SGB Executive

Late last week, REI Co-op and the Retail, Wholesale and Department Store Union (RWDSU) disagreed on a contract to hold an election at REI’s Beachwood, OH store. As a result, a hearing with the National Labor Relations Board (NLRB) will be held on February 3 to determine the parameters of the election process.

A Bain & Co. recent study concluded that while spending on luxury goods is forecasted to slow in 2023 following two strong recovery years, the overall sector is “more resilient to recession” versus the recession in 2009. Drivers include a higher share of top customers, the benefits of digitization and luxury’s expanding appeal to younger consumers.

Cowen raised its rating on Skechers to “Outperform” from “Market Perform” as channel checks show the brand’s value proposition resonates with customers, and a survey shows Skechers has gained preference in the casual/lifestyle footwear category from Nike and Adidas.

In a letter to the running specialty industry published in its recent newsletter to members, Running Industry Association Executive Director Terry Schalow shed light on trends in the channel and prospects for 2023. 

At the 2023 NRF Big Show, Shawn Wilkinson, e-commerce program manager for personalization at Dick’s Sporting Goods, outlined how the pandemic accelerated the retailer’s push to leverage data to deliver relevant offers and communication to its “athletes,” a word Dick’s uses for its customers.

Baird lowered its stock ratings on Canada Goose, Peloton and VF Corp. as the investment firm noted concerns that an earnings recovery could take longer than investors have signaled.

In a note sent Tuesday to all U.S. employees, Walmart outlined plans to bump its average hourly wage to more than $17.50 (reportedly a range of $14 to $19 per hour). The national minimum hourly wage is $7.25.

In its third-annual study focused on the sporting goods industry, the WFSGI and McKinsey documented the comparatively strong results delivered by the industry over the last two years but warn that potential recessionary conditions could derail progress for industry players in 2023.

Williams Trading lowered its stock rating on VF Corp. to “Sell” due partly to unexpected weakening at The North Face. Lead analyst Sam Poser also reiterated his “Buy” rating and raised his price targets on Deckers Outdoor and Skechers USA.

Newell Brands will lay off 13 percent of its corporate workforce in a major restructuring move. Newell is also consolidating its five operating segments into threes. Jim Pisani will continue as CEO of the company’s Outdoor & Recreation segment.

In a presentation at Sidoti & Co.’s Micro-Cap Conference, David Johnson, CFO and VP at Johnson Outdoors Inc., said the company is still working down elevated inventories but remains hopeful its outdoor enthusiast customer will continue spending despite a potential downturn in 2023.

At Compass Diversified’s Investor Day, Mike Joyce, president and CEO, Primaloft, talked up the potential of the maker of synthetic insulation products to expand across the synthetic marketplace as well as how a number of consumer tailwinds are working in Primaloft’s favor.

At the 2023 NRF Big Show, Steve Hewitt, executive chairman and the former CEO of Gymshark, discussed the challenges the cult U.K. activewear brand faced in establishing a foothold in the U.S. and elevating its “customer proposition.”

In an interview at the 2023 NRF Big Show, Nick Woodhouse, president and chief marketing officer, Authentic Brands Group described Reebok as a “super brand” that is expected to reach $10 billion in retail sales in a few years.

Rvelocity filed an S-1 to raise approximately $10 million through an initial public offering.