SGB Update Apparel

Target’s Same-Store Sales Grew 10.8 Percent

Target Corp. reported first-quarter comparable sales grew 10.8 percent, driven by a 12.5 percent increase in average basket, as guests made fewer, bigger shopping trips. Store comparable sales increased 0.9 percent. Digital comparable sales grew 141 percent. Profits slumped 64 percent due to incremental pay and investments in safety measures.

Epix Gear Shifts To American Production

Colorado-based sports apparel company, Epix Gear, announced the re-shoring of their apparel production with the opening of a made in the USA facility in Tempe, AZ.

Kohl’s Q1 Sales Tumble 41 Percent

Kohl’s Corp. reported sales tumbled 40.6 percent in the first quarter to $2.43 billion from $4.09 billion a year ago. The department store operator has taken a series of measures to combat the pandemic, including cutting costs, lowering capex spending by about $500 million and suspending share buybacks and its quarterly dividend. It ended the quarter with about $2 billion in cash. 

Outdoor Brands Invests In Public Lands Defense

The Conservation Alliance has awarded five grants from the organization’s Public Lands Defense Fund to groups working to defend the Roadless Rule, the National Environmental Policy Act, and Cascade Siskiyou National Monument. The awards were funded with the support of Velocio, Patagonia, and The North Face.

J.C. Penney Plans To Close 242 Locations

J.C. Penney, which filed for bankruptcy protection on Friday, plans to close 242, or 29 percent, of its 846 stores over the next two years, according to a filing with the Securities and Exchanges Commission.

Centric Brands Files For Bankruptcy

Centric Brands Inc., the apparel and accessories licensing firm, voluntarily filed for protection under Chapter 11 of the U.S. Bankruptcy Code in order to execute a debt restructuring.

Nike And Adidas Among J.C. Penney’s Top Unsecured Trade Creditors

Nike was left with an unpaid bill of $32.1 million in the bankruptcy of J.C. Penney, according to court documents. Other firms in the active lifestyle space landing on the list of the top-50 unsecured creditors included Adidas, owed $7.1 million; Supreme International, $5 million; Izod, $4.6 million; and New Balance, $3.2 million.

Under Armour Names Mohamed A. El-Erian As Lead Independent Director

Under Armour, Inc. announced that Mohamed A. El-Erian, a board member since 2018, has been appointed lead independent director of the company’s Board of Directors. El-Erian succeeds A.B. “Buzzy” Krongard, who has served in the lead director role since 2006.