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PacSun Announces Leadership Transition

PacSun announced a leadership transition whereby Alfred Chang, PacSun president, and Michael (Mike) Relich, interim CEO of PSEB Group, will be elevated to co-chief executive officers, and Brieane (Brie) Olson, PacSun’s chief brand officer, will be promoted to president. (Read More)

Mastercard SpendingPulse: April U.S. Retail Sales Grow 23.3 percent

U.S. retail sales excluding automotive and gasoline increased 23.3 percent year-over-year in April, and 10.8 percent compared to April 2019, according to Mastercard SpendingPulse, which measures in-store and online retail sales across all forms of payment.  Online sales in April grew 19.9 percent and 95.6 percent, respectively, compared to the same periods. (Read More)

Adidas Lifts Sales Guidance Despite Lockdowns, Supply Chain Issues

Adidas Lifts Sales Guidance Despite Lockdowns, Supply Chain Issues

Adidas raised its 2021 sales outlook as first-quarter revenues grew 27 percent on a currency-neutral basis and profits returned to near pre-pandemic levels. Across the company’s three strategic markets, currency-neutral sales expanded at a triple-digit rate in Greater China (+156 percent) in the first quarter and increased in the high-single-digits in both North America (+8 percent) and EMEA (+8 percent). (Read More)

J.C. Penney Cuts 650 Jobs

J.C. Penney Cuts 650 Jobs

J.C. Penney has eliminated about 650 jobs in an effort to adjust "our structure to better meet our strategic priorities," according to a company statement. The job cuts followed an operational review by new owners Simon Property Group and Brookfield Asset Management. (Read More)

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