Top National Stories and the Latest Headlines from SGB Updates
across the Active Lifestyle Market during the week of March 30, 2020.

»Under Armour Announces COVID-19 Actions, Details 2020 Restructuring Plan | April 3
Under Armour Inc. announced actions it is taking to address the financial impact of the COVID-19 pandemic. Additionally, the company’s Board of Directors has approved a previously planned restructuring initiative designed to rebalance its cost base to further improve future profitability and cash flow generation. Read more

»Shoe Carnival Extends Store Closures, Moves To Preserve Liquidity | April 3
Shoe Carnival Inc. announced it would be extending its store closures until further notice. It’s also taken a number of actions to preserve cash and liquidity. Read more

»Ironman Announces Technogym As Official Global Fitness Equipment Partner | April 3
Ironman announced Technogym as its official global fitness equipment partner. Read more

»Fanatics Partners With New England Patriots | April 3
The New England Patriots and Fanatics announced a 10-year e-commerce partnership that will have Fanatics operate the online and mobile retail merchandise business for the six-time Super Bowl champions. The team will continue to operate its Patriots Pro Shop stores at Gillette Stadium and Patriot Place. Read more

»Puma SE To Suspend Dividend Payment | April 3
Puma SE said it is suspending dividend payments, as well as reducing expenses and securing additional financing, as the coronavirus pandemic has caused a “major decline in net sales and cash inflow.” Read more

»CODI Issues COVID-19 Update | April 3
Compass Diversified Holdings (CODI), the parent of 5.11 Tactical, Velocity Outdoor and Liberty Safe, in a letter to shareholders, said it has a detailed crisis preparedness plan in place and “sufficient liquidity” to manage during the COVID-19 pandemic. Read more

»Canadian Tire Taking Measures To Preserve Liquidity | April 3
Canadian Tire Corp. said it is taking aggressive action to preserve its cash position and financial flexibility. The company also noted that online sales at SportChek are running strong amid the coronavirus pandemic as Canadians purchase health and fitness products. Read more

»Grand Canyon National Park Closes | April 3
The Grand Canyon National Park in Arizona announced in a press release on Wednesday that it would close to the public after receiving a request to do so from Coconino County health officials. Read more

»Outdoor Retailer Cancels Summer Market| April 2
Outdoor Retailer on Thursday afternoon announced the cancellation of its OR Summer Market show scheduled for June 23-25 in Denver, CO, due to the coronavirus. Read more

»Running Event Organizers Seek Coronavirus Relief | April 2
Running USA along with Spartan Race, Ironman, Tough Mudder, Rock & Roll Marathon Series, USA Triathlon, USA Cycling, and imATHLETE / EnMotive has joined together to ask Congress for relief from canceled and postponement of events due to the coronavirus. Read more

»Consumers Shifting E-commerce Spending Toward Apparel And Footwear During Coronavirus Outbreak | April 2
Consumers in the U.S. are shifting their share of e-commerce spending toward apparel, footwear and accessories as the COVID-19 outbreak continues, according to new data from Klarna, a payments platform. Read more

»Athletic Directors Survey Identifies Coronavirus Concerns | April 2
A survey of more than 100 athletic directors from the Football Bowl Subdivision (FBS) found athletic academic progress and financial uncertainty were top concerns stemming from the coronavirus pandemic. Read more

»Zumiez Provides Coronavirus-Related Business Update | April 2
Zumiez Inc. provided a business update in response to the continued impact of COVID-19. Read more

»Lululemon Reduces Leadership Salaries As Part Of COVID-19 Response | April 2
Lululemon Athletica Inc. detailed a range of actions and initiatives to support its employees as COVID-19 continues to impact the business, including pay protection for workers and the reduction of leadership team salaries. Read more

»Boardriders Announces Coronavirus Response | April 2
Boardriders Inc., the parent of Quiksilver, Billabong, Roxy, DC Shoes, RVCA and Element, announced today that it is taking a range of actions to respond to the global health crisis as well as the associated demand impact that government-mandated shutdowns have had on its business. Read more

»Caleres To Lay Off, Or Furlough Associates, Reduce Salaries | April 2
Caleres, the parent of Famous Footwear, said that as part of these efforts to preserve cash, it has made the difficult decision to align its staffing needs with the current, reduced requirements of the business. Read more

»Ammunition Distributors Notch Another Record Week | April 2
The National Association of Sporting Goods Wholesalers (NASGW) this week released its SCOPE data platform, which showed another record week in firearms and ammunition shipments. Read more

»Vista Outdoor Expands List of Nonprofits It Will Support | April 2
Vista Outdoor Inc. announced an expanded list of nonprofit organizations it will support. The six veteran- and youth-focused companies share a similar mission focused on exploring, growing and healing in the outdoors. Read more

»Ross Stores Implements Furloughs, Salary Cuts | April 2
Ross Stores Inc. said it will temporarily furlough the majority of its store and distribution center employees, as well as some other employees across the business, starting April 5, and until operations can resume in those areas. Top executives will also take pay cuts. Read more

»VF Corp. Appoints Markus Hamm As VP, GM, Kipling EMEA | April 2
VF Corp. announced the appointment of Markus Hamm as vice president and general manager, Kipling EMEA, effective April 1. Read more

»VF Corp. Appoints Nina Flood As President, Eastpak | April 2
VF Corp. announced the appointment of Nina Flood as president, Eastpak, effective April 1. Read more

»Chinese Government Bans Resuming Team Sports | April 2
China reportedly issued an order restricting the resumption of team sports on Tuesday just weeks after the Chinese Basketball Association (CBA) sent a memo announcing plans to resume play in early April. Read more

»Academy Sports Remains Open For Business | April 2
Academy Sports + Outdoors said in a letter to customers that almost all of its stores and all three of its DCs remain open for business. The retailer said it has been determined to be an essential retailer by several CISA sector standards in part because the retailer’s products are used to counter severe weather season in the southwest region. Read more

»Under Armour’s Debt Ratings Downgraded | April 2
Moody’s said the downgrade and negative outlook reflect Under Armour’s weak operating performance related to the challenges it is facing in reinvigorating growth in its core North American market and the compounding effects of the unprecedented disruption caused by the rapid global spread of the coronavirus. Read more

»Hoka One One Signs Jan Frodeno | April 2
Hoka One One, a division of Deckers Brands, signed a multi-year sponsorship deal with Jan Frodeno, Olympic champion and three-time winner of the Ironman World Championship in Kona. Read more

»Sierra Bullets Welcomes Matt Ohlson As VP Industrial Sales | April 2
Sierra Bullets announced that Matt Ohlson has appointed vice president, industrial sales. Read more

»Helen Of Troy Provides COVID-19 Update | April 1
Helen of Troy, the parent of Hydro Flask, said its executive leadership team is taking temporary salary reductions and it’s introducing cost-containment efforts in response to the impact of COVID-19 on the current business environment. Borrowings were also increased under its credit line. Read more

»PVH Posts Q4 Beat But Coronavirus Poses ‘Significant’ Impact In 2020 | April 1
PVH Corp. reported non-GAAP earnings per share for the fourth quarter of $1.88 topping Wall Street’s estimates by 7 cents. Q4 revenue of $2.6 billion beat expectations by $140 million. PVH, like most public companies, withdrew guidance for 2020 due to the coronavirus. Read more

»Adidas Revokes Decision To Withhold Rent Payments In Germany | April 1
Adidas apologized Wednesday for saying it would defer paying rent for stores in Germany that were forced to close by coronavirus lockdowns after facing wide criticism on social media. Read more

»Wimbledon Tennis Tournament Canceled Amid Coronavirus Pandemic | April 1
Wimbledon tennis championships, due to begin on June 29, have been canceled by organizers because of the ongoing coronavirus outbreak. The move marks the first cancellation of the event since World War II. Read more

»L.L.Bean CEO Calls On Federal Government To Assist Middle-Market Retailers | April 1
In an interview on CNBC, L.L.Bean CEO Stephen Smith contended that the recently passed $2 trillion stimulus package does not address “middle-market retail” companies such as his. Read more

»Vail Resorts Announces Furloughs, Salary Reductions, Capex Deferrals | April 1
Vail Resorts Inc. provided an update on its response to the evolving impact of COVID-19 on its business, including expense control measures such as furloughing some hourly employees, reducing some salaries and reducing capital expenditures by $85 million. Read more

»Firearms Background Checks Surge 41 Percent In March | April 1
The FBI completed 3.7 million gun background checks in March, up 41 percent from March 2019 and the highest monthly total since the National Instant Criminal Background Check System (NICS) began in 1998. Read more

»Thule Warns Of ‘Material Financial Impact’ To Business In 2020 | April 1
Thule Group AB, in a statement released today, that the “rapidly developing global situation related to the coronavirus has led to a more negative view of the effects on the business, with the conclusion that there will be a material financial impact in 2020.” Read more

»IAF Urges Solidarity In Apparel Supply Chain | April 1
The International Apparel Federation (IAF) called on the apparel supply chain and its stakeholders to enact sufficient supply chain solidarity in the face of the coronavirus crisis. Read more

»Columbia Sportswear CEO Tim Boyle Cuts Own Salary To $10K, Employees To Receive Regular Pay | April 1
Tim Boyle, president and CEO of Columbia Sportswear, will be reducing his annual salary to $10,000. The company plans to continue to offer regular pay to its employees, including those at stores, during the COVID-19 pandemic. Read more

»Amer Sports’ Debt Ratings Downgraded | April 1
Moody’s assumes Amer Sports’ revenue in 2020 will decline over 20 percent year-on-year due to the worldwide spread of the coronavirus outbreak, particularly across Europe and North America. The ratings agency cited Amer’s products are “highly discretionary” and current restrictions on many traveling and sports activities. Read more

»Wolverine World Wide’s Debt Ratings Outlook To Negative; Liquidity Rating Downgraded | April 1
The ratings agency said the outlook change to negative reflects the risk that a prolonged downturn triggered by the rapid spread of the coronavirus (COVID-19) will pressure Wolverine’s revenue and profitability, as well as its ability to reduce leverage over the near-to-intermediate term. Read more

»Hanesbrands’ Debt Ratings Outlook Lowered To Negative | April 1
Moody’s rating outlook for Hanesbrands Inc. the parent of Champion, was changed to negative from stable to reflect the uncertainty caused by the coronavirus spread. Moody’s wrote, “The apparel sector has been one of the sectors most significantly affected by the shock given its sensitivity to consumer demand and sentiment.” Read more

»NSSF Donates $25,000 In Support of Newtown And Region’s Virus Responders | March 31
The National Shooting Sports Foundation, the trade association for the firearm industry based in Newtown, CT, has made donations totaling $25,000 to three groups supporting the health and welfare of Newtown residents in response to the COVID-19 pandemic. Read more

»The Buckle Furloughs Most Employees, Extends Store Closures | March 31
The Buckle Inc. announced Monday that it will furlough the majority of its employees effective April 5, and will extend the closure of all brick & mortar stores indefinitely. Read more

»Adidas Ends Share Buyback Program For Rest Of 2020 | March 31
Adidas AG announced that, due to the coronavirus, it would formally stop the repurchasing of Adidas shares for the remainder of the year. Read more

»Skirt Sports Exploring Sale | March 31
Skirt Sports, the Boulder-based women’s running apparel brand, has retained Bell Lap Advisors, the M&A advisory firm, to explore new ownership. Read more

»G-III Apparel Undergoes Furloughs, Reduces Exec Salaries | March 31
G-III Apparel Group Ltd. said that in response to the COVID-19 outbreak, it will be furloughing approximately 60 percent of its wholesale operations segment, effective April 6, 2020. Read more

»Asics Opens Access To Asics Studio Workout App | March 31
Asics has opened access to the Asics Studio at-home workout app to anyone free of charge as part of its response to COVID-19. Read more

»NPD: Athletic Footwear Sales Tumble In Week Ending March 21 | March 31
Athletic footwear sales were down 65 percent in the week ending March 21, according to The NPD Group. Sport lifestyle and skate, the categories that were trending the best before the pandemic, also each declined by more than 60 percent. Read more

»J.C. Penney Furloughs Majority of Employees, Extends Store Closures | March 31
J.C. Penney Co. announced it will extend the temporary closure of its stores and business offices due to the coronavirus As a result of the closures, J.C. Penney said it would temporarily furlough the majority of store hourly associates beginning April 2. Read more

»Dick’s Sporting Goods Amends Credit Line | March 31
Dick’s Sporting Goods amends the company’s senior secured revolving credit facility arrangement to have $2.1 billion in aggregate commitments, up from a prior level of $1.6 billion. Read more

»Under Armour Shareholder Lawsuit Over Port Covington Land Purchase Dismissed | March 31
A federal court in Maryland dismissed a shareholders lawsuit against Under Armour and its founder, Kevin Plank, over the acquisition of land in Baltimore’s Port Covington area for its new headquarters. Read more

»Bass Pro’s Debt Ratings Outlook Lowered To Negative | March 31
Moody’s changed its debt rating of Bass Pro Group, L.L.C. to negative from stable. The change in outlook to negative from stable reflects the risk that Bass Pro’s credit metrics may weaken on a sustained basis as a result of recessionary conditions and declines in discretionary consumer spending. Read more

»Yue Yuen’s Revenues Expand 4.2 Percent In 2019 | March 31
Yue Yuen Industrial (Holdings) Ltd. recorded revenue of $10,105.4 million in 2019, representing an increase of 4.2 percent, compared with the previous year. Profit attributable to owners of the company declined by 2.1 percent to $300.5 million, as compared to $307.1 million recorded for the previous year. Read more

»Crocs Amends Credit Facility, Suspends Share Buybacks | March 31
Crocs amended its revolving credit facility and suspended share repurchases to preserve maximum liquidity and flexibility amid the COVID-19 pandemic. The company also said its retail stores in North America will remain closed until further notice. Read more

»Escalade Appoints New President & CEO | March 31
Escalade Inc., a maker of a wide range of sporting goods, announced the appointment of Scott Sincerbeaux as the organization’s next president and chief executive officer. Sincerbeaux joins Escalade from Wolverine World Wide, Inc., where he held several positions including president of The Stride Rite Children’s Group, president of direct to consumer and president of global retail.  Read more

»Saucony Run For Good Foundation Marks 15th Anniversary | March 30
Saucony marks the 15th anniversary of the brand’s Saucony Run for Good Foundation with the announcement of a new round of grant winners. Established in 2006, the Foundation has awarded more than $1.5 million dollars in grants to 180 schools and community organizations all dedicated to preventing childhood obesity through running and proper nutrition. Read more

»Planet Fitness Extends Closures, Withdraws Guidance | March 30
Planet Fitness Inc. provided further update on its response to COVID-19, including the decision to keep all system-wide locations closed and also to withdraw guidance for 2020. Read more

»Hibbett Announces Appointment of New CFO | March 30
Hibbett Sports Inc. announced the upcoming appointment of Robert J. Volke as its new CFO. Read more

»Winnebago Industries To Make Medical Masks For Iowa Hospital | March 30
Winnebago Industries announced it will be providing medical masks to MercyOne North Iowa Medical Center, a hospital in Mason City, IA. Read more

»New Balance To Make Medical Masks | March 30
New Balance said it will be making medical-grade face masks at its U.S. plants as hospitals continue to face shortages of safety equipment amid the spread of the coronavirus. Read more

»Stage Stores Provides COVID-19 Business Update | March 30
Stage Stores Inc. announced a series of steps the company is taking to reduce costs and preserve liquidity in response to increasingly challenging market conditions and the impact of the COVID-19 pandemic. Read more

»Kohl’s Furloughs Workers Amid Extended Store Closures | March 30
Kohl’s said it will temporarily furlough store and store distribution center associates, as well as some corporate office associates, whose work has been significantly reduced by the store closures. Kohl’s also announced that it will extend the duration of its temporary store closures until further notice. Read more

»USA Cycling Sees 30 Percent Revenue Decline In 2020 | March 30
USA Cycling said it made the difficult but necessary decision to reduce its staff size by 15 percent and place an additional 25 percent on furlough for two to four months in anticipation of a 30 percent revenue reduction due to the COVID-19 coronavirus pandemic. Read more

»Macy’s Continues Store Closures, Announces Furloughs | March 30
Macy’s Inc. announced that its stores, which have been closed since March 18 due to the coronavirus, will remain closed until “we have a clear line of sight on when it is safe to reopen.” The company also announced that the “majority” of its employees will go on furlough beginning this week. Read more

»Vail CEO Donates $2.5 Million To Support Employees, Mountain Communities | March 30
Vail Resorts’ CEO, Rob Katz, and his wife, Elana Amsterdam, announced a donation of more than $2.5 million to provide immediate support for both Vail Resorts employees and the mountain towns where the company operates. Read more

»Danskin Helps Drive Q4 Growth For Iconix Brand Group | March 3
Iconix Brand Group Inc. reported strong improvement in earnings on an adjusted basis in the fourth quarter due to lower expenses and a small gain in revenue. The gains were helped by a sharp improvement in the Women’s segment led by the Danskin and Rampage brands. Read more

»Grassroots Outdoor Alliance Cancels June Connect Show | March 30
Grassroots Outdoor Alliance has canceled its Grassroots Connect show scheduled for June 12-15 in Knoxville, TN due to the coronavirus. The association will move ahead with a collaborative digital framework to support the spring buying cycle during the month of June. Read more

»Tilly’s Inc. Announces Additional Actions In Response To COVID-19 | March 30
In an effort to further improve its financial position and liquidity in light of the COVID-19 pandemic, Tilly’s announced that it has borrowed the maximum available under its credit facility and furloughed all non-management store associates and a portion of its corporate office staff. Read more

»S&P Lowers Debt Ratings On Kohl’s And Nordstrom | March 30
Standard & Poors (S&P) lowered its debt ratings on Kohl’s Corp. and Nordstrom Inc. due to the coronavirus impact and related economic uncertainty. Read more

»Bass Pro’s Flagship In Springfield, MO Closes Temporarily | March 30
Bass Pro Shops’ flagship store in Springfield, MO is temporarily closing amid the Coronavirus pandemic due to new stay-at-home orders in the state. The retailer already noted that it had reduced hours and limited access to 25 customers at a time. Read more

»Kathmandu Shutters Locations, Rolls Out Cost-Containment Efforts | March 30
Kathmandu Holdings Ltd said its New Zealand retail stores and distribution centers were closed on March 24 and is in the process of closing its Australian stores as a result of the coronavirus. The company also introduced a number of steps to conserve liquidity and streamline the business in the current environment. Read more

»Modell’s Bankruptcy Suspended Due To Coronavirus | March 30
Modell’s Sporting Goods’s bankruptcy proceedings were suspended until April 30 after COVID-19 restrictions temporarily shuttered stores to prevent going-out-of-business sales. Read more

»Li-Ning’s Sales Expand 32 Percent In 2019 | March 30
Li-Ning reported net earnings vaulted 110 percent in its year ended December 31 as revenues increased 32 percent. Read more

»Under Armour Draws Down Revolver | March 30
Under Armour said in a regulatory filing that it borrowed $700 million under its credit facility as a precautionary measure in order to increase its cash position and preserve liquidity given the uncertainty in global markets resulting from the COVID-19 outbreak. Read more

Photo courtesy WSJ