Belk’s Debt Ratings Downgraded On Weak Results
Belk, Inc.’s debt ratings were downgraded by S&P Global Ratings as the southeast department store operator’s sales and profitability have weakened significantly, well below S&P’s expectations.
REI Agrees To Hold Union Elections At Cleveland Store
REI agreed to hold a union election vote on March 3 at its Beachwood, OH store following a hearing on Friday with the National Labor Relations Board.
Action Sports In Brandford To Close
Action Sports plans to close its store in Brandford, CT, at the end of April. The retailer’s second location in Old Saybrook will remain open.
Dick’s SG To Open House of Sport In Boston
Dick’s Sporting Goods, Inc. plans to open a House of Sport store in the Prudential Center at Boston’s Back Bay. Lord and Taylor previously occupied the storefront at 760 Boylston Street.
Authentic Brands Group Partners With Global Citizen
Authentic Brands Group and Global Citizen, an international advocacy organization, reported that they entered into a four-year agreement to create an exclusive brand mark for consumer products, marketing activations and donations programs.
JCPenney Names New Chief Transformation And Strategy Officer
JCPenney hired Keith Melker as chief transformation and strategy officer driving consumer traffic, inventory management, digital growth, strategic partnerships, and evolving the retailer’s value delivery model. Katie Mullen will remain the chief digital officer.
Kohl’s Appoints Kingsbury CEO
The Kohl’s Corporation’s board of directors has unanimously appointed Tom Kingsbury as Chief Executive Officer, effective immediately.
Deckers Brands Lifts Outlook As Hoka’s Q3 Revenues Surge Over 90 Percent
Deckers Brands raised its guidance for its fiscal year as sales and earnings in the fiscal third quarter surpassed Wall Street’s consensus targets on a 90.8 percent jump in Hoka’s revenues. Ugg’s sales dipped 1.6 percent in the period.
Columbia Sees Q4 Net Income Fall 20 Percent Despite Solid Sales Growth
Columbia Sportswear Company reported that fourth-quarter net sales increased 4 percent (8 percent constant-currency) to $1.17 billion from $1.13 billion for the comparable period in 2021.
Skechers Posts Double-Digit Q4 Sales Growth
Skechers U.S.A. Inc. reported a modest gain in earnings in the fourth quarter ended December 31 on an adjusted basis as sales grew 13.5 percent. Both earnings and sales exceeded Wall Street’s estimates and Skechers predicted growth in the range of 4 percent to 8 percent for the current year.
Crate & Barrel Taps 20-Year Nike Vet For COO Role
Crate & Barrel Holdings, Inc. hired Mike Brewer as chief operating officer. He brings a broad range of experience, including 20 years working at Nike, Inc.
NRF Economist Sees 2023 Recession As Unlikely Prospect
The National Retail Federation Chief Economist, Jack Kleinhenz, believes a recession is unlikely in 2023, and the economy should see slight growth for the year as consumers continue to manage through inflation and high interest rates.
The Buckle Posts 6.1 Percent Comp Store Sales Gain In January
The Buckle, Inc. comparable store net sales increased 6.1 percent for the 4-week fiscal month ended January 28 versus the comp month in the prior year.
Black Diamond Equipment Appoints New Brand President
Black Diamond, Equipment, Ltd., a subsidiary of Clarus Corp., appointed Neil Fiske as brand president. Fiske is responsible for “accelerating growth and increasing profitability by capitalizing on attractive expansion opportunities across various categories, channels and regions.”
Canada Goose Cuts Outlook On Weaker China, North America
Canada Goose Holdings Inc. reported earnings and sales came in below guidance in the fiscal third quarter ended January 1 and lowered its outlook for the year due to worse-than-expected COVID-19 related disruptions in Mainland China and slowing momentum in North America.
