Target Corp. said quarter-to-date, total company comparable sales have grown more than 7 percent, but warned that a number of factors will reduce first-quarter profitability. These include investments in pay and benefits to support team members during the COVID-19 crisis and a shift in category mix towards lower-margin categories.
Author: SGB Media
Bass Pro’s Re-Opens Springfield Flagship With Restrictions
Bass Pro reopened its flagship store in Springfield, MO with a number of restrictions, including limiting in-store transactions to shooting and shooting accessories.
Houghton Signs New Apparel Deal With Adidas
Houghton College, in upstate New York, has entered into an agreement with Adidas and ADPRO Sports of Buffalo that makes Adidas the official supplier of apparel and uniforms for Highlander athletics teams.
Foot Locker Furloughs Majority Of North American Store Employees
Foot Locker Inc. said in a regulatory filing that in response to temporary store closures and other business disruptions resulting from COVID-19 pandemic, it will furlough the majority of the company’s store employees in the U.S. and Canada.
Crocs’ Americas’ Segment Sees Double-Digit Q1 Revenue Growth
Crocs Inc.’s first-quarter earnings slumped on a 5 percent revenue decline as it faced pressure from store closures in March due to COVID-19. Highlights in the quarter, however, included Americas’ revenues increasing 14.4 percent and e-commerce revenues rising 15.8 percent. A steeper decline in sales was forecast for the second quarter.
Gap Warns Of Liquidity Pressures
Gap Inc said its existing cash levels and credit facilities may not be sufficient to run its business and it would have to take additional measures such as job cuts and new debt financing within the next 12 months to boost its liquidity.
ProXR Signs MLB Bat Companies To License Bat Knob Innovation
ProXR LLC has signed five MLB-certified bat companies to license its patented ProXR angled bat knob technology.
Retailers Urge Federal Pandemic Insurance Program Similar To 9/11 Terrorism Coverage
The National Retail Federation today called on Congress to pass legislation establishing a federal program that would help businesses obtain insurance coverage for pandemics modeled on a program for terrorism insurance established following 9/11.
USA Track And Field Faces Lay Offs
USA Track and Field (USATF) has laid off seven people from its 65-person staff and CEO Max Siegel is taking a 20 percent pay cut to offset lost revenue due to the coronavirus pandemic, according to the Associated Press.
Moody’s Assigns A3 Rating To VF’s Proposed Debt Offering, Outlook Revised To Negative
Moody’s Investors Service assigned an A3 rating to VF Corp’s proposed senior unsecured note offering. All other ratings for the company were affirmed, including the A3 senior unsecured rating and Prime-2 commercial paper rating. The rating outlook was changed to negative from stable.
Modell’s Seeks Another Delay In Bankruptcy Amid Continued Shutdowns
Modell’s Sporting Goods is seeking a further delay in its Chapter 11 bankruptcy proceedings as COVID-19 continues to prevent the retailer from holding liquidation sales at physical stores, according to Law360.
Protempo U.S. Acquires Outdoor Tech
Protempo U.S. Limited, a global consumer electronics distributor, announced the completed acquisition of Outdoor Tech, a consumer electronic and helmet audio company. Financial terms of the deal weren’t disclosed.
Kawhi Leonard Loses Copyright Suit Against Nike
A federal judge ruled in favor of Nike in a dispute over NBA star’s Kawhi Leonard signature “Klaw” logo.
Tasc Taps Blake Lopez As VP Marketing
Tasc, a sustainable activewear brand, has tapped Blake Lopez as its new vice president of marketing.
Assembled Brands Announces $3M Financing Of Footwear Brand Samuel Hubbard
Assembled Brands announced the closing of a $3 million credit facility for the Samuel Hubbard Shoe Co. With this partnership, the California-based footwear brand will continue to scale its business and build its audience.
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