Powder Mountain Hires Two Snow Sports Veterans for Key Leadership Roles
Powder Mountain hired Katie Van Riper as director of marketing and Justin Soine as director of sports and recreation, a newly created position, at the Utah mountain resort.
EXEC: Dick’s CEO Talks Q2 EPS Miss, Inventory Woes, Retail Theft and Staff Cuts
Shares of Dick’s shaved about a quarter of their value on Tuesday after America’s largest sporting goods chain reported a second-quarter profit shortfall and slashed its earning guidance for the year due to promotions required to clear inventories, particularly in the outdoor category, and higher-than-expected shrink.
Alterra Mountain Company Closes on Schweitzer Acquisition
The addition of Schweitzer brings the company’s year-round mountain destinations to 17 in North America, including the world’s largest heli-ski operation.
Dick’s SG Lays Off Corporate Staff to Streamline Cost Structure
A source told Bloomberg News that Dick’s had laid off 250 corporate employees as part of the plan. Retail staff were not impacted.
Sunday Afternoons Appoints New CEO
Patrick Mahaffey joins the family-owned brand with extensive sales, operations and leadership experience. Most recently, Mahaffey held the position of president at Good Life, Inc. He replaces outgoing CEO Sarah Sameh.
Academy Sports + Outdoors to Open First Indianapolis Store
The approximately 75,000-square-foot store will sell a wide assortment of sports and outdoors merchandise. The retailer will host a grand opening from August 25-27.
Macy’s Rolls Out Four New Small Format Stores Across West and Northeast
The move marks the first expansion of its small-format locations into the Northeast and Western regions of the U.S., with openings in Boston, Las Vegas and San Diego.
Dick’s SG Axes Outlook on Q2 Profit Shortfall, Blames Inventory Shrink
Dick’s Sporting Goods delivered 1.8 percent same-store growth in the second quarter but profits fell well below Wall Street targets due in large part to shrink. The retailer slashed its earnings outlook for the year on the Q2 shortfall and expected margin pressure in the second half and launched a business optimization program that reportedly includes the layoff of 250 corporate employees.
Macy’s Sees Continued Weakness in Comps; Posts Loss in Second Quarter
The retailer continues to beat Wall Street expectations as it manages through its downward trend. Consolidated comp store sales were down 8.2 percent on an owned basis and down 7.3 percent on an owned-plus-licensed basis.
VF Corp. Appoints Chief People Officer
VF Corporation hired Brent Hyder as chief people officer, effective September 5, reporting to president and CEO Bracken Darrell. He will also serve as a member of VF’s executive leadership team.
Pure Fishing Parent Repurchases Distressed Debt
Sycamore Partners, the parent of Pure Fishing, recently repurchased the fishing company’s $255 million second-lien term loan at a significant discount to face value, according to a report from S&P Global Ratings.
Newell Brands’ Debt Downgraded On Weak Outlook
Moody’s downgraded the debt ratings of Newell Brands due to continued pressure on Newell’s business segments and profitability from weaker consumer demand and inventory destocking, which Moody’s anticipates will continue for the remainder of 2023 and into early next year.
EXEC: Parent of Craft, Cutter & Buck and Tenson AB Sees Q2 Profit Dip as Sales Grow
Based in Kungälv, Sweden, New Wave Group owns a number of apparel brands, including Craft, Cutter & Buck, Ahead, Orrefors and Kosta Boda and recently acquired the Swedish outdoor and lifestyle company Tenson AB.
EXEC: Active Lifestyle Vendors Weather Challenging Second Quarter
Columbia Sportswear, Wolverine Worldwide, VF Corp. and Hanesbrands were among vendors in the active lifestyle space downwardly adjusting their guidance for the year in reporting Q2 results in the face of an increasingly promotional marketplace. However, more vendors than not were able to surprise on the upside.
B2B Surplus Inventory Marketplace Raises $30 Million Series B Round
The company reported it has had a 500 percent increase in uploaded inventory in the last year, with a gross merchandise value (GMV) run rate increasing over 10x year-over-year and the team has doubled in size.
