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.
Category: Footwear
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.
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.
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.
Adidas To Sponsor Bordeaux
France Ligue 1 club Bordeaux will switch its kit supply deal from Puma to Adidas with the start of the 2020/21 season.
Anta Sports Sees First-Half Sales Drop Due To Coronavirus
Anta Sports said it expects a low-double-digit decrease in revenues for the first half of 2020 due to the fallout from the coronavirus, but sales are expected do recover in the second half and growth is still expected for the year.
The Buckle Provides Dividend Update In Response To COVID-19 Outbreak
The Buckle, Inc. announced that at its quarterly meeting of the board of directors, held on March 23, 2020, the Board deferred making a decision on dividend payments until its next regularly scheduled Board meeting. The company also announced that both its Chairman, President and CEO have elected to forgo their salary until such time as normal business operations resume.
Nordstrom Halts Dividend, Share Buybacks
Nordstrom Inc. said it was suspending its dividend, drawing down $800 million from a loan facility, and suspending its share buyback program in response to the “rapidly changing market uncertainty” from the COVID-19 pandemic.
VF Corp. Withdraws Guidance, Draws Down $1 Billion From Credit Facility
VF Corp. said it has drawn down $1 billion from its revolving credit facility “in an abundance of caution and as a proactive, precautionary measure” in response to the coronavirus. The company also withdrew its guidance for 2020.
A&G Realty Partners Begins Marketing Of 137 Modell’s Store Leases
A&G Real Estate Partners (A&G) has begun marketing 137 Modell’s Sporting Goods store leases in nine Northeastern and Mid-Atlantic states and the District of Columbia in connection with the 111-year-old retailer’s voluntary Chapter 11 bankruptcy filing and liquidation.
Nike Promotes Social Distancing In Ad To Promote Workout App
On Saturday, Nike released a new ad campaign to express the importance of social distancing during the coronavirus pandemic. The campaign also promotes the brand’s workout app and timed with the announcement that programming is now accessible to users free of charge.
Foot Locker Increases Cash Position In COVID-19 Pre-Caution
Foot Locker Inc. said in a regulatory filing that it borrowed $330 million under its revolving credit facility. The retailer said the borrowings were made as a precautionary measure to increase its cash position and preserve financial flexibility in light of the uncertainty in the global markets resulting from the COVID-19 pandemic
Hibbett Sports Delivers 4 Percent Q4 Comp Gain
Hibbett Sports Inc. reported earnings on an adjusted basis, slid 14.5 percent in the fourth quarter, missing Wall Street’s guidance. Same-store sales grew 4 percent, its fifth consecutive quarter of comparable sales growth. The chain is not providing 2020 guidance due to the coronavirus. Mike Longo, CEO, said, “We believe we have ample liquidity and financial flexibility to navigate this period of uncertainty while positioning Hibbett for future success.”
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