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.
Category: Footwear
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.
Ross Stores Donates $1.5MM To COVID-19 Relief Efforts
Ross Stores, Inc. announced that the company and the Ross Stores Foundation have jointly pledged $1.5 million of donations to local and national organizations providing essential COVID-19 relief services and additional support to our associates.
NBA Opening Some Practice Facilities
The NBA is reportedly planning to re-open a number of team practice-facilities.
Survey Finds Consumers Feel Least Safe Shopping in Malls
According to a nationwide survey from First Insight taken on April 20, the majority of consumers surveyed would feel the safest shopping in grocery stores (54 percent) and drug store chains (50 percent).
J.C. Penney In Negotiations Over Bankruptcy Financing
J.C. Penney Company Inc. is negotiating bankruptcy financing with banks for a debtor-in-possession loan to secure liquidity for operations during bankruptcy, according to a report in the Wall Street Journal.
New Balance Wins Copyright Lawsuit In China
New Balance won a copyright lawsuit against a Chinese firm in a lengthy battle. The Shanghai Pudong People’s Court ruled that New Barlun was guilty of unfairly using an “N” symbol that closely resembles New Balance’s signature logo and could mislead consumers.
RRCA Launches Survey To Understand Attitudes On Return To Group/Event Running
The Road Runners Club of America (RRCA) has launched a nationwide survey to learn how the COVID-19 pandemic has affected participation in running events as well as locally organized group runs and training programs.
RunSignup Releases Looking Forward Guidelines For Races
RunSignup has released a working draft of Looking Forward Guidelines for Races. This living document was created with input from dozens of race directors, timers, governing bodies, and other industry partners. It is intended to provide ideas for a path forward for races when coronavirus restrictions are lifted.
Skechers’ Q1 Profits Slump On Pandemic’s Spread
Skechers USA Inc. reported sales slid 2.7 percent in the first quarter as COVID-19 began impacting its China business in February and spread to much of the rest of its markets in March. Earnings on an adjusted basis were down 45.1 percent. On the positive side, Skechers noted that its Chinese business is recovering and online sales are skyrocketing.
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.
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.
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.
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