Earnings Wrap: LK Bennett Reports Latest Results + More
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May 22, 2023: LK Bennett
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Earnings: Gross profits were up 40 percent for the year to 30 million pounds, or $37 million based on current exchange.
Sales: Net sales for the full year 2022 were up 30 percent to 49 million pounds, or $61 million based on current exchange.
CEO Comments: “We are delighted to announce another year of significant growth in profit for LK Bennett, our most successful year for over a decade,” CEO Darren Topp said in a statement. “While we recognise that this was supported by a bounce back in sales post-Covid, the underlying business is stronger today as a result of the actions taken over the past 4 years, and I am very grateful to my colleagues for their contribution. Sales are up 30%, our gross profit is up 40% at over £30m, with our margin up 420 basis points. This delivered an EBITDA of £4m, our highest for over ten years. We would like to thank colleagues, customers, and suppliers for their continued support.”
Rocky Brands
May 2, 2023: Rocky Brands, Inc. (RCKY)
Earnings: Net loss in the first quarter was $0.4 million, or a loss of $0.05 per diluted share, compared to net income of $7.3 million, or $0.99 per diluted share, in the same time last year.
Sales: Net sales decreased 33.9 percent to $110.4 million in Q1, compared with $167.0 million in the same period last year.
CEO Comments: “Consumer demand for our brands remains healthy and our gross margins are up significantly year-over-year despite some industry headwinds that are pressuring our top-line,” Jason Brooks, chairman, president and CEO, said in a statement. “We experienced positive sell-through with many of our key accounts during the first quarter. Unfortunately, our wholesale performance didn’t translate into increased sell-in as many of our retail partners are in the process of working down elevated inventory levels and have recently adopted a more cautious approach to reorders due to the current economic backdrop.”
Courtesy of Hibbett Sports
March 3, 2023: Hibbett, Inc. (HIBB)
Earnings: Net income in the fourth quarter was $38.4 million, or $2.91 per diluted share, compared to $17.7 million, or $1.25 per diluted share the same time last year. Net income for the full fiscal year 2023 was $128.1 million, or $9.62 per diluted share, compared to $174.3 million, or $11.19 per diluted share.
Sales: Net sales in the fourth quarter increased 19.6% to $458.3 million compared with $383.3 million the same time last year. Net sales for the full fiscal year 2023 increased 1.0% to $1.71 billion compared with $1.69 billion in 2022.
CEO Comments: “Our sales for the fourth quarter and full year reflect continued high demand for our popular footwear brands as consumers continued to pay premium prices for the latest product launches,” said president and CEO Mike Longo. “We were especially pleased with the strong performance in our e-commerce business, which continues to account for a greater percentage of our overall sales than the prior year. Our premium omni-channel platform offers an efficient shopping and delivery experience for our customers, and we remain excited about the opportunities for continued expansion.”
Outlook: For the full fiscal year 2024, the company expects total net sales to be up mid-single digits compared to fiscal 2023.
Courtesy of Nordstrom
March 2, 2023: Nordstrom, Inc. (JWN)
Earnings: Net earnings in the fourth quarter of $119 million, down from $200 million in the same period last year. Net earnings for the full fiscal year 2022 of $245 million versus $178 million in 2021.
Sales: Net sales in the fourth quarter decreased 4.1% to $4.2 billion from $4.38 billion the same period last year. Net sales for the full fiscal year 2022 of $15.09 billion in sales, compared to $14.4 billion in 2021.
CEO Comments: “We took decisive actions to right-size our inventory as we entered the new year, positioning us for greater agility amidst continuing macroeconomic uncertainty,” said CEO Erik Nordstrom in a statement. “We also made the difficult decision to wind down operations in our Canadian business. This will enable us to simplify our operations and further increase our focus on driving long-term profitable growth in our core U.S. business.”
Outlook: For the full fiscal year 2023, Nordstrom expects revenue to decline 4% to 6% and earnings per share of $0.20 to $0.80.
MediaNews Group via Getty Images
March 2, 2023: Burlington Stores, Inc. (BURL)
Earnings: Net income in the fourth quarter was $185 million, or $2.83 per share, compared to $122 million, or $1.80 per share, the same period last year. For the full year, net income was down 44% to $230.1 million, or $3.49 a diluted share, from $408.8 million, or $6.00, a year ago.
Sales: Net sales in the fourth quarter increased 5% to $2.74 billion compared to the same time last year. Net sales for the full year fell 7% to $8.68 billion from $9.31 billion.
CEO Comments: “I am pleased with the improvement in our sales trend during the fourth quarter,” CEO Michael O’Sullivan said in a statement. “We saw monthly comps accelerate as we moved through the quarter, and this stronger trend has continued through February. The acceleration in our trend was partly driven by improved conversion and basket size, which we attribute to more compelling value in our assortment, but was also driven by improved traffic, which we interpret as a sign that the headwinds that we saw through most of 2022 are beginning to moderate.”
Outlook: For the full fiscal year 2023, the company expects total sales to increase in the range of 12% to 14%.
Getty Images
March 2, 2023: Macy’s, Inc. (M)
Earnings: Net income in the fourth quarter of $508 million, down from $742 million the same time last year. Net income for the full fiscal year 2022 of $1.2 billion, down from $1.4 billion in 2021.
Sales: Net sales in the fourth quarter of $8.3 billion, down 4.6% versus the fourth quarter of 2021. Net sales for the full fiscal year 2022 of $24.4 billion, down 0.1% versus 2021.
CEO Comments: “We successfully navigated 2022 from a position of financial and operational strength,” said chairman and CEO Jeff Gennette in a statement. “Despite an increasingly volatile macroeconomic climate, through the ongoing execution of our Polaris strategy, we remained agile, pivoted to meet customer demand and elevated our approach to inventory management. In the fourth quarter, we benefited from our disciplined inventory approach and compelling gift-giving strategy, which allowed us to provide fresh fashion and style at great values for all our customers.
Outlook: For the full fiscal year 2023, the company expects net sales between $23.7 billion and $24.2 billion, down 3% to down 1% versus 2022.
Getty Images
March 1, 2023: Kohl’s Corporation (KSS)
Earnings: Net loss in the fourth quarter was $273 million, or ($2.49) per diluted share, compared to net income of $299 million, or $2.20 per diluted share in the prior year. Net loss of $19 million, or ($0.15) per diluted share, compared to net income of $938 million, or $6.32 per diluted share, and adjusted net income of $1.1 billion, or $7.33 per diluted share, in 2021.
Sales: Net sales in the fourth quarter decreased 7.2% to $5.8 billion, with comparable sales down 6.6%. Net sales for the full fiscal year decreased 7.1% to $17.2 billion, with comparable sales down 6.6%.
CEO Comments: “Kohl’s fourth quarter results reflect meaningful proactive measures we took to better position the business for 2023, as well as sales pressure driven by the ongoing persistent inflationary environment,” CEO Tom Kingsbury in a statement. “Kohl’s has a solid foundation and a highly motivated team with a set of priorities to capitalize on what I see as a substantial opportunity to make a difference in the retail landscape.”
Outlook: For the full year 2023, the company expects net sales to decrease between 2% to 4%.
Mega
Feb. 28, 2023: Ross Stores, Inc. (ROST)
Earnings: Net income in the fourth quarter of $447 million compared to net income of $366 million the same time last year. Net income for the full fiscal year 2022 of $1.5 billion compared to $1.7 billion in 2021.
Sales: Sales for the fourth quarter of 2022 were $5.2 billion, up from $5.02 billion the same time last year. Sales for full fiscal year 2022 were $18.7 billion, down from $18.9 billion in fiscal 2021.
CEO Comments: “During a very competitive holiday season, fourth quarter sales and earnings exceeded our guidance due to customers’ positive response to our improved assortments and stronger value offerings,” said CEO Barbara Rentler in a statement. “Fourth quarter operating margin was 10.7% compared to 9.8% in 2021. This improvement was mainly driven by lower freight and incentive costs that were partially offset by unfavorable timing of packaway-related expenses.”
Outlook: For fiscal 2023, the company expects comparable store sales to be relatively flat with earnings per share of $4.65 to $4.95.
Target
Feb. 28, 2023: Target Corporation (TGT)
Earnings: Net earnings in the fourth quarter of 2022 were $876 million, down 43.3% from $1.5 billion the same time last year. Net earnings for the full fiscal year 2022 of $2.8 billion, down 60% from $6.9 billion in 2021.
Sales: Net sales in the fourth quarter of 2022 were $31 billion, up 1.2% from $30.6 billion the same time last year. Net revenue for the full fiscal year 2022 grew 2.8% to $107.6 billion, up from $104.6 billion in 2021.
CEO Comments: “We’re pleased that our business delivered comparable sales growth in the fourth quarter, in what continues to be a very challenging environment,” said chairman and CEO Brian Cornell in a statement. “Strength in food & beverage, beauty and household essentials offset ongoing softness in discretionary categories. This performance highlights the benefit of our multi-category merchandise assortment, which drives relevance with our guests in any environment, and is a key reason we grew traffic every quarter last year.”
Outlook: For first quarter 2023, the company expects comparable sales in a wide range, from a low-single digit decline to a low-single digit increase, and an operating income margin rate of 4% to 5%. For the full year, the company expects comparable sales in a wide range from a low-single digit decline to a low-single digit increase.
Courtesy of Farfetch
Feb. 23, 2023: Farfetch Limited (FTCH)
Earnings: In the fourth quarter, the company lost $177 million after tax. For the full fiscal year 2022, the company saw a profit of $345 million after tax.
Sales: Revenue in the fourth quarter decreased 5% to $629 million. Revenue for the full fiscal year 2022 increased 3% to $2.3 billion.
CEO Comments: “Farfetch enters 2023 as a significantly more efficient business following our strategic reorganization and cost rationalizations,” founder, chairman and CEO José Neves said in a statement. “Our solid start to the year gives me confidence 2023 will be a ‘Year of Execution’ with growth building throughout the year as we comp the previous year’s macro headwinds and launch exciting new partners to deliver strong growth, adjusted EBITDA and positive free cash flow.”
Outlook: For the full year 2023, the company expects group GMV of approximately $4.9 billion, with adjusted EBITDA margin of 1% to 3%.
Rocky Brands
Feb. 23, 2023: Rocky Brands, Inc. (RCKY)
Earnings: Net income in the fourth quarter decreased 48.1% to $6.5 million, or $0.89 per diluted share. Net income for the full fiscal year 2022 remained flat at $20.5 million, or $2.78 per diluted share.
Sales: Net sales in the fourth quarter decreased 18.0% to $138.9 million. Net sales for the full fiscal year 2022 increased 19.7% to $615.5 million.
CEO Comments: “We completed a very solid year of growth with fourth quarter results that exceeded expectations,” said Jason Brooks, chairman, president and CEO. “Strong gains in our direct channels helped partially offset anticipated challenges in our Wholesale segment due to a difficult comparison and an over-inventoried selling environment. The consistent consumer demand we experienced in 2022 across multiple footwear categories led by work, outdoor and western reflects the strength of our brand portfolio, the appeal of our products, and the loyalty we’ve built with our target audiences.”
AP
Feb. 23, 2023: Steve Madden (SHOO)
Earnings: Net income in the fourth quarter was $31.8 million, or $0.42 per diluted share, compared to $66.0 million, or $0.81 per diluted share, in the same period of 2021. Net income for the full fiscal year 2022 was $216.1 million, or $2.77 per diluted share, compared to $190.7 million, or $2.34 per diluted share, in 2021.
Sales: Revenue in the fourth quarter decreased 18.6% to $470.6 million compared to $578.5 million in the same period of 2021. Revenue for the full fiscal year 2022 increased 13.7% to $2,122.0 million compared to $1,866.1 million in 2021.
CEO Comments: “Looking ahead, we are cautious on the near-term outlook due to the challenging operating environment and conservative initial spring orders from our wholesale customers as they prioritize inventory control,” chairman and CEO Edward Rosenfeld said in a statement. “That said, we have a proven ability to navigate difficult market conditions with our agile business model, which combines our test-and-react strategy and industry-leading speed-to-market capability.”
Outlook: For 2023, the company expects revenue will decrease 6.5% to 8.0% compared to 2022, with diluted EPS in the range of $2.40 to $2.50.
Courtesy of Mytheresa
Feb. 23, 2023: MYT Netherlands Parent B.V. (MYTE)
Earnings: Adjusted net income in the second quarter of €11.0 million ($11.7 million based on current exchange rate), down from €19.5 million ($20.7 million) the same time last year.
Sales: Net sales in the second quarter increase of 1.3% year-over-year to €190.1 million ($201.9 million).
CEO Comments: “We are pleased with the solid growth in the second quarter which is driven by Mytheresa’s clear focus on the true high-end, wardrobe-building luxury customers and not the aspirational, occasional luxury shoppers who are more likely to be impacted negatively by an economic downturn,” said CEO Michael Kliger. “Our business has shown once more excellent financial strength and resilience against a backdrop of economic and geopolitical challenges, setting Mytheresa apart from other digital platforms in the same period.”
Outlook: For full fiscal year 2023, the company expects net sales in the range of €755 million ($800 million) to €800 million ($848 million), representing 10% to 16% growth.
Courtesy of Sperry
Feb. 22, 2023: Wolverine World Wide, Inc. (WWW)
Earnings: Net loss in the fourth quarter was $361 million up from $15 million the same period last year. For the full fiscal year, net loss was $189.1 million compared to net earnings of $67 million the prior year.
Sales: Revenue in the fourth quarter was $665.0 million represents growth of 4.6% versus the same time last year. Revenue for the full fiscal year 2022 was $2.865 billion, up from $2.415 billion the year prior.
CEO Comments: “Despite a challenging year in 2022, we’ve taken important steps to become a more disciplined and agile company while focusing on long-term growth. Encouraging results from our 100-day action plan, initiated in the fourth quarter, include a reduction in inventory and debt levels, the sale of Keds, and the establishment of a new Profit Improvement Office to unlock savings to support growth acceleration in our highest potential brands,” stated Brendan Hoffman, president and CEO. “Our priorities for 2023 are to fuel growth in our Active Group, sustain positive momentum in our Work Group, and address underperforming brands while we further strengthen our financial position.”
Outlook: The company expects revenue for full fiscal year 2023 to be in the range of $2.53 billion to $2.58 billion, representing growth of approximately 0.0% to 2.0%.
Paul Weaver/SOPA Images/LightRocket via Gett
Feb. 22, 2023: The TJX Companies, Inc. (TJX)
Earnings: Net income for the fourth quarter of fiscal 2023 was $1.0 billion and diluted earnings per share were $.89, a 14% increase versus $.78 in the same quarter last year. Net income for the full year of fiscal 2023 was $3.5 billion and diluted earnings per share were $2.97, a 10% increase versus $2.70 in 2022.
Sales: Net sales for the fourth quarter of fiscal 2023 were $14.5 billion, an increase of 5% versus the same time last year. For the full year fiscal 2023, net sales were $49.9 billion, an increase of 3% versus last year.
CEO Comments: “By staying focused on our off-price fundamentals, which have served us well through many kinds of retail and macro environments, we continued to bring customers around the world exciting values and a treasure-hunt shopping experience, every day,” said president and CEO Ernie Herrman in a statement. “Our eclectic, rapidly changing mix of gift giving assortments clearly resonated with consumers this holiday season.”
Outlook: For the first quarter of fiscal 2024, the company is planning overall comparable store sales to be up 2% to 3%.
Wesley Hitt / Courtesy of Walmart
Feb. 21, 2023: Walmart Inc. (WMT)
Earnings: In the fourth quarter, net income was $6.28 billion, or $2.32, up from $3.56 billion, or $1.28, a year earlier.
Sales: Total revenue for the fourth quarter was $164.0 billion, up 7.3% over the same time last year. Total revenue for the full fiscal year was $611.3 billion, up 6.7%.
CEO Comments: “We’re excited about our momentum,” Walmart president and CEO Doug McMillon said in a statement. “The team delivered a strong quarter to finish the year, and as our results in the last two quarters show, they acted quickly and aggressively to address the inventory and cost challenges we faced last year. We built momentum in the third quarter and that continues. We are well-positioned to start this fiscal year.”
Outlook: The company expects consolidated net sales for the full year fiscal 2024 to increase 2.5% to 3.0%.
Corbis via Getty Images
Feb. 21, 2023: Dillard’s, Inc. (DDS)
Earnings: Net income in the fourth quarter was $289.2 million, or $16.89 per share, compared to net income of $321.2 million, or $16.61 per share, the same time last year. Net income for the full fiscal year was $891.6 million, or $50.81 per share, compared to $862.5 million, or $41.88 per share, last year.
Sales: Net sales for the fourth quarter were $2.127 billion compared to $2.113 billion the same period last year. Net sales for the full fiscal year were $6.871 billion compared to $6.493 billion the prior year.
CEO Comments: “We are entering our 85th year of operation in a strong position with today’s results,” said CEO William T. Dillard, II in a statement. “Fiscal year earnings per share of $50.81 seemed impossible just a couple of years ago, but we have seen what we can do by controlling our inventory and focusing on our customer. From the resulting strong cash flow, we were happy to return $708 million to our shareholders, and the majority of them are our associates.”
Courtesy of Crocs
Feb. 16, 2023: Crocs, Inc. (CROX)
Earnings: Net income for the fourth quarter of 2022 was $137.7 million, down from $154.9 million the same time last year. For the full fiscal year 2022, net income was $540.2 million, down from $725.7 million in 2021.
Sales: Net revenue for the fourth quarter was $945.2 million, an increase of 61.1% from the same period last year. For the full fiscal year, net revenue was a record $3.6 billion, an increase of 53.7% over 2021.
CEO Comments: “Consumer demand for the Crocs and Hey Dude brands has been exceptional, fueling record 2022 revenues for both brands at a combined $3.6 billion and top-tier adjusted operating margin of 28%,” said Andrew Rees, CEO of Crocs. “We anticipate another record year in 2023 with growth expected to be led by sandals and international for the Crocs Brand and increased US market penetration for Hey Dude.”
Outlook: For the full fiscal year 2023, the company expects revenue growth of 10% to 13% compared to 2022, resulting in full year revenues of approximately $3.9 billion to $4.0 billion at current currency rates.
Courtesy of Stuart Weitzman
Feb. 9, 2023: Tapestry, Inc. (TPR)
Earnings: Net income in the second quarter was $330 million, with earnings per diluted share of $1.36. This compared to reported net income of $318 million and earnings per diluted share of $1.15 in the prior year period.
Sales: Net sales totaled $2.03 billion, down 5% from $2.14 billion in the prior year.
CEO Comments: “During the key holiday season – where brand magic, compelling product and operational excellence are required to win with consumers – we outperformed expectations,” Joanne Crevoiserat, CEO of Tapestry, said in a statement. “To this end, we delivered record second quarter earnings despite a challenging backdrop.”
Outlook: The company is raising its fiscal 2023 earnings outlook with expected revenue of approximately $6.6 billion.
Vertis Communications
Feb. 9, 2023: Ralph Lauren Corporation (RL)
Earnings: Net income in the third quarter of 2023 was $216 million, or $3.20 per diluted share. This compared to net income of $218 million, or $2.93 per diluted share on a reported basis, the same time last year.
Sales: Net revenue increased by 1% to $1.8 billion on a reported basis.
CEO Comments: “Our core consumer remains resilient and our iconic products are resonating around the world — evidenced by our strong third quarter and year-to-date performance,” said Patrice Louvet, president and CEO. “While we remain very attuned to the dynamic global operating environment, the breadth of our portfolio of products and our multiple engines of growth create the flexibility that will enable our teams to continue to be agile, adapt and deliver even in this challenging backdrop.”
Outlook: For fiscal 2023, the company continues to expect constant currency revenues to increase approximately high-single digits to last year, or about 8%.
Courtesy of Versace
Feb.8, 2023: Capri Holdings Limited (CPRI)
Earnings: Net income in the third quarter was $225 million, or $1.72 per diluted share, compared to $322 million, or $2.11 per diluted share, in the prior year.
Sales: Total revenue in Q3 decreased 6% to $1.51 billion compared to the same time last year.
CEO Comments: “Overall, our performance in the third quarter was more challenging than anticipated,” John D. Idol, chairman and CEO of Capri, said in a statement. “However, many aspects of our business performed well, in particular we were pleased with the continued growth in our own retail channel across all three of our luxury houses. This is a testament to the strength of our powerful iconic brands, as well as the success of our strategic initiatives.”
Outlook: The company expects total revenue of approximately $5.56 billion for the full fiscal year 2023.
Courtesy of Under Armour
Feb. 8, 2023: Under Armour, Inc. (UAA)
Earnings: Net Income in the third quarter was $122 million, up 7.7% from the same time last year.
Sales: Net revenue was up 3% to $1.6 billion compared to the prior year.
CEO Comments: “We are pleased to have delivered solid third-quarter results and remain on track to achieve our full-year operational and financial goals,” said Under Armour interim president and CEO Colin Browne. “Moving forward, I’m excited to partner with Stephanie Linnartz to advance our strategic consumer and product refinements further – leveraging Under Armour’s strong brand to drive sustainable, profitable growth.”
Outlook: Revenue growth for the full fiscal year 2023 is unchanged from the previous expectation of a low single-digit percentage rate increase on a reported basis, up at a mid-single-digit percentage rate on a currency-neutral basis.
Courtesy of Billy's
Feb. 7, 2023: VF Corporation (VFC)
Earnings: Net income in the third quarter was $507.9 million, down from $517.8 million the same time last year.
Sales: Net revenue was $3.5 billion, down 3% from $3.6 billion the same period last year.
CEO Comments: “Spending the last few weeks with VF’s dedicated and talented teams around the world has reinforced my belief in the tremendous opportunity ahead for our company,” Benno Dorer, interim president and CEO, said in a statement. “We are committed to improving execution through a sharpened focus on the biggest consumer opportunities and enhanced operational performance. Consistent with this objective, we are shifting resource priorities across the company, including by reducing the dividend, exploring the sale of non-core assets, cutting costs and eliminating non-strategic spend, while enhancing the focus on the consumer through targeted investments.”
Outlook: For the full fiscal year 2023, VF expects total revenue up approximately 3% in constant dollars, within the previous outlook range.
Ugg
Feb. 2, 2023: Deckers Brands (DECK)
Earnings: Net income in the third quarter 2023 was $278.7 million, up from $232.9 million in the same time last year.
Sales: Net sales in the third quarter 2023 increased 13.3% to $1.346 billion compared to $1.188 billion the same time last year.
CEO Comments: “Our brands delivered another stellar quarter, led by record results for both Hoka as well as our consolidated direct-to-consumer business,” said Dave Powers, president and CEO. “The consistent strength of Deckers results thus far in fiscal year 2023, despite macroeconomic and currency headwinds, are the result of our brand marketplace management actions and dedication to long-term strategic priorities. We believe Ugg and Hoka are two of the healthiest, well positioned brands in their respective markets, and with the strength of our operating model, Deckers is poised for continued success going forward.”
Outlook: Net sales for the full fiscal year 2023 are now expected to be in the range of $3.50 billion to $3.53 billion.
INFINITE3D
Feb. 2, 2023: Skechers USA, Inc. (SKX)
Earnings: Net earnings in the fourth quarter were $75.5 million, compared to $402.4 million in the same period last year. Net earnings for the full year 2022 were $373.0 million, compared to $741.5 million in 2021.
Sales: Fourth quarter sales increased 13.5% to $1.88 billion. Full year sales increased 18.0% to $7.4 billion.
CEO Comments: “Starting our fourth decade of business as a $7.4 billion company that grew over $1 billion this past year is a phenomenal achievement and one that leaves me with overwhelming pride for the dedication, creativity and insight of the global Skechers team. With their flexibility and drive, along with the support of both our loyal partners and consumers, we expect to achieve continued success across all areas of the business,” said Robert Greenberg, CEO of Skechers.
Outlook: For the fiscal year 2023, the company believes it will achieve sales between $7.75 billion and $8.0 billion and diluted earnings per share of between $2.80 and $3.00.
AFP via Getty Images
Feb. 2, 2023: Amazon.com, Inc. (AMZN)
Earnings: Net income decreased to $0.3 billion in the fourth quarter, compared with $14.3 billion, in fourth quarter 2021. For the full year 2022, net loss was $2.7 billion in 2022, compared with net income of $33.4 billion in 2021.
Sales: Net sales increased 9% to $149.2 billion in the fourth quarter, compared with $137.4 billion in fourth quarter 2021. For the full year 2022, net sales increased 9% to $514.0 billion in 2022, compared with $469.8 billion in 2021.
CEO Comments: “Our relentless focus on providing the broadest selection, exceptional value, and fast delivery drove customer demand in our Stores business during the fourth quarter that exceeded our expectations—and we’re appreciative of all our customers who turned to Amazon this past holiday season,” said Andy Jassy, Amazon CEO. “We’re also encouraged by the continued progress we’re making in reducing our cost to serve in the operations part of our Stores business. In the short term, we face an uncertain economy, but we remain quite optimistic about the long-term opportunities for Amazon.”
Outlook: For the first quarter of 2023, the company expects net sales between $121.0 billion and $126.0 billion, or to grow between 4% and 8% compared with first quarter 2022.
SOPA Images/LightRocket via Gett
Feb. 2, 2023: Columbia Sportswear Company (COLM)
Earnings: In the fourth quarter of 2022, net income decreased 20% to $125.7 million, compared to net income of $157.0 million the same time last year. For the full year 2022, net income decreased 12% to $311.4 million, compared to net income of $354.1 million in 2021.
Sales: In the fourth quarter of 2022, net sales increased 4% to a record $1,169.6 million, compared to fourth quarter 2021. For the full year 2022, net sales increased 11% to a record $3,464.2 million, compared to 2021.
CEO Comments: “I’m incredibly proud of the financial performance and accomplishments that our global workforce achieved in 2022,” chairman, president and CEO, Tim Boyle, said in a statement. “I’d like to thank our dedicated employees whose tremendous efforts fueled these results and position us for continued success. I believe this financial performance could have been even higher, absent supply chain constraints which severely delayed inventory availability throughout the year.”
Outlook: For the full year 2023, the company is expecting net sales of $3.57 billion to $3.67 billion representing net sales growth of 3% to 6% compared to 2022.
Courtesy of Canada Goose
Feb. 2, 2023: Canada Goose Holdings Inc. (GOOS)
Earnings: Net income in the third quarter of 2023 was CAD$134.9 million (USD$101.2 million based on current exchange rate), down 10.8% from CAD$151.3 million (USD$113.5 million) in the same period last year.
Sales: Revenues in the period were CAD$576.7 million (USD$432.7 million), down 1.6% from CAD$586.1 million (USD$439.7 million) the same time last year.
CEO Comments: “We were pleased with accelerating growth in Mainland China toward the end of the quarter and continue to see promising signs of a strong local rebound to date,” Dani Reiss, chairman and CEO, said in a statement. “However, for most of the third quarter which includes December, our busiest month of the year, our performance was impacted by worse than expected COVID-19 related disruptions in Mainland China. This, combined with recent slowing momentum in North America set against a tough macro-economic backdrop, has led us to revise annual guidance. We believe these challenges are temporary and our brand strength and strategy position us well to drive profitable growth – which we look forward to discussing at our upcoming Investor Day.”
Outlook: For fiscal 2023, the company has lowered its overall guidance ranges from the previous outlook. The company now expects total revenue for the full year of CAD$1.175 billion to CAD$1.195 billion compared to previous guidance of CAD$1.200 billion to CAD$1.300 billion.
Irgang Group
Jan. 25, 2023: Boot Barn Holdings, Inc. (BOOT)
Earnings: Net income in the third quarter was $52.8 million, or $1.74 per diluted share, compared to $69.2 million, or $2.27 per diluted share in the prior-year period.
Sales: Net sales increased 5.9% over the prior-year period to $514.6 million.
CEO Comments: “Our growth opportunities remain as strong as ever, with very successful recent store openings combined with a robust new store pipeline,” Jim Conroy, president and CEO of Boot Barn, said in a statement. “We feel good about our level of store inventory with weeks of supply back to pre-pandemic levels and are pleased that our retail store same store sales remain positive on a year-to-date basis. As we head into fiscal 2024, we have multiple levers of earnings growth from same store sales, new store openings, and margin accretion from exclusive brands and lower freight charges.”
Outlook: The company now expects total sales for fiscal 2023 of $1.67 billion to $1.68 billion, representing growth of 12.2% to 12.9% over the prior year. This is up from the company’s previous guidance of total sales of $1.65 billion to $1.67 billion for the year.
Earnings from December 2022
Courtesy of Nike
Dec. 20, 2022: Nike, Inc. (NKE)
Earnings: Net income was $1.3 billion, flat compared to prior year, and diluted earnings per share was $0.85, increasing 2%.
Sales: Second quarter reported revenues were $13.3 billion, up 17% compared to the prior year.
CEO Comments: “Nike’s results this quarter are a testament to our deep connection with consumers,” said John Donahoe, president and CEO of Nike, Inc. “Our growth was broad-based and was driven by our expanding digital leadership and brand strength. These results give us confidence in delivering the year as our competitive advantages continue to fuel our momentum.”
STRF/STAR MAX/IPx
Dec. 8, 2022: Lululemon Athletica Inc. (LULU)
Earnings: Net income in the third quarter was $255.5 million, up from $187.8 million in the same time last year.
Sales: Net revenue increased 28% to $1.9 billion.
CEO Comments: “In the third quarter, we continued to deliver strong and balanced results across the business, demonstrating the significant potential for our brand,” CEO Calvin McDonald said. “Our ongoing momentum is a testament to our innovative products, deep community relationships, and the hard work and dedication of our talented teams around the world. We are pleased with our early holiday season performance and look forward to all that’s ahead for lululemon as we continue to deliver on our Power of Three ×2 growth plan.”
Outlook: For 2022, the company expects net revenue to be in the range of $7.944 billion to $7.994 billion, representing a three-year compound annual growth rate of approximately 26%.
Courtesy of Academy Sports + Outdoors
Dec. 7, 2022: Academy Sports and Outdoors, Inc. (ASO)
Earnings: Net income in the third quarter of 2022 was $131.7 million, down from $161.3 million the same time last year.
Sales: Net sales were $1.49 billion, a decrease of 6.2%, compared to $1.59 billion the same time last year.
CEO Comments: “The third quarter was challenging for Academy; however, we delivered a good profit performance that, while below last year, was in line with our expectations. Our team continues to execute at a high level in an uncertain environment, delivering results well above pre-pandemic levels on all measures,” Ken Hicks, chairman, president and CEO, said. “Our focus is on our long-term growth opportunities in stores and online through consistent operational excellence, strong financial discipline, and executing our store and omnichannel expansion plans.”
Outlook: The company is lowering its guidance for the full fiscal year 2022. The company now expects net sales for the year between $6.43 billion and $6.49 billion, down from its previous guidance of $6.43 billion to $6.63 billion.
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