SGB Update Apparel
Gap Downgraded By S&P
Standard & Poors (S&P) lowered the issuer credit rating to ‘BB’ from ‘BB+’. The downgrade reflects our view that Gap Inc.’s performance struggles will persist as it faces a torrent of competitive headwinds and potential distractions from the planned separation of its core Old Navy brand in mid-2020
NRF: Half Of Holiday Shoppers Have Already Started
More than half of consumers have already started their holiday shopping and nearly a quarter of purchases have already been made, according to the annual survey released today by the National Retail Federation and Prosper Insights & Analytics.
Report: Anta Exploring Sale Of Precor
Anta Sports Products Ltd. , which acquired Amer Sports in March 2019, is exploring a sale of Precor, the fitness equipment maker, after receiving interest from buyers, according to a report from Bloomberg.
Hanesbrands CFO To Depart
Hanesbrands Inc., the parent of Champion, said that Chief Financial Officer Barry A. Hytinen has notified the company of his decision to leave Hanesbrands to accept another career opportunity outside of the apparel industry. Hytinen will continue to serve as Hanes chief financial officer until the end of the fiscal year, Dec. 28, 2019.
Dick’s Raises Outlook On Robust Q3 Results
Dick’s Sporting Goods raised its outlook for the year after reporting third-quarter earnings handily topped Wall Street targets. Same-store sales increased 6.0 percent, representing the company’s strongest quarterly comp sales gain since 2013.
PVH Lifts Outlook As Q3 Exceeds Guidance
PVH Corp., which owns the rights to Speedo in North America, raised full-year adjusted profit forecast after its third-quarter revenue and earnings that topped Wall Street expectations.
Boss Manufacturing Agrees To Sell Gloves, Boots And Rainwear Operations
Boss Manufacturing Company, a national supplier of personal protection equipment, reached an agreement in principle to sell the assets of its glove, boots, and rainwear business to Protective Industrial Products, Inc. (PIP) of Latham, NY. Boss’ range includes CAT branded work gloves and safety products.
Arc’teryx Announces Clinic Lineup For 2020 Backcountry Academy
Arc’teryx will be offering a total of 71 clinics at this year’s Backcountry Academy, two of which are new: a 2-day overnight backcountry ski and camp experience, and a Level 2 Avalanche 3-Day Course.
The Buckle’s Q3 Profits Climb 27 Percent
The Buckle Inc. reported net income for the fiscal quarter ended November 2, 2019 rose 26.8 percent to $26.0 million, or 53 cents per share, from $20.5 million, or 42 cents, a year ago.
Hibbett Sports Boosts Full-Year Guidance On Q3 Beat
Hibbett Sports Inc raised its full-year outlook after reporting third-quarter profit and sales beat expectations. Earnings were more than double analysts’ targets as the retailer delivered its fourth consecutive quarter of comparable sales growth.
Foot Locker Tops Q3 Analyst Targets, Comps Climb 5.7 Percent
Foot Locker, Inc. reported earnings topped Wall Street’s consensus estimate in the third quarter as same-store sales ran up 5.7 percent. Said Dick Johnson, CEO, “We are pleased with our performance in the quarter, which reflects the success of our strategic focus on building even deeper connections with our customers and further strengthening relationships with our vendors.”
Ross Stores Raises 2019 Outlook After Q3 Beat
Ross Stores, Inc. reported earnings per share for the third quarter ended November 2, 2019 of $1.03, up from $.91 last year and ahead of Wall Street’s consensus estimates of 97 cents a share. Net earnings grew 9.8 percent.
OBIT: Jake Burton Carpenter
Jake Burton Carpenter, owner of Burton Snowboards and a snowboarding pioneer, passed away at the age of 65.
Stage Stores’ Comps Jump 17.4 Percent
Stage Stores Inc., which is converting many of its banners to the Gordmans off-price concept, cut its losses in the third quarter as same-store expanded 17.4 percent.
Macy’s Lowers Outlook As Q3 Comps Decline
Macy’s Inc. reduced its annual profit forecast for the second time this year after reporting its first drop in same-store sales in two years. CEO Jeff Gennette said in a statement.“The sales deceleration was steeper than we expected.”
