How Run Retailers Are Thinking About Global Running Day
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Welcome back to FN Daily, where we break down the biggest stories happening in footwear and retail.
Today, we look into how running specialty retailers are thinking about Global Running Day. Plus, Hibbett reported earnings for the first quarter.
Here's what you need to know.
Global Running Day is Here, but Does It Provide a Boost to Specialty Run Retail?
Global Running Day is here, and the annual celebration of the sport has arrived at a time when the running shoe market is alive and well.
According to new data from Circana’s consumer tracking service, running shoes — one of the hottest categories in the U.S. footwear market in 2024 — is a $7.1 billion business, with the women’s segment growing even faster than men’s and has almost caught up to its size in the past 12 months.
Running shoe sales have grown by $1.3 billion in the past three years, Circana noted, with running footwear dollar sales increasing by 12 percent in the 12 months ending April 2024.
This new data comes as product innovation are top of mind for many performance footwear brands, with several releasing new shoes before or on Global Running Day. Nike, for instance, released its highly anticipated Pegasus 41 on Wednesday, an everyday trainer that retails for $140. And Adidas revealed its Supernova Prima on Tuesday, which is available now via Adidas.com and at select retailers, and retails for $160.
Although the market is performing well, with plenty of new product to go around, specialty run retailers are split on how much to activate around Global Running Day. Read more about their strategies, here.
Hibbett Sports Reports Q1 in Line With Expectations as It Preps to Join JD Sports
Hibbett Sports reported results for the first quarter on Wednesday, but declined to share updated financial targets in light of its upcoming acquisition by JD Sports .
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Hibbett president and chief executive officer Mike Longo said in a statement that the company delivered results that were in line with its expectations during a “very challenging athletic footwear and apparel retail market.”
In April, British sneaker and athletics giant?JD Sports Fashion ?announced its would acquire ?Hibbett as part of its efforts?to dig deeper ?into the U.S. market. The deal is expected to close in the second half of 2024.
“Our previously announced agreement to be acquired by JD Sports is a true testament to all that our Hibbett and City Gear teams have built over the years and reinforces the strength of our brands, our close relationships with our vendor partners, and our team of dedicated associates across the country,” Longo said . “We are excited to begin our new chapter with JD Sports.”
FN Summit 2024 Speakers Revealed: See Who’s on ‘The Hot List’
During a critical period for the industry, FN is assembling the innovative architects at the center of the biggest success stories in shoes for a day-long summit on June 25 in New York. Welcome to "The Hot List."
In addition to showcasing the new powers, the event — which will take place at 583 Park — centers around several key themes: the hot markets that are driving the industry forward; the retail innovations that are fueling a brick-and-mortar comeback; the AI revolution; and the critical DEI conversation.
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