EXEC: Journeys Stung By Promotional Sneaker Space; Closing 100 Doors
Shares of Genesco crashed 32 percent Thursday after the company axed its outlook for the year as weak demand and heavy discounts in the marketplace for athletic footwear pulled down sales at Journeys. Mimi Vaughn, CEO, told analysts, that even as spring assortments arrived in stores, Journeys’ consumers continued “to trade down to lower price points and take advantage of the abundance of discounted athletic products elsewhere in the market.”
EXEC: Vans Bets Big On MTE, Ultra And A 30 Percent SKU Cut In Turnaround Plan
Vans revenues were down 14 percent (-12 percent constant-currency) to $857.0 million in fiscal Q4 but sees encouraging green shoots from new product launches and focus following a 30 percent SKU reduction.
EXEC: The North Face Posts Double-Digit Fiscal Year Sales Growth In All Regions, All Channels
The VF Corp, Outdoor segment, which includes The North Face, Timberland, Icebreaker, Smartwool and Altra, reportedly saw ongoing strength in the fourth quarter, increasing 3.6 percent (+7 percent constant-currency) to $1.32 billion in the 13-week period. Operating profits were down 13.5 percent to $114.8 million in the prior-year comp quarter.
EXEC: Kohl’s Sees Active Category Recovery In First Quarter
On Kohl’s first-quarter analyst call, Tom Kingsbury, its recently-appointed CEO, said the active category was “healthier in the period, outperforming the company average with a positive growth in apparel and continued success in outdoor.” The top-performing national brands for the department store chain were many active-lifestyle brands, including Nike, Izod, Columbia, Hurley and Eddie Bauer.
EXEC: Shoe Carnival Eyeing Opportunity To Gain Share In Athletic Footwear
Shoe Carnival lowered its full-year guidance as the first quarter was impacted by consumers pulling back due to inflation and lower federal tax refunds. However, improved inventory levels are expected to help the family footwear chain gain share in athletic footwear this coming back-to-school season.
EXEC: VF Sees Weak Vans, Timberland Offset Strong TNF In Mostly Flat Q4
VFC delivered revenue and profit in line with guidance for the fiscal fourth quarter and grew full-year revenue 3 percent in constant-currency terms in fiscal 2024, with 10 out of the company’s 12 global brands flat or growing revenue for the year – and five of those brands delivering double-digit growth.
EXEC: Dick’s SG Not Seeing Consumers Trading Down
Dick’s Sporting Goods reported first-quarter earnings that topped analyst expectations on healthy sales growth while reiterating its outlook for the year. Officials told analysts it hadn’t seen any pullback in spending due to inflationary or macro-pressures that other retailers have felt, from Walmart to Foot Locker.
EXEC: Shares Of Nike Under Pressure Following Foot Locker’s Outlook Cut
Shares of Nike remained under pressure on Monday following the arrival of Foot Locker’s subpar first quarter and the sneaker retailer’s move to slash its outlook for the year. Some analysts also expressed concerns about broader weakness in the U.S. athletic space.
EXEC: Foot Locker Sees Downgrades Following Weak Outlook
Foot Locker saw stock downgrades from Citi and Williams Trading on Monday following its first-quarter miss and move to significantly reduce its full-year guidance. Some analysts were still hopeful that improved Nike allocations and benefits from its new Lace Up transformation plan would eventually pay dividends.
EXEC: Foot Locker’s Shares Tank On Major Outlook Correction
Shares of Foot Locker, Inc. collapsed about 25 percent in mid-day trading Friday after the sneaker giant axed its guidance for the year and indicated it will miss medium-term targets only set in March as sales have dropped sharply below expectations. Mary Dillon, CEO and president, told analysts, “Since our Investor Day in the face of increasing macro headwinds, our sales trends have slowed significantly, just in the past month and a half, which will have an impact on our near-term results.”
EXEC: Canada Goose’s Shares Take Hit On Caution On U.S. Business
Canada Goose Holdings reported better-than-expected results in the fiscal fourth quarter ended April 2 on strength in its EMEA region and China. However, Canada Goose’s shares are trading down about 11 percent in late-afternoon trading Thursday as company officials struck a cautious note on its U.S. business as luxury spending cools.
BGF Leads £19 Million Minority Investment In Brompton Folding Bikes
BGF, formally Business Growth Fund, has led a £19 million ($23.6 million) investment into Brompton to “further accelerate the growth of the iconic folding bike brand.”
Coresight Research: Nike Tops Apparel/Footwear Sellers On Amazon
Nike bounced back substantially to regain its position as the most popular apparel and footwear brand selling on Amazon, overtaking the e-tailer’s private label range after two years, according to Coresight Research’s sixth annual Amazon Apparel U.S. Consumer Survey.
EXEC: Yonex Fiscal Year Sales Jump On Yen Depreciation, Strong Post-COVID Demand
Yonex Co., Ltd. reported fiscal 2023 global net sales increased 43.7 percent year-over-year to ¥107.0 billion ($806.0 million), reflecting strong demand in all regions and despite concerns over inflation, economic slowdown and geopolitical risks. Earnings per share increased 27.1 percent to 84.05 yen for fiscal 2023.
JD Posts 12 Percent Organic Growth In Fiscal 2023; U.S. Business Lagged
JD Sports Fashion Plc, parent company of the JD, Finish Line, Shoe Palace and DTLR retail nameplates in the U.S., along with many others across Europe, reported total revenue increased 12 percent in fiscal 2022 but North America sales rose just 5 percent for the period.
