EXEC: Tilly’s Execs Remain Cautious Despite Improving Q3 Trends
Comparable net sales, including both physical stores and e-commerce, decreased by 8.5 percent on top of the 16.5 percent decrease posted in the prior-year Q2 period. The retailer saw early Q3 comps down in the low- to mid-single digits.
REI to Open in Ithaca, NY
REI Co-op plans to open a store in Ithaca, NY in the summer of 2024 and hire approximately 50 employees.
JCPenney Sets $1 Billion Modernization Program
Furthering turnaround efforts, JCPenney announced it will reinvest more than $1 billion into the business by fiscal year 2025 to “elevate the customer experience and gain operating efficiencies.”
EXEC: Lululemon Claims North America Market Share Gain Despite Slower Q2 Growth
While its outsized growth in China continues to get much of the media attention, Lululemon Athletica, Inc. churned out sales gains of 11 percent in the second quarter in North America, slowing from the 17 percent growth in the first quarter.
Globe International CFO and Company Secretary to Depart at Year-End
Chief Financial Officer and Company Secretary Jessica Moelands, a 20-year company veteran, tendered her resignation from Globe International. Globe said Moelands will finish her employment with the company on December 31, 2023.
Wolverine Worldwide Continues Brand Portfolio Consolidation with New Deals
The company has sold the Hush Puppies intellectual property in China, Hong Kong and Macau, to its current sublicensee, Beijing Jiaman Dress Co., Ltd., and sold the U.S. Wolverine Leathers business to New Balance.
Tilly’s, Inc. Sees Improving Comp Trends in Fiscal Third Quarter
Total comparable net sales through August 29, 2023, including both physical stores and e-commerce, decreased by 3.9 percent relative to the comparable period last year.
EXEC: Caleres Sees Famous Footwear Gaining Share
Famous Footwear’s same-store sales declined 4.3 percent in the second quarter but showed sequential improvement from the first quarter and is estimated to be taking market share. Jay Schmidt, president and CEO of Caleres, the parent of Famous, told analysts on a call, “During the second quarter, Famous continued to navigate difficult spending trends among its target consumer and the challenging economic backdrop overall.”
Ross Stores Sets Changes to Board Leadership
Ross Stores, Inc. announced that George Orban is stepping down as chairman but will continue to serve as an independent director. Michael Balmuth, a strategic advisor to the company, is returning as executive chairman of the board. K. Gunnar Bjorklund is taking on the role of lead independent director.
EXEC: Academy Sports’ Shares Jump On Upbeat Outlook
Shares of Academy Sports and Outdoors, Inc. closed up $4.63, or 9.3 percent, to $54.57 Thursday as second-quarter earnings topped analysts’ estimates and the retailer reiterated its guidance for the year. Academy officials said sales steadily improved throughout the second quarter as customers responded to its message around value and newness.
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.
