NRF Economist Sees Consumer Spending Growth Slowing
U.S. consumers are still buying more than last year, but spending growth has slowed as the economy settles down amid higher interest rates intended to reduce inflation, National Retail Federation Chief Economist Jack Kleinhenz said Thursday.
Dillard’s Sees Decline in Q2 Profits as Comp Decline 3 Percent
Dillard’s, Inc.’s earnings declined 19.5 percent in the second quarter as same-store sales decreased 3 percent. Dillard’s CEO William T. Dillard, II, stated, “The cautious consumer we noted in the first quarter continued in the first few weeks of the second, leading to a sales decline of 3 percent.”
SportChek’s Sales Flattish in Second Quarter
Canadian Tire Corporation, Ltd. reported SportChek’s comparable sales were up 0.1 percent in the second quarter ended July 1. Team sports and lifestyle footwear grew, while athletic clothing and outerwear were down. Canadian Tire’s overall comps were up 0.1 percent.
Hanesbrands Sees Champion Brand’s Continued Slide in Q2 Offset Gains Elsewhere
On a constant-currency basis, net sales decreased 4 percent, with growth in U.S. Innerwear and Champion in Asia more than offset by a decline in U.S. Activewear and the continued macro-driven slowdown in consumer spending impacting Australia.
Wolverine World Wide, Inc. Cuts 2023 Outlook After Disappointing Q2 Results
Revenue for Q2 declined 17.3 percent in constant-currency terms to $589.1 million, compared to $713.6 million in the year-ago quarter. Revenue from the ongoing business was $578.2 million, declining 13.8 percent on a constant-currency basis.
ThredUp Inc. Narrows Q2 Loss on Revenue Increase, RaaS Ramp-Up
The company reported 1.7 million Active Buyers and Orders of 1.8 million in the second quarter, representing a decrease of 0.8 percent and an increase of 5 percent, respectively, year-over-year.
EXEC: Topgolf Callaway Leadership Talks Up Modern Golf Trend, Q2 Results, IT Incident
CEO Chip Brewer noted that the company hopes to clearly explain the short-term volatility and highlight the long-term positive story of continued improvement in the earnings power of the business and the resilience of the core Modern Golf consumer.
Cordura Brand Appoints European Business Development Manager
Invista’s Cordura brand hired Ruud Vermeij as European business development manager for the Cordura brand, responsible for developing and executing the commercial strategy for growing its consumer business in Europe.
Topgolf Callaway Gets Double-Digit Q2 Lift from Topgolf; Callaway Flat
The revenue increase was said to be driven by strong 16.6 percent growth at Topgolf, including approximately 1 percent same-venue sales growth.The result came despite an $8.0 million negative impact from FX rate variances.
EXEC: Under Armour Reduces North America Guidance on Wholesale Softness
Under Armour reported results for the fiscal first quarter ended June 30 came in line with expectations amid progress reducing inventory levels while reiterating its overall guidance for the year. However, sales guidance was reduced for North America as the brand was unable to overcome due to stubborn challenges at U.S. wholesale.
JD Sports Acquires Balance of Shares in Poland-Based Sports Retailer
JD exercised its rights under a call option to acquire the outstanding 40 percent minority stake of Marketing Investment Group S.A. (MIG) to become MIG’s 100 percent sole owner.
Report: Small Businesses Report Significant Hiring Decline in July
The CBIZ Small Business Employment Index (SBEI) reported a seasonally adjusted decrease of 2.1 percent in July. This month’s reading is a dramatic reversal from the strong hiring reported in June.
EXEC: Mizuno Posts Strong Fiscal Q1 Results; Footwear Jumps 46 Percent
The company reported sales grew in strong double-digits in the fiscal first quarter ended June 30, driven by double-digit growth across all categories. The Japan-based company is maintaining its forecast for sales of ¥225 billion in fiscal full-year 2023.
Hanesbrands Faces Activist Investor Calling for Leadership Changes
Barington Capital, an activist shareholder group, issued a letter calling for changes in the Board of Directors of Hanesbrands, possibly the CEO and other operational changes to reduce debt. In response, Hanesbrands highlighted progress under its Full Potential strategy and said it remains committed to driving shareholder value.
EXEC: Asics Corp. Increases Full-Year Guidance on Strong H1 Results
For the first half ended June 30, net sales were ¥290.0 billion, recording the highest for the six month period and increased year-over-year in all regions and categories.
