JD Sports said it will suspend its dividend, reduce the salaries of its senior management team and defer bonuses in order to support liquidity as a precautionary measure amid the COVID-19 pandemic.
Author: SGB Media
Thule’s Revenues Decline In Q1
Thule Group reported sales declined 7.5 percent on a currency-neutral basis in the first quarter. Sales were down 13 percent in the Americas region and 5.7 percent in the Europe & ROW region.
Macy’s Debt Ratings Lowered
S&P Global lowered the debt ratings of Macy’s as the rating agency expects prolonged effects of social distancing and a weak environment for discretionary spending will intensify pressures on the department store sector. S&P said Macy’s also faces sizable upcoming debt maturities over the next several years and potential covenant compliance issues under its revolving credit facility.
TrueCoach Acquired By TSG
TrueCoach, the health and fitness software provider, has been acquired by TSG, an Advent portfolio company. TrueCoach becomes part of TSG, following the acquisition of boutique fitness software providers Mariana Tek, Triib, Zingfit, and BrandBot
Adidas’ Q1 Revenues Drop 19 Percent
Adidas AG reported first-quarter earnings tumbled 97 percent. Sales slumped 19 percent on a currency-neutral basis. Adidas also warned the second-quarter results would decline to a greater degree.
NBA Could Begin Allowing Workouts By May 8
The NBA informed its teams on Monday that it is planning to modify its guidance regarding the use of team practice facilities and player training. The league is targeting no earlier than Friday, May 8, as the commencement date for the new rules and that it may push the timing back if developments warrant.
VF Corp. Extends Pay, Benefits to Retail Employees Through May 30
VF Corp. said in a statement Monday it will extend “full pay and benefits to all retail associates in the U.S., Canada and Mexico through May 30” as the company prepares a careful and coordinated strategy for reopening some North American offices and owned retail stores.
REI Sets Another Sales Record In 2019
REI Co-op reported 2019 sales grew 12.3 percent year-over-year to reach a record $3.1 billion, but net income of $21 million marked a 55.3 percent decrease from $47.1 million the previous year.
Hibbett Announces Nomination Of Jamere Jackson To Board
Hibbett Sports Inc. announced the nomination of Jamere Jackson for election as a Class III director at the company’s 2020 annual stockholders meeting on May 28.
Chaco Footwear Launches Retail Support Program
Chaco Footwear announced it has created a partnership program to help support its retailers affected by the COVID-19 crisis.
Callaway Announces Preliminary Q1 Results, Provides COVID-19 Update
Callaway Golf Co. announced preliminary financial results for the quarter ended March 31 and provided additional commentary on the company’s performance amid the COVID-19 pandemic.
Retail Associations Unveil Blueprint For Shopping Safe
The Retail Industry Leaders Association (RILA) and the National Retail Federation (NRF) released a Blueprint for Shopping Safe outlining a phased-in approach to reopening retail.
Fleet Feet, The Run Experience Partner On Virtual Training Program
Fleet Feet and The Run Experience announced they have joined forces to create Together We Move, a free virtual training program featuring daily original content from experienced runners, professional athletes and coaches, and health and wellness experts.
Northwest Company Files For Bankruptcy Protection
The Northwest Company LLC, a manufacturer of league licensed blankets, packs and other items, filed for bankruptcy protection in the Southern District of New York. The filing was blamed on a failed acquisition, quality issues at a third-party vendor, tariffs and general weakness at retail in recent years.
Vista Outdoor Sees Q4 Earnings Exceeding Guidance, Appoints CFO
Vista Outdoor expects fourth-quarter earnings to exceed expectations after seeing “strong demand” within its commercial ammunition, cycling and outdoor cooking categories, and also said it believes it has the financial flexibility required to navigate COVID-19’s impact. Vista Outdoor also appointed Sudhanshu Priyadarshi as CFO.
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