Dick’s SG’s Chief Comms and Sustainability Officer Announces Retirement
Dick’s Sporting Goods Chief Communications and Sustainability Officer Peter Land announced his retirement after three years working for the retailer. Dick’s declined to comment on his departure.
VF’s Debt Ratings Downgraded by Moody’s
Moody’s Investors Service downgraded VF Corp.’s long-term debt ratings due to continued weakness at Vans, VF’s second largest brand, as the company embarks on a significant transformation initiative, project Reinvent, to revitalize VF’s business, most notably in North America.
Skechers Responds to Nike Patent Lawsuit
Skechers U.S.A., Inc. said it will vigorously defend a patent lawsuit filed by Nike., Inc. in California Federal Court on November 6, in which claims Skechers’ Ultra Flex and Glide Step, among other shoe models, infringed on patents for its Flyknit upper technology for running, soccer and basketball shoes.
Rip Curl, Oboz Parent KMD Brands Sets Plan for CFO Transition
While KMD continues to recruit for a permanent Group CFO, Ben Washington, Deputy CFO, will provide interim cover for financial and investor aspects of the role, and Lachlan Farran, chief commercial officer, will absorb the remaining operational responsibilities on an interim basis.
Walmart Raises Outlook as Q3 Surpasses Analyst Targets
Walmart raised its annual sales and profit forecast for the second straight quarter after third-quarter exceeded analyst estimates. Sales in the quarter grew 5.2 percent with strength across segments and comps rising 4.9 percent for Walmart U.S.
Baird Sees Reawakened Investment Opportunity For Team Sports
In a recent analysis from Baird, the investment firm and financial services company forecasted that tech advances, improved player performance and safety features, elevated traditional and social media exposure, and other economic factors will accelerate the future of team sports participation, benefiting from both the sporting goods industry and its investors.
Macy’s Q3 Earnings Surpass Expectations
Macy’s, Inc. slightly improved its outlook for the year as third-quarter results topped expectations as inventory and margins improved. Sales were down 7 percent in the third quarter.
Shoe Carnival Again Reduces Guidance, Blames Hot Weather
Shoe Carnival, Inc. reduced its annual guidance for the third straight quarter after reporting sales softened after Labor Day in part due to unseasonably hot weather in September and October. Same-store sales declined 7.4 percent in the quarter and are expected to decline in the range of 9 percent to 12 percent in the fourth quarter.
U.S. October Retail Sales Fall for First Time in Seven Months
The Commerce Department reported U.S. retail sales fell 0.1 percent month-over-month in October, the first decline since March.
Bain: Luxury Seen Losing Pandemic Boost
Bain & Company’s Luxury Study forecasted the global personal luxury goods market will grow 4 percent on a currency-neutral basis to €362 billion ($393 bn) in 2023, below a forecast between 5 percent to 12 percent the consultancy published in June.
Xero Shoes Hires Directors in Design and Product Merchandising
Kristina Funck was named design director and Megan Elias as director of product merchandising. Funck joins Xero Shoes from Otterbox and Elias from Crocs, where she directed the Sandals strategy.
StockX: Classic Retro and Run-Inspired Shoes Pace Resale Activity
Classic retros from Adidas, Ugg slippers and running-inspired silhouettes from New Balance, Asics and Nike topped the list of shoes with the most search results on StockX, according to the resale platform’s recently released “Big Facts” quarterly trend report.
Fila Holdings’ Sales Slide On Fila Brand Weakness
Korea-based Fila Holdings Corp. reported sales fell 8.3 percent in the third quarter as a 35.1 percent decline at the Fila brand segment offset a gain of 3.3 percent at Acushnet (Titleist, Footjoy). Fila brand’s sales tumbled in the U.S. due to the impact of elevated inventories.
Report: October Promos Did Little to Boost Retail Sales as Consumers Focus on Value
Overall value for the price and special sale prices reportedly grew as top factors that influence where consumers shop for gifts in 2023, identified by more than 40 percent of holiday shoppers in a recent holiday purchase intentions consumer survey conducted by Circana.
TJX Raises Outlook on Q3 Beat
The TJX Companies, Inc. lifted its guidance for sales and EPS for the year after seeing third-quarter results exceed targets. Q3 same-store sales grew 7 percent at the Marmaxx segment and 9 percent at HomeGoods, driven entirely by customer traffic.
