Big 5 Sporting Goods, the US retail chain that includes fishing tackle among its wide offering, has released upbeat preliminary results for its second quarter, ended June 28.
Same-store sales for the first half of the quarter, when COVID-19 forced a high number of store closures, dropped by 28.2% year-on-year.
However, when stores reopened in the second half of the quarter, same-store sales increased by 15.5% year-on-year, with very strong merchandising margins.
For the quarter, same-store sales decreased 4.2% year-on-year. Total net sales for the period were $228 million, compared to $241 million the previous year.
“We are pleased with an exceptionally strong second-quarter performance driven by substantial sales and merchandise margin gains….and by meaningful reductions in our cost structure,” said Chairman and CEO, Steven G. Miller.
“This powerful combination has contributed to significantly reduced inventory and net borrowing levels. Our business is in a very strong financial position.”
Cost reductions came chiefly from payroll, advertising and rent abatement
“We are also pleased that the positive sales and margin momentum has continued into the start of the third quarter,” said Miller.
Big 5 is recognising the efforts of its team with special bonuses, with the exception of senior executives. It will also implement previously planned pay increases that had been suspended due to uncertainties surrounding COVID-19.
The company temporarily closed..Continue Reading
Everest.com, the marketplace where retailers can sell fishing, camping, shooting and hunting gear, has appointed Kristi Heuring as Chief Marketing Officer.
Heuring, who has worked in marketing for 26 years, joins the business after senior roles with Aguila Ammunition and Aimpoint Inc.
She will lead all marketing efforts for the Everest marketplace, including brand building, driving traffic and increasing customer engagement and loyalty.
“A CMO of Kristi’s calibre, one with extensive outdoors industry experience, is hard to come by, and we are looking forward to her leadership as we build Everest,” said Bill Voss, CEO and founder of Everest.
“Being part of a game-changing and exciting venture such as this is something on every marketer’s bucket list,” said Heuring, who has experience of both the agency and manufacturing sides of business... Continue Reading
The fishing tackle industry has a last chance to give its views to European legislators on how restrictions on the use of lead in tackle will affect their business.
The European Chemicals Agency (ECHA) – the European Union body that manages and implements the organisation’s regulations – is currently investigating the need and potential scope of a restriction on the use of lead in fishing tackle for a report that it will submit in October.
It is asking interested parties to take part in a survey which will form part of its report to the EU. The deadline for submissions is tomorrow (Friday).
EFTTA, the representative body for the fishing tackle industry in Europe, says: “As part of the presentation, ECHA is currently collecting information on companies and the various players in the supply chain and asking how they will be affected by restrictions and the consequences for the sector.
“The objective is to propose a restriction which constitutes the most appropriate and proportional risk management measures to prevent the identified risks of lead.
“The ECHA is still in the investigation phase. It is important that companies who have not already done so, provide input to the questions. The information received will be used to make a better and more informed assessment of the restriction options and scope.”
The survey can be accessed here.. Continue Reading
The COVID pandemic is rewriting the rules of retail, according to a thought-provoking article posted by the Harvard Business Review on Monday.
The article warns that retailers should stop expecting business to return to normal and should be preparing to take their customer experience to the next level.
It points to latest data from McKinsey, reputedly the world’s largest consultancy firm, that shows consumers are likely to continue the behaviours they have adopted during lockdown.
These include stay-at-home shopping and less visits to brick-and-mortar retailers, trends already reflected in the fishing tackle market with many companies telling Angling International that post-COVID they intend to put more emphasis on e-commerce.
The data reveals that consumers are more carefully evaluating what they spend and where, and that most categories have seen a 15% to 30% increase in the use of online channels.
Brand loyalty has also changed with more than 75% having experimented with different shopping behaviour during the crisis by trying new brands and stores.
The current developments have strong implications for business-to-consumer players, many of whom are already changing their operating models and their media spends to better position themselves.
A quarter of consumers consider that a company’s treatment of its employees during COVID is a buying criterion.
The McKinsey data is further evidence, the article suggests, that retailers can no longer rely on..Continue Reading
Latest licence sales figures for the UK reveal that angling has rebounded from COVID-19 and the number of people fishing could overtake last year.
Between May 13th, when restrictions were lifted, and June 9th, more than 335,000 licences were purchased, an increase of more than 200,000 on the same period last year.
When added to the 160,072 licences sold in April – and given the added incentive of the return of the Take a Friend Fishing (TAFF) campaign on July 4th – it is hoped the trend will boost annual licence sales over the 940,974 total sold last year.
The news will be a shot in the arm for the tackle industry, which has endured a bleak time since restrictions were imposed in March, which included the closure of tackle shops.
“The increase in licence sales is a very welcome sight for the trade,” said Angling Trades Association (ATA) Chairman Andrew Race, Managing Director of scales manufacturer Reuben Heaton.
“Over the next twelve months, the ATA will be focused on helping both the trade and sport to recover from COVID-19 whilst working closely with other major stakeholders to retain and build on 2020 participation levels through initiatives such as TAFF and National Fishing Month.
“The crisis has focused minds on lifestyle and the importance of leisure time. People have come to value their downtime again and angling is a..Continue Reading
International outdoor goods and fishing tackle retailer L.L. Bean has announced plans to expand its footprint in Canada with the opening of three more stores in the country this year.
Greg Elder, Vice President of Retail and International at the company, said the positive response of its first store opening last year has accelerated its growth plans in Canada. “We are extremely grateful to our Canadian customers for welcoming us and the continued success really demonstrates the relevance of our iconic products and the kinship we share in the inherent love and care for the outdoors.”
“We are extremely mindful of how and where we grow,” added Stephen Smith, President and CEO of L.L. Bean. “We are excited to be able to offer our Canadian neighbours more options in more locations this year and to provide them with the outdoor essentials they need to enjoy the many restorative benefits of being outdoors.
“We look forward to building on that relationship with our Canadian customers in years to come.”
The company launched an e-commerce site in Canada in the Fall of 2018, following it up with a Canada-specific catalogue and the opening of its first store in Oakville, Ontario in August last year... Continue Reading
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