SGB Update Footwear

Wolverine’s Debt Rating’s Lowered Following Q4 Guidance Update

Moody’s downgraded the debt ratings on Wolverine World Wide, Inc. due to the footwear maker’s updated Q4 2022 guidance, which was lower than previously projected by Moody’s, as well as Moody’s expectation that leverage will remain high over the next 12-18 months.

Belk’s Debt Ratings Downgraded On Weak Results

Belk, Inc.’s debt ratings were downgraded by S&P Global Ratings as the southeast department store operator’s sales and profitability have weakened significantly, well below S&P’s expectations.

Action Sports In Brandford To Close

Action Sports plans to close its store in Brandford, CT, at the end of April. The retailer’s second location in Old Saybrook will remain open.

Dick’s SG To Open House of Sport In Boston

Dick’s Sporting Goods, Inc. plans to open a House of Sport store in the Prudential Center at Boston’s Back Bay. Lord and Taylor previously occupied the storefront at 760 Boylston Street.

Authentic Brands Group Partners With Global Citizen

Authentic Brands Group and Global Citizen, an international advocacy organization, reported that they entered into a four-year agreement to create an exclusive brand mark for consumer products, marketing activations and donations programs.

JCPenney Names New Chief Transformation And Strategy Officer

JCPenney hired Keith Melker as chief transformation and strategy officer driving consumer traffic, inventory management, digital growth, strategic partnerships, and evolving the retailer’s value delivery model. Katie Mullen will remain the chief digital officer.

Kohl’s Appoints Kingsbury CEO

The Kohl’s Corporation’s board of directors has unanimously appointed Tom Kingsbury as Chief Executive Officer, effective immediately.

Skechers Posts Double-Digit Q4 Sales Growth

Skechers U.S.A. Inc. reported a modest gain in earnings in the fourth quarter ended December 31 on an adjusted basis as sales grew 13.5 percent. Both earnings and sales exceeded Wall Street’s estimates and Skechers predicted growth in the range of 4 percent to 8 percent for the current year.

NRF Economist Sees 2023 Recession As Unlikely Prospect

The National Retail Federation Chief Economist, Jack Kleinhenz, believes a recession is unlikely in 2023, and the economy should see slight growth for the year as consumers continue to manage through inflation and high interest rates.