RILA: Retailers Warn The Tariff Bill Is Adding Up For American Consumers
The Retail Industry Leaders Association (RILA) Vice President of International Trade Hun Quach issued the following statement in response to the Trump Administration’s recent announcement that the U.S. will impose a 5 percent tariff on all Mexican imports beginning June 10.
NRF: Retailers Warn Of Growing Tariff Bill For American Businesses And Consumers
The National Retail Federation issued the following statement from senior vice president for government relations, David French, in response to the Trump administration’s plans to impose a 5 percent tariff on all Mexican imports starting June 10.
Gap Misses Q1 Estimates
Gap Inc.’s first-quarter earnings and sales missed Wall Street’s expectations in what Art Peck, president and chief executive officer, described as an “extremely challenging” period.
U.S. Footwear Industry Unites in Opposition to China Tariffs
Five industry trade groups – American Apparel & Footwear Association (AAFA), Footwear Distributors and Retailers of America (FDRA), Outdoor Industry Association (OIA), Rubber and Plastic Footwear Manufacturers Association (RPFMA), and Sports and Fitness Industry Association (SFIA) – sent a letter to President Donald J. Trump on May 30 opposing the proposed use of punitive tariffs on footwear equipment, footwear inputs, and finished footwear imported to the U.S. from China
Moody’s Completes Periodic Review of Bass Pro’s Debt Ratings
Moody’s Investors Service said it completed a periodic review of the ratings of Bass Pro Group, L.L.C and essentially affirmed the company’s Ba3 corporate debt rating.
Tilly’s Warns On Sluggish Spring Sales
Tilly’s Inc. reported first-quarter earnings and sales both reached the high-end of guidance. But the action sports chain warned of a down second quarter as spring/summer selling has seen a slow start due to cool and wet weather patterns across much of the country, particularly in California.
Sportsman’s Warehouse’s Q1 Falls Short Of Guidance
Sportsman’s Warehouse Holdings Inc. slightly reduced its outlook for the year after results in the first quarter ended May 4 missed plan. Jon Barker, CEO, stated, “Our first quarter results were within our expectations on the top line and slightly below on the bottom line as we were up against difficult comparisons in the prior year period for our firearm and ammunition categories.”
Tapestry Appoints Former VF Corp Exec As COO
Tapestry Inc., the parent of Coach, Kate Spade and Stuart Weitzman, appointed Thomas A. Glaser, as chief operations officer. He most recently held the position of vice president, VF Corporation and president, supply chain.
Canada Goose’s Q4 Revenues Climb 25 Percent
Canada Goose reported flat earnings on an adjusted basis in the fourth quarter ended March 31 while revenues rose 25.1 percent.
VF Corp Appoints EVP, Global Supply Chain
VF Corporation announced the appointment of Cameron Bailey to the position of executive vice president, global supply chain.
Dick’s Lifts Outlook After Q1 Beat
Dick’s Sporting Goods raised its full-year profit outlook after reporting first-quarter earnings that topped analysts’ estimates. Same-store sales were flat in the quarter compared with a drop of 2.5 percent during the same period a year ago. CEO Ed Stack said same-store sales at Dick’s “turned positive in March and remained positive in April, as we started to see the benefits of our key strategies and investments.”
Trade War Impact Remains Uncertain
On quarterly conference calls last week, executives at both retailers and vendors said the ultimate impact of the tariff war isn’t clearly known, especially if the fourth tranche on $300 billion of imports that hit apparel and footwear items becomes effective. But most reassured analysts they’re taking or have taken steps to mitigate most of the expected damage. Comments from VF Corp, Deckers Brands, Kohl’s, JC Penney, Target, Hibbett Sports, TJX Cos. and Ross Stores.
Anne Worcester Named President Of Universal Tennis
Universal Tennis, the world’s premier tennis platform, announced that Anne Worcester, former WTA CEO & Connecticut Open Tournament Director, has joined the company as president.
Ross Stores’ Q1 Comps Gain 2 Percent
Ross Stores, Inc. reported earnings per share for the 13 weeks ended May 4, 2019 of $1.15, up from $1.11 for the same period last year.
Foot Locker’s Q1 Falls Short Of Targets
Foot Locker Inc. reported earnings on an adjusted basis eased slightly in the first quarter as increased operating costs to fund strategic initiatives offset improving gross margins and a 4.6 percent comp gain. Earnings came in below Wall Street’s consensus target.
