Port Of Los Angeles Breaks Another Cargo Record In July
The Port of Los Angeles processed an estimated 935,345 Twenty-Foot Equivalent Units in July, outpacing the previous record set in 2019 by 2.5 percent. The Port has set monthly records in five of seven months in 2022.
U.S. Retail Spending Shows Slight Gain In July
As calculated by the National Retail Federation, core retail sales rose in July even as overall sales reported by the U.S. Census Bureau remained flat on a monthly basis, and both calculations showed strong year-over-year gains as consumers continued to shop despite high inflation respectively, the NRF said.
Kohl’s Slashes Guidance On Planned Inventory Reduction
Kohl’s, Inc. cut its full-year forecast due to plans to increase promotional activity to reduce inventory levels. The department store chain reported second-quarter results slightly ahead of expectations but indicated a weakening economy and high inflation are weighing on sales growth.
Moody’s Affirms Newell Brands’ Debt Ratings
Moody’s Investors Service affirmed Newell Brands, Inc.’s debt ratings. The affirmation reflects Newell’s large-scale and good operating performance from sustained organic growth and operating profit margins despite the current inflationary period.
Target’s Q2 EPS Misses Wall Street Targets
Target Corp. reported a steep decline in earnings due to planned markdowns to support the chain’s inventory reduction efforts. Total sales grew 3.3 percent due to steady traffic growth on top of unprecedented increases over the last two years. The discounter maintained its guidance for the year.
TJX Trims Outlook For Year After Q2 Sales Shortfall
The TJX Companies, Inc. reported second-quarter earnings came in at the high-end of guidance but U.S. same-store sales missed plan. The off-price chain increased its full-year pretax profit margin outlook but overall lowered its sales and earnings guidance.
Authentic Brands Group To Acquire Ted Baker
Authentic Brands Group has struck a deal to buy U.K. fashion chain Ted Baker for about $254 million.
Lids Opens First Store In Australia
Lids opened its first NBA store in Melbourne, Australia, with plans to open a second store in Sydney, Australia, later this year.
Nobull To Become NFL’s Combine Apparel Supplier
The National Football League said Nobull will become the league’s official scouting Combine training partner and on-field supplier of apparel and headwear. The change comes a year after New Era replaced Under Armour as the sponsor.
Canada’s MEC To Launch On TheBay.com And Shop-in-Shops Inside Hudson’s Bay
Hudson’s Bay and Mountain Equipment Company (MEC) announced the launch of MEC shop-in-shops in three Hudson’s Bay GTA locations, including Yorkdale and Square One Shopping Centres and its flagship store on Queen Street in Toronto.
Fleet Feet Opens Second Location In Fort Wayne
Fleet Feet announced the opening of its latest store in Fort Wayne North, IN. This is the second Fleet Feet in Fort Wayne and the ninth store in Indiana.
Signa Sports Sales Climb 29 Percent In Q3
Signa Sports United N.V. (SSU) reported sales in its third quarter ended June 30 grew 29 percent, boosted by the full contribution of recently acquired businesses WiggleCRC and Tennis Express. The Berlin-based online platform reduced its guidance for the year due to continued supply chain challenges and weaker consumer spending.
Macy’s Elects Board Member
Macy’s, Inc. elected Emilie Arel, president and chief executive officer of Casper Sleep, to its board of directors, effective August 15, 2022.
Academy Sports Opens First Store In Virginia
Academy Sports + Outdoors announced the opening of its first Richmond, VA. The 58,075-square-foot store is located at 11861 W. Broad Street in The Corner at Short Pump.
On Lifts Guidance On North America Momentum
Swiss running brand On raised its earnings and sales guidance for the year after reporting quarterly results again exceeded expectations. Sales in the second quarter climbed 66.6 percent, driven by strong wholesale growth of 70.1 percent, DTC growth of 60.8 percent and continued momentum in the North America region, growing at 102.5 percent.
