ICSC Report: 78 Percent Of Consumers Shopped Thanksgiving Holiday Weekend
According to the ICSC Post-Thanksgiving Weekend Report, 75 percent of U.S. adults, 201.5 million, shopped or spent money during the five days beginning on Thanksgiving and ending Cyber Monday.
Record 196.7 Million Consumers Shop Over Thanksgiving Holiday Weekend
A record 196.7 million Americans shopped in stores and online during the five-day holiday shopping period from Thanksgiving Day through Cyber Monday, according to the annual survey released today by the National Retail Federation and Prosper Insights & Analytics.
Crocs Expands Credit Agreement
Crocs increased the total commitments under its revolving credit line with Bank of America, PNC and five other lenders, by $150 million to $750 million, with a $250 million accordion feature, according to a regulatory filing.
Dick’s Sporting Goods Names EVP Of Stores
Dick’s Sporting Goods reported it hired Ray Sliva as executive vice president, stores, effective January 3, 2023. Most recently, Sliva was as Best Buy’s chief people officer.
Genesco Lowers FY Outlook On November Softening
Genesco, Inc.’s third-quarter results were slightly above Wall Street’s consensus estimates but the parent of Journeys reduced its guidance for the year due to a “sluggish start” in November and the impact of the inflationary environment.
NRF Reports GDP Growth Has Slowed But Consumer Spending Remains Strong
The National Retail Federation’s (NRF) Chief Economist, Jack Kleinhenz, reported that the GDP is not likely to grow as much in the final months of 2022 as it did in the third quarter, but consumer spending should remain strong even though the rapid pace continues to slow.
Tilly’s Q3 Results Top Expectations
Tilly’s Inc. reported sales declined 13.7 percent in the third quarter ended October 29 with earnings falling further, but overall results exceeded company guidance.
Zumiez Tops Guidance In Third Quarter
Zumiez Inc. reported earnings and sales were down year-over-year in the third quarter ended October 29, but came in better than company guidance
DSW Parent Sees Profits Plummet In Third Quarter
Designer Brands Inc., the parent of DSW, reported earnings on an adjusted basis were down 31 percent in the third quarter ended October 29 as lower gross margins offset a 1.4 percent gain in sales. Results were slightly below Wall Street estimates. The company maintained its sales outlook but lowered its earnings guidance for the year.
Online Shoppers Spend Record $11.3B On Cyber Monday
According to Adobe Analytics, online sales on Cyber Monday reached $11.3 billion, up 5.8 percent year-over-year growth, representing the biggest online shopping day.
Golf Equipment Declines But Apparel Expands In October
Golf equipment sales were off 5.9 percent in October and down 2.2 percent year-to-date, according to Golf Datatech. Golf apparel sales were up over 8 percent on the month and 6 percent on a year-to-date basis.
Foot Locker Makes Leadership Changes
Foot Locker, Inc. named Frank Bracken EVP and chief commercial officer and hired Elliott Rodgers as chief operations officer as part of a corporate move to support growth and enhance operational efficiency. The sneaker chain also announced the planned transition of its chief financial officer.
Hibbett Reiterates FY Outlook Despite Q3 Shortfall
Hibbett Inc. reported third-quarter results came in below Wall Street estimates with margins impacted by higher logistics and wage costs, but the retailer reiterated its outlook for the year. Comparable sales increased 9.9 percent versus the prior year and increased 51.7 percent compared to 2019 third quarter.
Iconix Founder Convicted In Accounting Fraud Retrial
Neil Cole, the founder and former CEO of Iconix Brand Group, was convicted of securities fraud and other charges for misleading investors about the company’s earnings. Cole was found guilty of all eight criminal charges against him by a unanimous jury Monday in a New York court. He was charged in 2019 with fraudulently inflating Iconix earnings.
Feetures Announces CEO Transition
Feetures, the family-owned and operated sock manufacturer, announced that John Gaither, who has been the company’s COO, would succeed his father, Hugh Gaither, founder and CEO, effective January 1, 2023. Hugh Gaither will evolve his role as chairman of Feetures’ executive committee.
