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☆ Nike warns of guidance cut as it posts slowest annual sales gain in 14 years
▼ + stars: | 2024-06-27 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +3 min

Nike on Thursday reported its slowest annual sales growth in 14 years, excluding the Covid-19 pandemic, as the sneaker giant warned of "challenges" that led it to cut its current year outlook. For the fiscal fourth quarter, the company handily beat earnings estimates as its cost-cutting efforts continue to bear fruit, but Nike fell short on revenue estimates. In fiscal 2024, Nike posted sales of $51.36 billion, which is flat compared to the prior year. In Europe, Middle East and Africa, Nike posted revenue of $3.29 billion, compared to estimates of $3.32 billion. In Asia Pacific and Latin America, Nike saw $1.71 billion in sales, compared to estimates of $1.77 billion.

Persons: Matthew Friend Organizations: Nike, NIKE, LSEG, Asia Locations: Nice, France, China, North America, Europe, Middle East, Africa, America

A picture of a cartoon dog appeared on his X feed Thursday afternoon, briefly driving up Chewy shares as much as 34% to $39.10. Chewy shares surged on Thursday after meme stock leader Roaring Kitty posted a picture on social media platform X that resembles the logo of the online pet food retailer. There's also a strong connection between meme stock GameStop and Chewy. GameStop CEO Ryan Cohen was the founder and CEO of Chewy, who was instrumental in PetSmart's takeover of Chewy in 2017 and its subsequent initial public offering in 2019. He later took over as GameStop CEO in 2023, leading a turnaround in the brick-and-mortar video game retailer.

Persons: Kitty, Keith Gill, Chewy, Roaring Kitty, There's, Ryan Cohen, Cohen, Petco, Gill Organizations: GameStop, Chewy, Massachusetts Mutual Life Insurance Locations: Chewy

☆ Levi's shares drop 12% as jeans maker's sales disappoint despite denim craze
▼ + stars: | 2024-06-26 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +5 min

The jeans creator on Wednesday posted fiscal second quarter revenue that fell just short of Wall Street's expectations at a time when shoppers are stocking their wardrobes with denim dresses, skirts and ultra-low-rise baggy pants. It's not clear how sales at Docker's were affected by the timing of Levi's wholesale orders. The changes are necessary because nearly half of Levi's sales these days are coming from its own website and stores. During the quarter, wholesale revenue grew 7%, but excluding the shift in timing of wholesale orders, sales in the channel decreased 4%. Singh noted that wholesale revenue improved on a sequential basis, but the company has a "conservative" view of the channel's growth moving forward.

Persons: hasn't, Levi Strauss, Levi's, Harmit Singh, Singh, Michelle Gass Organizations: LSEG, Finance, CNBC, Levi's, Nike Locations: U.S, Europe, Macy's

☆ Fast fashion retailer Shein confidentially files for London IPO
▼ + stars: | 2024-06-24 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +4 min

Shein, the fast fashion giant with links to China, has confidentially filed for a public listing in London as it faces backlash in the U.S., a person familiar with the matter told CNBC. Elected officials in the U.S. have repeatedly expressed concerns about the use of forced labor in Shein's supply chain and its use of a U.S. tax law exemption known as de minimis. Shein would still prefer to go public in the U.S., sources previously told CNBC, and its filing in London doesn't mean that an IPO will happen there. It's unclear if Beijing has signed off on the London listing. Shein's London filing marks another twist in the company's so-far long road to a public markets debut.

Persons: Shein, It's, Donald Tang, — CNBC's Sara Salinas Organizations: CNBC, U.S, National Retail Federation, U.S . Securities, Exchange Commission, Wall Street Journal, SEC Locations: China, London, U.S, Beijing, Singapore, Xinjiang

A fashion retail Forever 21 store is pictured in in London on September 30, 2019. Fashion retailer Forever 21 has filed for Chapter 11 bankruptcy protection in the US. Forever 21 is asking landlords for a break on rent as the legacy fast fashion player's sales decline and it struggles to keep up with savvier competitors, CNBC has learned. Forever 21 faces a range of issues that have long plagued its business. Similar to many retailers, Forever 21's massive store footprint weighed on its balance sheet when it first filed for bankruptcy.

Persons: Simon, Brooks Brothers, Lucky, Simon didn't Organizations: CNBC, Authentic Brands Group, Simon Property Group, Brookfield Property Partners, Sparc, Lucky Brand Locations: London, U.S

The meme stock was down about 12%, as the company's rescheduled shareholder event wrapped up with no detailed remarks about its strategies. GameStop shares dropped to session lows Monday after the company's highly anticipated annual meeting failed to offer any concrete updates on the video game retailer's future plans. Cohen didn't provide more specifics on the company's future growth strategies. GameStop is still struggling with a transition to online gaming and away from brick-and-mortar video game purchases, with investors banking on Cohen to eventually reinvent the company. The retailer recently raised more than $2 billion in an at-the-market equity sale as the video game company took advantage of the revived meme rally.

Persons: Ryan Cohen, Cohen, Cohen didn't, Roaring Kitty, Keith Gill, Gill Organizations: GameStop, New York Stock Exchange Locations: New York City, U.S

Abercrombie & Fitch has transformed itself from a dying mall brand into a Wall Street darling after spending years revamping its product assortment, overhauling its supply chain and rebranding as an inclusive retailer. Shares of the apparel company have surged over the last year as it posted quarter after quarter of sales growth and profits that consistently topped Wall Street's expectations. Under the direction of CEO Fran Horowitz, Abercrombie has become one of the biggest winners in retail, but its turnaround was years in the making and far from an overnight success. Perhaps most importantly, Abercrombie rebranded itself into a more equitable retailer after it earned a reputation for racism, toxicity and exclusivity. To learn more about Abercrombie's comeback and what's ahead for the retailer after a year of meteoric growth, check out the video above.

Persons: Fitch, Fran Horowitz, Abercrombie, Horowitz Organizations: Abercrombie

Traders work at the post where GameStop is traded on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., June 12, 2024. GameStop's annual shareholder meeting was disrupted by computer problems Thursday, as servers crashed under overwhelming interest in the stream, a customer service representative for the company hosting the stream told CNBC. According to a YouTube stream from an unaffiliated user purporting to reproduce the feed, the annual meeting was brought to order at 11:48 a.m. The rep said Computer Share's servers appeared to be unable to handle the amount of traffic the meeting had received and weren't accustomed to the volume of accounts. They added that Computer Share's tech team was working to solve the issue and advised interested parties to attempt to log in "every 5 to 10 minutes."

Persons: weren't, Keith Gill —, —, Gill Organizations: GameStop, New York Stock Exchange, CNBC, Share Locations: New York City, U.S

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe comeback of Abercrombie & FitchAbercrombie & Fitch has transformed from a dying mall brand into a Wall Street darling in about a decade, arguably one of retail's biggest comebacks. After reporting yet another strong earnings, the stock surged 24% on May 29th. Watch the video above to how CEO Fran Horowitz changed the business and defeated competitors like Gap, Banana Republic, American Eagle Outfitters and Urban Outfitters.

Persons: Fitch Abercrombie, Fitch, Fran Horowitz Organizations: Abercrombie, Fitch, American Eagle Outfitters, Urban Outfitters Locations: Banana Republic

☆ Lululemon shares pop 12% despite lackluster earnings report and guidance
▼ + stars: | 2024-06-05 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +4 min

Lululemon's full fiscal year guidance suggests the company is betting conditions will improve in the back half of the year. As growth in the Americas slows, Lululemon issued weak guidance for the current quarter. It expects revenue to be between $2.40 billion and $2.42 billion, just below estimates of $2.45 billion, according to LSEG. For the full year, Lululemon expects earnings per share to be between $14.27 and $14.47, ahead of the $14.11 that analysts had expected. It's expecting revenue to be between $10.7 billion and $10.8 billion, which is in line with expectations, according to LSEG.

Persons: Lululemon, Wall, Calvin McDonald, McDonald, Sun Choe Organizations: LSEG Locations: Shanghai, China, Americas

Take Gap and Foot Locker — two unlikely winners that posted results on Thursday. Under CEO Mary Dillon, Foot Locker has worked to change its stores, where it does more than 80% of its sales. It has tried to create not only a better shopping experience for consumers but also a better place for its critical brand partners. Instead of two walls of shoes with competing brands mixed together, Foot Locker is changing its fleet so the brands have their own unique displays. With refreshed stores and better product displays, consumers are converting more, too, and paying full price — even Foot Locker's lower-income shopper.

Persons: Locker, Richard Dickson, Anne Hathaway, Zac Posen, Mary Dillon, Foot Locker, Dillon, Dick's Organizations: U.S, Abercrombie, Fitch, TJX, Eagle, Navy, Banana, CNBC, Dick's Sporting Goods Locations: Banana Republic, New Jersey, North America

☆ Gap shares pop 20% as earnings beat on sales growth at all four brands
▼ + stars: | 2024-05-30 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +4 min

The retailer behind Gap, Banana Republic, Athleta and Old Navy blew past earnings estimates and beat on revenue, too. Here's how Gap did compared with what Wall Street was anticipating, based on a survey of analysts by LSEG:Earnings per share: 41 cents vs. 14 cents expected41 cents vs. 14 cents expected Revenue: $3.39 billion vs. $3.29 billion expectedGap shares spiked more than 20% in extended trading Thursday. Comparable sales were up 1%, well ahead of estimates of down 1.9%. Comparable sales were up 5% after being down a staggering 13% in the year-ago period. Analysts didn't have expectations for Athleta's comparable sales.

Persons: Richard Dickson's, Richard Dickson, Dickson, Da'Vine Joy Randolph, Zac Posen, Anne Hathaway, Here's Organizations: Navy, LSEG, CNBC, Banana Republic Locations: New York, Banana Republic, Manhattan, Posen

☆ Foot Locker stock surges as CEO works to turn company around
▼ + stars: | 2024-05-30 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFoot Locker stock surges as CEO works to turn company aroundCNBC's Gabrielle Fonrouge talks Foot Locker's turn around story as the stock surges on quarterly results.

Persons: CNBC's Gabrielle Fonrouge Locations: CNBC's

☆ Fashion retailers turning to denim to attract customers
▼ + stars: | 2024-05-30 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFashion retailers turning to denim to attract customersCNBC’s Gabrielle Fonrouge and Melissa Repko join 'Power Lunch' to discuss retail earnings, trends and consumer spending.

Persons: Gabrielle Fonrouge, Melissa Repko

☆ Foot Locker's turnaround is showing signs of life, CEO sees consumers willing to pay full price
▼ + stars: | 2024-05-30 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +4 min

A Foot Locker store in New York, US, on Monday, May 27, 2024. Foot Locker's turnaround is starting to bear some fruit. Dillon, the former CEO of Ulta Beauty , has been working to turn around Foot Locker, but those efforts have taken longer than expected. Dillon has also been working to revamp Foot Locker's stores, where it still does about 80% of its annual sales. "And I think it's coming to life in a way that our brand partners are thrilled with.

Persons: Locker's, Foot Locker, It's, Mary Dillon, Dillon, Locker, John Donahoe, She's, We've Organizations: LSEG, CNBC, Nike, Dick's Sporting Goods Locations: New York

☆ Abercrombie & Fitch posts its strongest first quarter ever, as sales jump 22%
▼ + stars: | 2024-05-29 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +3 min

An Abercrombie & Fitch signage is seen on a store on Fifth Avenue on August 25, 2022 in New York City. Abercrombie & Fitch reported its strongest first quarter in its history on Wednesday, continuing a winning streak that again exceeded expectations. "Growth was broad-based across regions and brands with Abercrombie brands registering 31% growth and Hollister brands delivering growth of 12%." As it stares down a tough year of comparisons, the company is building on the double-digit sales growth it saw in 2023. For the current quarter, Abercrombie anticipates sales will increase by a mid-teens percentage, ahead of estimates of up 9%, according to LSEG.

Persons: Fran Horowitz, Abercrombie, LSEG, Horowitz Organizations: Abercrombie, Fitch, LSEG Locations: New York City, U.S

☆ Dick's Sporting Goods raises guidance, says shoppers are spending more on sneakers and athletic gear
▼ + stars: | 2024-05-29 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +2 min

A shopping cart sits in front of a Dick's Sporting Goods store on August 26, 2020 in Daly City, California. Dick's Sporting Goods on Wednesday said customers are spending more on new sneakers and athletic gear, leading the retailer to raise its full-year earnings guidance. That's ahead of the $13.25 that analysts had expected, according to LSEG. The low end of that range is only in line with the 2% growth that analysts had expected, according to StreetAccount. Dick's is expecting full-year revenue to be between $13.1 billion and $13.2 billion, which is also in line with estimates of $13.16 billion, according to LSEG.

Persons: Dick's, Lauren Hobart Organizations: Sporting Goods, Dick's Sporting Goods, LSEG Locations: Daly City , California, Dick's

☆ American Eagle profit soars, but sales grow slower than expected
▼ + stars: | 2024-05-29 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +4 min

An American Eagle Outfitters store in New York, US, on Monday, May 27, 2024. American Eagle Outfitters Inc. is scheduled to release earnings figures on May 29. American Eagle on Wednesday said it's making gains in boosting profitability as it works to improve its product assortment and tweak operations. During the fiscal first quarter, American Eagle grew its gross margin by 2.4 percentage points. It recently implemented a new store design for American Eagle, which is "outpacing the balance of the chain," said Foyle.

Persons: it's, Mike Mathias, Jennifer Foyle, Foyle, we've Organizations: American Eagle Outfitters, American Eagle Outfitters Inc, Wall, LSEG, Eagle, Finance, CNBC, Federal Reserve Locations: New York

☆ Off-price retailers like TJX and Ross won't be slowing down any time soon — here's why
▼ + stars: | 2024-05-26 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +6 min

Mario Anzuoni | ReutersOff-price retailers like TJX Companies and Ross are still posting sales gains and taking market share from rivals, but it's not just because consumers are under pressure and hunting for value. TJX and Ross both reported fiscal first quarter earnings last week that came in better than Wall Street expected, even as both companies lapped outsize growth from the prior-year period. Ross, which runs Ross Dress for Less and dd's Discounts, posted an 8% jump in sales, bringing revenue to $4.86 billion, compared to estimates of $4.83 billion, according to LSEG. "That's because they're providing consistent value to the consumer – and that's branded consistent value to the consumer at a discount price," said Roach. The dynamic is a bit different at Ross, which has more exposure to the lower- and middle-income consumer than TJX does and competes more on price, said Siegel.

Persons: Mario Anzuoni, Ross, it's, TJ Maxx, they've, Jessica Ramirez, Jane Hali, TJX, they'd, They've, Goldman Sachs, Brooke Roach, John Klinger, Michael Hartshorn, Roach, Simeon Siegel, Siegel, Ernie Herrman Organizations: Maxx, Reuters, TJX, Associates, Wall, Marshalls, CNBC, Walmart, BMO Capital Markets, Brands Locations: Pasadena , California, Homegoods, Ross

☆ E.l.f. Beauty posts first $1 billion year, but shares fall on weaker-than-expected guidance
▼ + stars: | 2024-05-22 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +3 min

Beauty posted its first billion-dollar fiscal year on Wednesday as sales spiked 77%, but the retailer's shares fell as it said it expects its growth to slow. Sales rose to $321.1 million, up about 71% from $187.4 million a year earlier. For the full year, the company's sales grew to $1.02 billion, an increase of 77% from the year-ago period. Its guidance reflects that sentiment, but even so, the company expects to grow at a slower pace than Wall Street anticipated. expects net sales to be between $1.23 billion and $1.25 billion, which would be an increase of 20% to 22%.

Persons: Tarang Amin, Dave Kimbell, Estée Lauder, Coty, Kimbell, JPMorgan Chase, Read Organizations: LSEG, Walmart, Target, Wall, JPMorgan Locations: E.l.f

☆ Short seller alleges Oddity Tech is misleading investors
▼ + stars: | 2024-05-21 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +3 min

A short seller on Tuesday alleged that beauty and wellness company Oddity Tech has been misleading investors and isn't the online-only retailer it's claimed to be. Ningi has a short position in Oddity but didn't disclose the size of that position. Oddity Tech, the parent company of makeup brand Il Makiage and skincare brand Spoiled Child, sold investors on the premise that it's disrupting the legacy beauty industry by changing the way people buy makeup online. Ningi Research is alleging that Oddity is not a purely digital company and that its Il Makiage brand has more than 40 stores in Israel, where the company is based. Oddity previously told CNBC that more than half of its business is from repeat customers.

Persons: it's, Ningi, didn't, ODDITY's, they've, Oran Holtzman, Holtzman, authorizations, We'll, we've Organizations: Tech, CNBC, Ningi, U.S . Ningi, Better Business Locations: Israel, U.S

A sign is posted on the exterior of a Red Lobster restaurant on April 17, 2024 in Rohnert Park, California. Red Lobster has filed for Chapter 11 bankruptcy protection, continuing the process to shrink its footprint and find a buyer, the company said in a statement. CNBC reported last month Red Lobster was seeking a buyer, weighed down by significant debt and long-term leases. At the time, it was tough to predict that Red Lobster would see sales drop as much as they have. "This restructuring is the best path forward for Red Lobster," Tibus said in a statement late Sunday.

Persons: — Jonathan Tibus, Alvarez, Marsal, Tibus, Red, we've, General Mills, Darden, Kim Lopdrup, Paul Kenny's, Kenny Organizations: CNBC, Golden, Darden, Food, General, Thai Union Group, Thai Union, Red Lobster, Seafood Alliance, Thai Locations: Rohnert Park , California, U.S, Canada, Orlando , Florida, Olive, Thai

☆ Peloton shares drop after it announces refinancing to stave off cash crunch
▼ + stars: | 2024-05-20 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +2 min

Peloton shares plunged on Monday after the connected fitness company said it is launching a "global refinancing," as it looks to stave off a cash crunch amid falling sales. Peloton plans to use the proceeds to buy back about $800 million of its 0% convertible senior notes, which are currently due in 2026, and refinance its existing term loan. Shares fell more than 12% in extended trading after Peloton announced the refinancing, but later regained some ground. In a letter to shareholders, the company said it is "mindful" of the timing of its debt maturities, which include convertible notes and a term loan. "Overall, our refinancing goals are to deleverage and extend maturities at a reasonable blended cost of capital," the company said.

Persons: Barry McCarthy, McCarthy, Goldman Sachs Organizations: JPMorgan

☆ Under Armour is laying off workers as retailer says North America sales will plunge this year
▼ + stars: | 2024-05-16 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +4 min

Under Armour announced a broad restructuring plan on Thursday as it said sales in its largest market, North America, plunged 10% and predicted the trend will get worse throughout its current fiscal year. The athletic apparel retailer also saw profits plunge by more than 96% during its fourth fiscal quarter, compared with the year ago period. During the quarter, sales in North America dropped 10% to $772 million, worse than the $780 million that analysts had expected, according to StreetAccount. The company said it expects sales to continue to worsen in North America. Analysts had expected earnings per share of 52 cents, according to LSEG.

Persons: Armour, Kevin Plank, Stephanie Linnartz, Plank, Linnartz Organizations: CNBC, LSEG, Analysts, Marriott, Armour Locations: Manhattan , New York City, North America

☆ Wayfair to open its first large store, as physical locations make a comeback
▼ + stars: | 2024-05-16 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +10 min

Wayfair follows other direct-to-consumer brands that have opened stores, including Warby Parker , Figs , Casper, Glossier and Everlane. In the early 2010s, new store openings largely outpaced closures, until the tide turned in 2017. Jeenah Moon | Bloomberg | Getty ImagesOther privately held direct-to-consumer brands have also expanded into retail stores, including bedding company Brooklinen, furniture store Burrow and apparel brands Everlane and Untuckit. High cost of entryIf direct-to-consumer brands could all open stores and suddenly boost sales and profitability, they'd all be doing it. Courtesy: WayfairSome direct-to-consumer brands have already been burned after they expanded too quickly and demand fell.

Persons: Niraj Shah, Wayfair, Warby Parker, Glossier, They're, Larry Cheng, It's, you'll, Liza Lefkowski, Shah, Coresight, John Mercer, Coresight's, Trina Spear, Spears, King, King of Prussia, Rebecca Fitts, Alvarez, Tolia, Allbirds, Al Drago Organizations: CNBC, Apple iOS, Companies, Walmart, Target, Joss, Discount, TJX, Bloomberg, Getty, Marsal, Washington , D.C Locations: Wilmette , Illinois, Chicago, Casper, Amazon, U.S, Coresight Research's, Burlington, Los Angeles, Philadelphia, King, King of Prussia , Pennsylvania, Georgetown, Washington ,

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