Moody’s Lowers Wolverine’s Debt Outlook
Following a similar move by S&P Global Ratings, Moody’s Investors Service changed Wolverine World Wide, Inc.’s outlook to negative from stable.
Two Bidders Seek Discount Price To Acquire Kohl’s
Private equity chain Sycamore Partners and retail conglomerate Franchise Group have submitted bids to acquire Kohl’s, sources told the Wall Street Journal. Both offers were well below amounts the company turned down earlier this year.
Amazon Consumer CEO Resigns
Amazon’s consumer CEO, Dave Clark, will leave the company next month, the e-commerce giant announced in a blog post Friday and reflected in a regulatory filing.
Outdoor Gear Builders Appoints Executive Director
Outdoor Gear Builders announced the appointment of Matt Godfrey as the organization’s executive director. OGB, based in Ashville, NC, has grown to over 75 members (retailers and vendors) in the outdoor industry in Western North Carolina.
L.L. Bean To Open Store In Hudson, MA
L.L. Bean plans to open a store in Hudson, which will represent its ninth store in Massachusetts.
Lululemon Hikes Outlook As Q1 Tops Guidance
Lululemon Athletica Inc. raised its earnings and sales guidance for the year after reporting first-quarter results that surpassed its expectations. Sales were up 32 percent in the first quarter with same-store sales ahead 24 percent.
Tilly’s Sees 13 Percent Q1 Comp Drop
Tilly’s Inc. reported a sharp decline in profits in the first quarter as gross margins eroded 350 basis points and same-store sales were down 13 percent. Results were in line with guidance.
Zumiez’s Sales Slump 21 Percent In First Quarter
Zumiez, Inc. reported sales fell 21 percent in the first quarter ended April 30 against tough year-ago comparisons but arrived at the high end of guidance. Earnings came in below guidance due to labor, shipping and logistics costs as well as a shift in the timing of marketing and training investments.
NRF Says Economy ‘Being Rebalanced’ But ‘Extreme Cooling Off’ Seems Unlikely
The Federal Reserve faces “a tricky job” in addressing inflation but continuing growth in employment, wages and consumer spending make it unlikely the effort will backfire into a major setback for the economy, National Retail Federation Chief Economist Jack Kleinhenz said.
Designer Brands’ Q1 Sales Climb 18 Percent
Designer Brands Inc., the parent of DSW, reported sales grew 18.1 percent in the first quarter ended April 30 with same-store sales gaining 15.3 percent. Earnings topped Wall Street’s estimates and the company raised its EPS guidance for the year.
Pou Sheng Appoints New CFO
Pou Sheng International (Holdings), Ltd. appointed Li-Chieh Chen as its chief financial officer, replacing Yuang-Whang Liao.
NSGA Adds New Board Members
The National Sporting Goods Association (NSGA) made two changes to its Board of Directors with the appointments of Troy M. Freeman of Winmark Corporation/Play It Again Sports and John Scipio of SV Sports. Their three-year terms took effect on June 1.
Farfetch Completes Minority Investment In Neiman Marcus Group
Online luxury platform Farfetch has closed a $200 million common equity minority investment in US-based integrated luxury retailer Neiman Marcus Group (NMG).
Dr. Martens Sales Climb 18 Percent In Fiscal Year
Dr. Martens reported revenue of £908.3 million ($1.13 bn) in its fiscal year ended March 31 against £773.0 million a year ago, representing a gain of 18 percent on a reported basis and 22 percent on a currency-neutral basis.
Foot Locker Appoints Chief Strategy & Transformation Officer
Foot Locker, Inc. has appointed Neil Bansal as Executive Vice President and Chief Strategy & Transformation Officer, effective immediately. He joins the company from Constellation Brands, where he was senior vice president, strategy, insights and analytics.
