The Winners and Losers This Earnings Season
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Welcome back to FN Daily, where we break down the biggest stories happening in footwear and retail.
Today, we're taking a look at the winners and losers this earnings season thus far. Plus, we remember shoe icon Bruce Nordstrom and Target reduces its prices on 5,000 items.
Here's what you need to know.
As Footwear Earnings Season Unfolds, Here Are The Biggest Winners and Losers So Far
Under Armour, Boot Barn, On Holding, Wolverine Worldwide, Crocs and Allbirds all recently reported earnings results. In some cases, companies posted strong sales, despite ongoing headwinds from inflation and a weaker wholesale environment in North America. Other companies saw less positive results as their plans to turn around their businesses take longer to show results.
Here's a sneak peak at our story breaking down some of the companies that did well and the ones that had less positive results in their most recent quarters.
Winner: On Holding: The trendy Swiss running shoe brand continued its strong momentum in Q1 and surpassed 500 million Swiss francs in sales for the first time. On launched its first commercial app globally in the quarter as well.
Loser: Under Armour: In tandem with its fourth quarter earnings announcement this week, Under Armour?announced a business restructuring plan, which includes layoffs,?as its chief executive officer?Kevin Plank?looks to rebuild heat at the struggling brand. Under Armour also forecasted sales in North America falling by 17 percent in fiscal year 2025.
Bruce Nordstrom, the Ultimate Shoe Dog Who Grew His Family Business Into a Retail Powerhouse, Dies at 90
Bruce Nordstrom, the ultimate shoe dog, died on Saturday at age 90.
“It is with deep sadness we announce our dad passed away comfortably at home on May 18, with his wife Jeannie by his side,” said Pete and Erik Nordstrom, in a joint statement. “Our dad will be remembered not only for his significant contributions to Nordstrom, but also for his unwavering dedication to his family and friends. His passion, integrity and tireless work ethic served as an inspiration to everyone around him. But perhaps his greatest achievement was being an amazing father, husband and grandfather. Our dad leaves a powerful legacy as a legendary business leader, a generous community citizen and a loyal friend.”
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Bruce Nordstrom’s storied career began at the tender age of 9, when he started working at the family shoe store, and his love for his family defined his life and his work. Driven and detail-oriented, Bruce was asked to be president at 30. Amid a period of great growth, Bruce and team took the company public in 1971, debuted the first Nordstrom Rack in 1973 and continued major expansion throughout the U.S., including the lucrative California market, before he officially retired in 1995.
His retirement was somewhat short-lived, as he returned to the chairman role in 2000 during a rocky time for the company — and then he retired for good in 2006.
As Consumer Worries Over Inflation Persist, Target Is Lowering Prices on 5,000 Popular Items
As consumers grapple with persistent inflation, Target Corp. on Monday said it would reduce prices on close to 5,000 popular items across several categories ahead of the upcoming Memorial Day weekend.
“We know consumers are feeling pressured to make the most of their budget, and Target is here to help them save more,” said?Rick Gomez, Target’s executive vice president and chief food, essentials and beauty officer, in a statement. “Our teams work hard to deliver great value every day, and these new lower prices across thousands of items will add up to additional big savings for the millions of consumers that shop Target each week for their everyday needs.”
Items that will see price cuts include milk, meat, bread, soda, fresh fruit and vegetables, snacks, yogurt, peanut butter, coffee, diapers, paper towels and pet food. Target said it has already cut prices for 1,500 items such as on Good & Gather Frozen Chicken Breast, Prime Hydration Ice Pop Sports Drinks, Johnsonville Cheddar Smoked Sausages and Good & Gather Shredded Cheese. The rest of the price reductions are planned for throughout the summer.
According to Target, the reduction will “collectively save consumers millions of dollars this summer.” The retailer reports earnings on Wednesday.
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