “What’s important for us is when we look at sales and how it flows through,” he said. Maurer pointed to the gross profit margin that indicates the company’s ability to sell product at full price — a number that “really shows the long-term profitability potential of the brand.” Then adjusted EBIDTA margin, which stood at 18.9 percent, was also strong and an indicator that some distribution issues the company experienced in the second quarter are now basically cured. He credited the company’s team for navigating the “operational headwinds” that had impacted sales in the second quarter

Now he said the company is able to “look super positively into Q4 and the holiday season.”

Net income was also impacted by currency conversion issues and capital expenditures as On continues to aggressively add stores around the world, he said.

By region, net sales in the Americas rose 34.5 percent to 395.5 million francs, while Europe, Middle East and Africa were up 15.2 percent to 165.8 million francs and Asia-Pacific jumped 79.3 percent to 74.6 million.

By category, net sales of shoes rose 32.1 percent to 603.7 million francs, apparel was up 33.4 percent to 26.8 million francs, and accessories increased 53.9 percent to 5.3 million francs.

As a result, On raised its full-year net sales outlook to at least 32 percent on a constant currency basis, or 2.29 billion Swiss francs. Gross profit margin is now expected to be approximately 60.5 percent for the full year and adjusted EBITDA is expected to come in at the higher end of the previous expectation of 16 percent to 16.5 percent for 2024.

Maurer said On is also pleased with the results of its recent collaborations with Loewe and Post Archive Faction, a technical label from Korea, that is “gaining a lot of traction.”

“And we have very, very strong momentum on key franchises like the Cloudmonster and the Cloudrunner 2, which is an important run franchise, and our holiday campaign is really building around the strengths of some of our key franchises, and also pushing apparel,” the co-CEO said.

On will also continue to add to its retail footprint. Maurer said the company’s previously announced goal to add roughly 20-25 stores every year is on track. He pointed to two new U.S. units that recently opened in Chicago and New York’s Flatiron district, as examples. One more store will be added this year.

“We’re seeing own retail working exceptionally well,” he said. “The stores are elevating the brand experience. The stores allow us to showcase apparel in an even better way. And the stores also allow us to penetrate key markets in Asia-Pacific even further. So a large part of the store rollout is also driven by China. That’s a path we aim to continue. We’re super happy with how the retail strategy, which is basically in its infancy, is yielding very, very strong returns.”

Other On executives were also upbeat following the earnings report.

Caspar Coppetti, co-founder and executive co-chairman of On, said: “Just over a year ago, we shared our ‘Dream On’ vision with the world. This quarter’s record results are a testament to the incredible momentum we have built. From increasing our brand awareness amongst our core communities worldwide, to pushing the boundaries of performance credibility and deepening our sustainability impact, to expanding our premium footprint across all channels, we are turning our dream into a reality. With our continued relentless focus on performance, innovation and authentic partnerships, we are excited to inspire the world to move with even greater purpose.”

Martin Hoffmann, co-chief executive officer and chief financial officer of On, said: “This quarter’s exceptional results are a demonstration of the incredible work of our team, the growing global demand for the On brand, and the power of On’s premium position. Our commitment to innovation and excellence has allowed us to capture this demand and deliver outstanding performance, particularly in our DTC channel. The resulting net sales and profitability ahead of our expectations puts us in a position to significantly increase our outlook for the full year 2024 and fuels our confidence as we head into the holiday season and continue to shape the future of sportswear.”