Author: SGB Executive

Nike Says ‘Just Don’t Do It’ To Some Major Accounts

Nike Says ‘Just Don’t Do It’ To Some Major Accounts

Nike said its move to stop selling to a number of major accounts marks an acceleration of its effort to clean up its distribution following the recent launch of its Consumer Direct Acceleration strategy. Nike said in a media statement, "We are doubling down on our approach with Nike digital and our owned stores, as well as a smaller number of strategic partners who share our vision to create a consistent, connected and modern shopping experience.” (Read More)

TJX Battles Inventory Shortages, Sluggish In-Store Traffic

TJX Battles Inventory Shortages, Sluggish In-Store Traffic

TJX Cos.’s second-quarter results missed Wall Street’s targets as the off-pricer’s sales slowed towards the quarter’s end after witnessing a strong response to store reopenings. Below-plan in-store inventories also impacted sales. Sales have continued to trend down double-digits so far in the third quarter, and inventories are expected to remain below plan for much of the second half. (Read More)

Retail Reports Roundup

Retail Reports Roundup

Recent retail surveys and studies, including Accenture's forecasting a “Decade of the Home” as the discomfort of public spaces and travel, coupled with financial fear amid the widespread decline in household income, continues to keep consumers sheltering at home. Other surveys explore back-to-school spending expectations, personal data tradeoffs and the importance of employer values for job seekers. (Read More)

Stein Mart Blames Bankruptcy On July Resurgence Of COVID-19 Cases

Stein Mart Blames Bankruptcy On July Resurgence Of COVID-19 Cases

In an affidavit filed in the U.S. Bankruptcy Court Middle District Of Florida, Hunt Hawkins, Stein Mart's CEO, said the off-pricer’s bankruptcy filing was partly due to struggles in recent years as the apparel category has faced online pressures. But COVID-19’s arrival, and in particular a resurgence in cases in July, made the off-pricer unable to pay its bills. (Read More)

REI To Pursue Headquarters Sale, Looks To Scale Remote Working

REI To Pursue Headquarters Sale, Looks To Scale Remote Working

REI Co-op announced it is pursuing a sale of its newly completed corporate campus in the Spring District neighborhood of Bellevue, while shifting to a mix of multiple satellite campuses in the Seattle area and remote working to support its corporate staff. Ben Steele, REI’s EVP and chief customer officer, told SGB Executive, "To take advantage of all the flexibility that remote working allows, we think that's going to have an impact that will benefit every employee.” (Read More)

Inside The Call: Canada Goose To Accelerate DTC Shift Amid Pandemic

Inside The Call: Canada Goose To Accelerate DTC Shift Amid Pandemic

Canada Goose Inc. reported sales collapsed 63.3 percent in its seasonally-slow first quarter while predicting a significant decline in the second quarter and lower wholesale revenues for the full fiscal year. Continued investments in digital and retail are expected to support DTC growth. Said Dani Reiss, CEO, “We made the call early in the pandemic to temporarily put our wholesale business on pause. This helped us maintain whole price integrity in what became a promotional environment for many other brands.” (Read More)

Inside The Call: Dorel Sports Rides Bike Buying Surge To Record Profits 

Inside The Call: Dorel Sports Rides Bike Buying Surge To Record Profits 

Propelled by a spike in bike sales, Dorel Sports delivered record profitability in the second quarter as sales jumped 18 percent despite significant supply chain restraints. Martin Schwartz, president and CEO at Dorel Industries, told analysts, "As the factories were ramping back up, demand for bikes took off to an extent never seen before.” (Read More)

Inside The Call: Clarus Sees Slow Recovery For Black Diamond

Inside The Call: Clarus Sees Slow Recovery For Black Diamond

Clarus Corp. reported sales slumped 36.2 percent in the second quarter, to $30.0 million. A sales plunge of 47 percent at Black Diamond was only partly offset by a 7 percent gain at Sierra Bullets. Black Diamond's climbing business is expected to slowly improve in the second half while the ski side is projected to find a boost from heightened interest in backcountry skiing. (Read More)

Retail Reports Roundup

Retail Reports Roundup

Recent retail surveys and studies included McKinsey finding consumers optimism eroding amid spikes in COVID-19 cases in several states and an IBM study detailing concerns over heading back to work as well as to malls and other public places. Other surveys explored expectations for back-to-school and holiday spending, consumers increasing their saving behaviors and changing purchasing behaviors amid the downturn. (Read More)

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