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It\u2019s been another week with far more retail news than there is time in the day. Below, we break down some things you may have missed during the week, and what we\u2019re still thinking about.<\/p>\n
From The Container Store plotting a reverse stock split to Birkenstock\u2019s revenue growing nearly 20% in its third quarter, here\u2019s our closeout for the week.<\/p>\n
What you may have missed<\/h3>\n
Pacsun hires new CFO <\/em><\/p>\nTeen apparel retailer Pacsun has hired Aina Konold as its next chief financial officer. Konold started earlier this week, according to a post on the executive\u2019s LinkedIn profile.<\/p>\n
Konold previously served as CFO of BowFlex, Inc., which filed for bankruptcy in March. Konold also spent about 20 years at Gap Inc. and Old Navy, holding several financial roles, including vice president of finance and strategy at Gap, Inc., according to LinkedIn.<\/p>\n
\u201cWith Aina\u2019s wealth of experience and extensive background in retail, digital, and international expansion, we are confident she will be a valuable addition to our team and a key driver in shaping Pacsun\u2019s future,\u201d Pacsun CEO Brieane Olson said in a separate LinkedIn post.<\/p>\n
The Container Store plots reverse stock split <\/em><\/p>\nThe Container Store plans to undergo a 1-for-15 reverse stock split after the company\u2019s board and stockholders approved the move, per an SEC filing. The financial maneuver, which will convert every 15 shares of common stock to one share, will go into effect on Tuesday at 5 p.m. ET.<\/p>\n
Rather than handing out fractional shares as a result of the split, Container Store stockholders who are left with a fraction of a share are entitled to a cash payment equal to the value of that fraction as of the stock\u2019s closing price on Tuesday.<\/p>\n
Abercrombie & Fitch Co. killed it in Q2 <\/em><\/p>\nAbercrombie & Fitch Co. on Wednesday reported \u201crecord\u201d\u00a0Q2 net sales of $1.1 billion, up 21% year over year. Its namesake brand was up 26%, while Hollister brands saw an increase of 17%, according to a company press release. Comparable sales were up 18%, and net income was up over 130% to $135.4 million.<\/p>\n
The company increased its full-year outlook to net sales growth of between 12% and 13%, but CEO Fran Horowitz mentioned that it continues \u201cto operate in an increasingly uncertain environment.\u201d<\/p>\n
\u201cOur team continued to execute at a very high level in the second quarter, resulting in better than expected sales growth and profitability,\u201d Horowitz said in a statement. \u201cThe strength of our brand portfolio and improvements we\u2019ve made in global capabilities resulted in broad-based growth across regions, brands and channels.\u201d\u00a0<\/p>\n
Retail Therapy<\/h3>\n
Hello Kitty celebrates her birthday with Build-A-Bear<\/em><\/p>\n\n\n
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\nCourtesy of Build a Bear, Hello Kitty<\/p>\n
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Build-A-Bear is helping ring in Hello Kitty\u2019s 50th anniversary.\u00a0The stuffed animal retailer announced a new workshop concept in collaboration with Sanrio, the parent company of Hello Kitty and Friends. The Build-A-Bear x Hello Kitty and Friends Workshop, which is located at the Westfield Century City mall in Los Angeles, is expected to open in time for the brand\u2019s anniversary in November.\u00a0<\/p>\n
Build-A-Bear also introduced a make-your-own plush in honor of Hello Kitty\u2019s anniversary. The plush features a festive dress, silver shoes and a bow. Other characters within Build-A-Bear\u2019s Sanrio collection include Kuromi, Cinnamoroll, My Melody and Tuxedosam, and are available to shop online.<\/p>\n
Gibson releases limited-edition guitars honoring Johnny Cash and Rosanne Cash<\/em><\/p>\n\n\n
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\nCourtesy of Gibson<\/p>\n
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Gibson is offering two limited-edition acoustic guitars honoring music icons Johnny Cash and Rosanne Cash. In a Tuesday announcement, the company said its Johnny Cash SJ-200 model guitar is a modern, handmade version of the man in black\u2019s signature late 1950s-era guitar of the same model.<\/p>\n
The SJ-200\u2019s features include a vintage cherry sunburst finish, Johnny Cash\u2019s name inlaid in mother of pearl on the fretboard and a pickguard designed by the artist himself. It comes with a guitar case and retails for $14,999 on Gibson\u2019s website.<\/p>\n\nRosanne Cash\u2019s J-185 guitar features include a mahogany neck with a rosewood fretboard with mother-of-pearl parallelogram inlays. It also has an under saddle pickup and preamp system, making it ready for the stage or studio. The J-185 is selling for $5,299 online. Both guitars are made in Bozeman, Montana, and are being offered in limited-edition runs of 100 instruments each.<\/p>\n
What we\u2019re still thinking about<\/h3>\n
19%<\/em><\/p>\nThat\u2019s how much Birkenstock\u2019s revenue grew in the third quarter compared to the same period last year, reaching 565 million euros (about $625 million as of press time). The footwear retailer saw double-digit revenue growth across all of its markets: Americas (up 16%); Europe (up 20%); and Asia Pacific, Middle East and Africa (up 36%).<\/p>\n
But Birkenstock\u2019s gross profit margin was down 220 basis points to 59.5%, from 61.7% last year, largely due to the company\u2019s capacity expansion (which drove a 120-basis-point decline) and its shift from DTC to wholesale (which drove a 100-basis-point decline), CFO Erik Massmann said on a call with analysts.<\/p>\n
Birkenstock reaffirmed its full-year financial guidance on Thursday, expecting revenue growth of about 19%, with gross profit margin expected to be about 60%.<\/p>\n
$500M<\/em><\/p>\nThat\u2019s how much of E.l.f. Beauty\u2019s outstanding common stock the company is authorized to repurchase, according to a Tuesday announcement.<\/p>\n
\u201cThis share repurchase authorization reflects confidence in our strategy and the long-term potential we see for e.l.f. Beauty,\u201d Tarang Amin, E.l.f. Beauty\u2019s CEO, said in a statement. \u201cWe have a track record of delivering consistent, category-leading sales and market share growth and are excited about the whitespace we see for e.l.f. Beauty across cosmetics, skin care and international.\u201d<\/p>\n\nWhat we\u2019re watching<\/h3>\n
How Target responds to natural disasters<\/em><\/p>\nIn the wake of Hurricane Beryl\u2019s destructive impact on the Gulf Coast last month, Target this week touted its natural disaster preparedness, response efforts and organizational partnerships.<\/p>\n
Ahead of Beryl, Target says it began working with employees in communities that would be affected 10 days before the hurricane made landfall. Advanced planning enabled Target to provide stores with critical inventory \u2014 more than 500 pallets of water and more than 100 pallets of batteries and flashlights, the retailer said.<\/p>\n
Target on Tuesday also highlighted partnerships with a variety of organizations, including the American Red Cross;\u00a0the Footprint Project, a nonprofit organization that mobilizes solar power for communities in crisis;\u00a0Team Rubicon, a veteran-led disaster response organization;\u00a0Feeding America and others.<\/p>\n
Planning efforts often start ahead of potential disasters at the retailer\u2019s Corporate Command Center in Minneapolis. From there, Target monitors potential issues around the clock that may affect the retailer\u2019s customers, employees or supply chain in communities where the company does business.<\/p>\n<\/p><\/div>\n
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