Black Friday Online Sales Hit Record $9.12 Billion
U.S. shoppers spent a record $9.12 billion online this Black Friday, according to Adobe Analytics, which tracks sales on retailers’ websites. That’s a 2.3 percent increase compared to $8.92 billion in 2021 and also up from $9.03 billion the in 2020.
Mastercard SpendingPulse: Black Friday Sales Climb 12 Percent
According to Mastercard SpendingPulse, U.S. retail sales on Black Friday were up 12 percent year-over-year, excluding automotive, in-store sales increased 12 percent year-over-year, and e-commerce sales experienced sustained growth, up 14 percent.
Patagonia Sues Gap For Copying Its Signature Snap-T Pullover
Patagonia, Inc. sued Gap, Inc. for allegedly copying its flap pocket and rectangular “P-6” logo, which it has used on its fleece outerwear for more than three decades.
Yomiuri Giants, Nike And Fanatics Announce Long-Term Partnership
The Yomiuri Giants, Nike and Fanatics announced a long-term global partnership whereby Nike becomes the official uniform supplier of the Yomiuri Giants. Fanatics will manufacture and distribute on-field uniforms and player performance merchandise as well as Nike-branded fan jerseys and apparel.
Asics Buys Njuko Sas Of France
Asics Corp. acquired Njuko SAS, a race registration platform for running events in Europe. With the acquisition of Njuko, Asics offers race registration services worldwide.
Hanesbrands’ Debt Ratings Outlook Lowered To Negative
Moody’s Investors Service Inc. revised its debt rating outlook on Hanesbrands to negative from stable to reflect the rating agency’s view that the company’s credit metrics will continue to weaken in 2022 due to soft customer demand, high inventory levels and still elevated input costs.
Soccer Post Receives Investment From Private Equity Firm
Soccer Post, the largest chain of soccer specialty stores in the U.S., has secured an investment from TZP Group, the private equity firm. Soccer Post announced that Alex Morgan, the American professional soccer player, has become an investor and brand ambassador.
Burlington Stores Sees Profits Fall In Third Quarter
Burlington Stores, Inc. reported earnings on an adjusted basis fell 69.9 percent in the third quarter ended October 29, reaching the lower end of guidance. Comparable store sales decreased 17 percent.
Nordstrom Records Loss In Third Quarter
Nordstrom, Inc. reported a third-quarter net loss of $20 million, or 13 cents a share, for the quarter ended October 29, 2022. Excluding a supply chain technology and related asset impairment charge, the company reported adjusted earnings per diluted share of 20 cents.
Caleres’ Q3 Tops Wall Street Targets
Caleres continued its strong performance in the third quarter, achieving record quarterly sales and delivering another period of solid earnings. Sales grew 1.8 percent as a 7.6 percent sales increase in the Brand Portfolio segment offset a slight decline at Famous Footwear.
Dick’s SG Raises Outlook As Third Quarter Beats Plan
Dick’s Sporting Goods reported third-quarter earnings were down year-over-year due to lower gross margins but easily topped Wall Street expectations as same-store sales grew 6.5 percent. The sporting goods retailer lifted its guidance for the year.
Nike Opens First Nike Rise Location In North America
Nike opened Nike Aventura, located in Miami, FL. The location is the first Nike Rise store in the U.S. and “signals the next stage of our retail expansion in North America,” according to a Nike press release.
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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