SGB Update Footwear
Liberated Adds Billabong, RVCA and Honolua to Licensee Portfolio
ABG entered into a new long-term agreement with Liberated Brands to be the retail and e-commerce operator for its newly acquired brands Quiksilver, Billabong, Roxy, RVCA, Honolua and Boardriders in the U.S. and Canada.
Acushnet Holdings Corp. Earns BB Credit Rating On New Debt Offering
S&P Global Rating signed a BB’ issuer credit rating and stable outlook to Titleist’s parent Acushnet Holdings Corp.’s planned offering of $350 million of senior unsecured notes. The rating reflects S&P’s expectation that Acushnet’s sales and profits will remain steady over the next year as post-pandemic golf activity decelerates, albeit at levels above pre-pandemic levels.
Players World of Sports Gets New Owners
Players World of Sports, the retailer of tennis and pickleball products based in Hilton Head, SC, was acquired by Daryl and Kathy Daye of Bluffton, SC, and Jeff and Heather Yakes of Hardeeville, SC.
Amazon Faces Antitrust Lawsuit from FTC, U.S. States
The Federal Trade Commission (FTC) and a bipartisan coalition of 17 state attorneys general sued Amazon over violations of anti-competitive behavior. The lawsuit alleges the e-commerce giant’s practices are anti-competitive in how it serves shoppers as well as third-party sellers on the site.
NRF Report Finds Crime Cost Retailers $112 Billion in 2022
According to the 2023 National Retail Security Survey* published by the National Retail Federation (NRF), retailers have seen a dramatic rise in theft-related financial losses, with shrink accounted for $112.1 billion in losses, up from $93.9 billion in 2021.
Costco’s Q4 Profits Climb 15 Percent
Costco Wholesale Corp. reported earnings rose 15.4 percent in its fiscal fourth quarter ended September 3 as sales gained 9.4 percent. Same-store sales in the U.S., excluding the impact of gas prices, were up 3.1 percent.
U.S. Consumer Confidence Slides to Four Month Low
The Conference Board’s Consumer Confidence Index dropped to a four-month low in September, weighed down by rising interest rates, still-high inflation and a stalemate over the federal budget in Washington.
Target Closing Nine Stores in Four Markets Due to Theft, Safety Concerns
Target said in a statement it is closing nine stores in four states, including one in East Harlem, NY, three in San Francisco, two in Portland, OR and two in Seattle, WA, suggesting that theft and organized retail crime have threatened the safety of its employees and customers.
Nordstrom To Open Another Rack Store in New York
The 24,000-square-foot Bay Shore store will be located on the South Shore of Long Island at the Gardiner Manor Mall with other retailers, including HomeGoods, Barnes & Noble, Michaels, and Old Navy.
J.C. Penney’s Q2 Revenues Slide 10 Percent
J.C.Penney’s sales fell 10.1 percent in the second quarter year-over-year to $1.61 billion from $1.79 billion a year ago, according to a regulatory filing.
S&P Raises Authentic Brands Debt Ratings on Improved Performance
S&P Global Ratings raised the debt rating of Authentic Brands Group, LLC after the company outperformed its previous forecast for its sizable 2022 acquisition of Reebok and recently-closed acquisition of Boardriders, Inc. S&P said the company funded the Boardriders acquisition with less debt than previously expected due to new equity from its financial sponsors.
Shoe Carnival Appoints CFO
Shoe Carnival, Inc. said Erik Gast, its EVP, CFO and treasurer, mutually agreed to leave the company, effective today, to pursue other opportunities. Patrick Edwards, the retailers’ chief accounting officer and secretary since 2021, will succeed Gast.
TJX Companies Elects New Board Director
TJX Companies, Inc.’s Board of Directors elected Charles F. Wagner, Jr. to its Board, effective immediately. Wagner is the EVP and CFO of Vertex Pharmaceuticals, Inc., a role he has held since 2019.
Nike Extends Refurbished Program To Nike.com
Nike extended its Refurbished program to its website, offering discounts on refurbished sneakers. The company introduced the program at select Nike and Nike Factory Outlet stores in April 2021 to support its broader Move to Zero climate change initiative.
M&S | The Sports Edit Adds Activewear Brands To Growing Platform
Marks & Spencer’s M&S | The Sports Edit is adding Adidas, Columbia, Sweaty Betty, Regatta and Sorel to its dedicated sportswear platform on M&S.com as part of its continued push into the sportswear category.
