SGB Update Apparel
Truewerk Hires Prana Vet as Chief Financial Officer
Truewerk, the direct-to-consumer performance workwear brand, hired Michael Pogue as chief financial officer. Pogue spent eleven years working for Prana and eight years with Guess?, Inc.
Newell Brands Debt Ratings Downgraded
S&P Global Ratings lowered its debt ratings on Newell Brands, Inc. due to its expectations that the company’s debt leverage would remain higher for longer after a weak first half of 2023 and finish the year at well over 5.5x.
REI Co-op to Open Store in Beaverton, OR
REI Co-op reported it plans to open a store in Beaverton, OR in spring 2024. As the anchor tenant at Walker Center, the store’s footprint will be 39,512 square feet at 2780 SW Cedar Hills Boulevard.
Nike Partners with USA Gymnastics
For the first time, Nike will serve as the official apparel and footwear partner of USA Gymnastics and the USA Gymnastics National Team.
Delta Apparel Logs Q3 Loss As Sales Decline Double-Digits
Delta Apparel Inc. posted a loss in the fiscal third quarter ended July 1 due to efforts to reduce production levels to rebalance inventories in the marketplace as well as from inflationary pressures on cotton. Delta said the inventory and inflationary pressures are receding.
ICSC: Majority of BTS Shoppers Spending More in 2023 Due to Inflation, Higher Prices
While inflation is a partial driver of higher spending, the data found that the consumer remains resilient, but focused on deal-hunting for the best prices in the face of rising costs.
Tractor Supply Names Food Lion President as Newest Board Member
Tractor Supply Company appointed Meg Ham as an independent member of its Board of Directors, effective August 2. TSC said Ham brings a distinguished 35-year career in the retail industry and is the president of Food Lion.
Kontoor Brands Sees Flat Sales In Q2, Eyes Return to Growth in Q3
Kontoor Brands, Inc., the parent of Wrangler and Lee jeans, reported flat sales in the second quarter ended July 1 as gains in direct-to-consumer (DTC) and international offset decreases in U.S. wholesale. Kontoor said it sees shipments better aligned with POS in the U.S. and expects a return to healthy growth in the third quarter. Kontoor reiterated guidance for the year.
WFSGI Sets CEO Succession Plan
The World Federation of the Sporting Goods Industry (WFSGI) said Emma (Mason) Zwiebler will replace Robbert de Kock as CEO of the organization effective November 1.
The Buckle Sees Slight Decline in July Comp
The Buckle, Inc.’s comparable store net sales for the 4-week period ended July 29 decreased 1.3 percent year-over-year. Comparable store net sales year-to-date for the 26-week period decreased 6.3 percent.
Gildan Lowers Full-Year Outlook as Negative Market Forces Threaten Upside
While net sales for Q2 were said to be above the company’s expectations at $840 million, Gildan said it sees current market conditions unfavorably impact activewear product mix, both in North American and International markets, as customers focus on lower-priced products.
Canada Goose’s Q1 Sales Expand 21 Percent, Topping Expectations
Canada Goose Holdings, Inc. reported a slightly wider loss in the fiscal first quarter ended July 2 despite 21 percent sales growth. Both sales and earnings topped guidance, and the outerwear maker reiterated its outlook for its fiscal year.
Revolve Group’s Q2 Sales Slide 6 Percent
Revolve Group Inc.’s profits declined 55 percent in the second quarter ended June 30 as sales decreased 6 percent. The decline was attributed to a weakening in discretionary spending among its targeted Millennial and Generation Z customer base.
Krimson Klover Hires New Director of Sales
Krimson Klover hired Phebe Rosenthal as director of sales. She joins the company from Indosole, where she worked for the last few years, and, most recently, as general manager of its North American business.
Farfetch Limited Hires New CFO as Elliot Jordan Departs
Farfetch Limited hired Tim Stone as chief financial officer, effective September 1, succeeding Elliot Jordan, whose departure was announced by the company in February.
