EXEC: Analysts Gaining Confidence in Adidas’ Turnaround
While some still see an uphill battle for Adidas to regain share in the competitive landscape, the majority of analysts covering the stock were encouraged by the progress the company made in the second quarter toward a turnaround, including building momentum in its underlying business on the back of the “terrace” trend.
NRF Launches Center for Digital Risk and Innovation
The Center is expected to serve as the focal point for NRF’s engagement on technology issues that have significant policy and risk management implications for the global retail industry.
BRC: British Retail Foot Traffic Recovers as Outlets Fuel Growth
The data shows that much of the footfall recovery in July was shored up by strong performance in outlet retail, as shoppers turn to discount formats to make spend go further.
EXEC: Titleist Parent Sees Continued Benefit from Golf’s Pandemic Boost
Acushnet Holdings Corp.’s second-quarter results topped analyst estimates as the momentum in Titleist golf balls and golf clubs offset weakness at FootJoy. David Maher, president and CEO, told analysts, “Supporting the company’s first half results, we are enthused by the golf industry’s overall health and stability with participation remaining vibrant even as golfers return to many pre-COVID activities.”
Pentland Brands Simplifying Business Structure; Cutting 90 Jobs
Pentland Brands reported it initiated a new program to “simplify the way its business is organized” to focus on product, digital, consumer data, and analytics; however, it means laying off 90 employees. The second quarter of fiscal 2023 was $400.7 million, a decrease of 1.5 percent, compared to net sales of $406.7 million in the second quarter of fiscal 2022.
Xero Shoes CPO, Dennis Driscoll, Retiring After 44-Year Footwear Career
Long-time global footwear industry veteran Dennis Driscoll is retiring on September 1 after more than 44 years. He has served as chief product officer for Xero Shoes since 2012.
EXEC: L.L.Bean Expands Wholesale to Dillard’s, Moosejaw and Select Independents
L.L.Bean is adding Dillard’s and Moosejaw to its roster of U.S. wholesale key accounts, as well as ten independent specialty retailers in the southeastern U.S. The Maine-based retailer also plans to open four stores, with two in Quebec.
EXEC: Nike Declares Dividend; 22 Percent of Proceeds Go to Knight Family, Foundation
The Nike, Inc. Board of Directors, which is 75 percent controlled by the Knight family, has declared a quarterly cash dividend of 34 cents per share on the company’s outstanding Class A and Class B Common Stock.
REI Co-op to Open Store in Beaverton, OR
REI Co-op reported it plans to open a store in Beaverton, OR in spring 2024. As the anchor tenant at Walker Center, the store’s footprint will be 39,512 square feet at 2780 SW Cedar Hills Boulevard.
Nike Partners with USA Gymnastics
For the first time, Nike will serve as the official apparel and footwear partner of USA Gymnastics and the USA Gymnastics National Team.
EXEC: Adidas Sees North America Struggles Continue
Adidas’ second quarter results included several encouraging signs, including securing an incremental profit of €150 million ($164 mm) from the first drop of leftover Yeezy, significantly improved margins due to better sell-throughs and less discounting, and a return to double-digit growth in China. However, the laggard continues to be North America, where sales on a currency-neutral basis tumbled 16.4 percent in the period.
ICSC: Majority of BTS Shoppers Spending More in 2023 Due to Inflation, Higher Prices
While inflation is a partial driver of higher spending, the data found that the consumer remains resilient, but focused on deal-hunting for the best prices in the face of rising costs.
EXEC: Adidas Says No More Yeezy After Sell-Off Despite Flat Q2, Profit Bump
On Thursday, Adidas raised its earnings outlook for the year, in part because of demand for the company’s remaining stock of its discontinued Yeezy merchandise. The brand was boosted by the margin benefit from reduced inventory levels in the marketplace and China’s continuing recovery.
Tractor Supply Names Food Lion President as Newest Board Member
Tractor Supply Company appointed Meg Ham as an independent member of its Board of Directors, effective August 2. TSC said Ham brings a distinguished 35-year career in the retail industry and is the president of Food Lion.
WFSGI Sets CEO Succession Plan
The World Federation of the Sporting Goods Industry (WFSGI) said Emma (Mason) Zwiebler will replace Robbert de Kock as CEO of the organization effective November 1.
