J.C. Penney Q2 Revenue Sinks On Store Closures
J.C. Penney Co. Inc. on Thursday morning reported total net sales decreased 7.5 percent to $2.76 billion in the second quarter ended Aug. 4 primarily due to the 141 stores that closed in fiscal 2017.
July Retail Sales Increase 4.9 Percent Over 2017
July retail sales were up 0.4 percent seasonally adjusted from June and increased 4.9 percent unadjusted year-over-year, giving the industry a solid kickoff for the third quarter as consumers continued to spend despite concerns about the growing trade war, the National Retail Federation said Wednesday.
Macy’s Raises Guidance After Q2 Earnings & Revenue Beat
Macy’s Inc. raised the company’s guidance for fiscal 2018 after topping Wall Street’s earnings and revenue expectations in the second quarter. The company reported revenue of $5.57 billion, a decrease of 1.1 percent from Q2 2017 but ahead of analysts’ estimates by $20 million.
REI To Open First Store In Memphis, TN
Outdoor co-op REI will open the company’s first store in Memphis, TN, on August 24. The new 23,000-square-foot store will offer a wide assortment of quality outdoor gear, experiences and expertise, as well as a full-service bike shop.
Perry Ellis International Enters Into Licensing Agreement With Fashion Footwear
Perry Ellis International Inc. has announced that the company has entered into a new license agreement with Fashion Footwear LLC, granting rights to design and distribute Havanera flip flops and casual footwear for men, women, boys and girls in the U.S. and Canada.
Yue Yuen Revenue Up 7.2 Percent In First Half Of 2018
Hong Kong footwear manufacturer Yue Yuen Industrial (Holdings) Ltd. reported revenue for the six months ended June 30 grew 7.2 percent to $4.8 billion. Profit declined 41.9 percent to $150.1 million from $258.5 million the same period last year, and basic earnings per share declined 41.8 percent to $9.14 from $15.71.
Anta Sports Revenue Up 44 Percent In First Half Of 2018
Anta Sports Products Ltd. reported that revenue increased 44.1 percent to RMB1.94 billion for the six months ended June 30, 2018. Profit attributable to equity shareholders increased 34 percent to RMB1.94 billion, while basic earnings per share increased 29.4 percent increase to RMB72.44 cents.
VF Corp. Shares Slip After Spinoff, Relocation Announcement
VF Corp. shares fell 3.6 percent Monday after the company announced spinoff and relocation plans. While investors asked “Why now?” about the move, analyst reaction was mostly positive as VF can now target more growth—both organically and acquisitively—in the outdoor and active lifestyle space.
Colorado ‘Thrilled’ To Welcome VF Corp.’s New Global Headquarters
As part of VF Corp.’s decision to separate into two publicly traded companies, the corporation will move VF’s headquarters to the Denver metro area, a move lauded by Colorado’s Office of Economic Development and International Trade.
NRF Upgrades 2018 Economic Forecast But Says Tariffs Remain Threat
The National Retail Federation on Monday increased the federation’s retail sales forecast for 2018, saying sales are expected to grow more than previously predicted thanks to tax reform and other positive economic inputs, but warning that tariffs threaten to dampen consumer confidence.
Stance To Open First Store In Southern California
Socks brand Stance announced that the company will open the company’s first Southern California retail location in the Irvine Spectrum Center on August 18.
VF Corp. To Split Into Two Independent, Publicly Traded Companies
Apparel, footwear and accessories giant VF Corp. announced Monday morning that the company’s board of directors intends to separate the company into two independent, publicly traded companies: VF Corp., an apparel and footwear company that will move the company’s headquarters to Denver and a yet-to-be named company (NewCo) that will hold VF’s jeans and outlet businesses.
Sport Chek Looks To Broaden Reach In Reset
Sport Chek, Canada’s largest sporting goods chain owned by Canadian Tire Inc., will be undergoing a repositioning to appeal to a broader range of consumers beyond millennials and “achievers,” Canadian Tire officials said on the company’s second-quarter conference call.
Aisle Talk Week Of August 6
Top headlines from the active lifestyle industry you may have missed this week, including Nike Inc. facing a class-action lawsuit for discrimination.
Nike Sued For ‘Devaluing And Demeaning’ Women
Nike Inc. is the target of a class-action lawsuit by women claiming discrimination against the global footwear and apparel giant. Cahill et al v. Nike Inc. was filed Thursday in the U.S. District Court, District of Oregon. The suit doesn’t ask for specific damages, but instead for Nike to implement fair pay practices throughout the organization.
