EXEC: Gap Sees Athleta’s Recovery Taking Longer Than Planned
Athleta’s sales declined 18 percent in the third quarter against “heavy discounting” a year ago and are expected to decline double-digits in the fourth quarter as the retailer’s recovery from recent fashion miscues has taken longer than expected.
Athleta’s Q3 Sales Tumble 18 Percent
Gap, Inc. reported sales at its Athleta banner were down 18 percent in the third quarter to $279 million with same-store sales sliding 19 percent.
Columbia Sportswear Hires President, Sorel Brand
Columbia Sportswear Company hired Cory Long as president of the Sorel brand. Most recently, Long was the global general manager and chief global merchant of DC Shoes. He also has leadership experience at Mitchell & Ness, Asics, Supra, and Converse.
REI to Open Albany Store in 2024
REI announced it is opening a store in Albany, NY, in the fall of 2024, the retailer’s sixth store in New York, following the opening of its Ithica store in summer 2024.
Dick’s SG’s Chief Comms and Sustainability Officer Announces Retirement
Dick’s Sporting Goods Chief Communications and Sustainability Officer Peter Land announced his retirement after three years working for the retailer. Dick’s declined to comment on his departure.
VF’s Debt Ratings Downgraded by Moody’s
Moody’s Investors Service downgraded VF Corp.’s long-term debt ratings due to continued weakness at Vans, VF’s second largest brand, as the company embarks on a significant transformation initiative, project Reinvent, to revitalize VF’s business, most notably in North America.
Rip Curl, Oboz Parent KMD Brands Sets Plan for CFO Transition
While KMD continues to recruit for a permanent Group CFO, Ben Washington, Deputy CFO, will provide interim cover for financial and investor aspects of the role, and Lachlan Farran, chief commercial officer, will absorb the remaining operational responsibilities on an interim basis.
Walmart Raises Outlook as Q3 Surpasses Analyst Targets
Walmart raised its annual sales and profit forecast for the second straight quarter after third-quarter exceeded analyst estimates. Sales in the quarter grew 5.2 percent with strength across segments and comps rising 4.9 percent for Walmart U.S.
La Sportiva Hires New PNW Independent Sales Agency
La Sportiva tapped Seymour Sales Group for sales representation in the Pacific Northwest. The team includes Thomas Seymour, Abby Seymour, and Carleigh Garrett, who collectively bring decades of sales experience.
Revelyst’s QuietKat Hires OGA, Military and Law Enforcement Sales Manager
Ross Botha’s appointment is said to underscore QuietKat’s commitment to serving the specialized needs of military, law enforcement and government clients with “cutting-edge e-bikes that are rugged, reliable and designed for the most challenging terrains.”
Shoe Carnival Again Reduces Guidance, Blames Hot Weather
Shoe Carnival, Inc. reduced its annual guidance for the third straight quarter after reporting sales softened after Labor Day in part due to unseasonably hot weather in September and October. Same-store sales declined 7.4 percent in the quarter and are expected to decline in the range of 9 percent to 12 percent in the fourth quarter.
Former Under Armour CEO Joins PET Textile Recycling Start-Up
Patrik Frisk, Under Armour’s former CEO and apparel industry veteran, has been appointed CEO of Reju, a new company focused on PET (Polyethylene terephthalate) recycling that’s part of Technip Energies.
U.S. October Retail Sales Fall for First Time in Seven Months
The Commerce Department reported U.S. retail sales fell 0.1 percent month-over-month in October, the first decline since March.
Out&Back Outdoor Acquires The Locals Sale
Out&Back Outdoor, a marketplace to buy or sell new and used outdoor gear, acquired gear exchange company The Locals Sale. As part of the merger, all employees will transition and join the Out&Back company.
VF Corp. Welcomes Back Raeburn as Napapijri Global Creative Director
Raeburn, the founder and creative director for the Raeburn brand, worked for VF Corp. as global creative director for the Timberland brand from 2018 to 2022.
