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.
Category: Footwear
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.
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.
Moody’s Assigns A3 Rating To VF’s Proposed Debt Offering, Outlook Revised To Negative
Moody’s Investors Service assigned an A3 rating to VF Corp’s proposed senior unsecured note offering. All other ratings for the company were affirmed, including the A3 senior unsecured rating and Prime-2 commercial paper rating. The rating outlook was changed to negative from stable.
Modell’s Seeks Another Delay In Bankruptcy Amid Continued Shutdowns
Modell’s Sporting Goods is seeking a further delay in its Chapter 11 bankruptcy proceedings as COVID-19 continues to prevent the retailer from holding liquidation sales at physical stores, according to Law360.
Kawhi Leonard Loses Copyright Suit Against Nike
A federal judge ruled in favor of Nike in a dispute over NBA star’s Kawhi Leonard signature “Klaw” logo.
Canada Goose Commits To Carbon Neutrality By 2025
Canada Goose launched its Sustainable Impact Strategy outlined in the company’s first-ever Sustainability Report. The accelerated strategy includes tangible commitments supporting four key UN Sustainable Development Goals (SDGs) to ensure a sustainable future.
Under Armour Signs LSU Wide Receiver Justin Jefferson
Under Armour signed an endorsement deal with LSU wide receiver Justin Jefferson, who is expected to be one of the first receivers taken in Thursday’s NFL Draft.
Wolverine Worldwide’s Q1 Revenues Slump 16 Percent
Wolverine Worldwide reported a steep drop in earnings in the first quarter as sales slumped 16 percent while reiterating the company’s strength to navigate COVID-19. Blake Krueger, CEO said in a statement, “We believe the company is strong, well-positioned to navigate the current challenges and will emerge even stronger.”
Under Armour Lays Off More Than 300 At Tennessee Distribution Center
Under Armour permanently laid off 323 employees at a distribution center in Mount Juliet, TN, according to a notice filed with the Tennessee Department of Labor and Workforce Development.
Report: Lord & Taylor Exploring Bankruptcy
Lord & Taylor is considering filing for bankruptcy after being forced to close all of its 38 U.S. department stores amid the coronavirus crisis, according to a report from Reuters.
VF Sees Fiscal 2020 Just Missing Expectations
VF Corp. provided a revenue outlook for its year ended March 31 that was slightly below Wall Street expectations in conjunction with a debt offering. Earnings guidance likewise was slightly below average estimates.
Sporting Goods Leaders Rank High For Transparency
Adidas, Nike, VF Corp, Patagonia and Puma ranked among the world’s most transparent major fashion brands, according to the 2020 Fashion Transparency Index from the campaign group Fashion Revolution.
Bass Pro’s Johnny Morris Donates 1 Million Face Masks To Healthcare Workers
Convoy of Hope, a not-for-profit supporting disaster relief, announced Bass Pro Shops Founder Johnny Morris is personally donating one million FDA-approved ASTM Level 1 Procedure Face Masks to healthcare workers and first responders working on the front lines of the COVID-19 crisis across the U.S.
Retail Trade Groups Applaud Tariff Relief
The National Retail Federation, Retail Industry Leaders Association and U.S. Chamber of Commerce all applauded the Trump administration’s move to postpone some tariff collections for 90 days amid the COVID-19 pandemic.
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