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Steve Rendle Out as VF Corp. Cuts Guidance
After nearly six years at VF’s helm and more than two decades at the Vans, North Face and Timberland parent, Rendle is retiring immediately “by mutual agreement with the board,” and will be succeeded as president and CEO on an interim basis by lead independent director, Benno Dorer.
Adidas still expects a €400 million boost to revenues from the World Cup in Qatar even though the German national team failed to make it through to the knockout stage, Reuters reported.
The Eager Beavertons have severed all ties with the Brooklyn Nets point guard, The Athletic first reported, one month after suspending their relationship due to his controversial social media posts endorsing a film and book which contains anti-Semitic tropes.
The Brazilian shoemaker is selling BRL800,000,000 million (US$154.7 mm) in new debt, consisting of two series of non-convertible bonds that will mature on Dec. 12, 2027, and Dec. 12, 2029.
Genesco Profits Pressured Despite Positive Comps
Rising costs sent net income down 38% in the third quarter to $20,376,000 from $32,895,000, as revenues grew by 1% to $603,788,000 from $600,546,000 with Journeys essentially flat but Johnston & Murphy growing double digits.
The ratings agency said that the risk of elevated leverage led it to revise WWW’s outlook to negative from stable, as it considers a possible future ratings cut.
Started last year by 2XU founder Jamie Hunt, Pressio first launched in the European market and is now coming to America with its 2023 Spring and Fall collections of running and workout apparel and a new U.S. office.
Despite strong sales on Black Friday and during Thanksgiving week as a whole, total NICS FBI background checks, as adjusted by the NSSF, dipped 2% last month to 1,519,524 from 1,543,378, and were down by 22% from 2020.
Lids’ aggressive expansion over the last year is culminating with nine U.S. and five international stores set to open by next Friday, including mall stores, outdoor locations and Locker Rooms.
Zumiez Sees Full-year Sales Falling 20%
The teen retailer’s string of double-digit declines continued in the third quarter, as the bottom line plunged 77% to $6,932,000 from $30,702,000 on 18% lower revenues of $237,591,000 down from $289,455,000.
Net income was slashed 75% to $5,149,000 from $20,834,000 as sales fell 14% to $177,847,000 from $206,096,000, with blended comps down 14.9% as the quarter lapping the beginnings of last year’s Holiday pull forward.
Designer Brands’ net income was cut by 44% to $45,171,000 from $80,184,000 in the third quarter, on sales that inched up 1% to $856,020,000 from $853,467,000, but DSW ticked down 1% to $706.4 million in sales.
Saddled with reduced demand in the shooting sports segment and lower foot traffic in traditional retail channels, American Outdoor Brands reported an operating loss of $134,000 against an operating profit of $5.3 million in the second quarter.
Laying out its new strategic plan, The Rossignol Group said it will invest $50 million over the next three years, with sights on $500 million in revenue by 2026 and market leadership in sustainable ski and outdoor products.
The sustainable streetwear brand, which was launched last year by former Adidas brand president, Eric Liedtke, has now introduced the Degenerate, its first sneaker.
While the firearms business has slowed in recent quarters from the pandemic-driven boom, RGR boasts a current cash balance of $220 million, and plans to return about $90 million of that to shareholders through a one-time, $5.00 per share dividend.
The clogmaker and Heydude parent 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.
The Eager Beavertons filed suit against By Kiy LLC and several other individuals and companies in So. NY district court, accusing them of infringing on its Air Jordan 1 and Dunk trade dress.
Summit Treestands is recalling about 2,555 Viper Level PRO SD treestands because their tree cable can dislodge from the cable assembly, posing a fall hazard.