Daily News Feed
Crocs’ Debt Reduction Efforts Are On Track
The clogmaker and Heydude parent said it expects to reduce gross leverage to below 2x by June 30, in a round table discussion at Baird’s 2023 Global Consumer, Technology and Services Conference.
Trade Groups Call for Intervention in West Coast Ports Talks
Following the no shows that disrupted operations at West Coast Ports over the weekend, the SFIA and NRF reiterated their plea for intervention from the Biden Administration to keep ports open and mediate negotiations.
Credit Card Competition Act Introduced in House and Senate
The bipartisan legislation, which was reintroduced into Congress today, would require Visa and Mastercard to compete with other networks for merchant and bank business, a change that could save U.S. consumers and retailers as much as $11 billion annually.
Kingmaker Expects Profits to Drop
The footwear maker’s net income attributable to shareholders is expected to come in lower at between HK$45 million and HK$55 million ($6.4 mm) for the fiscal year ended Mar. 31, against a profit of HK$88.1 million last year.
San Antonio Shoemakers Renews Contract with DLA
San Antonio Shoemakers has been awarded a three-year renewal of its contract for made-in-the-U.S. sneakers worth $90.59 million with the Defense Logistics Agency.
American Outdoor Brands Sues Vista Outdoor
AOUT says that VSTO is infringing on the patented powder measuring technology used in its Frankford Arsenal Intellidropper electronic powder measure with Vista’s RCBS ChargeMaster Supreme Electronic Powder Dispenser.
Etcetera: Fanatics, Ping, Puma
Academy Sports Cuts Guidance, but Not Expansion Plans
Hit by the same consumer confidence and weather impacts that have pressured competitors, ASO’s net income declined 37% in the first quarter to $93,970,000 from $149,806,000 on 6% lower sales of $1,383,609,000 down from $1,467,730,000 last year.
On Holding Building a Complex Brand
On Holding, which last month accelerated its FY23 revenue forecast by 2% to at least 1.74 billion Swiss francs ($1.9 bb), remains dogged on building a complex, multi-billion-dollar sportswear brand that is premium-focused and not overdistributed.
Skechers Touts Progress on Inventory, International
Demand, traffic and conversion levels remain healthy, Skechers told investors at Deutsche Bank’s Global Consumer Conference, but the lingering effects of summer 2022’s inventory ramp up at retail is still expected to be a headwind for the balance of ’23.
Clarus Maps Segment Improvement Plans
CLAR credited its “super fan brands” strategy for driving demand in the company’s DTC channel, with enthusiast consumers largely maintaining spending levels, in a discussion at the Stifel Cross Sector Insight Conference.
VF Corp. Downgraded One Notch by S&P Global
The ratings agency cut VFC’s issuer credit rating and all issue-level ratings to BBB from BBB+, citing worse than expected results for the most recent fiscal year ended Mar. 31, which sent leverage up to near 4x.
VF Corp. Launches New U.S. Distribution Center
VFC has opened its new 1.2-million-sq.-ft. distribution center in Ontario, CA, the largest among its 46 facilities, enabling the company to provide more efficient distribution services for its owned retail stores, wholesale customers and e-commerce orders.
Careismatic Brands Acquires Bala Footwear
Bala footwear, which was founded in 2020 by former Nike execs Brian Lockard and John Eberle along with Under Armour veteran Caprice Neely, has been acquired by medical apparel, footwear and accessories company Careismatic Brands.
Etcetera: Rossignol, Sea to Summit, Oboz, Helinox, Lululemon, Play It Again Sports, Dick’s
Nike Re-opens Macy’s
More than two years after the Eager Beavertons ended their wholesale relationship with the department store, Swoosh apparel and accessories will again appear on M’s racks this fall.
Authentic Brands Group Buys Welly Parent IP
The owner of Reebok and many other brands has acquired the intellectual property of Hunter, the 160-year-old British company known for creating the iconic Wellington outdoor boot.
Walkouts Disrupt West Coast Ports
While negotiations between the Pacific Maritime Association and International Longshore and Warehouse Union are continuing, some ILWU members have failed to show up for scheduled shifts, affecting operations at several West Coast ports.
New Balance Breaks Ground on Factory Expansion
New Balance began construction of its Skowhegan, ME factory expansion, adding 120,000 square feet and doubling capacity to 1 million pairs annually.
NSSF-adjusted NICS FBI background check were slightly lower last month at 1,174,142 compared to 1,174,791 last year, but remained above one million for the 46th consecutive month.
Columbia Sportswear’s Sorel Chief Departs
Sorel brand president, Mark Nenow, will step down to focus on his health, COLM announced, as the company’s SVP emerging brands Craig Zanon steps in on an interim basis.
Etcetera: VF Corp., Nike, USA Pickleball, Puma