Allbirds Announces Promotions Within Executive Leadership Team
Allbirds, Inc. promoted Kate Ridley from chief brand officer to chief brand and product officer, and Benny Joseph, currently chief technology officer, to chief technology and culture officer. Co-CEO Tim Brown expands his role to include leadership of Allbirds’s Innovation Futures team.
Puma Names Chief Product Officer
Puma promoted Maria Valdes to chief product officer and to its Board of Management, effective January 1, 2023. Valdes’ current role is general manager, Puma Sportstyle.
Lululemon Lifts Outlook As Q3 Comps Surge 22 Percent
Lululemon Athletica Inc. again raised its outlook for sales and earnings in the year after reporting third-quarter results that topped guidance. Comparable sales in the quarter jumped 22 percent, or increased 25 percent on a constant dollar basis.
Wolverine To Divest Keds Brand And Leathers Business, Eliminates Jobs
Wolverine World Wide, Inc. reported it started a formal process to divest or license the Keds brand and the Wolverine Leathers business. Timed with the reorganization, WWW announced earlier this week that it was reducing its workforce to support the restructuring.
Sportsman’s Warehouse’s Q3 Sales Drop 10 Percent
Profits at Sportsman’s Warehouse Holdings Inc. fell 42.3 percent in the third quarter ended October 29 as sales declined 10.3 percent.
Anta Exploring Amer Sports IPO
Anta Sports Products, Ltd., the Chinese sports equipment corporation headquartered in Jinjiang, is reportedly holding preliminary talks with investment banks for an IPO of Amer Sports that could raise about U.S.$1 billion or more, according to Bloomberg.
TopGolf Callaway’s Debt Rating Outlook Upgraded
Moody’s Investors Service affirmed Topgolf Callaway Brands Corp.’s debt ratings and changed its outlook on the company to stable from negative due to improving results.
Academy Sports’ Q3 Comps Slide 7.2 Percent
Academy Sports and Outdoors, Inc. reported earnings on an adjusted basis declined slightly in the third quarter ended October 29 against difficult year-ago comparisons but topped Wall Street expectations. Same-store sales were down 7.2 percent with overall sales coming in below analyst targets. Sales were up 30.5 percent versus the pre-pandemic 2019 third quarter.
Sports Basement Opens Twelfth Store
Sports Basement reported it opened its newest store in Fountain Valley CA in the former Fry building. Sports Basement has eleven other locations in Northern California. The new store is the retailer’s first in Southern California.
Nike Ends Endorsement Deal With Kyrie Irving
Nike ended its endorsement deal with Brooklyn Nets star Kyrie Irving. The move comes a month after Irving shared a link on Twitter to a film containing antisemitic material.
Steve Rendle Retires As VF Corp.’s CEO
VF Corp. reported Chairman, President and CEO Steve Rendle is retiring. Benno Dorer, a lead independent director of the VF Board, was named interim president and CEO, effective immediately. VF also again lowered its revenue and earnings expectations for the second half of its fiscal year.
Rossignol Group Opens Multi-Brand Mountain Sports Store In Quebec
The Rossignol Group opened a Start Gate concept store in Bromont, Quebec. The multi-brand, multi-season store is managed in partnership with Sports Bromont, one of the Group’s regional retail partners.
U.S. Consumer Confidence Drops To Lowest Level Since July
The Conference Board Consumer Confidence Index decreased in November after losing ground in October. The Index now stands at 100.2 (1985=100), down from 102.2 in October.
Wolverine’s Debt Ratings Outlook Downgraded To Negative
Moody’s Investors Service changed Wolverine World Wide, Inc.’s debt-ratings outlook to negative from stable. The change in outlook to negative from stable reflects the risk that leverage may remain elevated for a prolonged period given the more promotional retail environment, lower consumer discretionary spending, and unfavorable foreign currency trends.
Urban Outfitters President Exits
Urban Outfitters, Inc. reported that Francis Pierrel, president, Urban Outfitters Group, had left the company.
