Levi Strauss Moves Toward CEO Transition in 2024
CEO Chip Bergh announced his retire from the company effective April 26, 2024. Michelle Gass, company president, will succeed Bergh as president and CEO, effective January 29, 2024.
NRF: Imports Peaked in October, Volume Expected to Increase in 2024
Inbound cargo volume at the major container ports in the U.S. will continue to slow during the final weeks of 2023 after peaking later than expected in the fall, according to the Global Port Tracker* report released by the NRF and Hackett Associates.
NRF: Economy Delivers “Vigorous Growth” Despite Slowdown
According to the National Retail Federation’s Chief Economist Jack Kleinhenz, after a challenging year, the economy remains healthy despite slowing.
EXEC: Lululemon’s Tepid Holiday Guidance Overshadows Strong Q3
Lululemon Athletica, Inc. lifted its overall full-year outlook after earnings and sales in the third quarter ended October 29 topped guidance for the third straight quarter but also forecast fourth-quarter guidance that came in lighter than expected in an apparent sign to investors of a potential sales slowdown.
Lululemon’s Q3 Earnings Dip On Charge Tied to Mirror Shutdown
Lululemon Athletica, Inc. reported earnings declined slightly due to a charge related to its move to discontinue its Mirror platform as part of a new partnership with Peloton. Excluding the charge, earnings and sales topped guidance for the third straight quarter and Lululemon again lifted its outlook for the year.
EXEC: Sports Direct Gets Fiscal H1 Boost from New Brands
Frasers Group reported retail revenue increased 4.0 percent in the first half ended October 29 to £2.69 billion ($3.4 bn), helped by a “strong underlying performance” from Sports Direct due in part to the addition of new brands, including On Running, The North Face, Columbia Sportswear and Salomon.
Tanger Acquires First Open-Air Lifestyle Center
Tanger acquired Bridge Street Town Centre in Huntsville, AL for $193.5 million using cash on hand and available liquidity. Management expects the center to deliver a first-year return in the mid-eight percent range, with potential for additional growth over time.
ICSC Board of Trustees Elects New 2024 Chair and Vice Chair
The ICSC Board of Trustees elected Jim Taylor, president & CEO, Brixmor Property Group, to serve as ICSC’s chairman and Angele Robinson-Gaylord, SVP, store development americas, Starbucks, to serve as vice chairman for the 2024 term.
Lands’ End Posts Wider Q3 Loss on Double-Digit Sales Decline
Third quarter net revenue decreased 12.5 percent to $324.7 million and the net loss was $112.4 million, or $3.52 loss per diluted share, compared to net loss of $4.7 million, or 14 cents loss per diluted share, in the third quarter of fiscal 2022.
Aetrex To Roll Out Personalized Footwear Recommendation Platform for 2024
The FitStarter program provides in-store shoppers with personalized fit recommendations.
Baffin Adds Glacier Collection to Canadian Boot Factory
Baffin extended its Made-in-Canada offerings with four boot styles for men and women. Its Glacier collection styles Mountain and Cambrian (men’s) and Maple Leaf and Cambrian (women’s).
FWV Sells CGPR to Integrated Travel and Recreation Marketing Firm
Off Madison Ave acquired PR Agency CGPR from French/West/Vaughan (FWV), the Raleigh, NC-based marketing agency that acquired the company in February 2020. CGPR is the fifth merger and acquisition by Off Madison Ave since 2005.
EXEC: Stifel Survey Finds Consumers Prioritize Price/Value Over Sustainability
The survey, which was conducted in partnership with Morning Consult, surveyed active/causal lifestyle brand consumers ages 18 to 55 based in the U.S., UK, Germany, France, and Italy. It found that only one-third of respondents “Highly Prioritize” sustainability when making purchasing decisions, compared to other factors like “Good Value” (68 percent) and “Low Price” (57 percent).
Kizik Amends Credit Facility to Support Growth
Kizik secured an amendment of its credit facility with JPMorgan Chase that provides enhanced financial flexibility to support expansion into new distribution channels, including company-owned retail stores, U.S. wholesale and international markets.
Golden Goose’s Debt Rating Outlook Upgraded by Moody’s
Moody’s Investors Service changed its debt ratings outlook on Golden Goose S.p.A. to positive from stable due to the Italian luxury sneaker maker’s strong performance in 2023 and its solid credit metrics.
