EXEC: Foot Locker’s Accelerated Diversification Push Showing Early Progress
Foot Locker, Inc. reported a better-than-expected second quarter as steps to diversify its merchandise and vendor mix are off to a strong start. While overall comps were down 1.9 percent in the period due to tough year-ago comparisons, comps of non-Nike products increased in the high teens, led by Adidas, Puma, New Balance, Crocs, and Converse.
EXEC: VF Corp. Celebrates Murray’s TNF Success, Seeks Same In Bailey’s Return To Vans
VF Corp. shares were up over two percent in trading overnight after the parent company for The North Face, Vans, Timberland, Altra, Dickies, and several other key outdoor and action sports brands missed fiscal 2022 Q4 estimates on both the top and bottom line. The Wall Street bump occurred as VFC came out with positive forecasts for its 2023 fiscal year.
EXEC: Deckers Brands Q4 Boosted By Uggs’ Outperformance
Deckers Brands reported fourth-quarter results that came in far ahead of Wall Street targets as both Ugg and Hoka benefited from being able to get back in stock on key assortments.
EXEC: Canada Goose Predicts Robust Double-Digit Annual Growth
Canada Goose Holdings, Inc. delivered a bullish outlook for the current fiscal year after reporting a better-than-expected fiscal fourth quarter ended April 3. The gains in the quarter were led by North American retail.
EXEC: Kohl’s Q1 Dragged Down By Inflationary Pressures
Kohl’s Corp. reduced its annual earnings and sales forecast, as the department store chain joins a string of retailers stung with soaring inflation. Michelle Gass, Kohl’s chief executive officer, told analysts, “While the quarter started off strong with positive low single-digit comp growth through late March, in April, demand considerably weakened as we lapped last year’s stimulus and as consumers started to experience inflationary pressures.”
EXEC: TJX Delivers Strong Q1 Earnings Beat
TJX Cos. reported first-quarter earnings that exceeded expectations despite slightly softer-than-expected revenues as pricing actions helped offset inflationary pressures.
EXEC: Shoe Carnival Sees Strong Shift Towards Non-Athletic
Shoe Carnival Inc. reported adult athletic footwear same-store sales in the first quarter declined 20 percent versus the stimulus-boosted 2021 period and were off “very slightly” versus the pre-pandemic first quarter of 2019. Officials said dress, casual, and sandals categories have returned to traditional pre-pandemic demand.
EXEC: On Delivers Blowout Q1 Despite Supply Chain Turmoil
On was able to circumvent supply chain snarls to report first-quarter results well ahead of Wall Street targets. The Swiss running brand hiked its sales guidance for the year, forecasting at least 44 percent growth.
EXEC: Solo Brands Counting On Innovation To Defy Macroeconomic Volatility
Solo Brands, Inc. reported that first-quarter sales climbed 19 percent despite macroeconomic headwinds with gross margins in line with expectations. John Merris, CEO, told analysts strong innovation will be critical to riding out the current inflationary and overall unstable environment.
EXEC: Xponential Fitness Sees Fitness Boutique Business Undergo Strong Rebound
Xponential Fitness said first-quarter North American systemwide sales grew for the seventh consecutive quarter, up 70 percent year-over-year. The owner of fitness boutiques is on track to open over 500 new studios this year.
EXEC: Planet Fitness Counting On Gen-Z To Drive Same-Store Sales
Planet Fitness has seen a strong recovery from the pandemic, with the first quarter marking an all-time record-high for membership count, at 16.2 million members. To continue to drive same-store growth, Planet Fitness is looking to connect with teens. Planet Fitness CEO Chris Rondeau told analysts, “Gen Z was the fastest-growing demographic group of our membership in 2021.”
EXEC: SportChek’s Stellar Q1 Performance Boosted By Hockey’s Return
SportChek’s same-store sales grew 10.2 percent in the first quarter, boosted by a return to playing hockey and strong demand for skiing. Greg Hicks, Canadian Tire’s president and CEO, said on a call with analysts, “SportChek delivered its strongest Q1 on record, with comparable store sales up significantly as families returned to organized sport, namely hockey as well as skiing.”
EXEC: Allbirds Lowers Full-Year Outlook On International Concerns
Allbirds, Inc. reported sales grew 26 percent in the first quarter year-over-year and increased 49 percent compared to the first quarter of 2020 due to strong momentum in its U.S. business. However, the eco-friendly footwear company reduced its guidance for the year due to increasing international headwinds.
EXEC: Wolverine World Wide Sees Q1 Revenues Top Guidance
Wolverine World Wide reported revenues and operating margin in the first quarter exceeded expectations. Better-than-expected performances by Saucony and Sperry and strong international growth helped overcome shortfalls in its e-commerce operations and at Sweaty Betty. Wolverine reiterated its guidance for 2022.
EXEC: Callaway Golf Hikes Guidance As Golf’s Momentum Hums Along
Callaway Golf lifted its outlook for earnings and sales for the year after reporting that first-quarter earnings came in well above guidance. Demand for the company’s golf equipment and soft goods lines remained robust while Topgolf bounced back toward the end of the quarter after being impacted by Omicron spikes early on.
