August 22, 2023
A combination of higher costs and growing retail theft pushed the bottom line down 23% to $244,331,000 from $318,502,000 in Q2, as revenues grew 4% to $3,223,643,000 from $3,112,419,000, including a +1.8% comp.
Net income attributable to shareholders was up 32% to RMB 4,748 million ($676.8 mm) from RMB 3,588 million for the first half ended June 30, on revenue up 14% to RMB 29,645 million ($4,225.9 mm) from RMB 25,965 million.
Under Dog will return to the department store with an introduction of select men’s styles in 150 stores and online in Feb. 2024, joining Nike men’s, women’s and kids’ apparel, which is being added in 75 doors this Oct.
S&P Global lowered WWW’s issuer credit rating to B+ from BB- with a negative outlook, citing poor operating performance resulting in adjusted leverage of 6.3x.
The reborn sneaker subscription platform will now sell premium used sneakers, featuring a rating system, professional cleaning, and authentication, and is changing its name from KYX World to KYX Sneakers.
As expected, rank-and-file members of the Teamsters union ratified a new five-year contract with United Parcel Service, approving a deal that gives them added pay and holidays, and eliminates the prior contract’s two-tier wage structure.
The outdoor headwear brand appointed Patrick Mahaffey as CEO, succeeding Sarah Sameh who announced her intention to retire in Jan.