The union representing employees at REI's SoHo store in New York City said this week that REI had notified the union through its new legal counsel that many workers at the SoHo, New York store employees would be receiving pay cuts in their next paycheck amid a shakeup of the company’s legal representation at the bargaining table. (Read More)
While Adidas has received some accolades for its recent decision to sell off remaining Yeezy product and donate the proceeds to organizations combating discrimination and hate, unions representing workers in the Adidas supply chain are also looking for a piece of the pie. (Read More)
Shares of Lululemon are aligned to start trading up 15 percent after the yoga-themed retailer defied inflationary pressures by reporting better-than-expected first-quarter results and lifting its full-year outlook. China stood out, with sales up 79 percent, but the core business continued to see strength, with North American sales ahead 17 percent and its women's leggings category growing by 22 percent. (Read More)
Caleres, Inc. said Famous Footwear’s same-store sales fell 8.5 percent in the first quarter due to a weather-related delay in the sandal season and a pullback in spending from its “more moderate-income customer” due to inflationary pressures. Sequential improvement in sales is expected in coming quarters but Famous Footwear’s comps are expected to be negative for 2023. (Read More)
Speaking Wednesday at the Bernstein Strategic Decisions Conference, Foot Locker officials said elevated inventory levels across the marketplace and consumer caution are now driving promotional activity above pre-pandemic levels with margin pressures expected to continue through 2023. (Read More)
