Ross Stores Lift Outlook as Q3 Beats Plan
Ross Stores raised its earnings guidance for the year after third-quarter results arrived ahead of targets. Profits grew 30.7 percent in the period on a 5 percent same-store gain and the benefit of lower freight costs.
REI to Open Albany Store in 2024
REI announced it is opening a store in Albany, NY, in the fall of 2024, the retailer’s sixth store in New York, following the opening of its Ithica store in summer 2024.
Dick’s SG’s Chief Comms and Sustainability Officer Announces Retirement
Dick’s Sporting Goods Chief Communications and Sustainability Officer Peter Land announced his retirement after three years working for the retailer. Dick’s declined to comment on his departure.
VF’s Debt Ratings Downgraded by Moody’s
Moody’s Investors Service downgraded VF Corp.’s long-term debt ratings due to continued weakness at Vans, VF’s second largest brand, as the company embarks on a significant transformation initiative, project Reinvent, to revitalize VF’s business, most notably in North America.
Rip Curl, Oboz Parent KMD Brands Sets Plan for CFO Transition
While KMD continues to recruit for a permanent Group CFO, Ben Washington, Deputy CFO, will provide interim cover for financial and investor aspects of the role, and Lachlan Farran, chief commercial officer, will absorb the remaining operational responsibilities on an interim basis.
Walmart Raises Outlook as Q3 Surpasses Analyst Targets
Walmart raised its annual sales and profit forecast for the second straight quarter after third-quarter exceeded analyst estimates. Sales in the quarter grew 5.2 percent with strength across segments and comps rising 4.9 percent for Walmart U.S.
Baird Sees Reawakened Investment Opportunity For Team Sports
In a recent analysis from Baird, the investment firm and financial services company forecasted that tech advances, improved player performance and safety features, elevated traditional and social media exposure, and other economic factors will accelerate the future of team sports participation, benefiting from both the sporting goods industry and its investors.
Macy’s Q3 Earnings Surpass Expectations
Macy’s, Inc. slightly improved its outlook for the year as third-quarter results topped expectations as inventory and margins improved. Sales were down 7 percent in the third quarter.
Former Under Armour CEO Joins PET Textile Recycling Start-Up
Patrik Frisk, Under Armour’s former CEO and apparel industry veteran, has been appointed CEO of Reju, a new company focused on PET (Polyethylene terephthalate) recycling that’s part of Technip Energies.
U.S. October Retail Sales Fall for First Time in Seven Months
The Commerce Department reported U.S. retail sales fell 0.1 percent month-over-month in October, the first decline since March.
Bain: Luxury Seen Losing Pandemic Boost
Bain & Company’s Luxury Study forecasted the global personal luxury goods market will grow 4 percent on a currency-neutral basis to €362 billion ($393 bn) in 2023, below a forecast between 5 percent to 12 percent the consultancy published in June.
Out&Back Outdoor Acquires The Locals Sale
Out&Back Outdoor, a marketplace to buy or sell new and used outdoor gear, acquired gear exchange company The Locals Sale. As part of the merger, all employees will transition and join the Out&Back company.
VF Corp. Welcomes Back Raeburn as Napapijri Global Creative Director
Raeburn, the founder and creative director for the Raeburn brand, worked for VF Corp. as global creative director for the Timberland brand from 2018 to 2022.
Sustainable Apparel Coalition CEO To Step Down
The SAC announced that its CEO, Amina Razvi, will leave the organization at the end of the year. She and the Board of Directors agreed that the time is right for her to step away and for the Board to identify a successor.
Fila Holdings’ Sales Slide On Fila Brand Weakness
Korea-based Fila Holdings Corp. reported sales fell 8.3 percent in the third quarter as a 35.1 percent decline at the Fila brand segment offset a gain of 3.3 percent at Acushnet (Titleist, Footjoy). Fila brand’s sales tumbled in the U.S. due to the impact of elevated inventories.
