EXEC: Dick’s CEO Talks Q2 EPS Miss, Inventory Woes, Retail Theft and Staff Cuts
Shares of Dick’s shaved about a quarter of their value on Tuesday after America’s largest sporting goods chain reported a second-quarter profit shortfall and slashed its earning guidance for the year due to promotions required to clear inventories, particularly in the outdoor category, and higher-than-expected shrink.
Dick’s SG Lays Off Corporate Staff to Streamline Cost Structure
A source told Bloomberg News that Dick’s had laid off 250 corporate employees as part of the plan. Retail staff were not impacted.
Academy Sports + Outdoors to Open First Indianapolis Store
The approximately 75,000-square-foot store will sell a wide assortment of sports and outdoors merchandise. The retailer will host a grand opening from August 25-27.
Citi Trends Posts Q2 Loss on 5.3 Percent Comp Decline
Citi Trends reported a wider loss in the second quarter year-over-year as same-store sales fell 5.3 percent. The urban fashion discount chain noted that the quarter marked significant sequential same-store sales improvement from the first quarter while reiterating guidance for the year.
Macy’s Rolls Out Four New Small Format Stores Across West and Northeast
The move marks the first expansion of its small-format locations into the Northeast and Western regions of the U.S., with openings in Boston, Las Vegas and San Diego.
Dick’s SG Axes Outlook on Q2 Profit Shortfall, Blames Inventory Shrink
Dick’s Sporting Goods delivered 1.8 percent same-store growth in the second quarter but profits fell well below Wall Street targets due in large part to shrink. The retailer slashed its earnings outlook for the year on the Q2 shortfall and expected margin pressure in the second half and launched a business optimization program that reportedly includes the layoff of 250 corporate employees.
Macy’s Sees Continued Weakness in Comps; Posts Loss in Second Quarter
The retailer continues to beat Wall Street expectations as it manages through its downward trend. Consolidated comp store sales were down 8.2 percent on an owned basis and down 7.3 percent on an owned-plus-licensed basis.
VF Corp. Appoints Chief People Officer
VF Corporation hired Brent Hyder as chief people officer, effective September 5, reporting to president and CEO Bracken Darrell. He will also serve as a member of VF’s executive leadership team.
EXEC: Parent of Craft, Cutter & Buck and Tenson AB Sees Q2 Profit Dip as Sales Grow
Based in Kungälv, Sweden, New Wave Group owns a number of apparel brands, including Craft, Cutter & Buck, Ahead, Orrefors and Kosta Boda and recently acquired the Swedish outdoor and lifestyle company Tenson AB.
EXEC: Active Lifestyle Vendors Weather Challenging Second Quarter
Columbia Sportswear, Wolverine Worldwide, VF Corp. and Hanesbrands were among vendors in the active lifestyle space downwardly adjusting their guidance for the year in reporting Q2 results in the face of an increasingly promotional marketplace. However, more vendors than not were able to surprise on the upside.
Happy Socks Names New CEO
Happy Socks hired Alexander Meyer as chief executive officer. Most recently, he was chief customer officer at The Bay, the Canadian department store chain.
B2B Surplus Inventory Marketplace Raises $30 Million Series B Round
The company reported it has had a 500 percent increase in uploaded inventory in the last year, with a gross merchandise value (GMV) run rate increasing over 10x year-over-year and the team has doubled in size.
Australian Women’s Footwear Brand Opening U.S. Flagship Store
Frankie4 said it is amplifying its presence in North America with its U.S. flagship store location in Bellevue, WA opening in September, adding a permanent location after the success of its Bellevue Square pop-up shop this past April.
Digital Brands Group Announces 1-for-25 Reverse Stock Split
The company will effect a 1-for-25 reverse stock split of its common stock, par value $0.0001 per share, effective on August 22, 2023, at 12:01 a.m., EST, pursuant to the vote of its shareholders on August 21, 2023.
Tractor Supply Launches Open Buying Days
Tractor Supply said the Open Buying Days are open to individuals and businesses nationwide. The event seeks to uncover unique products that align with Tractor Supply’s purpose – to help customers as they live Life Out Here.
