EXEC: Peloton’s Stock Crashes On Massive Q4 Loss
Shares of Peloton Interactive lost about 18 percent of their value on Thursday after the connect fitness leader posted a staggering loss and a bleak forecast that doused hopes of a quick turnaround. Barry McCarthy, CEO, said the loss “reflects the substantial progress we made this last quarter re-architecting the business to reduce the current and future inventory overhang, converting fixed to variable costs and addressing numerous supply chain issues.”
EXEC: Foot Locker Scores Upgrades With New CEO Announcement
Foot Locker, Inc. earned stock upgrades and upwardly adjusted price targets following the news that the company had hired Mary Dillon as CEO, the former CEO of Ulta Beauty.
EXEC: Famous Footwear Cautious On Back-To-School Selling
Famous Footwear marked its sixth consecutive quarter of double-digit return on sales in the second quarter that ended July 30 as the off-price chain continues to limit promotions. However, Diane Sullivan, chairman and CEO of Famous Footwear’s parent, Caleres, Inc., provided a muted outlook for third-quarter sales due to a later-developing back-to-school season and a recent sales slowdown.
EXEC: Dick’s SG Momentum Builds In Second Quarter
Dick’s Sporting Goods became one of the few retailers across channels to see second-quarter results surpass Wall Street targets and raise its guidance for the year. Lauren Hobart, president and CEO, told analysts Dick’s customers over the last two years have made “lasting lifestyle changes” that continue to drive robust demand while an increasingly differentiated product assortment elevates margins.
EXEC: Adidas CEO Sets Exit Amid Struggles In China
Adidas AG’s Supervisory Board announced that it has initiated a CEO transition. Kasper Rorsted, CEO of Adidas, and the Supervisory Board have mutually agreed upon that Rorsted will hand over the CEO position during the course of 2023. The search for a successor has started.
EXEC: Foot Locker’s Brand Diversification Push Gaining Traction
The big news Friday from Foot Locker was hiring Ulta Beauty’s former CEO, Mary Dillon, as CEO. However, the retiring CEO, Dick Johnson, told analysts that the company’s ongoing push to amplify assortments of non-Nike brands continued to progress in the second quarter and back-to-school selling looked promising.
EXEC: Kohl’s Axes Guidance On Inflation Pressures, Active Underperforms In Q2
Kohl’s, Inc. significantly reduced its guidance for the year due to expectations of lower sales and escalating promotional activity. The department store chain also said athleisure and outdoor posted strong sales but the overall active underperformed in the second quarter.
EXEC: TJX Lowers Guidance On “Historically High Inflation”
The TJX Cos., Inc. reported its overall apparel business at Marmaxx was slightly positive every month during the second quarter, but overall, U.S. comps were down 5 percent due to a steep decline in the home category. The parent of T.J. Maxx and Marshalls increased its full-year pretax profit margin outlook but overall lowered its sales and EPS guidance.
EXEC: Signa Sports Cuts Guidance On Consumer And Supply Chain Concerns
Signa Sports United N.V. reported sales grew 29 percent in the third quarter ended June 30 but slashed its outlook for the year due to the sudden deterioration of consumer demand over the quarter and lingering supply chain constraints.
EXEC: On Delivers Blowout Q2 On North America Strength
On’s second-quarter results arrived far ahead of Wall Street’s targets as the Swiss running brand was able to overcome supply chain challenges and capitalize on particularly strong demand in North America. On raised its outlook for the year. Caspar Coppetti, executive co-chairman, said, ““All geographies, channels and categories contributed strongly to this outstanding result.”
EXEC: Why Is Ammo, Inc. Spinning Off GunBroker.com?
Ammo, Inc. acquired GunBroker.com, one of the largest online auction marketplaces dedicated to selling firearms, hunting, shooting, and related products, in May 2021. On Monday, Ammo announced plans to split its marketplace and ammunition businesses into two independent publicly traded companies.
EXEC: Escalade’s Q2 Sales Dragged Down By Weakness In Fitness and Outdoor
Escalade, Inc. reported sales declined 13 percent, excluding acquisitions, in the second quarter due to lower demand in the fitness category and a reduction in outdoor category sales, including archery and water sports. Margins were flat as cost controls and pricing actions helped offset inflationary pressures.
EXEC: Asics North America Slowed By Supply Chain Snarls In First Half
Asics reported an operational loss in its North America segment in the six months due to reduced gross margins as well as higher operating expenses tied to higher e-commerce sales. Sales declined 2.7 percent on a currency-neutral basis, impacted by supply chain disruption.
EXEC: Canada’s SportChek Boosted By Return To Team Sports
SportChek’s comparable sales climbed 4.1 percent in the second quarter ended July 2 over the same period last year, overcoming supply chain disruption and benefiting from the return to organized team sports.
EXEC: Canada Goose Not Seeing Demand Wane
Canada Goose reported revenues and bottom-line results surpassed its guidance in the first quarter ended July 3 profitability due to strength in North America. Dani Reiss, chairman and CEO, told analysts that demand for the high-end outerwear brand remained strong despite heightened macroeconomic pressures.
