Inside Nike's Q2 Results
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Welcome back to FN Daily, where we break down the biggest stories happening in footwear and retail.
Today we're digging into Nike's latest earnings, Pentland Brands' New President of Americas and FedEx's expanded electric cart delivery program.
Here's what you need to know:
One of Nike’s biggest problems in recent quarters is now mostly a thing of the past, according to optimistic executives at the Swoosh.
“We believe the inventory peak is behind us as actions we’re taking in the marketplace are working,” Nike Inc. CEO and president John Donahoe said in a call with?analysts on Tuesday, referring to the mounds of excess product that had built up at the company in recent quarters due to inflation-stricken consumers and rapidly shifting tastes in the marketplace.
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With the new position, Rock will oversee Speedo — which was?acquired from PVH Corp. in January 2020?— as well as the company’s full portfolio, which includes Endura and Mitre, for the Americas region.
Rock will replace Jim Gerson, who will retire at the end of the year. Rock is a Pentland Brands veteran, and he most recently served as president of Asia Pacific.
This holiday season, more New Yorkers will be seeing FedEx Express couriers pushing four-wheeled electric carts on city sidewalks.
The e-carts, as the?logistics company?calls them, are part of an expanded pilot program aimed at improving deliveries in major metropolitan areas. The e-carts used in the expanded pilot are from BrightDrop, a technology startup from GM looking to decarbonize last-mile delivery.
According to FedEx, the BrightDrop “Trace” e-carts are helping the company’s couriers make deliveries in five locations in New York City — the Theatre District, Midtown, Midtown East and Brooklyn Heights — expanding on an initial test in Manhattan’s Diamond District last year.
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