SGB Update Footwear
TJX Lifts Outlook As Q2 Earnings Fly Past Expectations
The TJX Companies, Inc. increased its guidance for sales and earnings for the year after reporting second-quarter results that easily exceeded the off-pricer’s guidance. Same-store sales grew 6 percent.
Target Slashes Guidance After Q2 Sales Shortfall
Target, Inc. reduced its full-year profit outlook on “continued near-term challenges on the topline” The readjustment came despite the discounter reporting second-quarter earnings that handily topped Wall Street as tight inventory controls offset lower-than-expected sales.
Macy’s Hires Chief Customer and Digital Officer
Macy’s Inc. named Massimo Magni chief customer and digital officer, effective August 21. He was a more than 20-year veteran of McKinsey & Company.
Report: July Retail Sales Grew 3.2 Percent Year-Over-Year
The U.S. Census Bureau reported that overall retail sales in July were up 0.7 percent from June and up 3.2 percent year-over-year. That was double the increases seen in June.
F45 To Voluntarily Delist And Deregister Stock
F45 Training Holdings, Inc. announced its intention to voluntarily delist from the New York Stock Exchange and to deregister its common stock.
Columbia Sportswear Names Chief Product Officer, Columbia Brand
Columbia Sportswear Company hired Woody Blackford as senior vice president and chief product officer for the Columbia Brand. Blackford is returning to Columbia, where he previously worked for 14 years, culminating in the position of VP of global design and innovation.
Trove Secures $30 Million In Funding Round
Resale tech platform Trove reported it raised $30 million in a Series E funding round, bringing its total funding to over $150 million.
On’s Sales Surge 60 Percent Currency-Neutral In Second Quarter
On Holdings reported adjusted EBITDA nearly doubled in the second quarter as sales vaulted 52 percent (60 percent on a currency-neutral basis). Sales in the Americas region jumped 59.8 percent. On again lifted its full-year sales guidance, implying a full-year growth rate of 44 percent and a second half-year growth rate of close to 30 percent. On Holdings forecast for EBITDA margin was maintained.
Study: Luxury Retailers Brace for Rise in Losses to Theft and Security Issues
A new global research survey asked luxury retailer senior executives with a total annual turnover of $3.1 billion across the U.S., South America, Europe, Africa, and Asia revealed that 62 percent expected a rise in losses to theft over the next three years.
Blain’s Farm & Fleet Names New President
Blain’s Farm & Fleet, a family-owned company for 68 years, promoted Mark Hasting to president, the first time a non-family member has held the position, in addition to his chief commerce and operating officer role. Jane Blain Gilbertson, the owner of Blain’s Farm & Fleet and Blain Supply, Inc., will remain CEO.
Tapestry, Inc. Acquires Capri Holdings in $8.5 Million Deal
This acquisition brings together the Coach, Kate Spade, and Stuart Weitzman brands owned by Tapestry with the Versace, Jimmy Choo, and Michael Kors brands owned by Capri.
La Sportiva Acquires Majority Stake in Meet Italia
La Sportiva reported it acquired a majority stake in the Veneto-based company Meet Italia, a manufacturer that produces Made in Italy mountain footwear and with a strategic partner that has been in place for over twenty years.
Asics North America Delivers Seventh Straight Quarter of Double-Digit Online Growth
Asics North America reported positive growth in the second quarter was boosted by double-digit growth in Sportstyle and Core Performance Sports categories across the region and marked by the region’s seventh consecutive quarter of double-digit e-commerce growth.
Adobe Reports Online Price Declines, Slowing Inflation
Online prices in July 2023 fell 1.6 percent year-over-year (YoY), marking the eleventh consecutive month of YoY price decreases, according to the Adobe Digital Price Index (DPI).
Bob’s Stores To Open Three Locations
Bob’s Stores plans to open a “flagship” store in Norwalk, CT, that will also carry merchandise from sister retailer Eastern Mountain Sports within the next few months. It’s also planning two other Connecticut stores in Hamden and Southington.
