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.
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.
