Update on Back to School:
At FL, sales appear to be tracking a bit above plan, while gross margins appear to be a bit below plan. Net-net, it is a wash and the quarter is progressing as expected. Northern is doing a bit worse than expected, while Champs is doing slightly better (again, a wash).
All said, nothing too exciting. Labor Day Weekend is still a big weekend. We shall see. The GM issues are probably what have taken the stock down (i.e., the Promotional Environment) from the double digits.
Still, I would argue that FEET going out of business is a good thing in the longer run ... Footstar and Finish Line are more rational.
N.B., for you NKE holders, the Boys in Beaverton are only saddled with about $20mm in receivables from FEET and are considering a C.O.D. posture going forward ... or, at least that is what I hear ...
--Duker |
