EXEC: Active Lifestyle Retail Weathers Rough Second Quarter Waters
Although a few retailers outperformed in the second quarter, big names in the active lifestyle space fought through a challenging quarter amid promotional pressures, retail theft and the consumer’s continued shift away from discretionary purchases.
Academy Sports Opens First Store in Brenham, TX
Academy Sports + Outdoors announced it opened its first store in Brenham, TX, with a grand opening planned from September 15-17.
Crocs Assigned BB Rating for New Term Loan
S&P Global Ratings today assigned its ‘BB’ issue-level rating to Crocs Inc.’s new $1.18 billion term loan due 2029.
Caleres Names First Chief Design & Product Officer
The company promoted Natelle Baddeley to the role with creative oversight for the majority of the Caleres brand portfolio, including Naturalizer, Vionic, Dr. Scholl’s, Veronica Beard, Vince, Franco Sarto, Blowfish Malibu and LifeStride.
Macy’s Appoints New CEO of Bloomingdale’s
Macy’s, Inc. named Olivier Bron as its next chief executive officer of Bloomingdale’s. Most recently, he was the CEO of Central Group’s Central and Robinson Department Stores in Thailand and previously COO of French retail group Galeries Lafayette.
NRF Now Sees 2023 Retail Sales at Low End of Earlier Forecast
The March forecast called for 2023 retail sales to increase between 4 percent and 6 percent over 2022; however, the Fed’s interest rate increases slowed the economy and the NRF believes there is a good chance that sales will end up in the lower range of the forecast, if not lower.
NRF: Import Cargo Volume Could Hit 2 Million TEU Three Months in a Row
Import cargo volume at the nation’s major container ports is expected to hit the 2 million Twenty-Foot Equivalent Unit (TEU) mark for the second consecutive month in September and remain there in October.
Li & Fung’s Debt Outlook Lowered by Moody’s and S&P
Moody’s Investors Service and S&P Global Ratings both lowered their debt ratings outlooks on Li & Fung to negative from stable due to Hong-Kong-based sourcing giant’s deteriorating performance in recent quarters and challenged recovery prospects.
Saucony Names New VP of U.S. Sales
Saucony, a division of Wolverine Worldwide, Inc., appointed Chris Deschenes as vice president of U.S. sales. Most recently, he was the vice president of sales for the company’s Wolverine Kids Group.
VF Corp. Loses Appeal On Tax Dispute Tied to Timberland Acquisition
VF reported in a regulatory filing that The U.S. Court of Appeals for the First Circuit decided in favor of the IRS in a tax issue connected to its acquisition of Timberland in September 2011.
Phoenix Footwear Swings to Q2 Loss on Final Sale of Sava Brand Discontinued Inventory
The parent of the Trotters, SoftWalk, Bueno, Los Cabos and Pendleton footwear brands, reported sales of $4.7 million in the second quarter ended July 1, up 5.2 percent from $4.4 million in the second quarter of 2022.
Yue Yuen Sees Another Sharp Footwear Manufacturing Sales Decline in August
The manufacturer of footwear for most major outdoor and athletic brands, reported that in August, net consolidated operating revenue, declined 19.8 percent after posting a 106 percent increase in the prior-year month.
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.
