Outdoor Gear Builders Appoints Executive Director
Outdoor Gear Builders announced the appointment of Matt Godfrey as the organization’s executive director. OGB, based in Ashville, NC, has grown to over 75 members (retailers and vendors) in the outdoor industry in Western North Carolina.
L.L. Bean To Open Store In Hudson, MA
L.L. Bean plans to open a store in Hudson, which will represent its ninth store in Massachusetts.
Lululemon Hikes Outlook As Q1 Tops Guidance
Lululemon Athletica Inc. raised its earnings and sales guidance for the year after reporting first-quarter results that surpassed its expectations. Sales were up 32 percent in the first quarter with same-store sales ahead 24 percent.
Tilly’s Sees 13 Percent Q1 Comp Drop
Tilly’s Inc. reported a sharp decline in profits in the first quarter as gross margins eroded 350 basis points and same-store sales were down 13 percent. Results were in line with guidance.
Zumiez’s Sales Slump 21 Percent In First Quarter
Zumiez, Inc. reported sales fell 21 percent in the first quarter ended April 30 against tough year-ago comparisons but arrived at the high end of guidance. Earnings came in below guidance due to labor, shipping and logistics costs as well as a shift in the timing of marketing and training investments.
NRF Says Economy ‘Being Rebalanced’ But ‘Extreme Cooling Off’ Seems Unlikely
The Federal Reserve faces “a tricky job” in addressing inflation but continuing growth in employment, wages and consumer spending make it unlikely the effort will backfire into a major setback for the economy, National Retail Federation Chief Economist Jack Kleinhenz said.
Novoloop Extends Series A Round To $21M
Advanced upcycling startup Novoloop expanded its Series A to $21 million through an oversubscribed extension led by Mistletoe Singapore and Hanwha Solutions. This nearly doubles the company’s raise of $11 million announced in February.
G-III Apparel Completes Acquisition Of Karl Lagerfeld
G-III Apparel Group, Ltd. announced that it completed its previously announced acquisition of the remaining 81 percent interest in fashion brand Karl Lagerfeld for €200 million (approximately $214 million USD), subject to certain adjustments.
The Buckle’s May Comps Climb 5.3 Percent
The Buckle, Inc. announced that comparable store net sales, for stores open at least one year, for the 4-week period ended May 28, 2022 increased 5.3 percent from comparable store net sales for the 4-week period ended May 29, 2021.
Duluth Holdings Q1 Profits Boosted By Margin Gains
Duluth Holdings, Inc. reported earnings before non-recurring items more than doubled in the fiscal first quarter ended May 1 as strong improvements in gross margins offset a slight decline in sales. The parent of Duluth Trading reaffirmed its guidance for the year.
NSGA Adds New Board Members
The National Sporting Goods Association (NSGA) made two changes to its Board of Directors with the appointments of Troy M. Freeman of Winmark Corporation/Play It Again Sports and John Scipio of SV Sports. Their three-year terms took effect on June 1.
Farfetch Completes Minority Investment In Neiman Marcus Group
Online luxury platform Farfetch has closed a $200 million common equity minority investment in US-based integrated luxury retailer Neiman Marcus Group (NMG).
Levi Strauss Introduces Plan To Accelerate Growth
At its Investor Day, Wednesday, Levi Strauss & Co. set a goal to reach 2027 net revenue of $9 billion to $10 billion, reflecting 6 percent to 8 percent organic annual growth. The forecast marks an acceleration from its former annual growth rate in the range of 4 percent to 6 percent.
Foot Locker Appoints Chief Strategy & Transformation Officer
Foot Locker, Inc. has appointed Neil Bansal as Executive Vice President and Chief Strategy & Transformation Officer, effective immediately. He joins the company from Constellation Brands, where he was senior vice president, strategy, insights and analytics.
Polygiene Appoints COO
Polygiene Group appointed Frank Stevens as chief operating officer for the company. His most recent position was as general manager of Textiles for Sciessent, LLC in the United States, where he worked for more than ten years.
