SGB Update Footwear
Reebok Opens Full-Price Store in Mexico
Reebok opened its first freestanding full-line store at Mexico City’s Fórum Buenavista shopping center as it ramps up its international expansion.
Inov-8 Opens First U.S. Store
Inov-8 opened its first U.S. store in Meridian, ID. The U.K.-based footwear manufacturer’s stores now number three, with the other two in England.
Burlington Stores Sees Weakness in Low-End Consumer but Exceeds Q2 Guidance
Burlington Stores, Inc. reported second-quarter earnings that came in well above guidance but still reduced its earnings outlook and narrowed its sales guidance for the year due to pressures facing its lower-income shoppers.
Nike CFO of Consumer, Marketplace & Brand Departing for Lysol’s Parent Company
Reckitt Benckiser Group named Shannon Eisenhardt, currently CFO of Nike consumer, brand & marketplace, as CFO of Lysol’s parent company, replacing current CFO Jeff Carr, who is retiring in March 2024. She joins RBG on October 17, 2023.
Puma Makes Leadership Appointments in Europe
Puma has appointed Javier Ortega as general manager Europe, effective September 1. Esteve Planas will succeed Ortega as area general manager for Southern Europe.
Wolverine World Wide’s Debt Ratings Lowered by S&P
S&P Global Ratings reduced the debt ratings of Wolverine World Wide, Inc. as the footwear manufacturer continues to underperform its expectations with “tough industry headwinds to continue to pressure the company’s operating performance at least over the next several quarters.”
Dansko Appoints New President; Fox Transitions to Exec Chair
Dansko promoted Kitty Bolinger to president, effective September 5. Bolinger is currently Dansko’s EVP of sales & marketing. Concurrently, Dansko’s CEO, Jim Fox, will transition to the newly created role of executive chairman.
Urban Outfitters Profit Jumps 75 Percent in Second Quarter
Profits at Urban Outfitters, Inc. surged 75.0 percent in the second quarter ended July 31 as sales grew 7.5 percent and margins benefited from higher initial markups and lower markdowns.
Foot Locker, Inc. Posts Q2 Loss, Cuts Outlook as Sales Fall and Margins Contract
The retailer is pausing its cash dividend payments in the fall after reporting sharp Q2 declines in total sales and comp sales, a loss in GAAP net income, slimmer margins, and a business that reportedly softened further in July.
Kohl’s Q2 Earnings Fall on 5 Percent Comp Decline
Kohl’s reported profits in the second quarter dropped 54.1 year-over-year as same-store sales declined 5.0 percent. Earnings were ahead of analysts’ estimates with the benefit of tight expense and inventory controls and continued growth at its in-store Sephora shops. Guidance was reiterated for the year.
Allbirds Names Canadian Distributor
In-Sport Fashions, a Canadian distributor of specialized lifestyle, athletic and outdoor products, entered into an exclusive partnership with Allbirds, effective September 15.
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.
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.
Citi Trends Posts Q2 Loss on 5.3 Percent Comp Decline
Citi Trends reported a wider loss in the second quarter year-over-year as same-store sales fell 5.3 percent. The urban fashion discount chain noted that the quarter marked significant sequential same-store sales improvement from the first quarter while reiterating guidance for the year.
Macy’s Rolls Out Four New Small Format Stores Across West and Northeast
The move marks the first expansion of its small-format locations into the Northeast and Western regions of the U.S., with openings in Boston, Las Vegas and San Diego.
