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Mon, Aug 28, 2017
Vol 1, Issue No. 33
Monday, March 26, 2018
Volume 2, Issue No. 12

JD Sports Merging with The Finish Line

The publicly-traded global retailer JD Sports, based in the United Kingdom, is set to acquire The Finish Line for $13.50 a share, or approximately $558 million, in a deal equal to a 28 percent premium for FINL shareholders. JD, the leading European retailer of sports, fashion and outdoor brands, has long eyed the U.S. market as a viable expansion market as it has moved forward with a global strategy in recent years, largely through acquisitions. The retailer, headed by Executive Chairman Peter Cowgill, generated annual revenues of $3.64 billion for the 12 months ended January 28, 2017 with all but approximately $280 million (from outdoor banners) generated by its Sports Fashion banner, which had 2,039 doors worldwide in August 2017 and all but 492 locations in either the U.K. or Ireland. The company’s online penetration was 13.7 percent in H1/FY17.

JD, which has a small presence in Asia and Australia acquired the Go Outdoors chain in November 2016 and in January completed the acquisitions of 12 former Athlete’s Foot stores in The Netherlands and Portugal and former Sports Zone operations in Portugal, Spain and Canary Islands. But the retailer, which went public in October 1996 and is slated to report its next annual results in April, has long eyed the U.S. market. Besides its namesake banner, the business includes nearly 2,400 outdoor specialty locations with more 72 percent Go Outdoors.

In the Finish Line, JD gains entry into a mature athletic market and an opportunity to go head-to-head with Foot Locker on its home turf. For the 12 months ended March 3, FINL revenues were essentially flat at $1.84 billion on a 3.9 percent decline in annual comparable store sales. Finish Line banner sales dipped 1.9 percent in the FY, but annual sales in Finish Line inside Macy’s doors rose 7.5 percent.

More about the pending merger agreement should become clear this week. Finish Line will now report year-end and fourth quarter results on March 29 instead of April 3.

Industry Braces for Possible U.S.-China Trade War

Sporting goods companies that have failed to adjust their supply chains in recent years, including a shift away from an overreliance on Chinese manufacturers, may be in panic mode given developments in Washington, D.C. and China last week. Wall Street is already dreading the possibilities. The Dow fell more than 1,100 points over two days late last week. But yesterday, the Wall Street Journal reported that the U.S. and China have quietly begun trade talks, including improved U.S. access to Chinese markets.

The Trump Administration, upset with both a 28 percent rise in the 2017 U.S. trade deficit with China to more than $375 billion and the Asian country’s persistent theft of U.S. intellectual property (IP) despite recent improvements, announced the imposition of $60 billion of tariffs on a broad range of products imported from China. Within the next two weeks, the U.S. Trade Representative’s (USTR) office will provide specifics on the items that will be impacted by higher duties. That will be followed by a public comment period that will allow for exemptions from the tariffs.

With almost 75 percent of respondents to a CNBC Fed Survey offering worry about the negative impact of any trade war on the economy, various industries contacted the Administration ahead of its tariff decision to express their concerns. Two dozen retailers and apparel companies, including Columbia Sportswear, VF Corp., Wolverine Worldwide, Macys, Target and Walmart, signed a letter to the president urging him that any remedy to the trade deficit situation “carefully consider the impact on consumer prices.”

Earlier, the signees wrote, “In the U.S., those who can afford less pay more because the U.S. levies the highest tariffs on basic consumer goods,” later suggesting any additional broad-based tariff could “punish American working families with higher prices on household basics like clothing, shoes, electronics and home goods.”   In separate correspondence to Washington sent by the Footwear Distributors & Retailers of America (FDRA), more than 80 footwear companies and brands voiced opposition to new taxes on shoes, suggesting they would result in higher costs for consumers and fewer U.S. jobs and pointing out that U.S. footwear companies and consumer paid nearly $3 billion “in these hidden taxes” in 2017.

China reacted to the tariff proclamation in Washington by proposing a 15-percent duty on 128 U.S. products with an import value of $3 billion and 25 percent duties on U.S. pork and recycled aluminum. But China’s commerce ministry, while pointing out the U.S. tariff actions hurt the multilateral trading system and international trading order, urged the Trump Administration to avoid damaging its bilateral relationship with the Asian power.

U.S. Commerce Secretary Wilbur Ross, responding to all that transpired on the matter over a few short days, said, “I don’t think we are starting a trade war.”

Meanwhile, in another trade matter, there were reports last week citing U.S. Treasury Secretary Steven Mnuchin suggesting that the U.S. will consider joining a sweeping free trade agreement with 11 Pacific Rim nations called the Comprehensive and Progressive Trans-Pacific Partnership (CPTPP) after resolving pressing trade matters. The CPTPP is the successor to the TPP that the administration withdrew the U.S. from last year.

Nike Says Better Days Immediately Ahead in North America

Swoosh senior executives are bullish on the brand’s growth prospects for the remainder of 2018, telling analysts last week that the end of the company’s third quarter Feb. 28 marked “a significant turn in North America” and predicting “a reversal of trend in the fourth quarter that ends in May. Nike’s N.A. revenues dipped 6 percent in Q3 on flat apparel sales and an 8 percent decline in footwear revenues.

Among key developments on deck:
• The Epic React ($150 retail) is being scaled with React cushioning added to sportswear, basketball and Jordan. A new $120 retail running shoe, the Odyssey, is being launched.

• New women’s retail concept, UNLACED, that is described as both a physical and digital experience offering collections edited by leading stylists and a wider range of sizes, colors and services will debut at Nike Soho this summer before being expanded to 200+ NIKE Direct and whole partners by the end of 2018.

• Nike has acquired a New York-based consumer data and analytics firm, Zodiac, to help it “deepen relationships with customers” worldwide, particularly Nike+ members.

• Launching Nike App at Retail concept at The Grove in Los Angeles and in Portland, OR this spring in a test of a new concept. When customers enter the door, exclusive products are opened on their app. They can scan for product availability in all nearby Nike stores and checkout and pay through the app. Also, customers not in the store can reserve product through the app and fetch it from an in-store locker for a try-on.

•Increasing speed of delivery in North America, particularly in key cities.

• Digital business was up 18 percent on a currency-neutral basis in third quarter. Nike+ memberships is being scaled in all 12 key global cities over the next fiscal year. Third quarter new membership was up more than 50 percent year-over-year as the SNKRS app was launched in China in December.

Gun Maker Files for Chap. 11 Bankruptcy

Remington Outdoor, controlled for more than a decade by Cerberus Capital and saddled with upwards of $500 million in debt, filed for bankruptcy protection in Delaware yesterday. The company will reportedly shift majority ownership to creditors, including JP Morgan Chase and Franklin Resources, in exchange for debt forgiveness. The new owners are expected to seek a buyer for the business almost immediately.

Cerebus paid $118 million for Remington in 2007 and assumed $252 million of its debt in the deal. Subsequently, the private equity firm created holding company The Freedom Group for all of its firearms businesses, including Bushmaster and Marlin.

More Take Action Against Guns

Ahead of the planned series of “March for Our Lives” anti-gun violence protests around the U.S. on March 24 where projected participation was pegged at 500,000 or more, several organizations and businesses took new actions last week.

Dick’s Sporting Goods CEO Ed Stack, who recently disclosed the retailer will lose some customers due to its changes in gun policy, penned an op-ed piece on the issue for the Washington Post.

In Vermont, the state’s House Judiciary committee approved gun legislation in a 6-5 vote that will ban bump stocks, raise the gun purchasing age to 21, require universal background checks and establish a 10-round purchase limit on ammo magazines.

YouTube, meanwhile, updated its video policies by banning those that sell guns and accessories and prohibiting those that offer tutorials on how to make or upgrade firearms. The policy change irritated some popular gun vloggers, according to Motherboard, who suggested the Google-owned site should have offered a transitional period ahead of the changes.

And Citigroup became the first major bank to set restrictions on the firearms industry since the February 14 high school shootings in Parkland, FL. The lender intends to prohibit its retail customers from selling bump stocks, to consumers under 21 or those who have not passed a background check. In a statement, Citigroup said its changes were “designed to respect the rights of responsible gun owners while helping to keep firearms out of the wrong hands.”

Footwear Insight 
Puma Eyes Basketball; NB on the Run; Reebok’s Former HQ Sold

The Cat, which is forecasting currency-adjusted net revenues to grow approximately 10 percent annually until FY22, continues to have interest in re-entering U.S. performance basketball, the competitive shoe category it exited in 2001. Any basketball focus by Puma will be centered on the culture around the game, products grounded in performance and endorsers/players “that are culturally relevant to the game.” Undoubtedly, a firm position in basketball would help Puma increase its appeal with young men in the U.S. market, something it already has solidly with women on the fashion side thanks to brand’s relationship with the likes of Rihanna.

“Puma has been an influence of culture, but an outsider in basketball,” Bob Philion, president of Puma North America told attendees at the company’s Capital Market Day presentation in London March 20. The company’s priorities this FY after achieving $5.06 billion in FY17 global revenues are focused on accelerating growth in men’s, continuing its women’s momentum and growing its global soccer business further.

At New Balance, the sixth-largest private company in Massachusetts in 2016, CMO Chris Davis recently told the Boston Business Journal FY17 revenues came in at $4.5 billion after growing 9 percent,  with the U.S. accounting for about a third, or $1.485 billion, and international at $2.97 billion representing the balance of sales. Over the last six years, NB has built 4,000 stores globally, including 3,000 in China.

Reebok’s former 65-acre campus and global HQ in Canton, MA was sold by the adidas Group earlier this month to Spear Street Capital of San Francisco and New York for $88 million. Reebok and 750 employees relocated to 220,000-square feet of space in Boston’s Innovation and Design Building last fall.

The Buzz

CURREX, the German biomechanical company that developed the CLEATPRO lightweight insole for soccer boots, has signed FC Barcelona player and Brazilian Rafael Alcantara to a sponsorship deal.

DuPont says it will invest $50 million to accelerate Kevlar innovation and productivity. The effort, which includes nearly 50 staffers worldwide working on the improvement of Kevlar fibers and the development of next-generation performance innovations, is aimed at increasing customer demand for the product, boosting productivity and improving quality through more automation.

The agreement was officially signed by Gene Yoon, Global Chairman at FILA, and Bjӧrn Borg, at Salkhallen in Stockholm, Sweden.

Fila is again teaming up Björn Borg as a brand ambassador, 38 years after first partnering with the Tennis Hall of Famer and former #1 player in the world. Throughout his pro career with Fila, Borg played an influential role in fashion on the tennis court and had status as a style icon.

Patagonia has launched a Blue Heart campaign and website to protect the last wild rivers of Europe. The brand has also released a preview of its upcoming documentary on the Balkan region where more than 3,000 proposed hydropower projects threaten the diverse culture, history and culture of the region known as the Blue Heart of Europe.

Prince forges a strategic partnership with Paddletek to introduce five U.S.-assembled Prince-branded Pickleball paddles. The products, designed and manufactured by Paddletek and ranging in retail price from $99-140, will debut at the Minto U.S. Open Pickleball Championships in Naples, FL on April 21.

Tubes of the Week


Numbers In Play
The Sports Insight Index is our opinion of what we think are the 30 most important public companies in the industry, 15 vendors and 15 retailers. Space considerations prevent us from tracking more, but we will make changes over time.
Index base of 100 is key to the closing prices of 12/31/14
Segment came in flat for the week as the Dow slid 4 percent over the period, or more than 988 points that included the 724.42 dip on March 22 after the China tariffs’ announcement in Washington. Only four stocks were able to improve for the week while 11 declined. Sports Direct has hired Liam Rauley as its new head of strategic investments. Kohl’s is replacing legacy systems and improving operating efficiencies by migrating its systems and applications to the cloud. Walmart discloses that its fourth quarter deceleration in ecommerce growth to 23 percent from 50 percent the period earlier was planned. Also, discounter intends to open 500 small-format FedEx offices inside select locations over the next two years after testing the concept in 50 doors. Dick’s CEO Ed Stack pens an op-ed piece for the Washington Post on the gun debate. Camping World is proposing an extension of its term loan facility by $250 million to $1.19 billion and purchases its 14th RV Center in California. Shoe Carnival is slated to report year-end results on March 27.
Segment dips less than 1 percent for the week despite 11 stocks falling and only four rising. Adidas is doubling the size of its Portland, OR campus through the addition of three buildings as it reportedly intends to increase its workforce in the Rose City by 64 percent to 2,800 from 1,700 currently. Nike is introducing a new women’s concept in the Soho district of New York City this summer called Unlaced before expanding the concept to 200+ Nike Direct and wholesale partners by the end of the year. GoPro has licensed its camera lens and sensor technologies to Jabil, according to Engadget. Skechers sees Kenyan Weldon Kirui win the men’s elite division of the L.A. Marathon wearing its GoMeb Speed 5 on March 18, the company’s third year as title sponsor of the event. Under Armour signature basketball endorser Steph Curry played in low-top kicks (Curry 5 low) when he returned to the court March 23. VF Corp. is selling its Nautica brand to Authentic Brands Group. Nautilus introduces the Octane Fitness Max Trainer that requires less floor space than a treadmill, elliptical or stepper for the commercial and specialty markets.





Retail Name (Ticker Symbol)
Close on 03/15/17
Close on 03/23/18
% change over week
Big 5 Sporting Goods (BGFV)
Sports Direct (LON: SPD)
Camping World (CWH)
Dick's Sporting Goods (DKS)
Finish Line (FINL)
Foot Locker (FL)
Genesco (GCO)
Hibbett Sports (HIBB)
Kohl’s (KSS)
Macy’s (M)
Sportsman’s Warehouse (SPWH)
Shoe Carnival (SCVL)
Tilly’s (TLYS)
Walmart (WMT)
Zumiez (ZUMZ)
Brand Name (Ticker Symbol)
Close on 03/15/17
Close on 03/23/18
% change over week
Acushnet Holdings (GOLF)
adidas (ADDYY)
Amer Sports (AGPDY)
Callaway (ELY)
Columbia Sportwear (COLM)
Deckers Brands (DECK)
Fitbit (FIT)
GoPro (GPRO)
lululemon (LULU)
Nautilus (NLS)
Nike (NKE)
Skechers (SKX)
Under Armour (UA)
VF Corp. (VFC)
Wolverine Worldwide (WWW)

Sports Insight Extra Podcast Series

Nikki Barua

The old way of retail is dead, and there is a massive opportunity to re-invent, proclaims the CEO of Beyond Curious in Los Angeles.

Matt O’Toole

President of Reebok dishes on the brand’s mission and objectives from its headquarters in Boston.

Gabriella Santaniello

Retail expert dishes on what’s going right and wrong in industry today and weighs in on the Walmart vs. Amazon tussle.

Guy Yehiav

The CEO of Profitect addresses the right medicine for changing the paradigm of accountability—prescriptive analytics.

Pat Ryan

Batter Up! The global product director for baseball/softball at Wilson Sports details the new USA Baseball standard that took effect January 1 and what it means when you hit the store this spring looking for a new stick for junior.

Patrick Clark

President of Nextwave, a Buford, GA system integrator, discusses benefits of an on-demand apparel microfactory, a bridge to Just In Time manufacturing, from Sourcing at MAGIC in Las Vegas.

Shawn McBride

Ketchum Sports & Entertainment EVP talks Olympics—impact of three consecutive Games in Asia, social media, corporate guerilla marketing and drawing in younger consumers.

Tyson McGuffin

Tennis pro Tyson McGuffin, 28, talks about the rising popularity of pickleball and how he became a champion in the sport.

Bob Mullaney

The 20-year shoe and retail industry veteran, recently named president and CEO of RG Brands, dishes on the comfort footwear business and Barry’s iconic Dearfoams brand.

Bob Smith

The design consultant who began his 20-year career as a graphic artist for Nike dishes on the blur between lifestyle and performance and the importance of Struktur, the creative conference for active, outdoor and urban design.

Rob & Mike Barnes

The co-founders of Selkirk Sports, a Hayden, ID maker of Pickleball paddles and accessories, dish on the rise of the sport that counted 2.5 million participants in 2015.

Brendan Candon

CEO of SidelineSwap, an online marketplace for used sports gear and equipment, dishes on the market and whether it steps on the toes of traditional, full-line retailers.

Dave McGillivray

The long-time race director and long-distance runner weighs in on marathon participation, the future of event marketing and his latest venture that may bring a marathon to a MLB ballpark near you.

Paul Froio

Reebok’s VP of U.S. Retail and Direct-to-Consumer channels talks about the company’s new South Boston headquarters and adjacent global flagship store.

Aquiles M. Bermùdez P.

The former president of the Dominican Association of Free Zone Companies and current member of the National Commission of Footwear addresses the industry, Dominican Republic’s infrastructure and Footwear Technology Institute.

W. Andrew Martin

The managing director for Baird in Charlotte, NC discusses the M&A climate, consumer loyalty to brands today and the impact of private label.

Mark Sullivan

The president of Formula4Media, LLC previews The Running Event conference and trade show set for November 28-December 1 in Austin, Texas.

Bryan Smeltzer

The general manager of Zamst Americas talks sports protectives, dispelling some of the consumer and athlete misconceptions about the category.

Emily Walzer

Formula4Media colleagues Emily Walzer, Textile Insight editor, Jennifer Beaudry-Ernst, footwear specialist, and contributor Kurt Gray, owner of SimplyGrayDesign, dish on key trends from the final Outdoor Retailer trade show in Salt Lake City.

Judith A. Russell

Shifting consumer purchasing patterns are vital to understanding today’s marketplace. Russell, a marketing and strategic planning professional, offered up her thoughts at TexWorld in New York on a panel with Sports Insight Extra’s Bob McGee.

Will Decker

Family-owned Silicon Valley firm Plug and Play, which dubs itself the “Ultimate Startup Ecosystem,” has raised over $6 billion in venture funding during its 11 years while bringing corporations, venture capitalists and start-ups together.

Matthew Lyon

In the fragmented hydration market, where price points for performance products are on the rise, HydraPak is an OE supplier to numerous brands and has its own lightweight, flexible products.

Eric Hayes

Superfeet Celebrates 40th Anniversary. The employee-owned company introduces footwear and rolls out a 3D printed insole program.

Shawn Neville

BOA introduces New Tech and Names New CEO. Nothing will constrict Boa Technology CEO Shawn Neville from helping the Denver company improve its customized fit solution.

Waingarten and Frydlewski

No strings attached. The married Argentinean couple has raised nearly $20 million for Hickies, a Brooklyn company addressing how athletic shoes are closed around the foot two eyelets at a time.

Michelle Carmichael

The Co-founder and Managing Partner of Partners Growth, which brings premium brands into the U.S. market, talks Finnish children’s wear brand Reima. 

Brian Beckstead

Six-year old Altra is teaming with Utah State University to develop outdoor design talent.

Declan Condron

Let's Go Hyperwear: Former Equinox personal trainer merges the innovative, functional fitness gear from Austin, TX company with programming for schools, camps and institutions.

Hugues Gontier

Sly and Simple. and its technology enable a retailer to interact with customers in store and track traffic. No beacon required. The CMO explains the benefits of the platform.

Reza Raji

The CEO of Xenio Systems talks about the company’s new platform that tracks where shoppers spend time in physical stores and its patented hyper-positioning technology.

Jacob Torres Espino

The director of export promotion for Mexico’s Guanajuato State government agency addresses the proposed impact of the Border Adjustment Tax by the U.S. and the possibility of a renegotiated NAFTA free trade agreement.

Isabelle Ohnemus

The founder and CEO of EyeFitU, a former investment banker, talks ‘glocal’ assortments, shoppers’ personal sizing and global web payment options.

Tom Cove #2

The president and CEO of the SFIA addresses the most serious threat the industry has faced in the past half-century and the expected re-introduction of the PHIT Act by Congress.

Matteo Scarparo

The Italian global trade expert in footwear talks about the present and future of TheMicam trade show and the potential impact of a Border Adjustment Tax in the U.S. on imported shoes.

Dr. James Eakin

Dr. James Eakin, chief marketing officer and director of U.S. operations for Xenoma, discusses the Japan company’s e-skin shirt and entire wearable category.

Rusty Saunders

Industry senior statesman Rusty Saunders dishes on industry leadership, pressing issues and the inactivity pandemic.

Barbara Barclay

Expert Barbara Barclay, president of RightEye, talks eye-tracking technology and her company’s recent alliance with Major League Baseball and USA Baseball.

Julie Sylvester

Julie Sylvester, Executive Producer at Living in Digital Times, talks trends likely to emerge at Sports and FitnessTech Summit at CES in Las Vegas.

Chris Palmer

Chris Palmer, Founder and CEO of BoxFox, talks excess inventory and solutions for vendors, retailers and distributors.

Susie McCabe

Susie McCabe, SVP of global retail for Under Armour who previously spent 16 years at The Ralph Lauren Corp., dishes on UA’s retail strategy and new Brand House in Boston.

Tom Cove

On the eve of Election Day, we talk to three leading industry lobbyists on how the results may impact trade in the sporting goods, outdoor and apparel and footwear industries.

Rich Harper

On the eve of Election Day, we talk to three leading industry lobbyists on how the results may impact trade in the sporting goods, outdoor and apparel and footwear industries.

Stephen Lamar

On the eve of Election Day, we talk to three leading industry lobbyists on how the results may impact trade in the sporting goods, outdoor and apparel and footwear industries.

Bill McInnis

The president of Reebok Future discusses the intent of the unit and the brand’s plans to develop footwear in a new way.

Tom Fowler

Polar USA CEO Tom Fowler talks technology and the future of smart wearables.

Paul Schille

TREW CEO Paul Schille dishes on the eight-year old company in the process of completing its Series A round of funding and his dual career.

Jason Kaplan

Milestone Sports CEO Jason Kaplan dishes on the company’s low-cost, wearable pod and how it will help specialty retailers connect.

Duncan Finigan

OOFOS marketing executive talks about the recovery footwear brand and candidly about her courageous personal health journey.

Matt Priest

Footwear Distributors and Retailers of America President Matt Priest the likelihood of the Trans-Pacific Partnership being passed soon.

David and Josh Higgins

ING Source executives dish about compression technology and the Hickory, NC company’s breakthrough OS1st Brace Layer System.

Charles Liberge

Jones & Vining’s Charles Liberge addresses strategies and directions for the iconic brand.

Jim Baugh

PHIT America’s Jim Baugh dishes on the inactivity pandemic.

Sue Dooley and John Daher

Rockport Group senior executives talk about the brand’s fresh start under new ownership that has a major emphasis on versatility.

Josh Shaw

Mission Athletecare CEO Josh Shaw says thermoregulation is the New York company’s singular focus.

Tim Porth

Tim Porth of Octane Fitness talks trends, Zero Runner and the company’s January acquisition by Nautilus Inc.

David Costello

The principal and founder of Rising Tide Associates talks about industry advocate lobbying for the domestic textile and footwear industries.

Steven D’Angelo

The ‘47 brand executive dishes on the Boston company and long-time MLB licensee founded by his father Arthur and his late Uncle Henry.

Pam Gelsomini and CB Tuite

Pam Gelsomini, president, and CB Tuite, VP–sales, discuss the company’s products, partnerships and what’s new for the season ahead.

Kenneth G. Andres

The tradeshowdirector for the American Sportfishing Association casts comments on the activity’s popularity, and trends in fishing.

Dick Sullivan

The principal and founder of Rising Tide Associates talks about industry advocate lobbying for the domestic textile.

Dave Coradini

The VP of sales and sponsorships for Spalding, Dave Coradini talks Shot Tracker and basketball.

Scott McGuire

The executive brand and product innovation leader dishes to F4M’s Emily Walzer on an array of topics.

Kelly Davis

Snow Sports Industries of America’s Kelly Davis talks weather, participation trends and how to handle the psyche.

Kevin Davis

The CEO of Performance Sports Group dishes on new bat standards and Own the Moment.

Gene McCarthy, Pt 2

Gene McCarthy, president of Asics America, speaks to Jen Ernst Beaudry on specialty run and more in the second part of the podcast.

Gene McCarthy, Pt 1

Gene McCarthy, new president of Asics Americas, dishes to F4M’s Jen Ernst Beaudry in the first of a two-part podcast.

Richie Woodworth

Saucony’s Richie Woodworth offers his views on brand’s running business and what it takes to manage through change.

Bruce Cazenave

Bruce Cazenave, CEO of Nautilus Inc., recently ranked 23rd on Fortune’s “Fastest Growing Companies” list.

Tony Armand

Armand is leading USB, created after the April merger of Shock Doctor and McDavid.

Gary Smith

Gary Smith has been at the helm of the Lawrence, MA firm for three years, and his 2016 strategies will broaden Polartec’s scope.

Marty Hanaka

City Sports CEO Marty Hanaka has 42 years in retail, starting at Sears in 1973.

Mike Dowse

Wilson Sporting Goods, one year removed from its 100th anniversary and a major restructuring, has a renewed focus and strategy.