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.
The Buckle Sees Slight Decline in July Comp
The Buckle, Inc.’s comparable store net sales for the 4-week period ended July 29 decreased 1.3 percent year-over-year. Comparable store net sales year-to-date for the 26-week period decreased 6.3 percent.
Canada Goose’s Q1 Sales Expand 21 Percent, Topping Expectations
Canada Goose Holdings, Inc. reported a slightly wider loss in the fiscal first quarter ended July 2 despite 21 percent sales growth. Both sales and earnings topped guidance, and the outerwear maker reiterated its outlook for its fiscal year.
EXEC: Retail Inventory Woes Impact Q2 Sales at BOA and Primaloft; Marucci and 5.11 See Gains at CODI
Brand aggregator Compass Diversified (CODI) saw first-quarter sales decline 36 percent at BOA and 18 percent at Primaloft as both businesses continued to be impacted by stubbornly elevated inventories in the marketplace. Among CODI’s other active lifestyle brands, revenues grew 35 percent at Marucci Sports and 5 percent at 5.11 while sliding 30 percent at Velocity Outdoor.
EXEC: Boot Barn Ups Full-Year Outlook as Fiscal Q1 Improves and Q2 Off to Strong Start
Fiscal first-quarter net sales increased 4.9 percent to $384 million. The sales performance was said to benefit from new stores opening during the past 12 months, partially offset by a consolidated same-store sales decline of 2.9 percent.
Vimazi Expands Distribution In Australia and New Zealand
Vimazi, the maker of pace-tuned running shoes, partnered and Simon Bartold to be the exclusive distributor for the brand in Australia and New Zealand.
Boot Barn Posts Mid-Singles Q1 Sales Growth Despite Comp Store Decline
The increase in net sales was said to be the result of the incremental sales from new stores opened over the past twelve months and higher average unit retail prices, driven in part by inflation, partially offset by a decrease in consolidated same-store sales.
Revolve Group’s Q2 Sales Slide 6 Percent
Revolve Group Inc.’s profits declined 55 percent in the second quarter ended June 30 as sales decreased 6 percent. The decline was attributed to a weakening in discretionary spending among its targeted Millennial and Generation Z customer base.
Compass Diversified Gets Q2 Lift from Primaloft Addition
The 2 percent increase in Q2 was said to be primarily due to the acquisition of PrimaLoft, the strong performance at Lugano and Marucci, partially offset by lower sales at BOA and lower sales at Velocity in the second quarter of 2023.
