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Nike brand president resigns; Report: Toys R Us to halt vendor payments

TOP NEWS

* Nike Inc. Brand President Trevor Edwards resigned and will leave the sportswear giant in August, the company reported. Chairman and CEO Mark Parker committed to stay beyond 2020 and Nike announced other executive changes. The reshuffle comes amid allegations of inappropriate behavior, The Wall Street Journal reported, citing an internal memo by Parker that did not specify the nature of the complaints or whether they involved Edwards or other executives. Edwards did not respond to the Journal's request for comment.

* Toys R Us Inc. has asked the U.S. Bankruptcy Court in Richmond, Va., for permission to stop paying dues to all of its suppliers as it tries to sell its international businesses while liquidating the U.S. operations, Reuters reported. Joshua Sussberg, a lawyer for the retailer, reportedly said the move would prevent any spillover effects of the U.S. liquidation on international units.

TEXTILES, APPAREL & LUXURY GOODS

* Adidas AG's CFO Harm Ohlmeyer said the German sportswear maker could revamp its global supply chain in the face of potential import duties on Chinese products by the U.S., The Wall Street Journal reported. Adidas, which forecasts increasing its market share in the U.S. to 15%, reportedly gets 97% of its items from contractors in China, Cambodia, Vietnam, Indonesia and Thailand.

* H&M Hennes & Mauritz AB opened its Shop Online store and mobile app in India on March 15 following earlier reports about its plan to introduce more of its brands in the country. The Swedish apparel retailer said its scan-and-buy feature for online and offline shopping has also been integrated into the online platforms.

MULTILINE RETAIL

* Dollar General Corp. expects a higher diluted EPS range for the fiscal year 2018 at $5.95 to $6.15, compared with its $5.63 diluted EPS in the fiscal year 2017. The outlook comes after the discount retailer recorded $1.54 billion in net income for 2017, up from $1.25 billion in 2016. The company also outlined its plan to buy back about $850 million of its shares and open 900 new stores in 2018.

E-COMMERCE

* Blue Apron Inc. plans to roll out meal kits into brick-and-mortar stores later in 2018, a company spokeswoman told S&P Global Market Intelligence in an email. The confirmation comes about a month after President, CEO and Director Bradley Dickerson told analysts that selling its meal kits through retailers "would make sense" in the long term.

FOOD & STAPLES RETAILING

* Berkshire Hathaway Inc.-owned Dairy Queen is suing W.B. Mason Co. for alleged infringement of its Blizzard brand, Reuters reported. W.B. Mason reportedly sells bottled spring water bearing the name Blizzard. In response, the office supplies distributor filed its own lawsuit, seeking a declaration that it did not infringe any Dairy Queen trademark.

* SuperValu Inc. agreed to sell 21 of its Farm Fresh Food & Pharmacy stores to three firms and Kroger Co.'s mid-Atlantic unit, Kroger's Harris Teeter Supermarkets Inc. and Koninklijke Ahold Delhaize NV's Food Lion LLC. The Irish grocery operator said the move, which is expected to fetch approximately $43 million in cash, is part of its plan to focus more on its wholesale and distribution business instead of retail stores.

HYPERMARKETS & SUPERCENTERS

* Tri Huynh, former director of business development and marketplace business in Walmart Inc.'s e-commerce unit, filed a whistleblower lawsuit in federal court alleging that the retail giant "painted a misleadingly optimistic picture" of its online retail business in its quest for growth against Amazon.com Inc. and fired him when he complained that the company was violating laws. Wal-Mart denied the allegations made in the lawsuit in a statement emailed to S&P Global Market Intelligence.

* Wesfarmers Ltd. plans to spin off its Coles supermarket unit and establish it as an Australian Securities Exchange-listed company. The demerger, expected to be completed in fiscal 2019, will result in Wesfarmers owning up to 20% of Coles. The Australian retailer acquired Coles in 2007.

* Southeastern Grocers LLC will be forced to file for bankruptcy and close 94 stores amid its restructuring plan to save $500 million, Newsweek reported March 15. In a statement, the retailer, which owns Winn-Dixie grocery stores, said it has opted to "implement a court-supervised, prepackaged restructuring agreement," adding that it will continue operations in 582 other stores.

* Carrefour SA acquired a minority stake in French startup Quitoque, which delivers local and organic meal kits to customers through an online subscription system. The French grocery store operator said Quitoque will continue to be managed by its co-founders.

HOUSEHOLD DURABLES & SPECIALTY RETAIL

* Dick's Sporting Goods Inc. relaunched its Tommy Armour golf brand, which will be available online and in stores beginning March 18. The retailer said it partnered with Bayerische Motoren Werke AG-owned Designworks to develop golfing products, including the titanium-built TA1 Driver.

INDUSTRY NEWS

* The administration of President Donald Trump is planning to hit back on some Chinese manufacturers, which allegedly violated intellectual property rights, by imposing $30 billion in tariffs on a "wide range" of products from China, The Wall Street Journal reported, citing a White House official. The plan reportedly is part of a broader strategy to reduce the 12-figure trade deficit with the country.

FEATURED ARTICLES

* Analysts expect potential toy industry consolidation after Toys R Us liquidation

Editor's note: Email delivery of the March 15 feature was not available to some subscribers due to technical issues.