It’s another big retail earnings week. Plus, Puma opens on New York’s crowded Fifth Avenue and Nike serves it up with a U.S. open kickoff event.
Like many retailers, Foot Locker is moving fast to evolve in a competitive sneaker climate. Since its Q1 report in May, the retailer opened its new digitally driven store concept in collaboration with Nike and introduced its Greenhouse initiative to help fuel emerging brands. Foot Locker, which reports earnings on Friday, unexpectedly missed analyst estimates for Q1 — so market watchers will be looking for a rebound in Q2.
After Macy’s roiled the retail sector last week, insiders are closely watching Nordstrom, which reports its second-quarter results on Wednesday. The Nordstrom family — which is reportedly working on a proposal to increase its ownership in the department store chain — is working on another huge project, the opening of its New York women’s store in October. Shares of the company have been under pressure in recent months after its Q1 report disappointed investors and sent shares down 11%. The company posted adjusted profits of 23 cents per share on revenues of $3.44 billion.
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After Walmart excited Wall Street with its strong earnings report, rival Target is up next. The retailer, which next month marks two decades of its designer collaborations, benefited from the success of its omnichannel efforts during Q1, when revenues rose 5%, to $17.6 billion. The firm is moving forward with a plan to set itself apart with more private label brands and the remodeling of some stores.
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Puma opens a flagship on New York’s Fifth Avenue, which is already home to brands including Nike, Adidas, Vans, Skechers and many more…Nike gets a jump on U.S. Open fever with a women’s-focused event featuring Naomi Osaka, Madison Keys, Sloane Stephens, Maria Sharapova, Simona Halep and more.