Wal-Mart reportedly making more cuts. | Inside Ecommerce - July, 31st 2017

Inside Ecommerce (Jul 31st, 2017)

Aerosoles / Nordstrom / Footlocker / Wal-Mart


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Aerosoles Group is considering selling itself or filing for bankruptcy as it looks into several options for managing its financial woes. The women’s shoe company has reportedly hired Piper Jaffray Companies and Berkeley Research Group to help it review its options. Palladin Consumer Retail Partners acquired Aerosoles, which was once part of Kenneth Cole Productions Inc., in 2014. The company has about 80 locations in the U.S. and 300 worldwide. Among other flailing shoe retailers, Payless ShoeSource filed for bankruptcy in April. – REUTERS


Nordstrom Inc. (JWN) is reportedly considering taking itself private with incentivized terms for equity partners that would fund the buyout. Among the firms considering a bid: Leonard Green & Partners LP, KKR & Co. LLP and Apollo Global Management LLC. Seattle-based Nordstrom aims to raise about $1 billion from outside investors while family members are mulling using up to $8 billion in debt to fund their bid. Nordstrom shares are up 10.2 percent the past year. The department store chain is scheduled to report second quarter earnings Aug. 10, with analysts expecting a profit of $0.61 per share, down from $0.67 per share a year prior. – REUTERS


Wal-Mart Stores Inc. (WMT) is planning to cut “a few dozen” executive positions in replenishing and merchandising as it continues to reduce its corporate operations. Wal-Mart cut some 300 jobs in information systems in April. News of the latest round of corporate cuts spread through social media feeds as employees began to receive notices, although the company has not officially confirmed the firings. Some retail insiders say they expect the retail giant to slash about 10 percent of its corporate and support workforce by the end of the year. – RETAIL DIVE


Barclays named Foot Locker Inc. (FL) as a top stock pick on Monday, reiterating a price target of $80. Foot Locker shares are down 33.7 percent so far this year. Barclays said the shoe retailer has potential to significantly expand in the sector with new products that would attract more sales. "[Foot Locker] is the dominant retailer of premium, innovative athletic product in the physical brick and mortar world for both the US and Europe,” Barclays said in a note. – THE STREET


Starbucks Corp. (SBUX) reported 5 percent same-store sales growth in its fiscal third quarter, although it warned of struggles ahead. The coffee giant lowered its projections for full-year earnings to a range of $1.96 to $1.97 from a previous range of $2.06 to $2.10. Starbucks had previously said it expected from 8 percent to 10 percent growth in annual revenue, but now says it only expects to achieve the low end of that range. Starbucks reported third quarter earnings of 47 cents per share, lower than the 55 cents per share the Street expected and down 7.8 percent from the year prior. – WSJ


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