Shoe Carnival Inc. wrapped up a strong fourth quarter to mark its 11th consecutive year of comparable-store sales growth. The off-price footwear also stressed it’s financially and operationally prepared to manage any impact from the coronavirus outbreak.
Author: SGB Media
Moody’s Assigns A1 Rating To Nike’s Proposed Debt Offering, Outlook Revised To Negative
Moody’s Investors Service assigned an A1 rating to Nike Inc.’s proposed senior unsecured note offering. The outlook change to negative reflects the material increase in term debt at a time when there is significant uncertainty around the duration and severity of the coronavirus spread, as well as the impact of store closures and reduced consumer spending on Nike’s revenue and earnings.
DSW Parent Places 80 Percent Of Workforce On Unpaid Leave
Designer Brands Inc., the parent of DSW, said it is implementing temporary leaves of absence for over 80 percent of its workforce, effective March 29. The move follows the temporary closure of its North American stores in March 2017.
Nordstrom To Extend Store Closures Another Week
Nordstrom Inc. announced it will extend its temporary store closure for at least one week through April 5. The retailer also said its top leaders will decline their salary from April through September and a portion of corporate employees will be furloughed starting April 5 for six weeks.
Canadian Tire Offers Special Support Program For Employees
Canadian Tire Corporation announced that the Canadian Tire Associate Dealers have implemented a temporary special support payment of $2 per hour for all active Canadian Tire store employees.
Modell’s Seeks Suspension Of Bankruptcy Case
Modell’s Sporting Goods is seeking a 45-day suspension in its Chapter 11 case claiming the COVID-19 pandemic has made it impossible to conduct going-out-of-business sales.
SFIA Provides Small Business Relief Resources Amid COVID-19
The Sports & Fitness Industry Association (SFIA) released resource links to provide the sports industry with a wide range of information regarding small business relief amid the coronavirus outbreak.reak.
Target Provides Business Update To COVID-19
Target Corp. said that as the COVID-19 crisis has evolved, the company has been experiencing unusually strong traffic and sales. As a result, the company has adjusted the expected timing of some of its strategic initiatives.
Under Armour’s Chief Product Officer To Leave In August
Under Armour Inc. said Kevin Eskridge, chief product officer, will be leaving the company on August 15, 2020 to pursue other interests.
Shoe Carnival’s Q4 Earnings Top Expectations
Shoe Carnival Inc. reported net earnings more than doubled in the fourth quarter as same-store sales grew 3.2 percent. Cliff Sifford, Shoe Carnival’s vice chairman and CEO, said, “Our strong balance sheet and prudent expense management provides us the financial flexibility to keep our steady footing during this challenging economic time.”
HanesBrands Increases Balance Sheet Flexibility, Withdraws Guidance
HanesBrands announced that it is proactively drawing down on its revolving credit facility as a precautionary measure to increase balance sheet flexibility during the coronavirus global pandemic. The company also is withdrawing its guidance for the 2020 first-quarter and full-year.
Kitsbow Partners With Local Outdoor Industry Manufacturers To Accelerate COVID-19 Face Shield Production
After pivoting its bike apparel production to make face masks and shields for first responders and medical providers in Western North Carolina, Kitsbow experienced unanticipated engagement from across the U.S., with demand totaling more than 100,000 units in the first week.
Survey: Fans Embrace Streaming, Reading And Exercise To Offset Sports Blackout
U.S. sports fans said they are turning to watching non-sports TV and streaming services, reading and working out during the “sports blackout” created by the coronavirus outbreak, according to a new survey by Altman Vilandrie & Company. The survey also shows that three-quarters of regular sports viewers are still following their favorite leagues.
Crocs Announces ‘Free Pair For Healthcare’ Program
Crocs Inc. announced the launch of a new program for those on the front lines of the battle against the coronavirus: “A Free Pair for Healthcare.”
Macy’s Freezes Hiring, Reduces Management Pay
Macy’s Inc. announced it is freezing both hiring and spending, as well as reducing pay for all levels of management director level and above, effective April 1 and lasting for the duration of the crisis. Jeff Gennette, chairman and CEO, will not receive compensation during this period.
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