Author: SGB Executive

Boosted by a recovery in sales in September and October, Zumiez reported earnings soared 51.6 percent in the third quarter as same-store sales jumped 8.1 percent. Rick Brooks, CEO, said, “Strong digital activity and robust full-price selling across all geographies highlighted our top-line performance.”

Duluth Trading reported strong online sales to offset continued declines in in-store sales in the third quarter. The retailer warned that in-store traffic had worsened in recent weeks in line with surges in COVID-19 cases. Steve Schlecht, executive chairman and CEO, told analysts, “The resurgence of COVID-19 is a concern regarding in-store shopping, and it also clouds the outlook for consumer spending.”

Speaking at Morgan Stanley’s Virtual Global Consumer & Retail Conference, Shoe Carnival officials elaborated on plans to start ramping up expansion efforts in 2021 after closing a number of underperforming locations over the last three years that reduced its store count from 417 to 383 currently.

Sportsman’s Warehouse Holdings reported sales jumped 59.1 percent in the third quarter to far outpace Wall Street’s targets as the hunt & fish chain was challenged keeping up with hot demand for hunt, fish and camping products. Said Jon Barker, CEO, “We worked closely with our vendors and provided our customers with inventory levels that we believe were unmatched by our direct competitors.”

At Morgan Stanley’s Virtual Global Consumer & Retail Conference on Wednesday morning, Lauren Hobart, president at Dick’s Sporting Goods, expressed confidence that strength in core categories, access to new customers and a potential rebound in team sports will contribute to ongoing sales momentum in 2021.

Online sales again saw record growth on Black Friday while in-store traffic tumbled by half in an expected subdued start to the traditional holiday season.

Tributes poured across social media from former co-workers, footwear partners, tech investors and political pundits following the shocking death of Tony Hsieh, Zappos’ visionary, at the age of 42.

Athleta delivered 35 percent sales growth in the third quarter, with September reaching the highest sales comp in the history of the brand. Said Sonia Syngal, CEO, Gap Inc., “Athleta is our fastest growing and most profitable brand.”

Shares of Dick’s Sporting Goods barely budged on Tuesday despite the retailer reporting third-quarter results that nearly doubled Wall Street’s targets on accelerating same-store growth and also announcing that Lauren Hobart would be succeeding long-time CEO Ed Stack. Wall Street was nonetheless impressed by the performance with some gaining more confidence in Dick’s growth prospects for 2021.

Dick’s Sporting Goods reported the best quarterly store comp in its history as a public company as home fitness and outdoor activities continue to be embraced during the pandemic. However, the performance was overshadowed by the announcement that Ed Stack, CEO since 1984, will soon be succeeded by Lauren Hobart, the retailer’s president.

With growth returning in every business unit in the September quarter, Delta Apparel reported year-over-year sales growth of 8.1 percent and a 70 percent improvement in operating profit in the fiscal fourth quarter ended October 3. Highlights include nearly 30 percent growth in its digital print business, DTG2Go, and a 12 percent climb at Salt Life.

Hibbett Sports Inc. reported third-quarter earnings skyrocketed more than four-fold on a 21.2 percent same-store gain. Highlights of the quarter included overall apparel comps climbing in the mid-thirties, overall footwear comp gains in the low-twenties, and a women’s comps across footwear and apparel leaping in the low-fifties.

Foot Locker said continued strength in its basketball footwear business and a pickup in apparel due to stay-at-home trends helped drive same-store sales ahead 7.7 percent in the third quarter and lifted earnings well ahead of Wall Street’s targets. Men’s, basketball, boots and seasonal footwear as well as women’s footwear overall delivered double-digit comp gains in the quarter.

The TJX Cos.’s third-quarter results exceeded Wall Street targets with strength in activewear, home and beauty categories. However, TJX officials warned that holiday selling would likely be hampered by a surge in COVID-19 cases here in the U.S.

Shoe Carnival delivered its most profitable quarter in the company’s history helped by reduced promotional activity and strength in performance sandals and athletic footwear. The off-price retailer also posted a comp gain in the period despite delayed back-to-school selling.