Cowen issued a report offering a dismal view of holiday spending as it sees trends across discretionary spending weakening and inventories reaching peak levels to drive markdown pressures. The investment firm said it’s “cautious” on third-quarter and fourth-quarter guidance for Under Armour, Burlington Stores, Adidas, Allbirds, Hanesbrands, Puma, PVH, Skechers, and Figs.
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EXEC: Vans Sets Plan To Reignite Growth
At VF Corp.’s Investor Day, Kevin Bailey, Vans’ global brand president, said the skate brand is “far from done in our growth potential” while detailing a series of missteps that recently slowed the brand’s growth. Bailey said, “Most of the recent challenges of the brand are executional and at the brand.”
EXEC: Levi Strauss Reduces 2022 Outlook And 2023 Inventory Buys
Levi Strauss reduced its guidance for its fiscal year ended November 30 while reducing inventory buys for the first half of 2023 by approximately 25 percent due to ongoing supply chain disruption and macro-economic pressures, particularly in the U.S. and Europe.
Jordan Brand VP Joins Sony
Andrea Perez, formerly global vice president and general manager of Jordan Women’s, has joined Sony as SVP global marketing, product, brand and services with a focus on its Playstation brand.
EXEC: Active Lifestyle Industry Grapples With Elevated Inventories
Last week Nike, Inc. warned that it would have to aggressively promote in the coming months as inventories in its latest quarter ballooned 44 percent year-over-year due mainly due to pandemic-driven supply chain disruptions. Other retailers in the active lifestyle space likewise face inventory surges, although they are hopeful of avoiding excessive markdowns.
Levi Strauss Cuts Outlook On Macroeconomic Pressures In The U.S. And Europe
Levi Strauss & Co. reported earnings for the third quarter that ended August 28 came in slightly ahead of Wall Street’s estimates despite sales coming up short. Guidance was reduced for the year due to more modest expectations for the fourth quarter.
Under Armour Announces Two Executive Leadership Roles
Under Armour, Inc. named David Baxter as president of the Americas, succeeding Stephanie Pugliese who resigned from her position. Mehri Shadman was promoted as chief legal officer and corporate secretary, replacing John Stanton, who retires at the end of 2022.
IHRSA Expands Leadership Team
IHRSA announced that Jeffrey Solsby would join the fitness trade group, effective October 12, as senior vice president of communications.
Buffalo Groupe Acquires Sports Marketing Surveys USA
Buffalo Groupe, LLC, a collection of agencies, events and media properties, acquired Sports Marketing Surveys USA. The acquisition builds on Buffalo Groupe’s acquisition of Longitudes Group in January 2021.
IFit Hires New CEO
IFit, Inc., the parent of NordicTrack, hired Kevin Duffy as chief executive officer, effective immediately. Previously, he was CEO of Sound United, parent of the Bowers & Wilkins and Denon audio brands.
Dickies Names Senior Director, Global Growth And Performance Marketing
Dickies hired Justin Bones as senior director of global growth and performance marketing to oversee its North America marketing, strategy, planning, and execution for new customer acquisition and retention.
EXEC: Analysts Remain Bullish Long-Term For Nike Despite Inventory Woes
Analysts reduced their price targets for Nike after the company warned that gross margins would remain under pressure over the next few quarters as promotions would be required to clear bloated inventories. Most still held positive ratings on the stock on faith in Nike’s long-term fundamentals.
EXEC: Nike’s Share’s Crash As Inventories Pile Up
Shares of Nike Inc. are down about 12 percent in mid-day trading Friday after the company reported better-than-expected results for the first quarter ending August 31 on healthy demand but warned that gross margins would remain under pressure through the year as promotions would be required to clear bloated inventories. Inventories ended the quarter ahead 44 percent year over year, including 65 percent in North America, its largest market.
EXEC: Thor Industries Warns Of Slowing RV Orders
Thor Industries reported record fourth-quarter results, but warned that towable order activity had softened due to successful dealer restocking combined with lower consumer confidence and macroeconomic uncertainty.
Nike’s Q1 Tops Wall Street Targets
Nike, Inc. reported sales grew 4 percent on a reported basis and 10 percent on a currency-neutral basis in the first quarter ending August 31.
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