Costco’s Q4 Profits Climb 15 Percent
Costco Wholesale Corp. reported earnings rose 15.4 percent in its fiscal fourth quarter ended September 3 as sales gained 9.4 percent. Same-store sales in the U.S., excluding the impact of gas prices, were up 3.1 percent.
U.S. Consumer Confidence Slides to Four Month Low
The Conference Board’s Consumer Confidence Index dropped to a four-month low in September, weighed down by rising interest rates, still-high inflation and a stalemate over the federal budget in Washington.
Target Closing Nine Stores in Four Markets Due to Theft, Safety Concerns
Target said in a statement it is closing nine stores in four states, including one in East Harlem, NY, three in San Francisco, two in Portland, OR and two in Seattle, WA, suggesting that theft and organized retail crime have threatened the safety of its employees and customers.
Nordstrom To Open Another Rack Store in New York
The 24,000-square-foot Bay Shore store will be located on the South Shore of Long Island at the Gardiner Manor Mall with other retailers, including HomeGoods, Barnes & Noble, Michaels, and Old Navy.
EXEC: Dick’s SG Joins Other Retailers with Lower Seasonal Workers Plans for Holiday
Dick’s Sporting Goods followed Macy’s in reducing its planned holiday hiring plans this year versus 2022. The downbeat hiring targets come amid forecasts of lowered seasonal hiring overall this year due to higher labor costs and expectations of softer holiday selling.
EXEC: Superfeet’s New CEO Discusses the Untapped Insoles Opportunity
In June, Trip Randall, a former long-time Nike executive, became the third CEO in Superfeet‘s 46-year history. He talked with SGB Executive about the outsized growth potential still ahead for Superfeet as well as for the overall insoles category.
J.C. Penney’s Q2 Revenues Slide 10 Percent
J.C.Penney’s sales fell 10.1 percent in the second quarter year-over-year to $1.61 billion from $1.79 billion a year ago, according to a regulatory filing.
S&P Raises Authentic Brands Debt Ratings on Improved Performance
S&P Global Ratings raised the debt rating of Authentic Brands Group, LLC after the company outperformed its previous forecast for its sizable 2022 acquisition of Reebok and recently-closed acquisition of Boardriders, Inc. S&P said the company funded the Boardriders acquisition with less debt than previously expected due to new equity from its financial sponsors.
EXEC: Jefferies Downgrades Nike, Foot Locker on Slowdown Concerns
Analysts at Jefferies downgraded Nike, Foot Locker and Urban Outfitters as survey data shows the resumption of payments on student loans may force families to limit their spending on apparel and sneakers. Nike’s sales are also expected to be pressured by lean inventory disciplines across wholesale channels and macro headwinds facing China.
Shoe Carnival Appoints CFO
Shoe Carnival, Inc. said Erik Gast, its EVP, CFO and treasurer, mutually agreed to leave the company, effective today, to pursue other opportunities. Patrick Edwards, the retailers’ chief accounting officer and secretary since 2021, will succeed Gast.
TJX Companies Elects New Board Director
TJX Companies, Inc.’s Board of Directors elected Charles F. Wagner, Jr. to its Board, effective immediately. Wagner is the EVP and CFO of Vertex Pharmaceuticals, Inc., a role he has held since 2019.
Nike Extends Refurbished Program To Nike.com
Nike extended its Refurbished program to its website, offering discounts on refurbished sneakers. The company introduced the program at select Nike and Nike Factory Outlet stores in April 2021 to support its broader Move to Zero climate change initiative.
M&S | The Sports Edit Adds Activewear Brands To Growing Platform
Marks & Spencer’s M&S | The Sports Edit is adding Adidas, Columbia, Sweaty Betty, Regatta and Sorel to its dedicated sportswear platform on M&S.com as part of its continued push into the sportswear category.
New Balance Opens Concept Store in London
New Balance opened an experiential concept store in London’s Westfield Stratford City Mall, targeting younger consumers. The store is the company’s third globally. The first opened in Guangzhou, China, in 2022, and the second in February 2023 at 124 Newbury Street in Boston.
Adidas Sues LIV Golf For Trademark Infringement Over Logo
Adidas filed a lawsuit against LIV Golf, the Saudi Arabian golf league, for trademark infringement, charging the ‘L’ in LIV’s logo looks too similar to its iconic ‘three stripes’ brand.
