Target’s Q1 Earnings Impacted By COVID-Related Costs

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.

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.

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.

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.

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.