June 01, 2023
Fueled by a 30% increase in traffic, a 79% jump in sequential Greater China quarterly sales, and a 430-basis-point improvement in product margin as air freight costs abated, Lululemon reported strong Q1 results that exceeded its sales and profit expectations.
Caleres’ net income dipped 31% to $34,792,000 in the first quarter from $50,509,000 on sales that were down 10% to $662,734,000 from $735,116,000, including Famous Footwear sales that were off 9% to $349.2 million, with comps down 8.5% on soft consumer demand.
Net loss in the first quarter expanded to $18,382,000 from a loss of $397,000 last year, on revenues that tumbled 17% to $182,887,000 from $220,686,000, including an 18.8% comp decline.
The bottom line swung to a loss of $11,968,000 from profits of $813,000 in the prior year as sales dropped 15% to $123,637,000 from $145,775,000, and blended comps were down 17.5%.
Topgolf Callaway’s share price took a hit after its first quarter earnings call, which spooked investors with the prospect that spending on Topgolf events may be under pressure, as corporate entertainment budgets get trimmed.
UA’s founder and chairman divested about 16 million class C shares to BDT Capital Partners, which is an affiliate of merchant bank, BDT & MSD Partners.
The outdoor brand filed suit in CA district court accusing Nordstrom of selling thousands of items of counterfeit apparel through its clearance stores that infringe on Patagonia’s multi-colored P6 logo and word mark.
Bass Pro filed suit in NC district court against Ascend Apparel and two of its corporate officers for infringing on the retailer’s “Ascend” marks and color schemes with the defendant’s apparel and merchandise.
Jetson Electric Bikes is recalling about 15,300 Nova and Star 3-wheel kick scooters because the rear wheel can loosen or fall off.