SGB Update

Foot Locker Beats Earnings Targets In First Quarter

Foot Locker reported first-quarter results declined against challenging year-ago comparisons but earnings topped Wall Street estimates. Foot Locker now expects earnings and sales for the year to arrive at the upper end of revenue and earnings guidance.

Ross Stores Lower Annual Guidance

Ross Stores, Inc. reduced its guidance for sales and earnings in the full year due to a shortfall in same-store sales in the first quarter.

Deckers Brands Q4 Blows Past Wall Street Targets

Deckers Brands reported earnings vaulted 106 percent in the fiscal fourth quarter ended March 31 as sales gained 31.2 percent. Sales gained 24.7 for Ugg and 59.7 percent for Hoka One One. Sales for the year grew 24 percent and the company guided FY23 growth to be in the range of 10 percent to 11 percent.

VF Corp.’s Fourth Quarter Boosted by The North Face

VF Corp. reported sales rose 12 percent on a currency-neutral basis in the fiscal fourth quarter ended April 2 with sales ahead 24 percent for The North Face and 2 percent for Vans. Earnings per share were ahead 67 percent with both earnings and sales in line with Wall Street targets. For the current fiscal year, VF’s revenue is expected to climb at least 7 percent in constant dollars with low double-digit growth at The North Face and mid-single-digit growth at Vans.

Pelican International Acquires GSI Outdoors

Pelican International, Inc, has acquired a majority stake in GSI Outdoors. The acquisition is part of Pelican’s push to diversify its offering in the North American and international outdoor market.

United Wheels Appoints President And COO

United Wheels, Inc., the parent company of Huffy, Niner, Batch, VAAST, and Royce Union has appointed Bruno Maier as president and COO. Claude Jordan, CEO for four years, is retiring but will remain as a senior advisor during the transition.

Senior Executives Step Down From Kohl’s

Kohl’s Corp. announced in a regulatory filing Wednesday that Chief Marketing Officer Greg Revelle is departing in June and Chief Merchandising Officer Doug Howe will leave immediately.

Patrick Frisk To Step Down From Under Armour As President And CEO

Under Armour, Inc. announced that Patrik Frisk will step down as president and CEO and as a member of its Board of Directors effective June 1, 2022. The board has initiated an internal and external search for Frisk’s replacement. Colin Browne, Under Armour’s COO, has taken the helm as interim president and CEO effective June 1, 2022.

Strava Acquires Injury Prevention App

Strava has acquired Recover Athletics, the prehab app for runners, giving Strava subscribers access to the company’s content, including personalized prehab and injury prevention exercise plans.

Century 21 To Reopen Manhattan Flagship Store

Century 21 announced plans to reopen in Spring 2023 at its former location near the World Trade Center in downtown Manhattan. The reopening comes two years after the store closed due to the pandemic.