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☆ Abercrombie & Fitch raises outlook after quarterly sales surge 20%
▼ + stars: | 2023-11-21 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +4 min

Abercrombie & Fitch on Tuesday blew past estimates as it posted a 20% jump in sales thanks to a strong back-to-school shopping season and growth at both its namesake brand and Hollister. For its fourth quarter, Abercrombie expects net sales growth to be up low double-digits compared to the prior year, which is in line with the 11.6% growth analysts had expected, according to LSEG. The expected uptick is driven by a higher gross profit rate, lower freight costs and higher sales prices. Abercrombie CEO Fran Horowitz told analysts the company has seen an "encouraging" start to the holiday shopping season. During the quarter, Abercrombie saw sales at its namesake brand grow by 30% to $548 million and revenue at Hollister grow by 11% to $509 million.

Persons: Fitch, Abercrombie, Fran Horowitz, " Horowitz, Horowitz, we've Organizations: Abercrombie, LSEG, Eagle Locations: Hollister

☆ Clothing rental service Nuuly reaches profitability, beating rival Rent the Runway to the benchmark
▼ + stars: | 2023-11-21 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +4 min

The milestone marks the first time Nuuly has earned money since its launch in 2019, a goal for the company from the beginning as it looked to prove it could run a clothing rental business profitably. While there is wide demand for clothing rental services, particularly among younger consumers, the logistics of rental have made it difficult to make money, threatening the platforms' viability. watch nowNuuly and Rent's services are similar in that they both offer clothing for rent on a monthly basis for all sorts of occasions. The clothing rental market is still a budding industry. As brands look to convince consumers to rent instead of buy, offering a wide-ranging assortment has proven critical.

Persons: Natalie Rice, Nuuly, David Hayne, we've, Gen Z, Jenn Hyman, Rent, Hayne, Urban's, Richard Hayne Organizations: Natalie Rice Urban Outfitters, CNBC

☆ Shares of American Eagle plummet 17% on unimpressive holiday forecast
▼ + stars: | 2023-11-21 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +3 min

American clothing and accessories retailer American Eagle store seen in Hong Kong. (Photo by Budrul Chukrut/SOPA Images/LightRocket via Getty Images)Shares of American Eagle plummeted about 17% Tuesday after the company issued a holiday forecast that failed to impress. For its holiday quarter, American Eagle expects sales to be up high-single digits, ahead of the 3.4% sales growth analysts had expected, according to LSEG. However, it's expecting its operating income to be between $105 million and $115 million, which is mostly below expectations of $114 million, according to StreetAccount. For the full year, American Eagle is projecting revenue to be up mid-single digits, compared to previous guidance of up low single digits.

Persons: Budrul Chukrut, it's Organizations: Eagle, Getty, American Eagle, LSEG, Abercrombie, Fitch, Retailers Locations: Hong Kong

☆ Dick's Sporting Goods shares jump after retailer hikes outlook as it bounces back from theft woes
▼ + stars: | 2023-11-21 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +3 min

Sales and profits at Dick's Sporting Goods bounced back in the third quarter, leading the retailer to raise its full-year guidance Tuesday after it shocked investors earlier this year when it slashed its outlook over theft concerns. In a news release, the company said it's "excited" for the holiday season after seeing "strong" back-to-school sales. Excluding one time items, Dick's saw earnings per share of $2.85. But it still falls below the original outlook the company set earlier this year, when it said it expected earnings of $12.90 to $13.80. Dick's also raised its comparable sales outlook and expects them to be up between 0.5% and 2%, compared to a previous range of flat to up 2%.

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

☆ T-Mobile sued after employee stole nude images from customer phone during trade-in
▼ + stars: | 2023-11-17 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +4 min

"Nevertheless, T-Mobile has failed to implement any common-sense security hardware or software to protect consumers from their data and privacy being exploited during ordinary transactions at the T-Mobile store." "Anxious and concerned, Jane hastily returned to the T-Mobile store with her mother to speak to the store manager," the lawsuit states. "During this time, while Jane was seeking assistance at the T-Mobile store, the unauthorized person continued to log into her social media accounts on the iPhone XS Max." "T-Mobile has big incentive programs to induce customers to upgrade their devices and turn in their old ones. But the ugly truth is that T-Mobile knows that employees sometimes steal customers' most intimate images and videos from the old devices they relinquish," Goldberg added.

Persons: Mobile didn't, Jane Doe, Max, Jane, Carrie Goldberg, Laura Hecht, Felella, Goldberg, Emma Aubrey Organizations: Mobile, Columbia, Redmond Law, CNBC Locations: Washington, United States, Seattle, York, Redmond

☆ Black Friday came early this year, signaling worries about holiday demand
▼ + stars: | 2023-11-17 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +5 min

Mario Tama | Getty Images News | Getty ImagesEarly Black Friday discounts were far higher this October compared to prior years, signaling retailers are concerned that demand could be tepid during the crucial holiday shopping season. Last year, about 30% of overall holiday sales happened online and other non-stores versus physical retail locations, according to the NRF. On average, 7.8% of all items were on sale at some point during the month compared to just 4.9% in 2019 and 3.3% in 2021. In Oct. 2022, prices were down just .7% compared to the prior year and in Oct. 2021, prices were up 1.9% compared to the prior year. The following year, when both inventories and inflation had grown and consumers were starting to feel the burn of high prices, promotions rose.

Persons: Barbie, Mario Tama, GlobalData, They're, it's, Daniel Rubin, John's University's Peter J, Brett House, we've Organizations: Walmart, Getty, Adobe Analytics, Adobe, CNBC, National Retail Federation Retail Monitor, ., Tobin College of Business, Columbia Business School Locations: Burbank , California, GlobalData

☆ Investor JAT Capital sends scathing letter to new Bed Bath & Beyond board over CEO ouster, vacancy
▼ + stars: | 2023-11-17 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +4 min

Investment firm JAT Capital sent a scathing letter to the board of the new Bed Bath & Beyond on Friday saying it has refused to answer questions from shareholders and is engaging in what the investment firm called unprecedented "poor behavior." Earlier this month, JAT called on Beyond to fire Johnson. In its letter, dated Friday, JAT questioned why Johnson's board seat was removed after his ouster and said it was an attempt to weaken "shareholders ability to have a say." JAT called on Beyond's board to answer its questions, once and for all, and for everyone from vendors to sell-side analysts to demand more transparency. The actions cited below which the Board has taken in the last 60 days appear to be to the detriment of the company and shareholders," the letter states.

Persons: Jonathan Johnson's, JAT's, John Thaler, JAT, Johnson, Jonathan, Marcus Lemonis, Marcus Lemonis wasn't, Allison Abraham, Marcus, Dave Nielsen Organizations: JAT Capital, Inc, JAT Locations: Bath, CNBC's

☆ Gap shares soar on sales, earnings beat despite muted holiday forecast against uncertain backdrop
▼ + stars: | 2023-11-16 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +5 min

Gap hasn't managed to reverse its ongoing revenue slump, but its same-store sales were far better than expected. Gap saw modest improvements at Old Navy and its eponymous banner. The brand saw strength in women's and kids, and an uptick in activewear. The brand is still reeling from the shutdown of Yeezy Gap and saw comparable sales decline 1%. Banana Republic: Sales at Banana, known for its workwear and going out pieces, fell 11% compared to last year to $460 million.

Persons: Richard Dickson, Dickson, I'm, we've, Katrina O'Connell Organizations: LSEG, Old Navy, Banana Republic, Mattel, CNBC, Navy Locations: Banana, activewear, Gap

☆ TJX Companies raises guidance again, says it expects a strong holiday as shoppers hunt for deals
▼ + stars: | 2023-11-15 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +1 min

TJX Companies on Wednesday raised its full-year guidance and said it expects a strong holiday season after inflation-weary consumers drove another quarter of sales gains. Sales rose to $13.27 billion, up about 9% from $12.17 billion a year earlier. For the third time this year, TJX Companies raised its full-year guidance. TJX now anticipates earnings per share will be in the range of $3.71 to $3.74, compared to a previous range of $3.66 to $3.72. The raised profit guidance is in line with the $3.73 earnings per share that analysts had expected, according to LSEG.

Persons: TJX Organizations: TJX Companies, LSEG

☆ Barbie who? Gen Alpha kids 'obsessed' with skin care could fuel holiday spending
▼ + stars: | 2023-11-09 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +9 min

Instead, something unexpected made it to the top of the list this year: skin care. During the crucial holiday shopping season this year, Gen Alpha's fascination with skin care is expected to fuel a boon in sales. Beauty – two brands that have used TikTok to win over young consumers – also said they expect sizable sales this holiday from parents looking for gifts for their Gen Alpha kids. She said her daughter's interest in skin care is "great," and better than playing around with makeup. He coined the term Gen Alpha and is considered a leading expert on the generation.

Persons: Melissa Fuentes, Tatiana, Fuentes, …, Gen, Ulta, Monica Arnaudo, Melissa Repko, –, We've, Shai Eisenman, Bubble's, Tarang Amin, It's, Amin, Piper Sandler, That's, Rick Aaron, Allie, Katie, Aaron, Rick Aaron's, it's, Marley, Rose, me Marley, she'll, Karla Joseph, skincare, Karla Joseph She, Joseph, she's, Amy Wechsler, Wechsler, Johnson, Jodi Gralnick, CNBC Wechsler, Alpha, Mark McCrindle Organizations: CNBC, YouTube, America's, Alpha, Walmart Locations: Coral Springs , Florida, serums, British, Salt Lake City, Sephora, New York City

☆ The new Bed Bath & Beyond's CEO is out, days after activist firm called for his ouster
▼ + stars: | 2023-11-06 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +2 min

The new Bed Bath & Beyond announced Monday its CEO, Jonathan Johnson, is immediately stepping down from his position just days after activist hedge fund JAT Capital called for his ouster. He led the company through its acquisition of Bed Bath & Beyond earlier this year and its corporate name change to Beyond Inc. , which took effect Monday. David Nielsen, Beyond's president and a former Payless ShoeSource executive, has taken over as interim CEO while the board undergoes a search for a permanent candidate. Beyond said Johnson's departure "follows mutual agreement" between him and the board to transition the company to new leadership, but the move came on suddenly. The company and Johnson didn't immediately return a request for comment seeking additional information.

Persons: Jonathan Johnson, Johnson, JAT, Marcus Lemonis, David Nielsen, Jonathan, Allison Abraham, Beyond's, Johnson didn't, Patrick Byrne Organizations: Bed, Inc, CNBC PRO Locations: JAT, CNBC's, New York, Russian

☆ Peloton shares sink on wider-than-expected loss, 'bad news' for paid subscriptions
▼ + stars: | 2023-11-02 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +5 min

Michael Nagle | Bloomberg | Getty ImagesShares of Peloton sank about 6% in premarket trading Thursday after the company reported a wider-than-expected quarterly loss, a tepid holiday forecast and "bad news" for paid subscriptions. That falls short of the $763.2 million analysts had expected for the company's fiscal second quarter, according to LSEG. It's forecasting paid app subscriptions to be between 660,000 and 680,000, representing a 21% year-over-year drop off and 12% sequential churn. For the full year, Peloton expects paid app subscriptions to drop 6% to between 700,000 and 850,000 and revenue to fall 2% to $2.7 billion to $2.8 billion. It ended the quarter with 763,000 paying Peloton app subscribers, 65,000 fewer than the prior quarter.

Persons: Michael Nagle, Barry McCarthy, McCarthy Organizations: Interactive, Bloomberg, Getty, LSEG Locations: New York, U.S, Canada

☆ Wayfair losses narrow but sales come in short of expectations as demand remains tepid
▼ + stars: | 2023-11-01 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +3 min

Wayfair is inching closer to profitability, but its third-quarter results still fell short of revenue expectations as the home market continues to be under pressure. Excluding one-time items, Wayfair reported an adjusted loss of 13 cents per share. Wayfair has been focusing on cost discipline to drive profitability and protect its margins as demand remains tepid across the home goods sector and other consumer discretionary categories. That discipline led Wayfair to see adjusted earnings before interest, tax, depreciation and amortization of $100 million, compared to the $55 million analysts had expected, according to StreetAccount. During the quarter, those costs came down to $596 million, compared to $656 million in the year ago period.

Persons: Wayfair, it's, who've, Niraj Shah Organizations: New York Stock Exchange, LSEG Locations: U.S

☆ E.l.f. Beauty blows past Wall Street's estimates, raises full-year guidance again
▼ + stars: | 2023-11-01 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +4 min

Beauty raised its full-year outlook for the second quarter in a row on Wednesday after posting another 76% year-over-year sales jump, beating Wall Street's expectations. During the previous quarter, sales were also up 76%. That's ahead of projected full-year sales of $852 million, or growth of 47.1%, that analysts had expected, according to LSEG. It now expects full-year adjusted earnings to be between $144 million and $146 million, compared with a previous range of $125 million to $127 million. previously expected full-year adjusted earnings per share to be between $2.19 and $2.22.

Persons: E.l.f, Tarang Amin, Amin, We've, it's Organizations: LSEG, CNBC, Procter, Gamble, Walmart, Target

☆ Hanesbrands is shopping Champion — and WHP Global, Authentic Brands Group are both interested in buying
▼ + stars: | 2023-11-01 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +1 min

Brand management firms WHP Global and Authentic Brands Group are both interested in buying Champion from its parent company Hanesbrands , which is considering offloading the sportswear line amid pressure from activist investors, CNBC has learned. At the time, Hanesbrands said those options could include a potential sale of Champion or another type of strategic transaction. Hanesbrands has seen wide interest in acquiring Champion from a mix of buyers, including WHP and Authentic Brands, according to people familiar with the matter. WHP and Authentic Brands didn't return requests for comment. Goldman Sachs, which has been tapped as Hanesbrands' financial advisor for its review of Champion, declined to comment.

Persons: Hanesbrands, it's, didn't, Goldman Sachs Organizations: Brand, WHP Global, Authentic Brands, CNBC, Champion, Barington Capital Group

☆ Shein acquires British fast fashion brand Missguided as it looks to expand global reach
▼ + stars: | 2023-10-30 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +2 min

Shein has bought British fast fashion brand Missguided from the Frasers Group as the company looks to expand its market share and global reach ahead of a rumored U.S. initial public offering, the companies announced Monday. As part of the deal, Shein will license Missguided's intellectual property to Sumwon Studios, a joint venture between Shein and Missguided founder Nitin Passi. Sumwon will manage and operate the Missguided brand. The brand gained prominence when it went viral for selling £1 bikinis and became a major player in British fast fashion. "Shein aims to reignite the Missguided brand, capitalising on its unique brand personality, and fuelling its global growth through SHEIN's on-demand production model, unparalleled e-commerce expertise and global reach."

Persons: Shein, Frasers, Nitin Passi, Sumwon, Missguided, Donald Tang Organizations: Frasers Group, Sumwon Studios, Frasers, Forever, Sparc Group, Authentic Brands Group, Simon Property, CNBC Locations: British, Shein, SHEIN's

☆ Shein deepens its relationship with Forever 21, will begin selling co-branded clothes online
▼ + stars: | 2023-10-27 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +3 min

Shein and Forever 21 are slated to unveil a co-branded clothing line after the two retailers launched a joint venture earlier this year that turned the would-be competitors into partners, the companies announced on Friday. Under the partnership, Shein will design, manufacture and distribute a line of co-branded Forever 21 apparel and accessories that will be sold primarily on Shein's website. The announcement comes about two months after Shein and Forever 21's operator Sparc Group inked a deal that saw both companies take a stake in each other's businesses. Under the agreement, Shein acquired about one-third of Sparc Group — a joint venture that includes brand management firm Authentic Brands Group and mall owner Simon Property Group — while Sparc took a minority stake in Shein. For Forever 21, its partnership with Shein helps the retailer to regain the relevancy it once had in the mid-2010s and win over younger customers who are more likely to shop online than they are in malls.

Persons: Shein, doesn't, Jamie Salter Organizations: Sparc, Sparc Group, Authentic Brands Group, Simon, Group Locations: Ontario Mills, Ontario, Shein, China, U.S

☆ Abercrombie & Fitch, ex-CEO sued over sex abuse and trafficking accusations
▼ + stars: | 2023-10-27 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +5 min

Abercrombie and Fitch is in the midst of a major comeback, but the retailer is still being haunted by the alleged sins of former chief executive Mike Jeffries. The company was sued Friday for turning a blind eye to Jeffries' alleged misconduct, court records show. He's accused of running a sprawling sex trafficking ring that exploited young men hoping to become models for the brand. It comes just weeks after the BBC published an investigation into Jeffries and Abercrombie that made similar accusations. Following the event, Bradberry was flown to Nice, France, where he was again forced to perform sex acts on Jeffries, the suit states.

Persons: Abercrombie, Fitch, Mike Jeffries, Jeffries, He's, who's, Brian Bieber, didn't, Mr, Bieber, David Bradberry, Bradberry, Michael Jeffries, lightheaded, Andrews, Leslie Wexner, Fran Horowitz, Wall Organizations: BBC, CNBC, Hamptons, Alcott Locations: Manhattan, Nice, France

☆ Amazon considers offering veterinary telehealth as it looks to compete with Walmart
▼ + stars: | 2023-10-24 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +1 min

Amazon is considering an expansion into veterinary telehealth in its latest bid to compete with Walmart , which began offering the service to Walmart+ subscribers earlier this year, people familiar with the matter told CNBC. Veterinary telehealth allows pet parents to have virtual appointments with veterinarians and veterinary technicians. Earlier this year, Walmart signed a deal with veterinary telehealth provider Pawp to offer Walmart+ subscribers free access to the startup's membership for a year. Amazon could turn to Pawp to fuel a potential pet telehealth offering in time for the holiday season because Pawp has already proven it can scale with a large retailer. Amazon could also partner with one of the dozens of other pet telehealth startups on the market or build its own practice, which is what Chewy did when it began offering the service during the Covid pandemic.

Persons: Pawp Organizations: Walmart, CNBC, Veterinary, Pawp, Black

☆ Shein, the fast fashion darling mulling a U.S. IPO, opens up about forced labor, data privacy
▼ + stars: | 2023-10-19 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +16 min

The committee is investigating Shein over concerns that Uyghur forced labor is being used in its supply chain and has gone undetected because of the de minimis provision. The committee has not yet drawn conclusions about forced labor in Shein's supply chain. When asked about claims of forced labor in Shein's supply chain, Claure told CNBC he doesn't "believe those allegations are correct." However, forced labor can still show up in other parts of the supply chain, said Chloe Cranston, the head of thematic advocacy programmes at Anti-Slavery International. In 2022, 11% of audits turned up "zero tolerance violations," including child labor, forced labor and wage violations, and 28 suppliers were terminated as a result, according to the company.

Persons: Elham Ataeiazar, Shein, Donald Tang, Matt Kennedy, they're, they've, Mike Gallagher, Elise Stefanik, Steve Scalise, Chip Somodevilla, we're, Marcelo Claure, Claure, Ralph Lauren, Rupert Hodges, Oritain, Chloe Cranston, Cranston, It's, it's, Shang, Jin Wei, Wei, Austin Knudsen, Chris Xu, Jade Gao, Knudsen, Gary Gensler Organizations: Wall, Bear, Chinese Communist Party, U.S, Renaissance Capital, CNBC, Bloomberg, Nike, Adidas, Republican National Committee, Washington , D.C, D.C, Target, Costco, Visual China, Getty, Workers, Columbia University's, Communist, CCP, Microsoft, AFP, U.S . Securities, Exchange Locations: Bear Stearns, U.S, China, Beijing, Xinjiang, Washington ,, Washington, Singapore, Nanjing, United States, Chinese, Guangzhou, Brazil, Turkey, India, Mexico, Montana

☆ Rite Aid lost more than $1 billion in months before bankruptcy filing
▼ + stars: | 2023-10-18 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +2 min

Rite Aid lost more than $1 billion in the months before it filed for bankruptcy, the failed drugstore chain revealed in a Wednesday regulatory filing, as it warned investors it may not be able to keep its business running. During the quarter, Rite Aid posted $5.65 billion in revenue and a net loss of $1.02 billion, compared with $5.9 billion in sales and a net loss of $331 million in the year-ago period. Rite Aid has about $4 billion in debt and pays about $200 million in interest annually, court records say. With about $93 million in cash as of Sept 2., those payments have left Rite Aid unable to execute its turnaround strategy. Rite Aid warned its store footprint will get even slimmer with plans to close underperforming stores as part of the bankruptcy.

Organizations: Rite Aid, Rite, CVS, Walgreens, Aid, CNBC Locations: New Jersey

A Rite Aid store stands in Brooklyn on August 28, 2023 in New York City. Rite Aid filed for Chapter 11 bankruptcy protection in New Jersey on Sunday and said it would begin restructuring to significantly reduce its debt. Rite Aid also said lenders agreed to provide $3.45 billion in new funding to "provide sufficient liquidity" as it embarks on its restructuring plan. During its most recent quarter ended June 3, revenue fell to $5.6 billion, down from $6.01 billion in the year-ago period. Rite Aid Chairman Bruce Bodaken said in a statement, "Jeff is a proven leader with a strong track record of guiding companies through financial restructurings.

Persons: hasn't, Jeffrey Stein, Elizabeth Burr, Bruce Bodaken, Jeff, Stein Organizations: New York City . Rite Aid, Aid, Rite Locations: Brooklyn, New York City, New Jersey

The exterior of a Dollar General convenience store is seen in Austin, Texas, on March 16, 2023. Dollar General's former CEO Todd Vasos is coming out of retirement to helm the company, which aims to rebound from slowing growth and allegations of unsafe working conditions. During that time, Dollar General has seen a slowdown in its sales growth and has faced criticism from federal officials and activists for having unsafe stores that put employees at risk. Dollar General has more than 185,000 full- and part-time employees. Dollar General shares jumped more than 6% in extended trading Thursday.

Persons: Todd Vasos, Jeff Owen, Jeff, Michael Calbert, Owen Organizations: Company, Dollar Locations: Austin , Texas

☆ Birkenstock slides more than 12% in stock market debut after opening at $41 per share
▼ + stars: | 2023-10-11 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +1 min

A Birkenstock banner hangs outside the New York Stock Exchange (NYSE) in New York on October 11, 2023, as Birkenstock launches an Initial Public Offering (IPO). Shares of Birkenstock slid more than 12% in their debut on the New York Stock Exchange on Wednesday. The German shoe brand's stock closed at $40.20 per share, down from its opening trade of $41 per share, giving it a market value of $7.55 billion. The stock's opening price came in lower than its initial price of $46 set Tuesday, which was just shy of the midpoint of its expected range of $44 to $49 per share. The company's market debut comes nearly 250 years after it was founded by German cobbler Johann Adam Birkenstock.

Persons: Birkenstock, Johann Adam Birkenstock, Oliver Reichert, Reichert Organizations: New York Stock Exchange, Catterton Locations: New York

Birkenstock, the longtime German shoe brand known for its comfy and durable styles, is expected to price its IPO at $46 per share on Tuesday, giving it a tentative valuation of about $8.64 billion, according to a person familiar with the matter. Combined with the 21.51 million in shares its selling stockholders were looking to offload, the offering could bring in around $1.48 billion. Birkenstock's offering comes as the IPO market remains choppy after a number of recent filers began trading in muted debuts. But after an initial 40% pop, it closed at $33.70 on its first day on the Nasdaq and is now trading below its opening share price. It posted a net income of about 187 million euros ($198 million) in fiscal 2022.

Persons: Birkenstock's, hasn't, Birkenstock, Johnson, Catterton Organizations: Swiss, New York Stock Exchange, Nasdaq, Tech Locations: New York, German

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