EXEC: Academy Sports Sees Weather/Consumer Woes Derailing Sales Recovery
Academy Sports and Outdoors, Inc. said a slow start to fall selling due to warmer temperatures as well as continued weak consumer demand caused third-quarter results to miss plan, resulting in a downward revision to full-year guidance. CEO Steve Lawrence said on an analysts call, “We feel like we don’t have a challenged strategy. We’ve got a challenged customer.”
Sam’s Club to Open Two New Midwest Distribution Centers
The Walmart Inc.’s warehouse club division plans to open two new distribution centers in early 2024 outside St. Louis and Minneapolis.
Academy Sports Trims Guidance on Q3 Shortfall
The retailer narrowed its full-year guidance to the lower end of prior expectations as third-quarter sales and earnings arrived below expectations. The retailer blamed generally soft consumer spending and warm weather’s impact on fall selling.
Duluth Trading Posts Wider Fiscal Q3 Loss as Sales Decline
The retailer posted a net loss of $10.5 million, or a loss of 32 cents per diluted share, in the quarter, compared to a loss of $6.2 million, or a loss of 19 cents per diluted share, in the year-ago quarter. Net sales decreased 6.1 percent to $138.2 million.
The Buckle’s Comps Decline 11 Percent in November
The Buckle, Inc. announced that comparable sales for the 4-week period ended November 25 decreased 10.8 percent year-over-year.
Deloitte: Women’s Sports Revenue Set to Hit $1B In 2024
Deloitte forecasted that women’s elite sports will generate global revenues of $1.28 billion in 2024, the first time that annual global revenues for women’s sports will have surpassed $1 billion.
PVH Raises EPS Outlook as Q3 Tops Expectations
PVH Corp. raised its EPS guidance for the year after reporting sales in line and earnings above guidance in the third quarter. On a currency-neutral basis, sales were flat for the Tommy Hilfiger brand and grew 3 percent for Calvin Klein.
Costco’s Comps Improved 3.5 Percent in November
Costco Wholesale Corp. reported same-store sales rose 3.5 percent in November. By region, comps increased 1.8 percent in the U.S., 4.4 percent in Canada and 11.7 percent in its Other International segment.
EXEC: VF Corp. Cutting Another 500 Jobs
Fifteen months after cutting 300 jobs across its global workforce, the parent of the Vans, TNF, Dickies, Timberland, Smartwool, Jansport and other active lifestyle brands, is at it again, confirming Wednesday that another 500 jobs would be eliminated this week.
Bass Pro’s Debt Ratings Outlook Lowered On Sales Weakness
S&P Global Ratings lowered the debt ratings outlook of Great Outdoors Group, LLC, the corporate parent of Bass Pro and Cabela’s, due to the recent report of a negative sales performance for the third quarter and nine months ended September 30.
EXEC: Foot Locker Finds Progress with Lace-Up Strategy
Shares of Foot Locker, Inc. rose about 16 percent Wednesday after the sneaker juggernaut reported better-than-expected third-quarter results, encouraging sales trends so far in the fourth quarter and what Mary Dillon, president and CEO, hailed as several “early wins” in the company’s Lace Up transformation program.
Paris Saint-Germain to Relocate to Larger New York City Flagship
Paris Saint-Germain and its partners, Fanatics and Lids, announced plans to move its New York City flagship to a premium location at 535 5th Avenue on December 15 to build on the success of its first Manhattan flagship, at 587 5th Avenue, which opened in March 2022.
Craft Sportswear NA Sees CEO Transition as HQ Moves West
Craft Sportswear North America plans to move its U.S. headquarters from Beverly, MA, to Seattle, WA, in 2024 to “bolster the brand’s expansion in outdoor and specialty retail, all while streamlining operational efficiencies.” Cutter & Buck exec Jake Rawson has been named the new CEO for Craft North America.
StockX Sets New Single-Day Trade Record on Black Friday
StockX reported strong results over the four-day Cyber Weekend, setting a new single-day trade record and averaging more than one trade every second on Black Friday. Brands receiving attention from buyers included Jordan, The North Face, Ugg, New Balance, and Fear of God.
Pentland Brands Drives 100-1-0 Sustainability Ambitions
Pentland Brands reported it has partnered with Segura, a UK-based software solutions provider, to map its entire multi-brand, multi-tier supply chain—from the first tier to raw materials—across its global operations.
