Urban Outfitters’ Q3 Profits Drop By Margin Pressures
Urban Outfitters, Inc. reported earnings slumped 58.2 percent in the third quarter but were in line with Wall Street estimates. Sales growth of 3.9 percent was offset by a 410 basis point decline in gross margins due to heightened markdowns.
Rapha CEO Steps Down
Rapha, the U.K.-based cycling apparel brand, reported that William Kim had stepped down as CEO for personal reasons. He will be replaced by Francois Convercey and Daniel Blumire who were appointed as joint managing directors.
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Mastercard Spendingpulse Forecasts 15 Percent U.S. Retail Sales Growth On Black Friday
According to Mastercard SpendingPulse, U.S. retail sales excluding automotive are expected to grow 15 percent on Black Friday compared to last year.
ICSC: Consumer Spending Expected To Reach $125B On Thanksgiving Weekend
Consumers are approaching the upcoming holiday shopping weekend with optimism, as the new ICSC Thanksgiving Weekend Intentions survey found that consumers plan to spend a total of $125 billion, a 10 percent increase over 2021, even with the holiday shopping season starting earlier this year than in previous years.
Macy’s Debt Upgraded On Improved Performance
S&P Global Ratings raised its issuer credit rating on Macy’s Inc. as the department store chain has delivered solid operating results and deleverage despite a challenging U.S. retail environment.
L2 Brands Acquired By PE Firm
L2 Brands, the manufacturer of custom apparel and headwear for the collegiate, destination, leisure, and corporate markets was acquired by Sentinel Capital Partners. The financial terms were not disclosed.
Fila Resets Innovation And Design Teams In Reorganization
Fila Holdings Corp. announced reorganizing its global teams to support the establishment of its Futura Innovation Team, focused on innovation and sustainability, and Design Team, tasked with developing global product ranges. Key hires include Luca Bertolino, Mikal Peveto, David Bond, Torsten Hochstetter and Paola Loglisci.
Scheels To Open Store In Tulsa
Scheels announced plans to open its first All Sports store to Oklahoma, scheduled to open Fall 2024 in Tulsa.
The Buckle Sees Slight Earnings Decline In Third Quarter
The Buckle Inc. announced that net income for the fiscal quarter ended October 29, 2022 was $61.4 million, or $1.24 per share, about flat with or $62.6 million, or $1.26, a year ago, representing a decline of 1.9 percent. Comps increased 3 percent.
Canada Goose Launches Share Repurchase Program
Canada Goose Holdings, Inc. announced plans to purchase for cancellation up to 5.42 million subordinate voting shares over a twelve month period.
Record 166.3 Million Shoppers Expected During Thanksgiving Weekend
An estimated 166.3 million people are planning to shop from Thanksgiving Day through Cyber Monday this year, according to the annual survey released by the National Retail Federation (NRF) and Prosper Insights & Analytics. This figure is almost 8 million more consumers than last year and is the highest estimate since the NRF began tracking the data in 2017.
Retail Sales Growing As Holiday Season Begins
Retail sales grew again in October as consumers set aside concerns about inflation and many got a jump start on the holiday season, the National Retail Federation said. The U.S. Census Bureau said overall retail sales in October were up 1.3 percent from September and up 8.3 percent year over year.
Foot Locker Raises Guidance As Third Quarter Exceeds Plan
Foot Locker, Inc. slightly lifted its outlook for the year after reporting third-quarter sales and earnings came in above expectations. Comparable-store sales in the third quarter increased 0.8 percent year-over-year. Mary Dillon, president and chief executive officer. “Despite the tough environment, our expanding customer base remained resilient.”
Delta Apparel Finishes Solid Year Despite Fourth Quarter Challenges
Delta Apparel Inc. reported a small loss in the fourth quarter ended October 1 on a slight sales increase. Earnings were slightly down for the year as gross margin pressures offset an 11 percent revenue gain.
