S&P Global Ratings downgraded the debt ratings of Foot Locker, Inc. following the sneaker giant’s report of weaker-than-expected second-quarter earnings amid elevated promotional activity and weak consumer demand.
Category: Apparel
POC Appoints Cycling Industry Vet as New CEO
POC, based in Sweden, has appointed Derek Bouchard-Hall as CEO. Before joining the helmets, eyewear, protection, and apparel manufacturer, Bouchard-Hall was CEO of Assos, president and CEO of USA Cycling and the director of International at Wiggle.
EXEC: Nike Confident In Profit Recovery in FY24
At its annual meeting, Nike officials expressed confidence that profitability would bounce back in the coming fiscal year ended May 2024 after markdowns to clear excessive inventories led to a profit shortfall in the prior fiscal year. Execs were also bullish on the brand’s innovation pipeline, structural tailwinds behind the athletics space and its evolving marketplace strategy.
Report: August Mall Foot Traffic Decline Data May Have Some Positives
Placer.ai said in its August 2023 Mall Index report that while MoM visits fell for the month, other foot traffic metrics painted a rosier picture for the period when delving deeper into the location analytics.
AlixPartners: Holiday Retail May Be A Tale of Two Cities Again this Year
The consulting firm’s Holiday Outlook Survey of more than 1,000 American consumers found that 26 percent of consumers plan on spending less this holiday season with 38 percent of households with incomes under $45K planning to spend less.
Duluth Trading Opens New Fulfillment Center
The new facility, located in Adairsville, GA is the company’s fourth fulfillment center and first to use automation and robotics.
August Retail Sales Growth Moderates; Sporting Goods Trends Down
August sales were up in five out of nine retail categories on a yearly basis, according to the U.S. Census Bureau. Circana reported flat sales growth year-over-year for their categories while the NRF and USCB saw sales up 3.3 percent for the period.
Deloitte Forecasts Softer Holiday Sales, Double-Digit E-Commerce Growth
Holiday sales in the U.S. are estimated to grow 3.5 percent to 4.6 percent between November and January, slowing from the 7.6 percent increase seen in 2022, according to Deloitte’s annual holiday retail forecast. The moderation reflects less inflation but also weaker consumer spending.
Nordstrom, Inc. Promotes Three to Key Leadership Roles
The retailer promoted Jamie Nordstrom to chief merchandising officer, Fanya Chandler to president, Nordstrom Stores and Gemma Lionello to president, Nordstrom Rack.
Lululemon Athletica Appoints New Board Member
Shane Grant has been the group deputy CEO, CEO Americas, and EVP of dairy, plant-based and global sales at Danone, a global food and beverage company, since January 2023.
Major League Pickleball and PPA Tour to Merge
The operators of the two major pickleball leagues, Major League Pickleball and the PPA Tour agreed to merge. The companies will remain distinct, but the merger aims to eliminate scheduling conflicts and competition over players.
Report: Online Prices Reach 40-Month Low in August
U.S. online prices in August 2023 fell 3.2 percent YoY, reaching their lowest in 40 months, led by a drop in sporting goods, down 7 percent YoY, according to the latest data from the Adobe Digital Price Index, based on Adobe Analytics. This made August 2023 the 12th consecutive month of overall YoY price decreases.
Timpanogos Hiking Co. Opens First Brick & Mortar Store in Provo, UT
A Utah native, Timpanogos Hiking Co. Founder and Owner Joseph Vogel said he started the business as a side project while still living in Massachusetts, where he was a professor.
Tommy John Snags New CEO from Calvin Klein
Tommy John tapped industry leader Cheryl Abel-Hodges as CEO. Last week, she joined the company’s executive team from her former role as CEO of Calvin Klein.
Helly Hansen, SportChek Parent Prices Private Placement Notes Offering
Canadian Tire Corporation, Ltd. intends to use the net proceeds from the offering and sale of the Notes for the repayment of short-term borrowings and general corporate purposes.
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