Foot Locker’s Debt Ratings Downgraded by Moody’s
Moody’s Investors Service downgraded Foot Locker, Inc.’s debt ratings, reflecting Moody’s view that Foot Locker’s earnings and cash flow are likely to remain pressured for an extended period, given the execution risk associated with implementing its Lace Up plan transformation initiatives in a challenging consumer spending environment.
Nike to Permanently Close NE Portland Store Following High Theft
Nike has decided not to re-open its factory store in Portland, OR, which it closed temporarily last fall due to theft and safety issues
Aaron Rodgers Continues Investment in Building Amberjack Brand
Amberjack said initial partnership conversations began in 2020 during the pandemic before the brand launched. Rodgers was reportedly impressed with the brand vision and invested in 2021, working in tandem with company Founder and CEO John Peters.
Mark’s Rolls Out Two New Workwear Retail Formats in Canada
Mark’s, the Canadian retailer owned by Canadian Tire and sister company to SportChek, Sports Experts, Pro Hockey Life, and Helly Hansen, introduced two new industrial-exclusive retail stores—Mark’s WorkPro and L’Equipeur Pro.
EXEC: Zumiez Hopeful for Holiday Selling After Q2 Beat and BTS Momentum
Zumiez, Inc. reported better-than-expected Q2 results with sales declines lessening further into the third quarter, including men’s, its largest category, turning positive. The action sports chain predicted another high-single to low-double-digit decline for the third quarter but remains hopeful of continued improvement through holiday selling.
Zumiez Second-Quarter Results Beat Expectations
Zumiez, Inc. showed a loss in the second-quarter ended July 29 on a sales decline of 11.6 percent, but results exceeded guidance as sales trends improved each month with encouraging early back-to-school sell-throughs.
BRC Sees Confident UK Consumers Boost August Retail Sales
Total UK retail sales increased by 4.1 percent in fiscal August, against growth of 1.0 percent in August 2022, coming in above the 3-month average growth of 3.6 percent and in line with the 12-month average growth of 4.1 percent.
NRF Acquires Reverse Logistics Association
While hundreds of retail brands offer “gently used” products for sale, others sell excess inventory at a discount. The reverse logistics industry manages the collecting, sorting, repairing, and refurbishing of products for resale or recycling.
Authentic Appoints EVP to Manage Former Boardriders Brand Portfolio
The company hired David Brooks as EVP of action and outdoor sports lifestyle. Most recently, Brooks with the global general manager for RVCA and Boardriders Partnerships at Boardriders.
Undefeated Opens First New York City Store
Undefeated, the Los Angeles-based sneaker and streetwear boutique, opened its first store in New York City in the Nolita section of downtown Manhattan.
Parent of DSW, Topo, Keds and Le Tigre Footwear Brands Reiterates Outlook
Designer Brands, Inc. reported that second quarter results topped Wall Street estimates with sequential improvement in sales and gross margin over the 2023 first quarter and also reiterated the outlook for the year.
EXEC: Sportsman’s Warehouse Sets Aggressive Markdowns as Business Weakens Further
Shares of Sportsman’s Warehouse are running down about 17 percent in pre-market trading Thursday as the hunt & fish chain’s second-quarter earnings came in well below guidance and another double-digit comp decline was forecast for the third quarter.
Nike Tops Gen-Z’s Rankings for Most Authentic Brand
Nike was ranked the “Most Authentic” brand in the active lifestyle and fashion space among Gen Z consumers in North America and Western Europe, according to YPulse, based on its latest demographic survey.
Sportsman’s Warehouse Swings to Second Quarter Loss as Comps Fall
The 11.8 percent net sales decrease was said to be primarily due to lower demand across all product categories and a decline in store traffic resulting from the continued impact of consumer inflationary pressures on discretionary spending, partially offset by the opening of 14 new stores.
EXEC: Amer Sports Files Confidentially to Go Public
Amer Sports, the parent of Salomon, Wilson, Arc’teryx and other sports brands, filed confidentially for a U.S. initial public offering that could value the group as high as $10 billion. The offering would come as Amer Sports’ business has seen accelerated growth, driven by Arc’teryx and Salomon and growth in China.
