SGB Update

Wolverine’s Debt Ratings Outlook Downgraded To Negative

Moody’s Investors Service changed Wolverine World Wide, Inc.’s debt-ratings outlook to negative from stable. The change in outlook to negative from stable reflects the risk that leverage may remain elevated for a prolonged period given the more promotional retail environment, lower consumer discretionary spending, and unfavorable foreign currency trends.

Urban Outfitters President Exits

Urban Outfitters, Inc. reported that Francis Pierrel, president, Urban Outfitters Group, had left the company.

Salt Life To Open New Doors

Delta Apparel, Inc. reported plans to open four Salt Life stores in early 2023. In Florida, Salt Life Pembroke Pines will open in January 2023, with Salt Life Pompano Beach and Salt Life Viera following shortly after that. In New Jersey, Salt Life Long Branch will open in the early spring of 2023.

Newell Brands Adds Board Member

Newell Brands reported that Stephanie Stahl was elected to its Board of Directors effective January 1, 2023. With her appointment, the size of its Board increases from ten members to eleven.

Record 196.7 Million Consumers Shop Over Thanksgiving Holiday Weekend

A record 196.7 million Americans shopped in stores and online during the five-day holiday shopping period from Thanksgiving Day through Cyber Monday, according to the annual survey released today by the National Retail Federation and Prosper Insights & Analytics.

Crocs Expands Credit Agreement

Crocs increased the total commitments under its revolving credit line with Bank of America, PNC and five other lenders, by $150 million to $750 million, with a $250 million accordion feature,  according to a regulatory filing.

Dick’s Sporting Goods Names EVP Of Stores

Dick’s Sporting Goods reported it hired Ray Sliva as executive vice president, stores, effective January 3, 2023. Most recently, Sliva was as Best Buy’s chief people officer.

Genesco Lowers FY Outlook On November Softening

Genesco, Inc.’s third-quarter results were slightly above Wall Street’s consensus estimates but the parent of Journeys reduced its guidance for the year due to a “sluggish start” in November and the impact of the inflationary environment.

Outdoor Research Hires Vice President, E-commerce

Outdoor Research hired Sarah Seifert as VP of E-commerce, effective immediately. Seifert brings more than a decade of leadership in e-commerce and digital marketing with an extensive background in outdoor recreation markets.

NRF Reports GDP Growth Has Slowed But Consumer Spending Remains Strong

The National Retail Federation’s (NRF) Chief Economist, Jack Kleinhenz, reported that the GDP is not likely to grow as much in the final months of 2022 as it did in the third quarter, but consumer spending should remain strong even though the rapid pace continues to slow.