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.
Pyramyd Air Rebrands to Emphasize Broader Outdoor Product Range
Pyramyd Air rebranded to Pyramyd AIR, where AIR is an acronym for Adventures In Recreation. The company said the new name signifies the company’s mission “to outfit customers’ outdoor experiences wherever they might be.”
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.
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.
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.
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.
Tractor Supply Launches Open Buying Days
Tractor Supply said the Open Buying Days are open to individuals and businesses nationwide. The event seeks to uncover unique products that align with Tractor Supply’s purpose – to help customers as they live Life Out Here.
Lazydays RV Opens Wilmington, OH Location
The company said the new location marks “the exciting beginning of Lazydays expansion into the Northeast region and gives Ohio RVers a premier destination for all their sales and service needs.”
Columbia Sportswear Names SVP, Global Distribution Network
Columbia Sportswear Company hired Tom Gyles as SVP, global distribution network. He formerly worked for PVH and Gap, Inc.
Iron Valley Supply Hires New Account Manager
The company hired Travis Czukoski as an account manager. He recently graduated from West Chester University in May 2023 with a dual major in Finance and Economics.
Dick’s SG Opens Nine New House of Sports Locations
Dick’s Sporting Goods continues to expand the House of Sport brand and format with nine new locations celebrating grand openings in July and August.
EXEC: Super Retail Group Posts Solid Year But H2 Trends Cut Into H1 Gains
Sales for fiscal 2023 rose 7 percent to A$3.80 billion. Adjusted for the 53rd week in fiscal 2022, sales were up 9 percent for the year. Comp-store sales were up 8 percent for the 12-month period ended June 30.
