Lululemon’s Raises Outlook As Q2 Comps Jump 11 Percent
Lululemon Athletica, Inc. raised its guidance for the year as second-quarter results exceeded expectations. Earnings rose 21.6 percent on an adjusted basis in the quarter with revenues ahead 18 percent. Comparable sales increased 11 percent or 13 percent on a constant dollar basis.
EXEC: Genesco Shares Surge as CEO Highlights an Improving Picture at Journeys
Board Chair, President and CEO Mimi Vaughn said that thus far in the third quarter, sales trends for the back-to-school season improved a little further with consumers shopping when there is a reason and much closer to need.
EXEC: Symphony Holdings Posts Solid H1 as Brand Division Jumps 24 Percent
The Branding segment, which is comprised of the Skins and Pony businesses, sourcing, manufacturing and trading of healthcare products in Hong Kong and distribution of Sunseeker swimwear, posted a 24.2 percent YoY increase for the first half period. Still, the majority of revenues come from its malls leasing segment.
Kids Footwear Brand Founded by Industry Vets Closes Seed Round
Adidas and Mizuno vet Mike Gugat leads the brand as CEO. Jbrds was co-founded with Gugat by podiatrist and foot and ankle surgeon Dr. Jay LeBow as chief product officer and sporting goods merchant David Hirshfeld.
Crocs Hires Erinn Murphy to Lead IR and Corporate Strategy
She joins Crocs, Inc. from investment bank Piper Sandler. Crocs said she has nearly 20 years of “deep experience” in the financial industry and a “proven track record” of top research performance.
Academy Sports’ Q2 Tops Wall Street Targets
Academy Sports and Outdoors, Inc. reported second-quarter earnings came in just ahead of analyst expectations. Same-store sales declined 7.5 percent in the quarter but improved throughout the quarter. Academy reiterated its sales guidance while raising its EPS outlook due to share repurchases.
The Buckle’s Comps Slide 5 Percent in August
The Buckle, Inc. announced today that comparable store net sales, for stores open at least one year, for the 4-week period ended August 26, 2023 decreased 5.0 percent from the year-ago period.
Famous Footwear Parent Sees Q2 Profit Exceed Estimates on Above-Plan Margins
Caleres, Inc. delivered second-quarter earnings ahead of expectations and reiterated its guidance for the year. Sales in the quarter were down 5.2 percent at Famous Footwear and 7.2 percent at its Branded Portfolio segment but both showed improving trends sequentially versus the first quarter.
Journeys Again the Culprit as Genesco Swings to Q2 Loss on Lower Sales
The overall 2 percent sales decline was driven by an 11 percent decrease at Journeys and a 7 percent decrease at Genesco Brands, partially offset by an increase of 21 percent at Schuh and an increase of 4 percent at Johnston & Murphy.
Journeys Group President to Retire; Appoints COO
Genesco, Inc. announced the planned retirement of Journeys Group president Mario Gallione at the end of the company’s fiscal year, with an expected effective date of February 2024. Mike Sypert was promoted to Journeys’ chief operating officer, effective immediately.
Rack Room Names New Chief Legal Officer
Rack Room Shoes hired Randolph Brodwin, Esq. as senior vice president and chief legal officer. Previously, he was vice president, associate general counsel at Foot Locker, and, most recently vice president, legal affairs at Circle K.
Avenatti Loses Conviction Appeal in Nike Extortion Case
The US Court of Appeals for the Second Circuit rejected Michael Avenatti’s claim that no sufficient evidence supported his February 2020 conviction on charges of extortion and honest services fraud for threatening to smear Nike if the company did not pay him millions.
Skechers Donates More than $10 Million to Support Dogs and Cats in Need
Over the past eight years, Bobs from Skechers has grown into a year-round movement with round-up donations, vaccination events, check celebrations for organizations, and animal transports to future homes.
Midwest Mountaineering to Close After 53-Year Run
The Minneapolis store reported losing money every month in 2023 through July and with declining sales for the last seven years except when outdoor gear sales saw a brief surge at the height of the pandemic.
Sycamore Partners Rolls Up Top Women’s Brands into New Holding Company
The private equity company specializing in consumer, distribution and retail-related investments, formed the KnitWell Group, a holding company comprised o apparel brands, including Ann Taylor, Loft and Talbots.
