SGB Update Footwear
The Buckle’s Q2 Profits Slip 2.5 Percent
The Buckle Inc. reported earnings in the second quarter that were slightly down year over year although same-store sales showed a modest gain.
Foot Locker’s Q2 Tops Wall Street Targets, Outlook Slightly Lowered
Foot Locker Inc. reported second-quarter earnings declined sharply versus year-ago levels but topped Wall Street’s consensus estimate. The sneaker giant now sees full-year results arriving at the lower end of previous guidance.
Foot Locker Appoints New CEO, Dick Johnson To Retire
Foot Locker, Inc. announced that, as part of a planned succession process, Richard Johnson will retire as president and chief executive officer, effective September 1. Mary Dillon, former executive chair and CEO of Ulta Beauty, Inc., has been appointed president and chief executive officer and a member of the Foot Locker Board, also effective September 1.
Ross Stores’ Q3 Comps Decline 7 Percent
Ross Stores, Inc. reported profits declined 22.1 percent in the second quarter due to higher markdowns and a 7 percent same-store drop. The off-pricer downwardly adjusted its outlook for the year.
Nike And Adidas Settle Flyknit Infringement Lawsuit
According to the Portland Business Journal, Nike filed paperwork with the U.S. District Court in Portland, OR, to settle its patent infringement lawsuit against Adidas over the alleged use of Nike’s knitted footwear technology. The filing does not disclose the settlement terms.
Kohl’s And Sephora Expand Partnership
Kohl’s and Sephora announced that the companies’ partnership would expand to include a Sephora presence at all of Kohl’s more than 1,100 locations.
Texas State Extends Partnership With Adidas
Texas State Athletics has extended its partnership with Adidas as the University’s exclusive athletic footwear, apparel and accessories outfitter. The partnership states that Game One will be the official Adidas products provider to Texas State student-athletes and coaches.
Port Of Los Angeles Breaks Another Cargo Record In July
The Port of Los Angeles processed an estimated 935,345 Twenty-Foot Equivalent Units in July, outpacing the previous record set in 2019 by 2.5 percent. The Port has set monthly records in five of seven months in 2022.
U.S. Retail Spending Shows Slight Gain In July
As calculated by the National Retail Federation, core retail sales rose in July even as overall sales reported by the U.S. Census Bureau remained flat on a monthly basis, and both calculations showed strong year-over-year gains as consumers continued to shop despite high inflation respectively, the NRF said.
Kohl’s Slashes Guidance On Planned Inventory Reduction
Kohl’s, Inc. cut its full-year forecast due to plans to increase promotional activity to reduce inventory levels. The department store chain reported second-quarter results slightly ahead of expectations but indicated a weakening economy and high inflation are weighing on sales growth.
TJX Trims Outlook For Year After Q2 Sales Shortfall
The TJX Companies, Inc. reported second-quarter earnings came in at the high-end of guidance but U.S. same-store sales missed plan. The off-price chain increased its full-year pretax profit margin outlook but overall lowered its sales and earnings guidance.
Allbirds Adds Former Nike Exec To Board
Allbirds, Inc. added Ann Freeman to its board of directors, effective August 16, 2022. Freeman was vice president and general manager, North America, for Nike.
Authentic Brands Group To Acquire Ted Baker
Authentic Brands Group has struck a deal to buy U.K. fashion chain Ted Baker for about $254 million.
Nobull To Become NFL’s Combine Apparel Supplier
The National Football League said Nobull will become the league’s official scouting Combine training partner and on-field supplier of apparel and headwear. The change comes a year after New Era replaced Under Armour as the sponsor.
Kidpik’s Sales Slide In Second Quarter
Kidpik Corp., the online clothing subscription-based e-commerce company, reported sales of $3.8 million in the second quarter ended July 2, a year-over-year decrease of 33.4 percent.
