News

In addition to disappointing fourth quarter sales, Under Armour announced that its CFO is stepping down.   The company reported that CFO Chip Molloy is leaving the company “due to personal reasons,” and David Bergman, Under Armour’s senior VP, corporate finance, will serve as acting CFO. Molloy will remain with the company in an advisory capacity to assist with the transition, the brand said.  

Will A. Smith has joined Abercrombie & Fitch Co. as chief marketing officer.   Smith, who will report to president and chief merchandising officer Fran Horowitz, will be responsible for all brand, creative and digital marketing across the chain.   

On a wind farm near McAllen, Texas, with windmills that stand taller from tip to base than the Statue of Liberty, Home Depot is harvesting enough electricity to power 100 Home Depot stores.   The juice is flowing because of the Atlanta-based retailer’s deal with EDP Renewables North America, a deal that marks Home Depot’s first major investment in a wind-powered renewable energy project. The company says that in addition to supplying power to 100 stores, the deal provides $150,000 in local community benefits.  

An Evercore ISI analyst maintained his “buy” rating on Walgreens Boots Alliance stock, stating that although its proposed deadline for a deal with Rite Aid has been delayed, “there is still a chance of a reasonable outcome for both parties.”   The companies pushed back the deadline for merger from Jan. 27 to July 31 and trimmed the purchase price paid to Rite Aid to $6.50 to $7 per share — based upon the number of store divestitures the FTC requires — from $9 per share.  

The labor market for workers appears to be improving.   Walmart confirmed to media outlets it will speed up the time it takes for new employees to complete a training program and subsequently increase their pay.   The retail two years ago implemented a $9 per-hour minimum wage and last year unveiled a six-month training program called Pathways. Once this program was completed, pay was increased to $10 per hour.  

In addition to reporting a strong quarter of earnings and store openings, H&M is slowing down its store growth and instead, bolstering its digital operations.   The company, which aimed to open 10% to 15% more physical stores each year, reported Tuesday, Jan. 31, is shifting its focus to increasing its omnichannel sales — including both stores and online sales — by 10% to 15% per year, according to H&M.  

Walmart just upped the ante in the home shipping war against its rival, Amazon.    The chain is ending its ShippingPass program, a fee-based, two-day delivery service, in favor of a free two-day shipping program. Shoppers can now order from more than two million items, and have merchandise shipped to their homes or stores without a membership fee.  

Athleta’s latest line will provide a premium to the female workforce that created it.   The athleisure brand’s spring collection was manufactured in a factory certified by Fair Trade USA, an organization dedicated to creating social and economic opportunities for factory workers globally. For a product to earn Fair Trade certification, it must originate from a facility that operates according to the rigorous social, environmental and economic standards set in place by Fair Trade USA.