Big 5 Sporting Goods Corp., in a regulatory filing, said that it is withdrawing its fiscal 2020 first-quarter guidance due to the “anticipated material negative impact of COVID-19 on the company’s financial results and the uncertainty related to its duration.”
Author: SGB Media
Camping World’s Debt Ratings Lowered
Moody’s Investors Service downgraded the debt ratings of Camping World due to the potential for ongoing softness in the RV market as the coronavirus likely impacts purchases of big-ticket items.
Winnebago Industries Sees 45 Percent Q2 Gain
Winnebago Industries Inc. reported revenues for the fiscal 2020 second quarter ended February 29, increased 44.9 percent to $626.8 million compared to $432.7 million for the fiscal 2019 period. Revenues for Newmar, which was acquired in the first quarter of fiscal 2020, were $138.4 million.
Dick’s Sporting Goods Cuts Salaries And Expenses, Suspends Stock Buybacks
Dick’s Sporting Goods, in a regulatory filing, announced the temporary reduction in the base salaries of certain executive officers in response to the current business environment as impacted by COVID-19. The retailer also said it’s embarking on a “significant reduction” in expenses and planned inventory receipts, reducing planned capital expenditures, temporarily suspending its share buybacks, and evaluating its dividend program.
Eddie Bauer Shifts Production To Make Masks For Healthcare Facilities
Eddie Bauer is shifting portions of its production capacity to make N95 and surgical masks to help meet the demand for personal protective equipment caused by the COVID-19 pandemic.
Nike Posts Q3 Revenue Beat, But COVID-19 Headwinds Loom Large
Nike Inc. reported diluted earnings per share for the fiscal third quarter of 53 cents, which was in-line with Wall Street’s expectations. Revenues rose 5 percent to $10.1 billion ahead of estimates by $530 million. COVID-19 primarily affected the company in China during the period, but executives will provide an update on the coronavirus’ impact on operations elsewhere in the world on its earnings call.
Neiman Marcus Exploring Possible Bankruptcy
Neiman Marcus is in discussions with lenders about filing for bankruptcy to restructure its heavy debt load, Bloomberg News reported.
Oofos To Donate Footwear To First Responders
Oofos, the recovery footwear manufacturer, announced plans to donate more than 1,000 pairs of shoes to nurses and medical professionals across the country.
Puma Reduces Work Hours For 1,400 Associates
Puma announced that 1,400 associates in Germany would shift to shorter work hours until April 13 as sales slump due to the coronavirus, according to a report from Reuters. Its three top executives will also waive their pay for April.
RV Manufacturers Considered ‘Essential’ Business By Indiana
The RV Industry Association said based on the information it has received from Indiana state officials, RV manufacturing qualifies as an essential business in the State of Indiana under Gov. Eric Holcomb’s March 23 Executive Order.
New Balance Foundation Pledges $2 Million To Support COVID-19 Relief Efforts
Boston-based New Balance Foundation on Tuesday announced it has committed $2 million in nonprofit grants in response to the COVID-19 pandemic to support local, regional and global communities.
JD Sports Provides COVID-19 Update
JD Sports Fashion Plc provided an update on the impact of COVID-19 on its business along with the measures it is taking to actively manage the risks to its customers, colleagues and operations.
Deckers Re-Opens Distribution Center
Deckers Brands said that after incorporating enhanced safety protocols, the company has resumed modified operations with limited capacity at its distribution center located in Moreno Valley, CA.
XTRATUF … Connecting Consumers To Fishermen During COVID-19
“The fishing industry and fishermen need continued consumer access for purchasing fish and seafood, and many businesses are offering alternative delivery options. XTRATUF is hoping to help support the community by connecting consumers across the country to healthy, fresh protein, shipped directly to your doorstep.”
March 24 Coronavirus Notebook: New Impacts To Business
Fallout from the coronavirus pandemic continues to rankle the active-lifestyle marketplace. Most retailers have temporarily closed their doors. Sports leagues show no signs of resuming play. And now the Summer Olympics has been postponed until 2021. The ripple effect of the coronavirus (COVID-19) is reaching new pockets of the U.S. economy and will linger for months to come.
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