Under Armour Inc. said Kevin Eskridge, chief product officer, will be leaving the company on August 15, 2020 to pursue other interests.
Category: Sports/Fitness
Big 5 Withdraws First-Quarter Guidance
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.”
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.
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.
TaylorMade Golf Appoints New CFO
TaylorMade Golf Company welcomed Rick Paschal as its new chief financial officer. He was at Varsity Brands.
IHRSA Implores Congress To Include Fitness Industry In Stimulus
IHRSA has requested that Congress include health clubs, fitness centers, gyms, studios, and fitness industry suppliers in the economic stimulus package.
International Olympic Committee Considers Postponing Tokyo Games
The International Olympic Committee (IOC) on Sunday said it is considering postponing the Tokyo 2020 Games and would make a final decision within four weeks.
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.
Peloton Suspends Treadmill Sales, Deliveries Amid Spread Of Coronavirus
Peloton announced that it will temporarily suspend the sale and delivery of Tread, its treadmill, because the size of the machine is too large to deliver to customers who are social distancing amid the coronavirus pandemic.
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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