Today In Retail: Kohl’s Board Aims For Re-Election; reCommerce Platform Backflip Officially Launches

In today’s top retail news, Kohl’s present board is seeking re-election amid an activist challenge, while Backflip has left stealth mode and officially rolled out. Plus, Guess anticipates that sales and earnings will double by 2025.

Kohl’s Board Seeks Re-Election Amid Activist Challenge

Kohl’s current board requested that investors vote for “all of Kohl’s highly qualified director nominees” amid a challenge from activist investors. The current board members told investors that “your board outmatches the investor group’s nominees in key skills” in a letter. “Four of five of the Activists’ nominees have no meaningful digital experience, an area now representing 40 percent of our business,” the board members wrote in the letter.

Electronics reCommerce Platform Backflip Officially Rolls Out

Backflip has exited stealth mode and officially launched. The rollout follows a beta phase in which the firm, which allows consumers to sell old or pre-owned electronic devices, paid out in excess of $500,000 to customers. Customers have the ability to instantly sell their devices to the firm with various shipping choices like free drop-offs and pickups. The platform takes over 130 different kinds of electronics.

Denim Retailer Guess Sees Sales And Earnings Doubling By 2025

California-based Guess reiterated its strategic roadmap for the long haul in its earnings report and said it still expects to almost double its sales and earnings over the next half of a decade. “We are committed to delivering net revenues of $2.9 billion by fiscal year 2025 [versus $1.9 billion today],” CEO Carlos Alberini told investors. “I am confident that we have an opportunity to more than double our earnings per share to $3.00 [in FY 2025] from $1.33 [today].”

CarMax Investing In Digital And Adding Stores As Finance Unit Soars

Pre-owned car dealership chain CarMax announced that it intended to return capital investment to pre-pandemic levels with intentions to open 10 more locations, expand its digital efforts and fund the $400 million purchase of Edmunds. CarMax’s stock has jumped 130 percent during the last 12 months, providing it with a market value in excess of $20 billion.