Wolverine World Wide’s Debt Ratings Lowered
Moody’s Investors Service downgraded Wolverine World Wide, Inc.’s debt ratings. The downgrade reflects Wolverine’s elevated leverage compared to Moody’s original expectations and similarly rated peers and risks to the pace of deleveraging given macroeconomic, foreign currency, supply chain pressures, and the more promotional retail environment.
Rally House Multiplies In Louisville Market With New Store
Rally House was introduced to Louisville earlier this year, and the chain has opened another new location in the area with Rally House Paddock Shops.
The Buckle’s Q2 Profits Slip 2.5 Percent
The Buckle Inc. reported earnings in the second quarter that were slightly down year over year although same-store sales showed a modest gain.
Foot Locker’s Q2 Tops Wall Street Targets, Outlook Slightly Lowered
Foot Locker Inc. reported second-quarter earnings declined sharply versus year-ago levels but topped Wall Street’s consensus estimate. The sneaker giant now sees full-year results arriving at the lower end of previous guidance.
Foot Locker Partners With Fanatics To Expand Licensed Sports Offering
Foot Locker, Inc. and Fanatics announced a new long-term connected inventory partnership that will broaden the officially-licensed fan gear and merchandise assortment available online to Foot Locker shoppers.
Foot Locker Appoints New CEO, Dick Johnson To Retire
Foot Locker, Inc. announced that, as part of a planned succession process, Richard Johnson will retire as president and chief executive officer, effective September 1. Mary Dillon, former executive chair and CEO of Ulta Beauty, Inc., has been appointed president and chief executive officer and a member of the Foot Locker Board, also effective September 1.
Ross Stores’ Q3 Comps Decline 7 Percent
Ross Stores, Inc. reported profits declined 22.1 percent in the second quarter due to higher markdowns and a 7 percent same-store drop. The off-pricer downwardly adjusted its outlook for the year.
Kohl’s And Sephora Expand Partnership
Kohl’s and Sephora announced that the companies’ partnership would expand to include a Sephora presence at all of Kohl’s more than 1,100 locations.
Texas State Extends Partnership With Adidas
Texas State Athletics has extended its partnership with Adidas as the University’s exclusive athletic footwear, apparel and accessories outfitter. The partnership states that Game One will be the official Adidas products provider to Texas State student-athletes and coaches.
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.
