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: Analysts Skeptical of Colt CZ’s Bid for Vista Outdoor
While Vista Outdoor’s stock has seen an uptick following news of Colt CZ making an unsolicited offer to acquire the company for $30 per share, or for $1.74 billion, analysts believe Vista’s board will reject the offer and follow through on its planned sale of Vista’s ammo business to Czechoslovak Group.
EXEC: Vista Outdoor Receives Unsolicited Offer to Acquire Company
Colt CZ Group has made an unsolicited offer to acquire the company for $30 per share, or $1.74 billion, potentially derailing a planned sale of Vista’s Sporting Goods business to Czechoslovak Group (CSG) and spinoff of the Outdoor Sports segment.
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: Duer’s Founder Discusses Denim Disruption
In 2015, Duer created a range of “stretch performance denim” manufactured from plants and various recycled materials, putting a new spin on jeanswear. Founder Gary Lenett talked with SGB Executive about the Vancouver-based brand’s inspiration, emerging opportunities outside denim, distribution model, and commitment to sustainability.
EXEC: Gap Sees Athleta’s Recovery Taking Longer Than Planned
Athleta’s sales declined 18 percent in the third quarter against “heavy discounting” a year ago and are expected to decline double-digits in the fourth quarter as the retailer’s recovery from recent fashion miscues has taken longer than expected.
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.
