But is anyone really surprised?
Penn State's brand is suffering big time and it's all thanks to Jerry Sandusky.
Following the child molestation allegations, sales of Penn State merchandise have dropped a whopping 40% compared to last year.
Research analyst Matt Powell said of the numbers:
"This is the first time I can recall ever seeing a decline of sales right out of the box…This is a very unusual situation, and my gut tells me it's not going away, at least in the short term."
There is one item with strong sales: a Penn State t-shirt that features a football helmet with a blue ribbon representing child abuse prevention.
Five dollars from the sale of each shirt will be donated to the Let Go, Let Peace Come In Foundation, a Pennsylvania-based nonprofit that helps adult victims of childhood sexual abuse and is working with the attorney for several men who said they were victimized by Sandusky.
[Image via AP Images.]
Tags: bad sales, jerry sandusky, penn state, penn state scandal, sales decrease
Joe's Jeans reported a $2 million net loss in the 3rd quarter ending August 31st.
Sales were down more than 5%, but they're blaming that mostly on inventory writedown.
Despite the bad news, Joe's CEO Marc Crossman says their fall collection sales are "outpacing stock levels and generated numerous reorders in our fourth quarter".
For their sake, we hope it lasts.
Tags: joes jeans, loss, marc crossman, sales decrease, third quarter
The massive snow storm that hit the east coast couldn't have happened at a worse time for retailers.
The late white Christmas kept post-holiday shoppers from spending nearly $1 billion on December 26th and 27th, which is a crucial time for businesses.
But there is some good news in all of this.
ShopperTrak RCT Corp. believes there will be a strong comeback:
"Historically, when there’s a weather event, a lot of the business comes back, and we advise our clients to staff up accordingly. People come back to buy better gloves and scarves, and better snow removal equipment. We’ve seen this pattern both regionally and nationally."
So get shopping!
[Image via Ivan Nikolov/WENN.]
Tags: 2010 blizzard, east coast, sales decrease, snow storm, winter sales
The hype of buying digital versions of magazines for the iPad has fizzled.
According to the Audit Bureau of Circulations, end of the year sales hit the skids.
Vanity Fair only sold 8,700 digital issues for the month of November, which is about 1,800 less than past issues.
But that's nothing compared to Glamour. Their digital sales dropped 20% each month since September.
Maybe print isn't dead after all.
Tags: audit bureau of circulations, digital issues, glamour magazine, ipad, sales decrease, vanity fair
It's a sign of the times.
Armani is reporting a 6% decline in sales for 2009 and naturally they're blaming the recession. Total sales for the year totaled $1.90 BILLION, which was down from 2008's $2.04 BILLION.
But King Giorgio says he isn't too worried because sales figures for the new year are already showing an improvement. He says "The first few months of 2010 have already shown a promising positive momentum".
If things keep looking up we're sure he won't even notice the millions that were missing from last year.
[Image via WENN.]
Tags: giorgio armani, king giorgio, sales decrease