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The Times Square Red Lobster will be offering free all-you-can-eat lobster to a select few customers on March 28. Beleaguered seafood chain Red Lobster is seeking a buyer as it looks to avoid filing for bankruptcy, CNBC has learned. Red Lobster could secure a buyer, it could declare bankruptcy or its lenders could take control of the company. This year marks the 10-year anniversary of Darden Restaurants' sale of Red Lobster after investors pushed the company to divest. As a result, Red Lobster reported $11 million in losses in the fiscal third quarter and $12.5 million in losses the following quarter.

Persons: it's, Jonathan Tibus, Alvarez, Lobster, Kim Lopdrup, Kelli Valade, Horace Dawson, Red Organizations: Times, CNBC, Bloomberg, Red Lobster, Darden Restaurants, Golden Gate Capital, Thai Union Group, Red, Seafood Alliance Locations: Golden

☆ Foot Locker debuts 'store of the future' as it looks to win back Wall Street's confidence
▼ + stars: | 2024-04-24 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +4 min

In this article FL Follow your favorite stocks CREATE FREE ACCOUNTA Foot Locker, Inc. store. Even the Striper uniform, the iconic black and white striped outfit worn by Foot Locker's store associates, is getting a refresh, Frank Bracken, Foot Locker's chief commercial officer, told CNBC in an interview. A Foot Locker, Inc. store. A Foot Locker, Inc. store. Courtesy of: Foot Locker, Inc.An overall view of a Foot Locker, Inc. store.

Persons: Foot Locker's, Frank Bracken, Foot, Bracken, Mary Dillon, Dillon, She's, Foot Locker, Locker Organizations: Inc, CNBC, Summer, Nike, Adidas Locations: New Jersey, Manhattan, Wayne, New York City, Paris, Melbourne, Delhi

☆ Express files for bankruptcy, plans to close nearly 100 stores as investor group looks to save the brand
▼ + stars: | 2024-04-22 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +4 min

The company said hours for remaining stores won't change and it will continue to accept orders and returns as usual. "The proposed transaction will provide Express with additional financial resources, better position the business for profitable growth and maximize value for the Company's stakeholders," Express said. "We are taking an important step that will strengthen our financial position and enable Express to continue advancing our business initiatives," he added. Last spring, Express acquired Bonobos' operating assets and related liabilities for $25 million from Walmart in a joint deal with WHP. The deal came as Express' "core business was weak, and cash was tight," GlobalData managing director Neil Saunders said in a Monday note.

Persons: –, Stewart Glendinning, Neil Saunders, Saunders, Kirkland Organizations: Express Inc, Longtime, Express, WHP, Simon Property Group, Brookfield Properties, Les Wexner's, CNBC, Walmart, Powerhouse, Ellis, Partners Locations: New York, U.S

☆ Lululemon to shutter Washington distribution center, lay off 128 employees after tripling warehouse footprint
▼ + stars: | 2024-04-19 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +3 min

Lululemon is planning to shut down its Washington distribution center and lay off 128 employees after opening a massive new warehouse outside of Los Angeles, the company confirmed Friday. "While some employees will be retained and will relocate to other facilities, including our recently opened distribution center in the greater Los Angeles area, the optimization will result in the reduction of just over 100 positions within the existing Sumner distribution center," the person added. The closure comes after Lululemon more than tripled its warehouse footprint in the past few years to accommodate its rapid growth. In 2021, it entered into a new lease for a 1.26 million square-foot facility outside of Los Angeles in Ontario, California, filings show. In 2022, it leased a 980,000 square foot warehouse outside of Toronto in Brampton, Ontario.

Persons: Lululemon, Sumner, —, CNBC's Annie Palmer Organizations: state's Employment Security Department Locations: San Diego , California, Washington, Los Angeles, Sumner, Seattle, Sumner , WA, U.S, Canada, Toronto, Ontario , California, Brampton , Ontario, California, North America, Americas

☆ Nordstrom family tries again to take department store private, forms special committee
▼ + stars: | 2024-04-18 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +2 min

A sign marks the location of a Nordstrom store in a shopping mall on March 20, 2024 in Chicago, Illinois. The Nordstrom family is once again considering taking the department store private and has formed a special committee to evaluate bids, it announced on Thursday. CEO Erik Nordstrom and president Pete Nordstrom recently told the company's board of directors that it's interested in pursuing a take private deal for the 123-year-old department store, Nordstrom said in a news release. In 2017, private-equity firm Leonard Green & Partners came close to taking the company private but the deal ultimately fell apart. The announcement comes as department stores face an uncertain future and grapple with declining sales.

Persons: Nordstrom, Erik Nordstrom, Pete Nordstrom, it's, Leonard Green Organizations: Leonard Green & Partners, Reuters Locations: Chicago , Illinois

☆ Peloton quietly drops unlimited free app membership because it failed to bring in paid subscribers
▼ + stars: | 2024-04-15 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +3 min

Peloton has quietly removed its unlimited free-membership tier on its fitness app less than a year after it debuted because the initiative was failing to convert users into paid subscribers, the company said. People who signed up for the company's unlimited free membership before it was removed will continue to have access to it, Peloton said. McCarthy, a former Netflix and Spotify executive, had long wanted a free tier on the company's app. Soon after, the unlimited free tier was no longer available. While app subscribers declined during Peloton's fiscal second quarter ended Dec. 31, Coddington said the company still "believe[s]" in its app strategy and it remains "an important part of the business."

Persons: Barry McCarthy, McCarthy, Morgan, Liz Coddington, Coddington, we'll Organizations: Netflix, Spotify Locations: Manhattan, New York City, U.S

☆ Nike CEO says focus on its own website and stores went too far as it embraces wholesale retailers again
▼ + stars: | 2024-04-12 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +1 min

Illuminated trademark of the American athletic footwear and apparel corporation Nike, Inc. seen on the Nike Store window in Antwerp, Belgium. The strategy allowed Nike to earn far more from its sales and gain better insights about its customers through data collection. Over the last four years, Donahoe said Nike tripled its mobile and digital business from about 10% of overall sales to 30%. Shifting to a direct model is capital-intensive and saddled Nike with the headaches of returns and owned inventory, which had typically fallen on wholesale partners. On top of that, department stores and specialty shops are massive customer acquisition engines.

Persons: Karol Serewis, John Donahoe, Donahoe, CNBC's Sara Eisen Organizations: Nike, Inc, Getty Images Locations: Antwerp, Belgium, Paris

☆ Nike CEO blames remote work for innovation slowdown, saying it's hard to build disruptive products on Zoom
▼ + stars: | 2024-04-12 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +1 min

Nike CEO John Donahoe on Friday blamed remote work for the company falling behind on innovation, saying that it's tough to be disruptive when people are working from home. In an interview with CNBC's Sara Eisen from Paris, Donahoe was asked about the company's lack of fresh new products in its assortment, which had been a concern among investors. "What's been missing is the kind of bold, disruptive innovation that Nike's known for and when we look back, the reasons are fairly straightforward," said Donahoe. "In hindsight, it turns out, it's really hard to do bold, disruptive innovation, to develop a boldly disruptive shoe on Zoom," Donahoe said. So we realigned our company, and over the last year we have been ruthlessly focused on rebuilding our disruptive innovation pipeline along with our iterative innovation pipeline."

Persons: John Donahoe, CNBC's Sara Eisen, Donahoe, What's, it's Organizations: Nike Locations: Paris, Vietnam

☆ Former Bowlero exec says company threatened to report him to FBI in proposed extortion, retaliation suit
▼ + stars: | 2024-04-09 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +11 min

Equal Employment Opportunity Commission alleging they were fired based on their age or out of retaliation, according to company securities filings and the proposed countersuit. Bowlero says that Tanase resigned and then had a change of heart when he realized he wouldn't get severance pay. Now, Tanase is seeking the court's permission to countersue Bowlero and the company's executive vice chairman, Brett Parker. I've told you this before," said Tanase, according to the transcript. He also claims Bowlero sued him to deter him from filing a complaint with the EEOC or serving as a witness in its investigation into Bowlero.

Persons: Bowlero's, Thomas Tanase, Bowlero, Tanase, Thomas Shannon, countersue Bowlero, Brett Parker, Parker, Daniel Dowe, he'd, haven't, I've, Alex Spiro, Quinn Emanuel, Elon Musk, Alec Baldwin, Spiro, Scott Pickus, Pickus, Shannon Organizations: Bowlero, U.S, AMF, Lucky, Federal, CNBC, FBI, Elon Locations: Virginia, North America, Bowlero

☆ Levi Strauss shares surge 18% on raised profit guidance, holiday earnings beat
▼ + stars: | 2024-04-04 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +1 min

Shares of Levi Strauss surged 18% on Thursday after the retailer raised its full-year profit guidance and posted holiday earnings that beat expectations. Late Wednesday, Levi's announced its fiscal first quarter earnings and said it expects adjusted earnings per share for fiscal 2024 to be between $1.17 and $1.27, up from a previous range of $1.15 to $1.25. As part of the project, Levi's cut about 12% of its global workforce. It also exited its Denizen business, which comes at a lower margin, and has relied less on aggressive discounting to drive sales. It's also seeing record amounts of sales happening online and through its own shops instead of through department stores like Macy's and Kohl's , which come at a lower margin.

Persons: Levi Strauss, Levi's, it's, that's, It's, Harmit Singh Organizations: Woodbury Locations: Central Valley , New York, U.S

☆ Retailers like Peloton and Saks keep paying vendors late, signaling possible 'financial distress'
▼ + stars: | 2024-04-04 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +13 min

To be sure, late payments don't always signal financial troubles. Creditsafe spokesperson Ragini Bhalla said payment data is only one factor the firm considers when assessing a company's financial health. Though the data "doesn't represent a company's total trading behavior, analysis has proven that it is hugely predictive of a company's financial health and creditworthiness," Bhalla said. "When the number of late payments increases like this, it's often indicative of financial challenges and poor cash flow forecasting," Creditsafe said. While Saks often made late payments last year, its on-time payments have dropped significantly since October 2023, the firm said.

Persons: Saul Loeb, Perry Mandarino, Mandarino, Creditsafe, Ragini Bhalla, Bhalla, Barry McCarthy, Simeon Siegel, Siegel, he's, Peloton's DPO, Marc Metrick, Metrick, Mark Still, Stewart Glendinning, Tim Baxter Organizations: Saks, Washington , D.C, AFP, Getty, Bed, RadioShack, CNBC, Retailers, Body, Body Works, Riley Securities, BMO Capital Markets, Business of Fashion, HBC, Express, Street, Creditsafe, Economic Security, IRS, New York Stock Exchange, Bath Locations: Washington ,, Express, Creditsafe, U.S

☆ Nearly half of Levi's sales are happening online and in its shops, a shift as department stores fade
▼ + stars: | 2024-04-03 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +7 min

Excluding one-time costs related to Levi's restructuring, the company reported earnings per share of 26 cents, ahead of Wall Street's estimates. The sales slump was primarily attributed to a shift in Levi's wholesale orders, which boosted profits by about $100 million in the year-ago period. For the last couple of years, Levi's has been moving away from wholesalers and doing more of its sales through its own stores and website. If Macy's store closures or other challenges to department stores affects Levi's business, she expects direct-to-consumer sales will offset those losses. During the quarter, sales of items like denim skirts, dresses and tops were up 19% in Levi's direct-to-consumer channel, said Gass.

Persons: Levi Strauss, Levi's, Macy's, Levi's —, Michelle Gass, Gass, Harmit Singh, Beyoncé, Carter, Post Malone Organizations: Levi's, LSEG, Arkhouse Management, CNBC Locations: U.S, Europe

☆ Canada Goose to cut 17% of its corporate workforce, following string of retail layoffs
▼ + stars: | 2024-03-26 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +2 min

Canada Goose said Tuesday that it will cut about 17% of its corporate workforce, following a string of other retailers that have laid off employees this year as consumers continue to pull back on discretionary spending. The cuts will affect staff at Canada Goose's corporate headquarters, which had about 915 employees as of April 2023, according to a securities filing. Between April 2021 and April 2023, Canada Goose nearly doubled the number of employees at its corporate head offices from 544 to 915 to support its "continued growth," the filing says. When releasing its holiday-quarter results, Canada Goose noted that its wholesale revenues were particularly weak, an ongoing dynamic for the company that many other retailers have felt. The layoffs at Canada Goose come after Nike, Macy's , Wayfair , Hasbro and Etsy all announced widespread layoffs over the past few months.

Persons: Goose, Dani Reiss, Reiss, Canada Goose Organizations: Canada, Armour, Nike, Hasbro, Etsy Locations: Canada

☆ Lululemon shares plunge 16% on weak guidance, slowing North America growth
▼ + stars: | 2024-03-21 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +4 min

The retailer reported holiday earnings on Thursday evening that topped expectations, but showed that its growth in North America is stagnating. During the quarter, sales rose 9% in the Americas, compared to 29% growth in the year-ago period. For the current quarter, Lululemon expects net revenue to be between $2.18 billion and $2.20 billion, representing growth of 9% to 10%. For the full year, it expects sales to be between $10.7 billion and $10.8 billion, compared with estimates of $10.9 billion, according to LSEG. During the quarter, it opened its first men's store in Beijing — a key growth market for the company.

Persons: Lululemon, you've, Calvin McDonald, McDonald, Alo Yoga, it's, Meghan Frank Organizations: LSEG, U.S Locations: U.S, North America, Americas, China, Vancouver, Beijing

☆ Nike shares slide on lackluster outlook, slowing China sales
▼ + stars: | 2024-03-21 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +6 min

The Nike logo is displayed at a Nike Well Collective store on February 16, 2024 in Glendale, California. In North America, where demand has been unsteady, sales rose about 3% to $5.07 billion, compared with estimates of $4.75 billion, according to StreetAccount. In China, sales reached $2.08 billion, just below the $2.09 billion analysts had expected. In China, sales grew 5% to $2.08 billion, just below the $2.09 billion analysts had expected. Sales in Asia Pacific and Latin America rose 3% to $1.65 billion, below the $1.69 billion analysts had expected, according to StreetAccount.

Persons: Matthew Friend, Friend, Nike, Jordan, Brooks, Devin Booker, Jane Hali, Jessica Ramirez, She's, it's, They've, Ramirez Organizations: Nike, LSEG, Asia, StreetAccount, Associates, CNBC Locations: Glendale , California, China, North America, Europe, East, Africa, Asia Pacific, Latin America

☆ Wall Street isn't pleased that Kevin Plank is returning as Under Armour's CEO, shares plunge 12%
▼ + stars: | 2024-03-14 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +4 min

Wall Street is not pleased that Under Armour founder Kevin Plank is returning as its CEO. Following the announcement, both Williams Trading and Evercore ISI downgraded Under Armour and lowered their price targets. Linnartz, a former Marriott International executive who took the helm last February, is the second CEO the company has cycled through in less than two years. Since she started at Under Armour, Linnartz had been focused on rehauling the company's C-suite, building out its loyalty program, UA Rewards, and pivoting the brand's assortment to a more athleisure-focused offering that had more stylish options for women. "All of the twists and turns have created a brand that has become increasingly confusing to consumers and to wholesale partners," Saunders continued.

Persons: Kevin Plank, Stephanie Linnartz, Plank, Evercore, Patrik Frisk, Armour, Linnartz, Plank's, Michael Binetti, William Blair, Neil Saunders, Saunders Organizations: Wall, Williams, Armour, Marriott International, Aldo, UA Locations: Houston , Texas, Plank, America, North America

☆ Dick's Sporting Goods soars past holiday quarter estimates, raises dividend 10%
▼ + stars: | 2024-03-14 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +2 min

Dick's Sporting Goods raised its dividend by 10% on Thursday as the company posted its largest sales quarter in its history and projected another year of growth. Many retailers benefited from a 53rd week in fiscal 2023, but Dick's said it still broke records during its fiscal fourth quarter even without those extra days. "With our industry-leading assortment and strong execution, we capped off the year with an incredibly strong fourth quarter and holiday season," CEO Lauren Hobart said in a statement. Following the strong quarter, Dick's raised its quarterly dividend 10% to $1.10 per share. "We compete with everyone in the world during the fourth quarter, and also the consumer is going through an awful lot, and we're just trying to be cautious."

Persons: Dick's, Lauren Hobart, Ed Stack, Hobart, we're Organizations: Dick's Sporting Goods, LSEG Locations: Williston, United States

Kevin Plank, founder of Under Armour, during a CNBC interview on "Mad Money" on Feb. 28, 2018. Under Armour announced on Wednesday that CEO Stephanie Linnartz is stepping down from her role just over a year after she started, and founder Kevin Plank will return as the brand's chief executive. Linnartz took over as Under Armour's CEO in February 2023 after spending nearly 30 years at Marriott International, most recently as its president. Plank will remain a director on Under Armour's board but will hand over the chair position to Mohamed El-Erian, chief economic advisor at Allianz, Pimco's parent company. In a statement, Linnartz said she feels "honored" to have served as Under Armour's CEO.

Persons: Kevin Plank, Armour, Stephanie Linnartz, Linnartz, Plank, Mohamed El, Stephanie Organizations: CNBC, Marriott International, Allianz, Armour's

☆ Petco CEO Ron Coughlin is out, former Best Buy exec to step in as interim chief executive
▼ + stars: | 2024-03-13 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +2 min

Ron Coughlin, chief executive officer of Petco Animal Supplies Inc., outside the Nasdaq MarketSite during Petco Health & Wellness Co. initial public offering (IPO) in New York, Jan. 14, 2021. Petco announced Wednesday that its CEO, Ron Coughlin, is stepping down, and said board member and Best Buy executive R. Michael Mohan will take over as interim chief executive as the company searches for a permanent replacement. In a statement, Coughlin said he's proud of the work he's done over the last five years. He previously served as lead independent director, a role he will shed as he takes over the interim CEO post. Excluding one-time items, Petco reported earnings per share of 2 cents.

Persons: Ron Coughlin, Petco, Michael Mohan, Coughlin, he's, Mohan, He's, Cameron Breitner Organizations: Supplies Inc, Nasdaq, Petco, Wellness Co, Best, LSEG Locations: New York

CNBC embedded with teams from HSI and California Highway Patrol to witness four organized retail crime operations for this investigation. CNBCAt the bottom of organized retail crime rings are boosters — the people who go into stores and take the items. A bin filled with sparkly silver boots that police suspect an alleged San Jose, California, crime ring stole from T.J. Maxx. In a statement, a TJX spokesperson said the company is "thankful" for CHP's efforts and is taking organized retail crime "very seriously." Court records filed in connection with the case provide a rare glimpse into the inner workings of an alleged organized retail crime ring.

Persons: Michelle Mack, Mack, Michelle Mack's, Louis Vuitton, Adam Parks, they've, Parks, HSI, It's, Joaquin, El, Guzman, Scott Robles, Robles, moisturizer, Allegra, Maxx, Gabrielle Fonrouge, Manny Nevarez, TJX, Michael Ball, Diego, Donna Washburn, Washburn, Mack —, we'll, Charlotte, Estee Lauder, masterminding, Rob Bonta, Kenneth Mack, Bonta, Kimora Lee Gooding texted Michelle Mack, Jan, Gooding, Andrew Barclay, Scott, let's, Kenneth Mack texted Michelle Mack, Michelle Mack texted Alina Franco, Sephora, Prada, Ulta's, Dave Kimbell, Kimbell Organizations: Police, CNBC, Patrol, Homeland Security Investigations, Department of Homeland, New, U.S . Custom House, Operation French, Walgreens, New Orleans Public, Federal, Gillette, CHP, TJX Companies, Bay Area, CNBC Police, Flea, Santa, Attorney, Capitol Flea, L'Oreal, Macy's, Body Locations: San Diego, Bonsall , California, California, Washington , Utah , Oregon, Colorado , Arizona , Illinois , Texas, Florida , Pennsylvania, Massachusetts, Ohio, U.S, Baton Rouge , Louisiana, HSI, New Orleans, Orleans, San Jose, Jose , California, Maxx, Bay, Bay Area, San Jose , California, Santa Clara, Washburn, St, Augustine , Florida, Charlotte Tilbury, Prada, LensCrafters

Read CNBC's full investigation into the alleged organized theft groups that police say are stealing and reselling items from retailers including Ulta Beauty, T.J. Maxx and Walgreens. Faced with sophisticated organized retail crime rings that investigators say have targeted his company, Ulta Beauty CEO Dave Kimbell is laying some blame on e-commerce sites. "You used to have to sell stolen goods at flea markets or out of the trunk of your car, or maybe just locally. The 53-year-old mother of three and her husband, Kenneth Mack, were charged with conspiracy to commit organized retail theft, grand theft and receipt of stolen property in connection with the alleged crime ring. During a raid at her California mansion in December, California Highway Patrol and Homeland Security agents say they found $387,000 in suspected stolen goods, most of which had come from Ulta.

Persons: Read, Dave Kimbell, Kimbell, Michelle Mack, Kenneth Mack, I'm, we've Organizations: Maxx, Walgreens, Ulta, CNBC, Homeland Security Locations: U.S, San Diego, California

☆ Longtime CEO of Berkshire Hathaway's Brooks Running will step down, hand the reins to company veteran
▼ + stars: | 2024-03-12 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +2 min

The longtime CEO of Berkshire Hathaway's Brooks Running, Jim Weber, is stepping down after more than 20 years in the top job, the company will announce Tuesday. Brooks veteran Dan Sheridan, who started at the running company in a marketing role in 1998 and worked his way up to chief operating officer and president, will take over on April 26. That includes plans to build the first Brooks Running store in China, an "absolute growth market" for the brand, according to Sheridan. He said the company also aims to expand direct sales in the U.S. and grow wholesale partnerships in Europe. Soon after Brooks Running became a stand-alone subsidiary company of Berkshire Hathaway in 2012, Weber and his team were asked to start succession planning.

Persons: Berkshire Hathaway's Brooks, Jim Weber, Brooks, Dan Sheridan, Weber, I've, it's, We've, that's, Sheridan, Berkshire Hathaway, Warren Buffett Organizations: CNBC Locations: Berkshire, North America, China, Sheridan, U.S, Europe

☆ Gap shares pop as company's holiday earnings blow past estimates, Old Navy returns to growth
▼ + stars: | 2024-03-07 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +5 min

In this article GPS Follow your favorite stocks CREATE FREE ACCOUNTA general view of an Old Navy store. Sales at Old Navy grew 6% to $2.29 billion, and Gap's overall gross margin surged 5.3 percentage points to 38.9% thanks to fewer markdowns and lower input costs. The extra week contributed about four percentage points of growth during the fiscal fourth quarter, the company said. Last month, Gap announced it had tapped fashion designer Zac Posen to be its creative director and Old Navy's chief creative officer. "His role as chief creative officer at Old Navy is really to harmonize, orchestrate and dial up the storytelling across product and marketing."

Persons: Richard Dickson, We're, Dickson, It's, he's, Zac Posen, isn't, He'll, they've, Eric Chan, Amy Thompson, Mattel's Organizations: Old Navy, Inc, Navy, LSEG, CNBC, Mattel, LA Clippers Locations: Posen

☆ American Eagle unveils strategy to grow profits, takes $94 million in impairment charges for logistics business
▼ + stars: | 2024-03-07 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +5 min

Excluding one-time items, American Eagle posted adjusted earnings of 61 cents per share. In the current quarter, American Eagle expects sales to be up by a mid-single digit percentage, which is in line with estimates of up 5%, according to LSEG. During the Covid pandemic, American Eagle spent hundreds of millions of dollars acquiring a number of shipping and distribution companies that eventually became Quiet Platforms, the retailer's internal logistics branch. Last spring, American Eagle acknowledged that Quiet Platforms wasn't performing as it had expected. To increase profits, American Eagle plans to amplify its brands by growing its namesake banner, boost Aerie's expansion and develop the activewear assortment at its Offline banner.

Persons: RetailDive, Mike Mathias, Mathias, AEO, StreetAccount, we've, rationalizing, Jennifer Foyle, there's, It's, Foyle Organizations: LSEG, Eagle, CNBC, Abercrombie, Fitch

☆ Foot Locker shares drop more than 10% after heavy promotions lead to holiday-quarter losses
▼ + stars: | 2024-03-06 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +5 min

The Foot Locker logo is displayed in a store on May 19, 2023 in San Francisco, California. Foot Locker lost $389 million, or $4.13 per share, compared with income of $19 million, or 20 cents per share, a year earlier. Comparable sales at Foot Locker and Kids Foot Locker in North America increased 5.2%It's been a little over a year since Dillon took the helm of Foot Locker. During its fiscal third quarter, Foot Locker eked out surprise beats on the top and bottom lines. During the fourth quarter, Foot Locker opened 29 new stores, remodeled or relocated 66 locations, and closed 113 stores.

Persons: Locker, Foot, Mike Baughn, Foot Locker, Mary Dillon, Dillon, Ulta, Locker eked, Jordan Brand Organizations: LSEG, Sports, Foot, NBA, Nike, Dick's Sporting Goods, CNBC PRO Locations: San Francisco , California, markdowns, North America, India, Indianapolis

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