Under Armour Founder Sells $100 Million Stake To Merchant Bank Affiliate
Under Armour, Inc. reported that company Founder, Executive Chair and Brand Chief Kevin Plank slightly reduced his stake in the company, selling shares valued at approximately $100 million to funds managed by BDT Capital Partners. Plank said the sale is related to personal financing commitments.
Lands’ End Narrows Q1 Loss On Sales Lift From Swim; Adds Key SVPs
Lands’ End, Inc. reported fiscal-first quarter net revenue increased 1.9 percent to $309.6 million. Net loss was $1.7 million, or a 5 cents loss per diluted share, in the quarter.
Bass Pro’s Parent’s Debt Ratings Upgraded By S&P
S&P Global Ratings raised its debt ratings on Great Outdoors Group, LLC due to the parent of Bass Pro and Cabela’s “consistent improvements in its sales and profitability” and improving debt leverage.
Duluth Trading Ekes Out Q1 Sales Increase As DTC Offsets Light Store Traffic
Duluth Trading Company reported fiscal first quarter net sales increased 0.7 percent to $123.8 million. Direct-to-consumer net sales increased 2.3 percent while Retail store net sales decreased 2.1 percent in the period.
Macy’s Cuts Outlook Despite Q1 Earnings Beat
Macy’s, Inc. reported first-quarter earnings topped analyst expectations on margin improvement, but sales missed Wall Street’s targets. The department store chain slashed its EPS and sales outlook for the year reported financial results for the first quarter of 2023 and updated its annual guidance as spending on discretionary categories weakened since late March.
Caleres Lowers 2023 Revenue Guidance On Famous Footwear Weakness
Caleres reported first-quarter earnings declined but reached the upper end of guidance. Sales dropped 9.8 percent, below guidance, and Caleres reduced its revenue outlook for the year due to softening sales at Famous Footwear.
Nordstrom Posts Q1 Loss On Double-Digit Sales Declines Across Stores And Digital
Nordstrom, Inc. reported total company net sales decreased 11.6 percent to $3.06 billion in the fiscal first quarter ended April 29. Digital sales decreased 17.4 percent. Nordstrom reported a first quarter net loss of $205 million, or a loss per diluted share of $1.27.
Canada Goose To Open Stores In Australia
Canada Goose, in partnership with Australian retail group Brand Collective, is entering Australia with plans to open stores in Melbourne and Sydney later this year. In addition, Canada Goose will launch an e-commerce platform and implement wholesale distribution plans for the region.
Nike Names New Converse CEO
Nike, Inc. named Jared Carver as the new CEO of Converse. He succeeds Scott Uzzell, who transitioned last week to a new role as VP/GM of North America for Nike as part of the company’s recently announced leadership changes.
U.S. Consumer Confidence Slides To Six-Month Low
U.S. consumer confidence dropped to a six-month low in May as Americans’ assessment of the labor market and the outlook for business conditions slipped, according to the Conference Board’s Consumer Confidence Index.
Patagonia Leads Axios Corporate Reputation Rankings Study
Patagonia ranked first on the Axios Harris Poll 100 corporate reputation rankings, and Nike and Adidas landed in the Top 25 of the 100 “Highly Visible” brands in the ranking.
Nike Launches Hydrogen-Powered Inland Container Ship
Nike has launched a hydrogen-powered inland container ship, the H₂ Barge 1, to transport its products bound for Europe and to support its sustainability goals.
Adidas Court Order Freezing $75M Held By Kanye’s Yeezy Brand Overturned
A federal judge on May 26 lifted a court order Adidas won last year that secretly froze $75 million in bank accounts held by Kanye West’s Yeezy brand.
Emerald Expositions’ Debt Ratings Unaffected By Loan Amendment
Moody’s Investors Service reported that Emerald Expositions’ proposal to amend and extend its first lien term loan is credit positive, and it does not affect the company’s B2 corporate family rating, B2 senior secured credit facility rating or its stable outlook.
Foot Locker’s Debt Ratings Outlook Lowered To Negative
S&P Global Ratings lowered its outlook on Foot Locker to negative from stable as the sneaker chain lowered its full-year guidance due to a combination of inflationary pressures, higher-than-expected discounting initiatives and weak consumer spending.
