SGB Update Apparel
Trump Threatens New China Tariffs
President Donald Trump threatened to impose further tariffs to punish China for its handling of the pandemic.
Adidas Countersues Louisville Basketball Recruit’s Father
Adidas filed a counter-lawsuit against former five-star recruit Brian Bowen II’s father, a former grassroots consultant and a financial advisor. The suit charges the three worked with Adidas employees to funnel money to the families of high school basketball prospects while evading detection by others in the company.
New Balance Donates To Hope For The Warriors
New Balance made a $35,000 donation to Hope For The Warriors to fund sports programming for children of military service members in honor of Armed Forces Day.
Eighty Percent Of Golf Courses Expected To Be Open By May 3
Fifty-eight percent of golf courses in the U.S. were open for play in the week ended April 26 with 80 percent expected to be open by May 3, according to the National Golf Foundation’s most recent COVID-19 survey.
L.L.Bean Secures Tax Break For Expansion
L.L.Bean will receive a nearly $10 million tax break from the city of Freeport, ME to support the $110 million expansion of its headquarters, according to the Portland Press Herald.
Newell Brands’ Home & Outdoor Living Segment Posts Steep Loss On Charges
Newell Brands’ Home & Outdoor Living segment, which includes Coleman and Marmot, posted a $1.1 billion operating loss after impairment charges. Net sales in the segment were $547 million in the first quarter compared with $627 million in the prior-year period, reflecting a core sales decline of 11.3 percent.
Modell’s Secures Suspension Of Bankruptcy Until May 31
A New Jersey bankruptcy judge extended the suspension of the bankruptcy case of Modell’s Sporting Goods under May 31 as COVID-19 continues to prevent the retailer from holding liquidation sales at physical stores.
Unifi Posts Loss On Impairment Charge Tied To Sale
Unifi Inc. reported that it completed sale of its 34 percent interest in Parkdale America, LLC (PAL) to the existing majority partner, Parkdale, Inc., in an all-cash transaction for $60.0 million. The fibers manufacturer also posted a loss in the third quarter ended March 2 after a charge related to the sale.
Iconix Inks Deal To Sell Umbro China
Iconix Brand Group Inc. reported in a regulatory filing that it entered an agreement to sell Umbro China Limited to HK Qiaodan Investment Limited for $62.5 million.
Amazon.com’s Q1 Sales Jump 26 Percent
Amazon.com Inc. reported net sales increased 26 percent with North American sales surging 29 percent.
Columbia Sportswear Posts Q1 Operating Loss, Sales Slide 13 Percent
Columbia Sportswear Company reported an operating loss of $2 million in the first quarter as sales fell 13 percent. Chairman, President and Chief Executive Officer Tim Boyle said, “It is important to note that we entered into this crisis in a position of strength, with a fortress balance sheet and top quartile operating margin performance in our industry in 2019. As consumers look to make every dollar they spend count within this challenging economic environment, we believe the Columbia brand’s differentiated innovation and exceptional value are as important as ever.”
Golf Rounds Played Slide In March
Golf rounds played for March 2020 fell 8.5 percent nationally compared to a year ago, according to Golf Datatech. Double-digit increases in the New England, East North Central and Mid Atlantic regions were offset by a steep decline in the Pacific region and smaller declines in the South Central and South Atlantic.
Macy’s Plans To Reopen 68 Stores On Monday
Macy’s Inc plans to reopen 68 stores on Monday in states that reduced coronavirus lockdown restrictions, according to the Wall Street Journal.
Stio Hires Senior Sourcing And Production Manager
Stio, the Jackson Hole-based outdoor apparel brand, hired Gena Calegari as its senior sourcing and production manager. Calegari was most recently the global production of maternity and plus at Old Navy.
HanesBrands’ Q1 Sales Drop 17 Percent
HanesBrands Inc. the parent of Hanes and Champion, reported earnings tumbled 77.3 percent in the first quarter as sales declined 17.0 percent. The company estimated that COVID-19 reduced GAAP and adjusted results by $181 million in net sales, $86 million in operating profit, and 20 cents per share in EPS.
