Adobe Reports Online Price Declines, Slowing Inflation
Online prices in July 2023 fell 1.6 percent year-over-year (YoY), marking the eleventh consecutive month of YoY price decreases, according to the Adobe Digital Price Index (DPI).
Bob’s Stores To Open Three Locations
Bob’s Stores plans to open a “flagship” store in Norwalk, CT, that will also carry merchandise from sister retailer Eastern Mountain Sports within the next few months. It’s also planning two other Connecticut stores in Hamden and Southington.
Report: Foot Locker Declined Yeezy Restock Sales Over PR Concerns
Foot Locker is reportedly declining to sell Yeezy shoes during Adidas’ sale of its remaining inventory over fears of a public backlash.
Yue Yuen Sees Footwear Manufacturing Decline Accelerate in July
The Manufacturing business tallied a 23.9 percent decrease in July and a 20.0 percent decrease for the seven-month year-to-date period, an acceleration of the decrease posted in the first half reported through June.
Yue Yuen Footwear Manufacturing Sees Pairs Shipped Fall Nearly 24 Percent in First Half
First half revenue attributed to footwear manufacturing activity, including athletic/outdoor shoes, casual shoes and sports sandals, decreased by 18.1 percent to $2.38 billion, compared with the corresponding period of last year.
Dick’s SG Closes Store in Binghamton
Dick’s Sporting Goods closed its store in Vestal, NY, while opening a House of Sport in nearby Johnson City.
EXEC: Wolverine Worldwide Closing Boston Offices; Consolidating Brands to Michigan
The Boston offices have been home to the Saucony, Keds, Sperry and Stride Rite brands. Keds has been sold and the company is seeking a “strategic alternative” for Sperry.
EXEC: New Wolverine Worldwide CEO to Focus on Building Brands After Q2 Results Disappoint
The new CEO said that while he is excited about the future, the company’s financial update that same morning is “well short of expectations.” He said they have seen softness in the marketplace and headwinds impacting the business that they now expect to continue to the second-half of the year.
EXEC: Sport Chek, Helly Hansen Parent Pulls Growth Targets Amid Consumer Spending Retreat
Canadian Tire Corp, the parent of the Canadian Tire chain and Sport Chek, reported a drop in quarterly revenue, as demand for sporting goods and home improvement items slowed at its stores. The retailer also said it was withdrawing its previously disclosed financial targets for 2022-2025 as it battles high inventory costs and strained consumer spending.
EXEC: HBI Leadership Outlines Champion’s U.S. Turnaround Strategy
Company CEO Steve Bratspies said that sales in the U.S. would remain pressured through the back half of this year and that the company had to improve product segmentation to help fix the issues the company sees in the market.
NRF Economist Sees Consumer Spending Growth Slowing
U.S. consumers are still buying more than last year, but spending growth has slowed as the economy settles down amid higher interest rates intended to reduce inflation, National Retail Federation Chief Economist Jack Kleinhenz said Thursday.
Dillard’s Sees Decline in Q2 Profits as Comp Decline 3 Percent
Dillard’s, Inc.’s earnings declined 19.5 percent in the second quarter as same-store sales decreased 3 percent. Dillard’s CEO William T. Dillard, II, stated, “The cautious consumer we noted in the first quarter continued in the first few weeks of the second, leading to a sales decline of 3 percent.”
SportChek’s Sales Flattish in Second Quarter
Canadian Tire Corporation, Ltd. reported SportChek’s comparable sales were up 0.1 percent in the second quarter ended July 1. Team sports and lifestyle footwear grew, while athletic clothing and outerwear were down. Canadian Tire’s overall comps were up 0.1 percent.
Wolverine World Wide, Inc. Cuts 2023 Outlook After Disappointing Q2 Results
Revenue for Q2 declined 17.3 percent in constant-currency terms to $589.1 million, compared to $713.6 million in the year-ago quarter. Revenue from the ongoing business was $578.2 million, declining 13.8 percent on a constant-currency basis.
Wolverine Worldwide Appoints New CEO as Brendan Hoffman Departs
The Board of Directors appointed Chris Hufnagel as president and CEO of the company and a member of the Board of Directors, effective immediately. He succeeds Brendan L. Hoffman, who is no longer with the company
