Foot Locker's Ripple Effect
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Welcome back to FN Daily, where we break down the biggest stories happening in footwear and retail.
Today, we're looking at what Foot Locker's weak results mean for the athletic footwear industry. Plus, we break down why so many REI stores are unionizing and Carmelo Anthony announces his retirement from the NBA.
Here's what you need to know.
Foot Locker’s recent earnings miss is highlighting broader setbacks in the athletic footwear industry.
Shares of the?footwear retailer plunged?in the wake of a softer-than-expected first quarter sales and earnings report on Friday. After a strong holiday season, consumers pulled back on discretionary spending for items like sneakers, which impacted Foot Locker’s results.
Like Foot Locker, brands like Nike have also been impacted from a softer consumer spending environment in light of inflation, which has led to inventory excesses.
“Athletic footwear brands have been speaking about excess inventory in the channel. Some have assumed the excess is from brands other than Nike,” wrote UBS analyst Jay Sole in a Friday note to investors. “However, with Foot Locker’s news on comps and shrink, the market is likely to conclude Nike is also feeling the effects of the softgood consumer spending slowdown which began in March.”
Last week, employees at a Boston REI store joined a movement underway in the outdoor retailer’s stores across the U.S. when they voted in favor of?unionizing their location.
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This initial union win marked the latest victory for a relatively recent organizing drive taking root across REI stores — and across retail more broadly. Four other REI stores have voted in favor of unionizing in the last two years, and others have begun the process as well.
Key point: The REI union effort has benefited from visibility on social media. Unionizing stores have set up pages on Facebook, Instagram and Twitter, with some pages garnering?thousands?of followers. In addition to posting their own journeys and wins on social media, the accounts also interact with one another, offering collective support as a broader REI unionization effort.
Carmelo Anthony has called an end to his NBA career.
After a legendary career that spanned 19 seasons, the superstar baller announced his retirement from the NBA today. Anthony, the?No. 3 pick by the Denver Nuggets in the 2003 NBA Draft,?announced his departure from the league today in a touching video on social media.
Anthony is a longtime Jordan Brand ambassador, and has 13 acclaimed signature shoes with the brand.?He’s been with Jordan Brand since 2003, and?according to?Sportico, made an estimated $145 million from endorsements, led by the Nike-owned label. He signed a deal right out of college, according to Sportico, which was worth $3 million per year.
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