US footwear companies expect sales to decline
According to Footwear Distributors & Retailers of America (FDRA), in the US, shoe makers are slashing hiring and investment as sales are expected to drop substantially over the next six months.
A survey by a trade association representing about 500 U.S. shoe retailers and brands shows that about 87% of companies expect sales to decline in the next six months. Operating expenses are also expected to rise further. Given inflation, two-thirds of executives believe that the number of new hires will decrease or remain the same, while the majority are reducing capital expenditures or do not plan to increase them. The data contrasts sharply with the results of a survey released in March, in which the same number of participants spoke of an increase in staff and plans for increased investment.
In a phone interview with Bloomberg, FDRA President Matt Priest called the sentiment in the footwear sector "dramatic" and "alarming," recalling that footwear is a key barometer of economic health because it is a necessary commodity that consumers consistently buy.
He added that by looking at the footwear industry, one can get an idea of what's to come: since the US economy is largely driven by consumption, "we're seeing the impact of a slowdown in the economy even before the numbers are official." The Commerce Department said the US economy contracted at an annualized rate of 1,6% in the first quarter, and a recession is usually defined by two consecutive quarterly declines in gross domestic product.
According to Footwear Distributors & Retailers of America (FDRA), in the U.S., shoe makers are slashing hiring and investing in development as a significant decline is expected…
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