SGB Update Footwear
Caleres Lowers 2023 Revenue Guidance On Famous Footwear Weakness
Caleres reported first-quarter earnings declined but reached the upper end of guidance. Sales dropped 9.8 percent, below guidance, and Caleres reduced its revenue outlook for the year due to softening sales at Famous Footwear.
Nordstrom Posts Q1 Loss On Double-Digit Sales Declines Across Stores And Digital
Nordstrom, Inc. reported total company net sales decreased 11.6 percent to $3.06 billion in the fiscal first quarter ended April 29. Digital sales decreased 17.4 percent. Nordstrom reported a first quarter net loss of $205 million, or a loss per diluted share of $1.27.
Canada Goose To Open Stores In Australia
Canada Goose, in partnership with Australian retail group Brand Collective, is entering Australia with plans to open stores in Melbourne and Sydney later this year. In addition, Canada Goose will launch an e-commerce platform and implement wholesale distribution plans for the region.
Nike Names New Converse CEO
Nike, Inc. named Jared Carver as the new CEO of Converse. He succeeds Scott Uzzell, who transitioned last week to a new role as VP/GM of North America for Nike as part of the company’s recently announced leadership changes.
U.S. Consumer Confidence Slides To Six-Month Low
U.S. consumer confidence dropped to a six-month low in May as Americans’ assessment of the labor market and the outlook for business conditions slipped, according to the Conference Board’s Consumer Confidence Index.
Patagonia Leads Axios Corporate Reputation Rankings Study
Patagonia ranked first on the Axios Harris Poll 100 corporate reputation rankings, and Nike and Adidas landed in the Top 25 of the 100 “Highly Visible” brands in the ranking.
Nike Launches Hydrogen-Powered Inland Container Ship
Nike has launched a hydrogen-powered inland container ship, the H₂ Barge 1, to transport its products bound for Europe and to support its sustainability goals.
Adidas Court Order Freezing $75M Held By Kanye’s Yeezy Brand Overturned
A federal judge on May 26 lifted a court order Adidas won last year that secretly froze $75 million in bank accounts held by Kanye West’s Yeezy brand.
Emerald Expositions’ Debt Ratings Unaffected By Loan Amendment
Moody’s Investors Service reported that Emerald Expositions’ proposal to amend and extend its first lien term loan is credit positive, and it does not affect the company’s B2 corporate family rating, B2 senior secured credit facility rating or its stable outlook.
Foot Locker’s Debt Ratings Outlook Lowered To Negative
S&P Global Ratings lowered its outlook on Foot Locker to negative from stable as the sneaker chain lowered its full-year guidance due to a combination of inflationary pressures, higher-than-expected discounting initiatives and weak consumer spending.
Lululemon To Expand Vancouver Headquarters, Commits To Hiring 2,600
Lululemon reported plans to expand its headquarters in Vancouver, promising to create 2,600 jobs over the next five years. In 2022, Lululemon employed nearly 9,000 people in Canada.
Eastern Mountain Sports Opens Third New Jersey Store
Eastern Mountain Sports (EMS) announced plans to open its newest store in Deptford, NJ. in mid-June. The store is on the lower level next to the entrance to Boscovs at the Deptford Mall.
Von Maur Department Store To Open First North Dakota Store Location
Von Maur Department Store plans to open a 90,000-square-foot store at West Acres Mall in Fargo, ND. Scheduled to open in Spring 2025, this will be the first Von Maur location in North Dakota.
The Buckle Sees Q1 Net Income Fall 22 Percent As Comp Decline 9.2 Percent
The Buckle, Inc. reported that net income for the fiscal quarter ended April 29, 2023 was $42.9 million, or 87 cents per share, or 86 cents per share on a diluted basis. Comparable store net sales decreased 9.2 percent from comparable store net sales for the prior-year period.
Hibbett Reduces Full-Year Guidance On Q1 Miss
Hibbett, Inc. reported weaker-than-expected fiscal first-quarter earnings and narrowed its full-year guidance to reflect a more cautious consumer outlook. Mike Longo, President and Chief Executive Officer, “”Our consumers are facing a number of headwinds that range from inflation to concerns over outright job loss.”
