SGB Update

Hudson Bay Appoints New President and CEO

Hudson’s Bay appointed Liz Rodbell as president and CEO of the Canadian retailer, effective December 1. She succeeds Sophia Hwang-Judiesch, who is stepping down as president to pursue another opportunity.

New Balance Opens Second UK store in Westfield White City

New Balance opened a second retail store in the UK, this time in Westfield White City, on November 27. The retail concept puts people, rather than products, front and center, to inspire each other and find their “authentic” style.

Foot Locker Tops Expectations in Third Quarter

Foot Locker, Inc. reported a significant drop in earnings in the third quarter on an 8 percent same-store sales decline but both earnings and sales topped analyst expectations amid progress on its Lace Up turnaround plan. For the year, the sneaker retailer slightly lowered its EPS guidance while slightly raising its sales targets.

NRF: Thanksgiving Holiday Weekend Sees Record Number of Shoppers

A record 200.4 million consumers shopped over the five-day holiday weekend from Thanksgiving Day through Cyber Monday, surpassing last year’s record of 196.7 million, according to the annual survey released by the National Retail Federation. The figures surpassed NRF’s initial expectations of 182 million shoppers by more than 18 million.

Report: Online Apparel Sales Nearly Triple on Cyber Monday

Consumers spent a total of $12.4 billion on Cyber Monday, November 27, according to final Adobe Analytics data, up 9.6 percent from $11.3 billion on Cyber Monday 2022, which was the previous single biggest online spending day of all time.

Academy Sports Settles Firearms Sales Lawsuit

Academy Sports + Outdoors and the families of the victims murdered by Todd Kohlhepp reached a settlement. Academy will reward $2.5 million to the three victims’ estates, leaving each with over $830,000, minus attorney fees.

Academy Sports Opens Seven New Stores in November

Academy Sports + Outdoors opened seven new stores in five states in November 2023 to complete its fiscal 2023 new store planned openings. The retailer opened 14 new stores in fiscal 2023 and plans to expand to reach its goal of opening 120 to 140 new stores by the end of 2027.

Slinger Bag Parent Posts Q3 Operating Loss

Connexa Sports Technologies, Inc., the parent of Slinger Bag, posted an operating loss of $1.2 million in the fiscal second quarter, which ended October 31, against a loss of $4.5 million a year ago.

Citi Trends Logs Q3 Loss Amid Low-Income Shopper Pressures

Citi Trends Inc. reduced its outlook after reporting a loss in the third quarter ended October 28 on a 10 percent same-store sales decline. David Makuen, CEO, said, “Our primarily low-income customer base is being more selective and purchasing much closer to need.”