EXEC: Stifel’s BTS Survey Finds Nike Dominance Continues
Stifel’s 15th annual back-to-school 2022 athletic footwear survey found that Nike’s popularity continues to be “enduring,” led by retro styles. Vans, Puma, Converse, and Hey Dude also scored high in the survey.
EXEC: Lululemon Downgraded To “Sell” By Jefferies On Long-Term Growth Concerns
Lululemon Athletica, Inc.’s shares were downgraded to “Sell” by analysts at Jefferies on expectations that the yoga-themed retailer would pull back on aggressive long-term guidance in the coming quarters.
EXEC: Athleta’s Sales Slump On Athleisure Softness
Athleta’s same-store sales slumped 8 percent in the second quarter due to a demand shift from athleisure to occasion and work-based categories as well as some fashion miscues on spring/summer product. On an analysts’ call, Bobby Martin, interim CEO of Athleta’s parent, Gap Inc., remained confident Athleta would return to its mid-teens growth target.
EXEC: Hibbett Eyes Robust Return To Growth In Second Half
Hibbett Inc. reported second-quarter earnings that fell short of analyst targets. However, the sporting goods chain raised its second-half comparable sales guidance due to improved inventories and favorable sales trends for the back-to-school shopping season to maintain its earnings guidance for the year.
EXEC: Shoe Carnival Shares Surge As Market Embraces Expanding Margins, Shrugs Off Q2 Miss
The parent company of the Shoe Carnival and Shoe Station retail banners sees profitability continuing to increase as the company’s strategic plans to double operating profit margins versus historical levels “continues to work,” according to management.
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.”
