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Tag: Apparel Retail

  • Crocs sees fourth-quarter gross sales up 42%; CEO Andrew Rees says 2021 used to be ‘outstanding yr’

    Sneakers is obtainable on the market at a Crocs retail retailer on July 22, 2021 in Chicago, Illinois.

    Scott Olson | Getty Photographs

    Crocs mentioned Monday it sees gross sales in 2021 mountain climbing about 67% from 2020, greater than it in the past expected.

    Crocs have been calling for full-year gross sales to be up 62% to 65%. Analysts had been on the lookout for 65% year-over-year expansion, in keeping with Refinitiv estimates.

    “2021 proved to be a phenomenal yr for the Crocs logo … amidst a difficult world provide chain atmosphere,” mentioned Crocs Leader Govt Andrew Rees in a commentary

    The inventory used to be not too long ago falling greater than 4% in early buying and selling, having closed Friday down 2.3% at $125.70.

    For the fourth quarter, Crocs mentioned it sees gross sales emerging 42%, higher than the 36.6% expansion that analysts had predicted.

    The store did not supply an outlook for fourth-quarter profits. Analysts had been projecting Crocs would earn $1.39 a percentage on moderate.

    And for 2022, Crocs reaffirmed expectancies for earnings expansion, with the exception of Howdy Dude, to exceed 20%. Analysts are on the lookout for a 32% building up from prior-year ranges.

    Crocs introduced in December it deliberate to obtain privately held shoes label Howdy Dude for $2.5 billion in a cash-and-stock deal. The transaction is predicted to near within the first quarter.

    Crocs is scheduled to give to analysts and traders on Tuesday on the ICR convention, which is being held just about this yr.

    Learn the whole press unencumber from Crocs right here.

  • Lululemon stocks fall after store sees fourth-quarter income, gross sales harm because of omicron

    Pedestrians dressed in protecting mask stroll previous a Lululemon retailer in San Francisco, California, on Monday, March 29, 2021.

    David Paul Morris | Bloomberg | Getty Pictures

    Lululemon stocks fell in premarket buying and selling on Monday after the store mentioned income and income for its fiscal fourth quarter will most probably are available on the low finish of estimates because of staffing shortages and shortened retailer hours as Covid circumstances as soon as once more surge within the U.S.

    The inventory tumbled round 7% after last Friday down 3.7% at $355.21.

    Lululemon mentioned in a press unencumber it expects fourth-quarter income on the low finish of its vary of $2.125 billion to $2.165 billion. It predicts adjusted income in step with percentage additionally towards the low finish of its vary of $3.25 to $3.32.

    Analysts were in search of adjusted income of $3.34 in step with percentage on gross sales of $2.17 billion, in keeping with Refinitiv estimates.

    “We began the vacation season in a powerful place however have since skilled a number of penalties of the omicron variant, together with higher capability constraints, extra restricted body of workers availability, and decreased running hours in sure places,” mentioned Lululemon’s Leader Govt Officer Calvin McDonald.

    Many shops are seeing hard work issues worsening as body of workers transform ill or are uncovered to Covid-19, with the presence of the extremely contagious omicron variant.

    Division retailer operator Macy’s has lower retailer hours at places around the nation for the remainder of this month. Whilst big-box store Walmart briefly closed virtually 60 places in December at coronavirus sizzling spots.

    Learn the whole press unencumber from Lululemon right here.

  • Lululemon faucets former Amazon exec as new CEO of its at-home gymnasium Reflect

    Michael Aragon up to now served the position of leader content material officer of Twitch, Amazon’s livestreaming trade.

    Supply: Lululemon

    Lululemon mentioned Thursday it has named former Amazon exec Michael Aragon as leader government officer of its at-home gymnasium trade, Reflect.

    Aragon may even oversee Lululemon’s broader virtual health aspirations, the store mentioned in a press unencumber, reporting without delay to Lululemon CEO Calvin McDonald. The adjustments shall be efficient Jan. 17.

    Lululemon purchased Reflect for $500 million in 2020. In September, then CEO Brynn Putnam resigned from her position. She had based the trade in 2016.

    Aragon up to now used to be leader content material officer of Twitch, Amazon’s livestreaming trade. He additionally held positions at Sony Workforce, serving to develop the PlayStation community.

    On this new position, Aragon will face an more and more aggressive marketplace for hooked up health apparatus. Opponents come with Peloton, Tonal, Hydrow and lots of others. The class exploded with passion as gyms closed briefly and customers regarded for tactics to determine at domestic throughout the pandemic.

    In December, Lululemon reduce its forecast for Reflect gross sales in fiscal 2021 to between $125 million and $130 million. In the past, it expected gross sales of $250 million to $275 million for the tool, which mounts at the wall and permits customers to take aerobic and different workout categories.

    One after the other, Lululemon shall be protecting itself from a lawsuit filed by way of Nike on Wednesday, which accuses Reflect of infringing on a few of Nike’s patents.

    Lululemon spoke back to the swimsuit by way of announcing Nike’s patents “are overly wide and invalid. We’re assured in our place and stay up for protecting it in courtroom.”

    Lululemon stocks had been unchanged in after-hours buying and selling, having closed the day up 1.7% at $368.77.

  • Macy’s is remaining extra shops this yr. Here is a map of which of them are at the record

    Macy’s has launched an inventory of the handful of division shops that it plans to near this yr.

    It contains six full-line division shops, a Bloomingdale’s outlet store and a Macy’s retailer that the corporate stated already closed closing yr however used to be by no means introduced publicly.

    The Bloomingdale’s location at Miromar Retailers in Estero, Florida, is ready to shutter by means of the top of the fiscal fourth quarter, Macy’s stated. The six full-line places must shut by means of the top of the primary quarter.

    “Retail outlets stay an integral a part of our omnichannel retail ecosystem,” a Macy’s spokeswoman stated Thursday in a remark. “As our trade evolves, we proceed to optimize and reposition our retailer fleet to extra successfully strengthen our omnichannel gross sales enlargement and make bigger marketplace percentage.”

    Macy’s will be offering impacted staff at those places severance programs or different roles at within sight shops, she stated. The corporate declined to mention what number of workers paintings at those websites.

    In mid-November, Macy’s introduced it could be remaining about 10 shops in January. The store were on course to close extra places, however it stated it used to be reconsidering when to near the kind of 60 ultimate open shops out of a batch of 125 closures the corporate centered to head darkish by means of 2023.

    “The not on time closure of sure shops permits us to take care of a bodily presence available in the market, which is significant to our top-line enlargement,” stated Leader Monetary Officer Adrian Mitchell, all through an income convention name on the time. “Virtual efficiency is more potent within the markets the place we now have shops.”

    Macy’s could also be present process a evaluation of its trade with consulting company AlixPartners amid power from activist investor Jana Companions to separate Macy’s shops from its e-commerce arm.

    Ultimate January, Macy’s had introduced an inventory of dozens of division retailer places to be closed as a part of its three-year plan. However the tempo of closures is slowing as the corporate operates a leaner portfolio of shops nowadays. It has 516 full-line Macy’s division shops, in keeping with its web site.

    Macy’s has additionally been trying out off-mall and smaller-format places, because it closes its higher places anchored at conventional department shops.

    Macy’s inventory rose a whopping 143% in 2021.

    This is the overall record of Macy’s places which are remaining in 2022 or have already closed.

  • Nike sues Lululemon for patent infringement over at-home Reflect health club and health apps

    Nike on Wednesday filed a lawsuit accusing Lululemon of patent infringement over the attire maker’s at-home Reflect health tool and similar cell programs.

    Nike claims that during 1983, it invented and filed a patent utility on a tool for figuring out a runner’s pace, distance traversed, elapsed time and energy expended. It has additionally since introduced a spread of well-liked cell apps akin to Nike Run Membership and Nike Coaching Membership.

    The corporate stated it holds various different health apparatus patents that Lululemon is infringing on through promoting Reflect, a wall-mounted tool that guides customers via a lot of high-intensity aerobic categories and different workout routines.

    Lululemon purchased Reflect for $500 million in 2020 amid a hurry amongst customers to exercise at domestic all through the Covid pandemic. The tool places Lululemon in festival with competitors akin to Peloton, Hydrow and Tonal.

    Previous to submitting the lawsuit, Nike stated, it notified Lululemon on Nov. 3 of the alleged infringement and that the leggings maker pushed aside Nike’s claims. The swimsuit was once filed in New york federal court docket.

    A spokesperson for Lululemon stated in an emailed observation, “The patents in query are overly huge and invalid. We’re assured in our place and look ahead to protecting it in court docket.”

    Lululemon stocks closed Wednesday down 4.8%. Nike stocks fell 2.5% amid a broader marketplace sell-off.

    Lululemon is recently embroiled in some other felony fight, with Peloton. In past due November, it filed a patent lawsuit in opposition to the attached health corporate in a feud over the designs of its sports activities bras and leggings.

    Peloton had previous sought a court docket’s declaration that it has no longer infringed on any of Lululemon’s patents. The corporate has maintained that its personal athletic attire products is straightforward to decipher from Lululemon’s. Lululemon, despite the fact that, is looking for damages and different financial reduction.

  • Omicron variant more likely to gas inflation, as American citizens stay buying groceries slightly than eating out and touring, retail industry workforce economist says

    damircudic | E+ | Getty Pictures

    The unfold of the extremely infectious omicron variant is more likely to gas extra inflation, as American citizens stay buying groceries as a substitute of spending extra outdoor of the house, in keeping with the Nationwide Retail Federation’s leader economist, Jack Kleinhenz.

    The key retail industry workforce’s consultant stated Wednesday in a information unlock, on the other hand, that he does now not be expecting the newest wave of Covid instances to instructed an financial slowdown or a shutdown of companies.

    “Little is sure about omicron’s affect on client call for, however individuals who keep at house on account of the variant are much more likely to spend their cash on retail items slightly than services and products like eating out or in-person leisure,” he stated within the information unlock. “That may put additional force on inflation since provide chains are already overloaded around the globe.”

    Kleinhenz stated that “every successive variant has bogged down the economic system however that the stage of slowdown has been much less.” And, he added, shoppers will have extra self assurance to spend on account of being absolutely vaccinated or listening to about milder instances from the variant.

    Covid instances within the U.S. hit a deadly disease file of greater than 1 million new infections on Monday, in keeping with information compiled through Johns Hopkins College. The rustic is now reporting a seven-day reasonable of greater than 553,000 day by day new infections, greater than double the week prior, in keeping with a CNBC research of Johns Hopkins information via Tuesday.

    The spike in coronavirus instances has brought about outlets and eating places together with Starbucks, Apple, Nike and Hole-owned Athleta to close shops or shorten hours, as they deal with brief staffing or step up sanitizing. Walmart briefly close just about 60 U.S. shops in coronavirus hotspots final month to sanitize them. Macy’s stated Tuesday that it’s lowering retailer hours for the remainder of the month.

    Then again, a lot of those self same shops have made it more uncomplicated for patrons to buy in alternative ways — from house supply to curbside pickup.

    The Nationwide Retail Federation does now not be expecting the pandemic to harm vacation gross sales both. It predicted that gross sales in November and December would upward thrust between 8.5% and 10.5% when compared with a yr in the past and succeed in an all-time file general of between $843.4 billion and $859 billion of gross sales.

    Kleinhenz later boosted that forecast, pronouncing in early December that vacation gross sales may upward thrust through up to 11.5% when compared with the year-ago duration.

    The industry workforce expects to record the authentic vacation gross sales general subsequent week, after the Census Bureau stocks December retail gross sales information.

  • Macy’s cuts shop hours in any respect of its retail outlets as Covid instances spike and outlets face new staffing demanding situations

    Macy’s flagship shop in Usher in Sq. in New York, Dec. 23, 2021.

    Scott Mlyn | CNBC

    Macy’s is shortening shop hours for the remainder of the month as coronavirus instances spike in the US and outlets grapple with staffing shortages.

    From Monday to Thursday, Macy’s division shop hours systemwide can be revised to 11 a.m. to eight p.m. for the rest of January. In the past, some places would open at 10 a.m. and shut at 9 p.m., consistent with Macy’s website online.

    Retailer hours will stay unchanged Friday thru Sunday, stated an organization spokeswoman. She added, Macy’s in-store body of workers will proceed to paintings their standard allocated hours. The store operates 516 full-line Macy’s division retail outlets and 33 Bloomingdale’s retail outlets, consistent with its website online.

    “We will be able to proceed to watch the location and apply the CDC and jurisdictional pointers in addition to stay enhanced protection and wellness procedures in position,” stated the spokeswoman, in an emailed remark.

    Macy’s did not touch upon whether or not or no longer it used to be seeing extra of its employees trying out certain for Covid-19.

    On Monday, the U.S. reported 1 million new Covid infections. The document single-day choice of day by day new infections could have been boosted because of lags in reporting knowledge over the Christmas and New Yr’s vacations, however the extremely contagious Covid variants also are using up the tally.

    American citizens have been additionally much more likely to unfold the virus as they accumulated with family and friends, and traveled over the vacation duration. Early research have prompt that Covid vaccines are much less efficient in opposition to omicron when put next with the delta pressure and different variants.

    Outlets and eating place chains across the nation are drafting new plans to care for the most recent wave of Covid instances, fueled by way of the omicron variant. Giant-box store Walmart quickly close just about 60 U.S. retail outlets in coronavirus hotspots ultimate month to sanitize them.

    Apple, interim, has restricted carrier at a few of its retail outlets within the New York house, together with its 5th Road flagship. The electronics store has additionally minimize running hours and restricted the choice of consumers allowed within its retail outlets, consistent with its website online.

    Craig Rowley, a senior consumer spouse at Korn Ferry and head of the company’s retail apply, stated the new wave of Covid instances striking body of workers out of labor has exacerbated what used to be already a scarcity of work within the retail and eating place industries.

    He stated the silver lining is that outlets most commonly made it throughout the thick of the vacation purchasing season earlier than popular outbreaks of the virus began going on once more. Covid-19 instances started to skyrocket in New York Town in mid-December.

    “Outlets like the place they are able to plan and wait for and construction, and with this they are able to’t,” stated Rowley.

    Additionally in New York Town, an worker on the Nike location at the Higher East Facet stated that shop hours had been minimize to midday to five p.m. this week, when put next with a regular 11 a.m. to 7 p.m. agenda. An Athleta location additionally at the Higher East Facet is now ultimate at 7 p.m. moderately than 8 p.m., stated a shop employee over the telephone.

    Nike and Athleta’s mum or dad corporate Hole did not instantly reply to requests for remark about shop hours.

    Consistent with Rowley, those changes may no longer have a subject matter have an effect on on gross sales, as long as outlets can perform smartly sufficient at the weekends.

    “Maximum retail gross sales [in stores] happen towards the weekend,” he stated. “A large number of eating places are not open seven days per week. … If any person in point of fact wishes one thing, they are able to order it on-line and feature it brought to your house day after today.”

  • Guggenheim names Nike its best possible thought for 2022, bringing up metaverse play

    A buyer retail outlets on the Nike retailer on December 21, 2021 in Miami Seashore, Florida.

    Joe Raedle | Getty Photographs

    Guggenheim on Monday named Nike its “best possible thought” for 2022.

    Analyst Robert Drbul mentioned in a word to purchasers that the store’s already dominant marketplace percentage will have to keep growing because it assists in keeping scaling on-line and innovates with new sneakers and attire merchandise within the new 12 months.

    Close to time period, Nike has been harm through international provide chain disruptions, he mentioned, however the corporate will have to nonetheless be capable of succeed in the monetary objectives it laid out remaining June.

    Nike has additionally observed momentum gradual for its emblem in China, which was once a key level of weak point within the corporate’s newest income record.

    Drbul mentioned, alternatively, that any fear relating to China “gifts a possibility for long-term buyers as Nike continues to ship and innovate merchandise that connect to native customers through selling wholesome way of life and different vital societal topics.”

    Guggenheim additionally mentioned it is going to be intently observing Nike’s engagement within the metaverse in 2022. In December, the store introduced it purchased digital sneaker corporate RTFKT for an undisclosed quantity.

    Nike has additionally teamed up with Roblox to create a digital international referred to as Nikeland. Corporations see getting into the metaverse so that you could succeed in more youthful customers and expectantly translate the ones connections in a digital atmosphere into actual gross sales.

    Stocks of Nike had been down greater than 1% in early buying and selling Monday. The inventory was once up nearly 18% in 2021. Its marketplace price is over $260 billion.