Retail sales rose dramatically in May as retailers and other businesses closed by the coronavirus pandemic began to reopen, but remained well below spending levels seen during the same period a year ago, the National Retail Federation said.
Category: Footwear

Mall Landlords, Authentic Brands In Talks To Acquire J.C. Penney
Mall owners Simon Property Group and Brookfield have partnered with Authentic Brands to explore a purchase of bankrupt department-store chain J.C. Penney, sources told Bloomberg.

McRae Industries Q3 Sales Drop 23 Percent
McRae Industries Inc., the maker of military combat boots and western and work boots, reported revenues for the third quarter of fiscal 2020 ending on May 2 of $14.29 million as compared to $18.6 million for the third quarter of fiscal 2019. The company experienced a net loss for the third quarter of fiscal 2020 in the amount of $504,000, or 22 cents a share, compared to net earnings of $386,000, or 16 cents, for the third quarter of fiscal 2019.

Decathlon Opens Dublin Flagship
Decathlon opened a flagship location in Dublin, marking its first location in the Republic of Ireland. Over the next few years, the French sports retailer expects to open nine outlets Ireland. It already has stores in Northern Ireland.

Nike’s Phil Knight To Receive Honorary Doctorate From Oregon
Phil Knight, who graduated from The University of Oregon with a bachelor’s degree in 1959, will be given an honorary doctorate degree from his alma mater at a virtual ceremony on June 20.

USA Cycling Announces Olympic Long Team For Mountain Bike, Road And Track
USA Cycling announced the men’s and women’s mountain bike, road, and track Olympic long teams, naming the initial lists of athletes from which the final roster for the Olympic Games Tokyo 2020 will be selected next summer. Athletes are still eligible to make the Olympic long teams until May 2021.

Dick’s SG Reinstates Dividend Program, Restores Most Salaries
Dick’s Sporting Goods, Inc. announced the reinstatement of its dividend program. The retailers also announced that with nearly 100 percent of its stores expected to have re-opened to the public by June 30, it has restored previously reduced salaries for all employees, except for certain executives, and has returned substantially all associates from furlough.

Boardriders Debt Ratings Lowered
The debt ratings of Boardriders Inc., the parent of Quiksilver, Billabong, ROXY, DC Shoes, RVCA and Element brands, were lowered by S&P Global Ratings. The rating agency said Boardriders recently published preliminary results showed severely negative EBITDA in the second fiscal quarter and indicated that it might need additional liquidity this year to meet its obligations.

Lululemon DTC Surges To 54 Percent Of Sales In Fiscal First Quarter
Lululemon Athletica Inc. reported that net revenue for the first quarter ended May 3 was $652.0 million, a decrease of 17 percent compared to the first quarter of fiscal 2019.

Nike Makes Juneteenth An Annual Paid Holiday
Nike is making Juneteenth, which takes place on June 19 and commemorates the end of slavery in the U.S., an official paid company holiday, CEO John Donahoe said Thursday in a letter to employees. He also said Nike will be taking further steps to ensure Black, Latino and Women are properly represented at Nike.
Adidas Boosts Investment In Black Communities
Adidas on Wednesday raised its investment in black communities to $120 million from $20 million after criticism.

NGF Finds Golf Participation Spiked In Areas That Faced Restrictions
According to analysis by the National Golf Foundation (NGF), golf participation has picked up in recent weeks in several key golf markets as courses reopen with the surge in play most pronounced in courses that faced restrictions.

Report: COVID-19 Has Not Reduced Consumers’ Demand For Sustainable Solutions
Kearney’s annual Earth Day survey found consumers still show a strong and growing interest in the environment even as COVID-19 continues to ravage the nation.

Emerald Holding To Receive $400 Million Convertible Preferred Stock Infusion
Emerald Holding Inc., the parent of Surf Expo, Outdoor Retailer and other trade shows, announced plans to raise $400 million through the issuance of convertible participating preferred stock to affiliates of Onex Corporation, the company’s controlling stockholder and in a subsequent rights offering.

Mall Owner Simon Terminates Deal To Buy Taubman
Simon Property Group, the largest U.S. mall owner, announced that it has exercised its contractual right to terminate its February 9, 2020 merger agreement with high-end mall owner Taubman Centers. Simon argues that Taubman has breached its obligations, specifically by not taking steps “to mitigate the impact of the pandemic as others in the industry have.”