The crisis at Silicon Valley Bank and Signature Bank, along with other banks that were heavily tied to the world of venture capital and startups, have been a further wake up call to investors – as well as the banking sector.
Expect to see more startups and DTC brands shift their focus from ‘scaling at any cost’ to ‘profitability is a priority’ as backers become more risk averse.
FINANCE
Nike (USA) reported revenue for its recent quarter rose 14% to $12.39 billion. Net income fell 11% to $1.2 billion.
- For its fourth quarter, the company expects flat to low-single-digit revenue growth
Academy Sports + Outdoors (USA) reported net income rose 9% to $157.65 million. Net sales fell 3.4% to $1.75 billion.
- Full year net sales decreased 5.6% to $6.40 billion. While transactions fell 8.2%, this was partially offset by a 2.0% increase in average ticket amount.
Footlocker (USA) reported Q4 sales fell 0.3% to $2.334 billion. Income fell to $19 million, from $103 million a year ago.
- The retailer is targeting sales growth of 5% to 6% for fiscal 2024 through 2026.
PODCAST
Optimizing Your LinkedIn Presence to Stand Out in a Noisy Market
Companies are increasingly using LinkedIn as one of their recruiting tools and clients often use LinkedIn as part of the way they learn about companies or consultants they are considering working with. So it might be worth giving your LinkedIn profile a glow up.
In this podcast, we’re joined by Donna Serdula, a pioneer in LinkedIn profile optimization who’s worked with over 6,000 professionals and businesses to get more bang from their LinkedIn presence.
You’ll Learn:
- Why your LinkedIn profile should be more than a resume or CV.
- How companies can enhance their brand image by boosting the profiles of key employees.
- What executives should post on LinkedIn – and how frequently.
RETAIL
Kohl’s (USA) will be adding 250 more full-sized, 2,500-sq.-ft. Sephora at Kohl’s locations during 2023 – taking the total shop-in-shop locations to 850.
Academy Sports + Outdoors (USA) said it plans to open 13-15 stores this year.
Footlocker (USA) is looking to close about 400 underperforming mall stores by 2026 and shift to a new concept that focuses on off-mall locations.
MARKETS
UK retail sales rose by 1.2% in February, the largest monthly growth since October, according to new figures published by the Office for National Statistics. However sales remain 3.5% lower than a year ago.
- Strong sales in discount department stores pushed up non-food sales by 2.4%.
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