Issue link: https://viewer.e-digitaledition.com/i/1518675
Retail: Quarterly Change I t wasn't easy but the Retail Index was able to end where it started in Q1. e low-water mark for the sector came in the third week of January when its aggregate Index score fell to 84.6. e seven-week climb back to a '100' Index score and zero percent growth for the 13 weeks commenced on Feb. 12. Seven stocks had a lower share price at Q1 end, led by Big 5 Sporting Goods (-44%) and Sportsman's Warehouse (-33%). Hibbett was the only stock to finish flat for the period. Six entrants, led by Dick's Sporting Goods (+50%) and Caleres (+29%) increased their share price over the 13 weeks. Retailers, by and large, appear to be taking a cautious approach to their growth prospects in 2024. At Academy, which lost 2 percent off its share price in Q1, the chain is leaning into private label this year to fill some price point voids and predicting a comparable store sales range of -4 percent to +1 percent. At Sportsman's Warehouse, where the FY23 net loss was $29 million and the fiscal year ended with aggressive discounting, the chain is working to reset its product assortments and invest in newness this year during a moratorium on new store openings and a focus on improving the in-store experience for customers. Despite being the largest percentage gain in Q1 stock price, Dick's is only forecasting 1 percent comparable store sales growth in 2024 as it ramps up its number of full-service footwear decks with a mix of athletic, fashion, and lifestyle products. Rival JD Sports, which is banking on a stronger product pipeline to bolster its 2024 sales and profits, is predicting a pre-tax profit growth range of 4.4 to 10.7 percent this year. n RETAIL INDEX: BUMPY RIDE IN Q1 o0.00% Retailers % Change per Quarter 01/01/24 03/25/2400 Academy (ASO) i -2% $66.00 $64.85 Big 5 SG (BGFV) i -44% $6.34 $3.57 Boot Barn (BOOT) h 11% $76.76. $85.18 Caleres (CAL) h 29% $30.73 $39.70 Designer Brands (DBI) h 23% $8.85 $10.91 Dick's SG (DKS) h 50% $146.95. $220.10 Foot Locker (FL) i -17% $31.15 $25.87 Genesco (GCO) i -27% $35.21 $25.60 Hibbett (HIBB) i 0% $72.02 $71.70 JD Group* (JD.L) i -34% $211.01 $139.14 Nordstrom (JWN) h 3% $18.45 $18.91 Shoe Carnival (SCVL) h 18% $30.21 $35.52 Sportsman's Warehouse (SPWH) i -33% $4.26 $2.84 Zumiez (ZUMZ) i -30% $20.34 $14.22 TOTAL (equal to '100' on INDEX) 0% $758.28 $757.91 QUARTER 1 ENDING 3/25/24 8 Footwear Insight Business Report Quarterly ~ Q1 April 8 2024 footwearinsight.com The Footwear Insight Index tracks 32 of the most important publicly traded companies that have a substantial footwear business (14 retailers, 18 brands). Index base of 100 is key to the closing prices of 1/02/24.