It’s 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’re still thinking about.
From Shoe Carnival acquiring Rogan’s Shoes to Jeff Bezos selling Amazon shares, here’s our closeout for the week.
What you may have missed
Brooks Running posts record revenue growth in 2023
Brooks Running reported “record revenue growth” by reaching $1.2 billion in 2023, representing a 5% year-over-year increase. The brand also sold over 20 million units, according to a press release earlier this week.
Brooks’ North America revenue hit $1 billion for the first time in the region, representing a 7% increase from the year-ago period. The company also said it held 21% market share in the adult performance running footwear market in the U.S. for the year, maintaining the top spot.
The company’s DTC e-commerce global revenue grew 24% year over year, which included record sales from Thanksgiving to Cyber Monday; in North America those sales were up 22% from the year-ago period. And following a 194% increase in its DTC channel in China, the brand will open stores there this year.
“Our multichannel operational execution and runner-first approach helped us navigate headwinds created by supply chain disruptions in 2022 as well as economic uncertainty in Europe,” said Dan Sheridan, president and COO at Brooks. “We’re energized by our opportunity to further execute our strategy and double down on key investments to support our business, customers, and the global running community.”
In the year ahead, the brand will launch new products and innovations across footwear for the first time since 2020. Those include 10 new product launches as well as updates to existing products in the cushion, speed and trail categories.
Petco names new chief human resources officer
Holly May became Petco’s new chief human resources officer on Feb. 4.
She will be based at the company’s national support center in San Diego and lead efforts in a company with about 29,000 employees. Before joining Petco, May was the global chief human resources officer for Walgreens Boots Alliance. She led the organization’s HR, environmental, social and governance functions. She previously held executive leadership roles at Starbucks, Abercrombie & Fitch and Visa.
“Our knowledgeable and passionate partners (employees) are Petco's most valuable asset and differentiator — everything we do begins with their expertise and ability to deliver hands-on pet care," said Petco CEO Ron Coughlin.
Shoe Carnival acquires Rogan’s Shoes
Shoe Carnival on Tuesday announced it acquired Rogan’s Shoes for $45 million. The deal is meant to advance Shoe Carnival’s strategy “to be the nation's leading family footwear retailer,” through a combination of organic growth and M&A activity that expands the retailer’s geographic footprint and customer base, according to the company.
Following the integration of Rogan’s Shoes into the company’s Shoe Station banner, which should take about 18 months, the combined banner sales are expected to pass $200 million by fiscal 2025. It will also take the retailer’s store count to 429, keeping Shoe Carnival on track to achieve its target to operate over 500 stores in 2028.
“We share a strong focus on customers and employees and this transaction provides the additional scale and expertise to drive future growth, create efficiencies and expand profitability with that shared focus as the foundation,” Pat Rogan, CEO of Rogan’s, said in a statement.
Retail therapy
Dr. Dre and Snoop Dogg launch gin-based canned cocktails
Dr. Dre and Snoop Dogg on Monday announced their debut drink following a surprise performance at the Super Bowl afterparty in Las Vegas. Gin & Juice By Dre and Snoop is the first ready to drink product from their new premium spirits company, according to a company press release.
Titled after Snoop Dogg’s Grammy-nominated 1994 song, “Gin & Juice,” the cocktail comes in citrus, melon, passionfruit and apricot flavors. It will roll out domestically through early spring.
A hare-raising shoe idea
In an ear-resistible move, Peeps and Heelys on Thursday announced a shoe collaboration. Peeps x Heelys footwear features an oversized Peeps Bunny plush as the shoe’s tongue and comes with a Peeps Chick removable charm.
The Peeps x Heelys collab is available in a range of kids sizes and in two colorways on both Heely’s and Journey’s websites.
"We are thrilled to unveil this Easter basket must-have just in time for the Easter season," Caitlin Servian, Peeps’ brand manager, said in a statement. "This partnership is truly a perfect match, as it blends the joy and colors of our iconic Marshmallow treats with the fun of Heelys shoes.”
What we’re still thinking about
10K
That’s how many stores Skechers aims to have in its fleet long term, which would double its current footprint. The footwear retailer announced it had surpassed 5,000 stores globally on Thursday, and opened its 5,000th location in Bogotá, Colombia. Skechers plans to open 140 to 160 company-owned stores in 2024 and has “hundreds” of locations opening annually with its partners, Skechers President Michael Greenberg said in a statement.
“Every Skechers store brings valuable engagement with consumers to build an increased awareness for our brand,” Greenberg said. “Skechers stores are the best place for fans to experience the signature comfort, style and innovation of our products — and when they do, they’re loyal for life.”
50M
That’s how many shares Amazon founder Jeff Bezos intends to offload, according to a filing with the U.S. Securities and Exchange Commission. The shares are worth about $8.5 billion total. Over the course of four days in February, Bezos already sold around 24 million shares. So far, the shares sold were worth about $4.1 billion.
What we’re watching
Target self-checkout changes?
Target is reportedly cutting the hours of operation for self-service checkouts at some stores. Other locations are now limiting the number of items at self-checkout. The moves are in response to the company’s ongoing efforts to fight inventory loss through shrink and theft, according to recent reports from Business Insider and Fast Company.
“In select stores, we are piloting a number of tests to determine their impact on the overall guest experience. These tests vary by location,” Target spokesperson Brian Harper-Tibaldo said in response to questions from Retail Dive.
