Latest news with #JackWolfskin
Fashion United
3 days ago
- Business
- Fashion United
Jack Wolfskin: Matthew Jung steps down as CEO
Jack Wolfskin will continue without CEO Matthew Jung. Jung left the outdoor outfitter after three and a half years, one and a half of which he spent as chief executive officer, as Jack Wolfskin confirmed to FashionUnited upon request. The former CEO left at his own request to pursue new professional opportunities outside the company. Jung's departure coincided with the acquisition of Jack Wolfskin by the Chinese sportswear group Anta Sports Products Limited. The acquisition, announced in April, was completed on Monday, according to a statement from the new parent company. Jack Wolfskin, previously part of the US group Topgolf Callaway Brands Corp., is now an indirect, wholly owned subsidiary of the group. Jung assumed the role of CEO in January 2024 and previously served as general manager for China. He joined Jack Wolfskin in 2022 according to his profile on the career network LinkedIn, after a career break. He previously held various management positions at the US sportswear manufacturer Nike, most recently as general manager of the shoe brand Converse in Asia. His successor as CEO is expected to be announced shortly. Until then, the current management team will ensure smooth business operations. According to the statement, no further structural changes are associated with the change in leadership. This article was translated to English using an AI tool. FashionUnited uses AI language tools to speed up translating (news) articles and proofread the translations to improve the end result. This saves our human journalists time they can spend doing research and writing original articles. Articles translated with the help of AI are checked and edited by a human desk editor prior to going online. If you have questions or comments about this process email us at info@
Malaysian Reserve
4 days ago
- Business
- Malaysian Reserve
Topgolf Callaway Brands Completes Sale of Jack Wolfskin to ANTA Sports
CARLSBAD, Calif., June 2, 2025 /PRNewswire/ — Topgolf Callaway Brands Corp. (NYSE: MODG) ('Topgolf Callaway Brands' or the 'Company') is pleased to announce the successful completion of the sale of its Jack Wolfskin business to ANTA Sports for $290 million, subject to certain customary closing adjustments. The transaction, which closed effective May 31, 2025, represents a significant milestone for Topgolf Callaway Brands as it refocuses its strategic priorities on its core businesses and enhances the Company's financial flexibility ahead of the planned separation of Topgolf from its core operations. Chip Brewer, President and CEO of Topgolf Callaway Brands, stated, 'We are excited to announce the successful completion of the sale of our Jack Wolfskin business to ANTA Sports. We believe that ANTA Sports will continue to uphold the integrity and reputation of the Jack Wolfskin brand, and we extend our gratitude to our Jack Wolfskin employees for their hard work and dedication in positioning the business for its next chapter.' For more information about Topgolf Callaway Brands and its portfolio, please visit Investor/Media Contact:Katina MetzidakisEmail: invrelations@ About Topgolf Callaway Brands Callaway Brands Corp. (NYSE: MODG) is an unrivaled tech-enabled Modern Golf and active lifestyle company delivering leading golf equipment, apparel, and entertainment, with a portfolio of global brands including Topgolf, Callaway Golf, TravisMathew, Odyssey and OGIO. 'Modern Golf' is the dynamic and inclusive ecosystem that includes both on-course and off-course golf. Forward-Looking StatementsStatements used in this press release that relate to future plans, events, financial results, performance, prospects, or growth opportunities, including statements relating to the Company's liquidity and financial flexibility following the completion of the sale, the growth and positioning of the Company's portfolio of brands, increased focus on the Company's portfolio of leading brands, and statements of belief and any statement of assumptions underlying any of the foregoing, are forward-looking statements as defined under the Private Securities Litigation Reform Act of 1995. The words 'believe,' 'expect,' 'estimate,' 'could,' 'would,' 'should,' 'intend,' 'may,' 'plan,' 'seek,' 'anticipate,' 'project' and similar expressions, among others, generally identify forward-looking statements, which speak only as of the date the statements were made and are not guarantees of future performance. These statements are based upon current information and expectations. Accurately estimating the forward-looking statements is based upon various risks and unknowns, including our ability to successfully execute on planned and potential transactions, including our planned separation of Topgolf, and the potential to realize the expected benefits of such transactions on the expected timeframes or at all. Actual results may differ materially from those estimated or anticipated as a result of these risks and unknowns or other risks and uncertainties. For additional information concerning these and other risks and uncertainties that could affect these statements and the Company's business, see the Company's Annual Report on Form 10-K for the year ended December 31, 2024 as well as other risks and uncertainties detailed from time to time in the Company's reports on Forms 10-K, 10-Q and 8-K subsequently filed with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Company undertakes no obligation to republish revised forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
Yahoo
4 days ago
- Business
- Yahoo
Topgolf Callaway Brands Completes Sale of Jack Wolfskin to ANTA Sports
CARLSBAD, Calif., June 2, 2025 /PRNewswire/ -- Topgolf Callaway Brands Corp. (NYSE: MODG) ("Topgolf Callaway Brands" or the "Company") is pleased to announce the successful completion of the sale of its Jack Wolfskin business to ANTA Sports for $290 million, subject to certain customary closing adjustments. The transaction, which closed effective May 31, 2025, represents a significant milestone for Topgolf Callaway Brands as it refocuses its strategic priorities on its core businesses and enhances the Company's financial flexibility ahead of the planned separation of Topgolf from its core operations. Chip Brewer, President and CEO of Topgolf Callaway Brands, stated, "We are excited to announce the successful completion of the sale of our Jack Wolfskin business to ANTA Sports. We believe that ANTA Sports will continue to uphold the integrity and reputation of the Jack Wolfskin brand, and we extend our gratitude to our Jack Wolfskin employees for their hard work and dedication in positioning the business for its next chapter." For more information about Topgolf Callaway Brands and its portfolio, please visit Investor/Media Contact:Katina MetzidakisEmail: invrelations@ About Topgolf Callaway Brands Callaway Brands Corp. (NYSE: MODG) is an unrivaled tech-enabled Modern Golf and active lifestyle company delivering leading golf equipment, apparel, and entertainment, with a portfolio of global brands including Topgolf, Callaway Golf, TravisMathew, Odyssey and OGIO. "Modern Golf" is the dynamic and inclusive ecosystem that includes both on-course and off-course golf. Forward-Looking StatementsStatements used in this press release that relate to future plans, events, financial results, performance, prospects, or growth opportunities, including statements relating to the Company's liquidity and financial flexibility following the completion of the sale, the growth and positioning of the Company's portfolio of brands, increased focus on the Company's portfolio of leading brands, and statements of belief and any statement of assumptions underlying any of the foregoing, are forward-looking statements as defined under the Private Securities Litigation Reform Act of 1995. The words "believe," "expect," "estimate," "could," "would," "should," "intend," "may," "plan," "seek," "anticipate," "project" and similar expressions, among others, generally identify forward-looking statements, which speak only as of the date the statements were made and are not guarantees of future performance. These statements are based upon current information and expectations. Accurately estimating the forward-looking statements is based upon various risks and unknowns, including our ability to successfully execute on planned and potential transactions, including our planned separation of Topgolf, and the potential to realize the expected benefits of such transactions on the expected timeframes or at all. Actual results may differ materially from those estimated or anticipated as a result of these risks and unknowns or other risks and uncertainties. For additional information concerning these and other risks and uncertainties that could affect these statements and the Company's business, see the Company's Annual Report on Form 10-K for the year ended December 31, 2024 as well as other risks and uncertainties detailed from time to time in the Company's reports on Forms 10-K, 10-Q and 8-K subsequently filed with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Company undertakes no obligation to republish revised forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. View original content to download multimedia: SOURCE Topgolf Callaway Brands Corp. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
13-05-2025
- Business
- Yahoo
Topgolf Callaway Q1 Earnings Surpass Estimates, Revenues Fall Y/Y
Topgolf Callaway Brands Corp. MODG reported first-quarter 2025 results, with earnings and revenues beating the Zacks Consensus Estimate. The top line declined year over year, while the bottom line declined from the prior-year quarter's the quarter, the company stated benefits from cost reduction and margin enhancement initiatives. It announced an agreement to divest its Jack Wolfskin business. Management emphasized that this move will enable MODG to sharpen its focus on core operations, improve resource allocation and strengthen both its balance sheet and liquidity. Looking ahead, management remains optimistic about maintaining full-year revenues and adjusted EBITDA guidance. This outlook is supported by a strong start to the year, favorable currency trends, and ongoing efforts to manage costs and offset tariff-related pressures. Despite market uncertainties, the company believes it is well-positioned to deliver long-term shareholder value through strategic execution, operational focus and key portfolio realignments. For the quarter under review, the company reported an adjusted earnings per share (EPS) of 11 cents, beating the Zacks Consensus Estimate of 4 cents. In the prior-year quarter, the company reported an adjusted EPS of 8 cents. Topgolf Callaway Brands Corp. price-consensus-eps-surprise-chart | Topgolf Callaway Brands Corp. Quote Total revenues of $1.09 billion beat the consensus estimate by 3.1%. However, the top line declined 4.5% year over year. Topgolf: Revenues of this segment amounted to $393.7 million, down 6.8% from the reported value of $422.8 million in the year-ago quarter. The segment's operating loss came in at $11.9 million against an income of $2.9 million reported in the prior-year quarter. The downside can be attributed to lower same-venue sales (down 12% year over year). Segment-adjusted EBITDA came in at $43.9 million compared with $59.8 million reported in the prior-year quarter. The downside was due to a decline in same-venue sales, partially offset by cost reduction Equipment: Revenues of this segment amounted to $443.7 million, down 0.3% from $449.9 million reported in the prior-year quarter. The segment's operating income came in at $101.6 million compared with $82.1 million reported in the prior-year quarter. The upside was driven by improved gross margin performance, the favorable impact of cost savings initiatives and a lease termination incentive for our Japan subsidiary. Active Lifestyle: Revenues of this segment amounted to $254.9 million, down 4.7% from the reported value of $271.5 million in the year-ago quarter. The decline can be attributed to the strategic downsizing of the Jack Wolfskin business in Europe. However, this was partially offset by growth in the China market. The segment's operating income came in at $30.6 million compared with $24.7 million reported in the prior-year quarter. During the first quarter of 2025, the company's total costs and expenses amounted to $1.03 billion compared with $1.08 billion reported in the prior-year period. Adjusted net income during the quarter came in at $20.3 million compared with $14.4 million reported in the prior-year quarter. Adjusted EBITDA during the quarter came in at $167.3 million compared with $160.9 million reported in the prior-year quarter. As of March 31, 2025, MODG's cash and cash equivalents amounted to $317 million compared with $445 million as of Dec. 31, 2024. The company's long-term debt (as of March 31) was $1.455 billion, almost flat sequentially. For the second quarter of 2025, the company expects revenues to be in the range of $1.075-$1.115 billion. It expects adjusted EBITDA to be in the range of $139-$159 million. In 2025, the company anticipates revenues to be in the range of $4-$4.19 billion. Topgolf revenues are expected to come in between $1.68 billion and $1.79 billion, compared to the previous estimate of $1.725 billion to $1.835 billion. Same venue sales growth for Topgolf is now projected to decline between 6% and 12%, compared with a prior expectation of a mid-single-digit decline. The company expects consolidated adjusted EBITDA to be in the range of $415-$505 million. Topgolf Callaway currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. Norwegian Cruise Line Holdings Ltd. NCLH reported first-quarter 2025 results, with earnings and revenues missing the Zacks Consensus Estimate. Both the top and bottom lines decreased on a year-over-year in the quarter were hurt by a 2% decline in Capacity Days, stemming from a higher number of Berths out of service due to larger ships undergoing dry-dock, as well as a strategic move to reduce passenger air participation rates. For 2025, Norwegian Cruise anticipates occupancy to be approximately 102.5% compared with the prior guidance of 103.4% and Capacity Days to be about 24.545 Resorts International MGM reported first-quarter 2025 results, with earnings and revenues beating the Zacks Consensus Estimate. The top and bottom lines declined from the prior-year quarter's remains optimistic about the outlook for the rest of 2025, supported by strong forward bookings and expectations for record hotel performance in April on the Las Vegas Strip. MGM Resorts stated progress on the $200 million EBITDA enhancement plan and expects more than $150 million to be realized in Entertainment, Inc. CZR reported mixed first-quarter 2025 results, with earnings missing the Zacks Consensus Estimate and revenues surpassing the same. Nonetheless, both the top and bottom lines improved on a year-over-year Entertainment's first-quarter performance was driven by record results in the Digital segment. Growth in the regional segment, supported by recently opened properties, and solid performance in Las Vegas, despite a tough comparison to last year's Super Bowl period, also aided the quarter's performance. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report MGM Resorts International (MGM) : Free Stock Analysis Report Caesars Entertainment, Inc. (CZR) : Free Stock Analysis Report Norwegian Cruise Line Holdings Ltd. (NCLH) : Free Stock Analysis Report Topgolf Callaway Brands Corp. (MODG) : Free Stock Analysis Report This article originally published on Zacks Investment Research ( Zacks Investment Research
Yahoo
13-05-2025
- Business
- Yahoo
Topgolf Callaway Brands Corp (MODG) Q1 2025 Earnings Call Highlights: Navigating Challenges ...
Consolidated Revenue: $1.09 billion, decreased 5% year-over-year. Adjusted EBITDA: $167 million, increased 4% year-over-year. Topgolf Revenue: Decreased 7% year-over-year. Topgolf Operating Income: Decreased $15 million to a $12 million loss. Topgolf Adjusted EBITDA: Decreased $16 million to $44 million. Golf Equipment Revenue: $444 million, decreased 1% year-over-year. Golf Equipment Operating Income: Increased 24% to $102 million. Active Lifestyle Revenue: Decreased $17 million to $255 million. Active Lifestyle Operating Income: Increased $6 million to $31 million. Net Debt: $2.74 billion, including $258 million in convertible debt. Available Liquidity: $805 million, increased $85 million year-over-year. Inventory Balance: Decreased $49 million to $654 million. Full Year Revenue Guidance: $4.0 billion to $4.185 billion. Full Year Adjusted EBITDA Guidance: $415 million to $505 million. Topgolf Same Venue Sales Guidance: Revised to down 6% to 12%. Topgolf Revenue Guidance: $1.680 billion to $1.790 billion. Topgolf Adjusted EBITDA Guidance: $240 million to $300 million. Warning! GuruFocus has detected 7 Warning Signs with MODG. Release Date: May 12, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Topgolf Callaway Brands Corp (NYSE:MODG) met or exceeded expectations in all business segments for Q1 2025. The company announced an agreement to sell Jack Wolfskin to ANTA Sports, which will enhance business focus and financial flexibility. Golf Equipment segment saw both revenues and operating margins ahead of expectations, with strong product feedback. Topgolf initiatives like Sunday Funday and Topgolf Nights showed positive results, driving traffic improvements. The company maintained its full-year EBITDA guidance for Topgolf despite economic challenges, indicating confidence in cost management and strategic initiatives. The impact of tariffs is expected to be approximately $25 million, an increase from previous estimates. Topgolf's same venue sales were down approximately 12% for the quarter, with corporate events particularly affected. The Active Lifestyle segment faced challenging market conditions, with revenues down due to lower sales at Jack Wolfskin Europe. Topgolf is perceived as relatively expensive in a slowing consumer environment, which could impact long-term sales. The company revised its Topgolf revenue and same venue sales guidance downward due to economic uncertainty and a slow start to the year. Q: Can you provide an update on the core Golf Equipment business and any changes in the industry backdrop? A: Oliver Brewer, President and CEO, stated that there have been no significant changes in the industry backdrop. The golf consumer remains strong, markets are solid, and the outlook is positive with no material change. Q: Regarding the value reset at Topgolf, how much of the softening is due to macroeconomic factors versus competition? A: Arthur Starrs, CEO of Topgolf, noted that the macroeconomic environment, particularly corporate spending pressure, has impacted the events side. The consumer is price-sensitive, but the immediate positive response to value initiatives like Sunday Funday and Topgolf Nights is encouraging. Q: How do you plan to manage the venue level cost structure at Topgolf, given the near-term margin pressures? A: Arthur Starrs explained that they remain confident in long-term EBITDAR margin growth, targeting over 35%. They are investing in value to acquire customers and improve venue efficiency, with ongoing iterations of their labor model to adapt to changing demand patterns. Q: Could you elaborate on the cost savings initiatives that have allowed you to maintain guidance despite tariffs and reduced Topgolf revenue? A: Oliver Brewer highlighted that proactive cost and efficiency improvements were initiated last year and accelerated this year. These efforts span corporate overhead reductions and operational efficiencies across all business areas. Q: How are you approaching the capital structure for Topgolf in light of the potential spin-off or sale? A: Brian Lynch, CFO, mentioned that they are reassessing the capital structure due to changes in the environment. They now expect to provide less cash and possibly a modest amount of debt to Topgolf, ensuring both companies are well-capitalized post-separation. Q: What is driving the reduction in Topgolf's same venue sales guidance, and what factors could influence hitting the top or bottom end of the guidance range? A: Arthur Starrs attributed the reduction primarily to the events business, with improved traffic trends in the 1- to 2-Bay business. The guidance range reflects current trends, with the lower end influenced by potential further declines in 3+ Bay events. Q: How are you addressing the value proposition for the 3+ Bay events business at Topgolf? A: Arthur Starrs stated that they are offering more flexibility in the direct sales channel to win sales, while maintaining the premium nature of the product. The events business is less sensitive to price and more affected by corporate spending trends. Q: Can you discuss the drivers behind the margin improvement in the Golf Equipment segment? A: Oliver Brewer noted that margin improvement was driven by better gross margins and OpEx reductions. Initiatives to improve yields, freight, and operating efficiency have started to manifest, although tariff impacts will increase throughout the year. For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus. 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