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☆ Basketball is having a moment, and that's good news for Nike
▼ + stars: | 2024-11-09 | by ( Jordan Hart | ) www.businessinsider.com time to read: +6 min

Nike recently signed a 12-year deal with the NBA, WNBA, and NBA G League. AdvertisementNike is deepening its partnerships with the NBA and WNBA as basketball explodes in popularity in 2024. That's good news for the company as it tries to get back to its sports roots and reinvigorate sales — and as women's basketball becomes increasingly popular. The sportswear giant announced in October that it signed a 12-year agreement with the NBA, WNBA, and NBA G League to be the exclusive uniform and apparel provider for each league. While Nike started as a running brand, its business has historically been linked with basketball after a 1984 collaboration with Michael Jordan.

Persons: Rachel Wolff, —, John Donahoe, Elliott Hill, Michael Jordan, Jordan Brand, Hill, Sue Bird, Kevin Durant, Jayson Tatum, Nike execs, Adam Silver, Nike It's, Goldman Sachs, Nike's, Caitlin Clark, Simeon Siegel, Siegel, Nike, execs, EMARKETER's Wolff, Wolff Organizations: Nike, NBA, WNBA, NBA G League, Service, Paris Olympics, NCAA, Nielsen, ESPN, G League, Adidas, Bloomberg, Business, Street, BMO Capital Markets, BI, BMO Locations: California, Portland , Oregon, Toronto, EMARKETER

"In the more recent macro environment, consumer demand has been even more uneven and difficult to predict," Best Buy CEO Corie Barry said. U.S. holiday sales are expected to rise at its slowest pace in five years, according to data from the National Retail Federation, as Americans are likely to pull back on holiday shopping. REUTERS/Bing Guan/File Photo Acquire Licensing RightsLast week, industry bellwether Walmart (WMT.N) warned of cautious consumer spending as the holiday shopping season gets underway. Retail executives said higher interest rates, inflation and a resumption in student loan repayments will keep consumer wallets under pressure. Still, some investors expect holiday sales starting Black Friday to hold "some positive surprises."

Persons: Corie Barry, Bing Guan, Fitch, David Silverman, Marvin Ellison, Thomas Hayes, Rachel Wolff, Ananya Mariam Rajesh, Savyata Mishra, Granth Vanaik, Juby Babu, Shounak Dasgupta Organizations: National Retail Federation, REUTERS, Walmart, Retail, Apparel, Abercrombie, Fitch, American Eagle Outfitters, Insider Intelligence, Thomson Locations: United States, SoHo, New York City, U.S, Bengaluru

☆ Macy's smashes profit estimates as leaner inventory lifts margins, shares jump
▼ + stars: | 2023-11-16 | by ( Savyata Mishra | ) www.reuters.com time to read: +2 min

Shoppers are seen outside Macy's in the Manhattan borough of New York City, New York, U.S., March 30, 2021. REUTERS/Caitlin Ochs Acquire Licensing RightsNov 16 (Reuters) - Macy's (M.N) crushed analysts' estimates for quarterly profit on lower inventories and strong demand for beauty products, sending the department store operator's shares surging as much as 14% on Thursday. "(We are) entering the holiday period in a healthy inventory position," Macy's outgoing CEO Jeff Gennette said in a statement. Gross margins improved 160 basis points in the third quarter, driven by a 110 basis points jump in merchandise margins, bolstered by lower markdowns within the Macy's brand and reduced freight costs. Credit card revenues again declined, down 100 basis points year-on-year, indicating its core middle-income consumer faced difficulty in repaying debts as interest rates climbed.

Persons: Caitlin Ochs, Jeff Gennette, Tony Spring, Rachel Wolff, Macy's, Savyata Mishra, Sriraj Organizations: REUTERS, Bloomingdale, Target, Walmart, Insider, Thomson Locations: Manhattan, New York City , New York, U.S, Bengaluru

DoorDash had in August projected adjusted EBITDA of between $750 million and $1.05 billion. The company expects fourth-quarter adjusted EBITDA, a key measure of profitability, of between $320 million and $380 million, compared with analysts' estimates of $253.3 million. In the third quarter, total orders rose 24% to 543 million from a year earlier. Revenue rose 27% to $2.16 billion, compared with analysts' expectations of $2.09 billion, according to LSEG data. Net loss narrowed to $73 million, or 19 cents per share, in the third quarter, compared with $295 million, or 77 cents per share, a year earlier.

Persons: Dado Ruvic, Ravi Inukonda, DoorDash, Rachel Wolff, Granth, Anil D'Silva Organizations: REUTERS, ALDI, Reuters, Revenue, Thomson Locations: Japan, U.S, Bengaluru

In the second quarter ended July 30, Lululemon's North America sales rose 11% as its affluent customer base picked up more of its workout gear and crossbody bags. Sales in China, which accounted for roughly 12% of overall revenue, increased 61% thanks to resilient demand following the easing of pandemic curbs. Lululemon said inventories increased 14% in the second quarter, below the roughly 20% growth forecast in June. The company's gross margins increased 230 basis points to 58.8% in the second quarter. It expects annual profit between $12.02 and $12.17 per share.

Persons: Andrew Kelly, Lululemon, Calvin McDonald, Rachel Wolff, Granth, Maju Samuel Organizations: REUTERS, North, Lululemon's, Nike, Thomson Locations: Manhattan , New York, U.S, Lululemon's North America, United States, China, Bengaluru

☆ Abercrombie & Fitch raises sales forecast as new clothing styles attract shoppers
▼ + stars: | 2023-08-23 | by ( Deborah Mary Sophia | ) www.reuters.com time to read: +2 min

A person carries a bag from the Abercrombie & Fitch store on Fifth Avenue in Manhattan, New York City, U.S., February 27, 2017. Revenue from the Abercrombie brand rose 26% in the quarter, while that from Hollister recorded its first growth, with an 8% rise, following a decline in the past five quarters. Abercrombie now expects fiscal 2023 net sales to rise around 10%, compared with its prior forecast range of 2% to 4% growth. Its per-share profit of $1.10, for the three months ended July 29, crushed estimates of 17 cents, according to Refinitiv IBES data. Reporting by Deborah Sophia in Bengaluru; Editing by Shweta AgarwalOur Standards: The Thomson Reuters Trust Principles.

Persons: Andrew Kelly, Abercrombie, Fran Horowitz, Rachel Wolff, They've, Wolff, Hollister, Deborah Sophia, Shweta Agarwal Organizations: Abercrombie, Fitch, REUTERS, Thomson Locations: Manhattan , New York City, U.S, Bengaluru

☆ Macy's results beat estimates, maintains forecasts on weak consumer spending
▼ + stars: | 2023-08-22 | by ( ) www.reuters.com time to read: +2 min

The R.H. Macy and Co.flagship department store is seen in midtown New York, New York, U.S. November 11, 2015. REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsAug 22 (Reuters) - Macy's (M.N) kept its annual forecasts unchanged even though its second-quarter sales and profit beat market expectations on Tuesday as the upscale department store chain expects consumer spending to stay under pressure. It reaffirmed its 2023 sales expectations of $22.8 billion to $23.2 billion and adjusted full-year profit per share between $2.70 and $3.20. "Despite beating profit and sales expectations, Macy’s earnings show that discretionary demand remains constrained as shoppers allocate more of their budgets to everyday necessities," Insider Intelligence analyst Rachel Wolff said. Comparable sales for Macy's-owned and licensed stores fell 7.3%, compared with expectations of a 6.48% drop, according to Refinitiv data.

Persons: Macy, Brendan McDermid, Macy's, Gross, Rachel Wolff, Savyata Mishra, Arun Koyyur Organizations: REUTERS, Target, Insider, Thomson Locations: New York , New York, U.S, Bengaluru

☆ Tapestry sees weak fiscal 2024 after missing qtrly estimates on soft U.S. demand
▼ + stars: | 2023-08-17 | by ( ) www.reuters.com time to read: +2 min

[1/2] A signage is seen in the offices of Tapestry, Inc., in Manhattan, New York, U.S., November 19, 2021. Luxury rivals Ralph Lauren (RL.N), LVMH (LVMH.PA), Gucci-owner Kering (PRTP.PA) and Canada Goose (GOOS.TO) have also faced sales pressures from softening U.S. demand. Tapestry expects adjusted earnings in the range of $4.10 to $4.15 per share in fiscal 2024, compared to estimates of $4.24. Tapestry said fiscal 2024 net sales were approaching $6.9 billion, compared to average analysts' estimate of $6.93 billion. The company's adjusted per share was 78 cents in the fourth quarter ended July 1, missing analysts' estimate of 97 cents.

Persons: Andrew Kelly, Ralph Lauren, RL.N, Gucci, Kering, Michael Kors, Kate Spade, Stuart Weitzman, Rachel Wolff, Tapestry, Savyata Mishra, Juveria, Maju Samuel Organizations: Tapestry, Inc, REUTERS, Capri, Insider, Thomson Locations: Manhattan , New York, U.S, United States, North America, China, Bengaluru

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