JCPenney Posts Wider Q1 Loss as Sales Slide 8 Percent
J.C. Penney’s net loss in the first quarter ended May 4 more than tripled to $63 million from $17 million a year ago, according to a financial filing. Sales in the period slumped 8.1 percent to $1.37 billion from $1.49 billion a year ago.
Sports Direct Owner Acquires Luxury Website
Frasers, the U.K.-based parent of Sports Direct, has acquired Coggles, an online seller of designer fashion, from THG as part of a multi-year partnership that also includes Frasers using THG’s technology in some parts of its business.
Target+ Opens to Shopify Sellers in New Partnership
Target Corp. unveiled a new partnership with e-commerce platform Shopify aimed at expanding its digital marketplace offerings. Beginning June 24, merchants currently utilizing Shopify’s services can apply to join Target+, the retailer’s third-party marketplace.
Under Armour Reaches $434 Million Settlement in Shareholder Lawsuit
Under Armour Inc. agreed to pay $434 million to settle a 2017 lawsuit into claims that the company defrauded shareholders about its revenue growth in order to meet Wall Street forecasts.
CSG Again Increases Purchase Price for Vista Outdoor’s Ammo Business
Vista Outdoor, Inc. announced that Czechoslovak Group (CSG) had increased its bid for The Kinetic Group, Vista Outdoor’s ammunition business, by $40 million from $1.96 billion to $2 billion. The higher offer comes as Institutional Shareholder Services (ISS) last week called on Vista Outdoor shareholders to abstain from voting to approve the sale.
Skeeter Boats Appoints New General Manager
John Clark was the assistant GM, and his responsibilities included managing daily operations, staff, facilities, and Skeeter’s long-term vision. He joined the company in 2006.
Tommy Hilfiger and U.S. SailGP Team Ink Global Partnership
The partnership kicks off for the league’s 2025 season, to redefine fashion’s role in sailing and sports role in pop culture.
Nike Faces Shareholder Lawsuit Over DTC Strategy
A Nike, Inc. shareholder has filed a securities class action in the District of Oregon’s Portland division, claiming the company misled investors about the financial effects of prioritizing direct-to-consumer sales. Plaintiffs are seeking class-action status, an unspecified amount in damages and a jury trial.
EXEC: Rip Curl, Oboz Parent KMD Brands Sees Weaker-Than-Expected End to Fiscal Year
The parent company to the Rip Curl, Oboz and Kathmandu brands reported a slower-than-expected start to the winter promotional season for Kathmandu and noted that Rip Curl and Oboz wholesale customers continue to reduce their inventory holdings.
Rally House Expansion Continues in Texas
The retailer announced the first of several stores to open in a new market for the company in Houston, TX with Rally House Houston Outlets.
Athleta-Parent Hires Chief Technology Officer
Prior roles for Sven Gerjets include chief information officer, Time Warner; SVP, information technology, DirecTV; chief technology officer, Pearson; director, global e-commerce, Symantec. Most recently, Gerjets was the EVP and chief technology officer from July 2017 to May 2024 at Gap, Inc.
Badlands Launches UV Hoodie for Hot-Weather Adventures
Features include a UPF 50 UV protection rating to keep the worst of the sun’s rays off the body. Now in its 32nd year, Badlands focuses on quality, innovation, and performance and offers an unconditional lifetime product warranty.
Report: Retail Sales Show Signs of Stabilization in May
The latest report from Circana reveals that U.S. retail sales, encompassing discretionary general merchandise and consumer packaged goods (CPG), have experienced a 1 percent growth, with consumers adapting their spending habits in response to moderating price pressures.
Athleta Hires Former Nike Exec to Lead Design
Athleta has hired Tania Flynn, formerly VP of apparel design at Nike, as head of design.
Nike, Converse Sue 52 ‘Counterfeiting Networks’
Nike and sister brand, Converse, filed a lawsuit with the U.S. District Court for the Southern District of New York against 52 alleged counterfeit networks, which collectively operate 98 websites and 267 social media handles, over the sale of counterfeit goods.
