Gap, Inc. significantly reduced its earnings guidance for the year due to ongoing challenges at Old Navy as well as broader macroeconomic pressures. In the first quarter ended April 30, same-store sales tumbled 22 percent at Old Navy while also sliding 11 percent at the Gap chain and 7 percent at Athleta.
Category: Apparel
The Buckle Q1 Profits Show Slight Decline
Buckle, Inc. announced that net income for the fiscal quarter ended April 30, 2022 was $55.3 million, or $1.12 per share, slightly down from $57.3 million, or $1.16, for the first quarter of fiscal 2021.
Burlington Stores Q1 Sales Arrive Below Plan
Burlington Stores, Inc. reported same-store sales decreased 18 percent for the first quarter ended April 30, missing expectations.
Gymshark Sees 54 Percent Hike In Revenue In Fiscal 2021
Gymshark, the UK-based activewear brand, reported a 54 percent increase in revenue in its fiscal year ending July 31, 2021, according to accounts filed to the UK’s Companies House.
Frasers Group Sells Bobs And Eastern Mountain Sports To GDMG
Frasers Group offloaded its U.S. retail businesses trading under the banners Bob’s Stores and Eastern Mountain Sports for $70 million in cash to GoDigital Media Group (GDMG).
Macy’s Lifts Earnings Outlook After Strong Quarterly Report
Macy’s Inc raised its annual profit forecast after reporting earnings and sales topped Wall Street estimates in the first quarter.
Callaway Golf Announces $100 Million Stock Repurchase Program
Callaway Golf Company announced that its Board of Directors has authorized the company to repurchase up to $100 million of the company’s common stock in the open market or in private transactions.
JD Sports Founder And Chairman Steps Down
J.D. Sports Fashion Plc announced that due to an ongoing review of its internal governance and controls, it is accelerating the separation of the roles of chair and CEO. As a result, Peter Cowgill, executive chairman, will step down effective immediately.
Adidas Revamps Portland Headquarters
Adidas unveiled its upgraded and expanded Adidas North America HQ in Portland, OR. Since the start of the project in 2018, nearly 220,000 square feet has been added, including three new buildings, a new gym, new cafes, additional parking and a sustainable soccer pitch.
Golf Rounds Played Decline 13 Percent In April
Golf Datatech’s National Rounds Played Report for April shows that U.S. rounds were down 12.9 percent in the month and off 9.8 percent year-to-date year-over-year.
Omorpho Closes $6 Million Investment
Omorpho, the micro-weighted Gravity Sportswear collection, closed a $6 million seed funding round at a $26 million valuation. The investment was led by KB Partners with participation from Greenchain Capital and Madison Square Garden Sports Corp. (MSG Sports).
Dick’s SG Lowers FY Guidance Despite Q1 Beat
Dick’s Sporting Goods reported earnings and sales in the first quarter topped Wall Street expectations but reduced its guidance for the year due to “macroeconomic” challenges.
Urban Outfitters Q1 Sales Climb 13 Percent
Urban Outfitters, Inc. announced a net income of $32 million, or 33 cents a share, in the first quarter ended April 30, 2022, down 40.2 percent from $53.5 million, or 54 cents, a year ago. Sales increased 13.4 percent over the same period last year to a record $1.05 billion.
Nordstrom Delivers 19 Percent Growth In First Quarter
Nordstrom reported sales in the first quarter grew 18.7 percent with sales ahead 23.5 percent for the Nordstrom banner and 10.3 percent for Nordstrom Rack. Core categories including men’s and women’s apparel, shoes and designer had the strongest growth as consumers updated wardrobes for the return of social events, travel and return to office.
Sportsman’s Warehouse To Open Store In Wyoming
Sportsman’s Warehouse Holdings, Inc. is scheduled to open a store in Riverton, WY this month.
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