Hibbett Sports Blows Past Wall Street’s Targets In Q1
Hibbett Sports significantly hiked its full-year guidance after reporting sales and earnings in the first quarter ended May 1 came in well ahead of Wall Street’s estimates. Mike Longo, CEO, said, “New customer retention, improved store level engagement, government stimulus, and access to coveted brand name products contributed to our comparable sales growth of 87.3 percent.”
RIA To Host In-Person Industry Event In September
The Running Industry Association (RIA) announced it would host an in-person industry event, Runchella, in Denver from September 27-29.
TJX Cos. Reinstates Share Repurchase Program
The TJX Cos. Inc. announced that its Board of Directors has reinstated its share repurchase program. TJX also announced the declaration of a quarterly dividend on its common stock of 26 cents per share.
Under Armour Enters Into Exchange Agreements With Noteholders
Under Armour Inc. announced that it has entered into exchange agreements with certain holders of its 1.50 percent Convertible Senior Notes due 2024.
Burlington Stores Sees Q1 Same-Store Sales Climb 20 Percent
Burlington Stores Inc. reported earnings more than doubled in the first quarter as same-store sales grew 20 percent.
Report: Authentic Brands Confidentially Files For IPO
Authentic Brands Group (ABG), which owns a number of fashion and sports brands, has reportedly filed confidentially for an initial public offering.
Genesco’s Q1 Boosted By Record Results From Journeys
Genesco Inc. reported first-quarter results that came in well above Wall Street targets with a boost of record first-quarter revenue and profitability at Journeys.
Fanatics Opens Paris Saint-Germain Store In Los Angeles
Paris Saint-Germain in partnership with Fanatics has become the first European football club to open a permanent retail store in the United States.
Kering Sells 5.9 Percent Stake In Puma
French luxury goods group Kering announced plans to sell a 5.9 percent stake in Puma via a placement to investors.
VF Corp. Launches New Innovation Pillar
VF Corp. announced its launch of Venture Platforms, an innovation pillar that will focus on identifying and investing in new, future-focused opportunities.
Fleet Feet Syracuse Owners To Retire
Fleet Feet announced that Ed and Ellen Griffin have retired after 21 years of owning their Fleet Feet franchise business.
Urban Outfitters Tops Wall Street’s Targets In Q1
Urban Outfitters Inc. announced a record net income of $54 million, or 54 cents a share, on sales of $927 million for the first quarter ended April 30. Wall Street on average was looking for 16 cents a share on sales of $898 million.
REI Launches Content And Entertainment Arm
REI announced the launch of Co-op Studios, the retailer’s in-house content arm. Across films, podcasts and editorial programs, the studio develops and produces content that explores the power of time spent outside, while complementing the brand’s broader commitments.
Designer Brands Returns To Profitability
Designer Brands Inc., the parent of DSW, returned to profitability for the first time since the onset of COVID-19. Sales improved 45.6 percent against pandemic-depressed year-ago levels and the gross margin rate improved over the rate from the first quarter of 2019. Athleisure comparable sales in the U.S. Retail segment, or DSW, were up 92 percent in the first quarter year-over-year.
Father’s Day Spending To Hit $20.1 Billion, According To NRF
U.S. consumers are expected to spend more than $20.1 billion on gifts and other items for Father’s Day this year, a record high, according to the National Retail Federation’s (NRF) annual survey conducted by Prosper Insight & Analytics. Total spending for the holiday will surpass last year’s record figure of $17 billion.
