SGB Executive Footwear
EXEC: VF Corp. Cutting Another 500 Jobs
Fifteen months after cutting 300 jobs across its global workforce, the parent of the Vans, TNF, Dickies, Timberland, Smartwool, Jansport and other active lifestyle brands, is at it again, confirming Wednesday that another 500 jobs would be eliminated this week.
EXEC: Foot Locker Finds Progress with Lace-Up Strategy
Shares of Foot Locker, Inc. rose about 16 percent Wednesday after the sneaker juggernaut reported better-than-expected third-quarter results, encouraging sales trends so far in the fourth quarter and what Mary Dillon, president and CEO, hailed as several “early wins” in the company’s Lace Up transformation program.
EXEC: Black Friday Weekend Sales See Encouraging Start to Holiday Selling
Led by online selling and boosted by promotions, sales on Black Friday and over the past weekend topped or came in line with modest expectations, according to multiple survey reports and Wall Street analysts.
EXEC: Wall Street Reacts to Strong Q3 for Dick’s and Hibbett
The third-quarter earnings beats and raised guidance for both Dick’s Sporting Goods and Hibbett increased investor confidence that the athletic retail space is positioned to at least outperform the broader retail sector in a challenging marketplace, although some analysts were concerned about margin pressures at Dick’s.
EXEC: Kohl’s Shares Fall on Choppy Q3 Results, Sharp E-Commerce Decline
The retailer had a solid back-to-school season, and through the first eight weeks, sales were tracking above expectations, but warmer weather during the latter part of September and into October had a clear impact on demand for fall seasonal goods, especially in store.
EXEC: Dick’s SG Beats Q3 Expectations, Bullish on Holiday Selling
Boosted by a “very strong” back-to-school selling season, Dick’s Sporting Goods posted above-plan third-quarter results, lifting its guidance for the year. Lauren Hobart, president and CEO, told analysts, “We are pleased with how our consumer is holding up within the sporting goods industry and then particularly that they’re choosing Dick’s increasingly to meet their needs.”
EXEC: Hibbett Gets Q3 BTS Footwear LIft as Nike Loyalty Partnership Starts to Bear Fruit
Men’s and kids were reportedly both down in low-single-digits, driven by a low-teens decrease in Apparel. Footwear results in both men’s and kids were said to be up in low-single-digits. The Women’s business was up in mid-single-digits, driven by a mid-teens increase in Footwear offset by weak Apparel results.
EXEC: Foot Locker Shares Downgraded by BTIG Analysts
BTIG is taking the opportunity to step to the sidelines despite continuing to believe in the “significant low-hanging fruit at FL and the company’s potential as CEO Mary Dillon implements her playbook.”
EXEC: VF Scores Upgrade from JP Morgan
JP Morgan raised its rating and price targets on VF Corp. on increasing confidence that recently-hired CEO Bracken Darrell will use a similar strategy he used at his former company, Logitech International, to achieve a turnaround at the parent of Vans and The North Face.
Nike Tops List of Brands Supporting Women’s Sports
A survey conducted by Aggregate Sports found Nike to be the top brand respondents felt supported women’s sports the most, followed by Gatorade and Coca-Cola.
EXEC: Hot Weather Chills Boot Sales at Shoe Carnival
Shoe Carnival reported it gained market share in the family footwear channel due to a robust back-to-school season with particular strength in kids on strength in athletic; however, annual guidance was lowered for the third straight quarter as hot and dry weather in September and October caused a decline in the twenties in the boot category.
Baird Sees Reawakened Investment Opportunity For Team Sports
In a recent analysis from Baird, the investment firm and financial services company forecasted that tech advances, improved player performance and safety features, elevated traditional and social media exposure, and other economic factors will accelerate the future of team sports participation, benefiting from both the sporting goods industry and its investors.
Bain: Luxury Seen Losing Pandemic Boost
Bain & Company’s Luxury Study forecasted the global personal luxury goods market will grow 4 percent on a currency-neutral basis to €362 billion ($393 bn) in 2023, below a forecast between 5 percent to 12 percent the consultancy published in June.
Fila Holdings’ Sales Slide On Fila Brand Weakness
Korea-based Fila Holdings Corp. reported sales fell 8.3 percent in the third quarter as a 35.1 percent decline at the Fila brand segment offset a gain of 3.3 percent at Acushnet (Titleist, Footjoy). Fila brand’s sales tumbled in the U.S. due to the impact of elevated inventories.
EXEC: On Delivers Record Quarterly Results, Elevated Inventories Concerning
Swiss running brand On delivered its seventh consecutive record quarter in revenues and achieved its highest gross margin since its August-2022 IPO. However, shares closed down slightly on Tuesday due to concerns over elevated inventory levels and its ability to deliver growth to match On’s stock’s high multiple.
