SGB Update Apparel
Gildan Activewear Posts Q1 Loss After Charges
Gildan Activewear reported a net loss of $99.3 million, or 50 cents per share, in the first quarter after after-tax charges of approximately $110 million, or 56 cents per share. Excluding charges, adjusted earnings were down 65.9 percent as sales dropped 26.4 percent.
NCAA Outlines Plan To Let Athletes Make Endorsement Deals
The NCAA’s Board of Governors announced that it had approved recommendations under which student-athletes could receive income for third-party endorsements, as well as social media opportunities, other business ventures and personal appearances that fall within certain guidelines.
Soccer Parents See Soccer Returning This Summer
A survey of youth soccer parents from Soccer.com, the nation’s leading soccer-specialty retailer, finds 81 percent expect youth soccer to resume in their area by August 2020. Of those, 61 percent believe youth soccer will resume in their area by July 2020.
Spartan Offers 1 Million Free Event Entries To Support The Fitness Industry
Spartan, known for its obstacle course race (OCR) and endurance races, will offer up to one million free event entries to members of fitness facilities who continue to pay their dues, in an effort to support the industry that has been devastated by the COVID-19 pandemic.
Darn Tough Vermont Donates 10,000 Socks To Frontline Workers
Darn Tough Vermont is donating 10,000 pairs of socks to hospitals across its home state of Vermont.
Inaugural Rock ‘n’ Roll Virtual Running Series Race Draws 11,000
A total of more than 11,000 people from 80 nations and all 50 states took part in the Rock ‘n’ Roll VR1, the inaugural event in the Rock ‘n’ Roll Virtual Running (VR) Series held last weekend. Rock ‘n’ Roll VR1 consisted of a 5K with participants having the ability to compete anywhere, indoors or outdoors.
Macy’s Debt Ratings Lowered
S&P Global lowered the debt ratings of Macy’s as the rating agency expects prolonged effects of social distancing and a weak environment for discretionary spending will intensify pressures on the department store sector. S&P said Macy’s also faces sizable upcoming debt maturities over the next several years and potential covenant compliance issues under its revolving credit facility.
Adidas’ Q1 Revenues Drop 19 Percent
Adidas AG reported first-quarter earnings tumbled 97 percent. Sales slumped 19 percent on a currency-neutral basis. Adidas also warned the second-quarter results would decline to a greater degree.
Northwest Company Files For Bankruptcy Protection
The Northwest Company LLC, a manufacturer of league licensed blankets, packs and other items, filed for bankruptcy protection in the Southern District of New York. The filing was blamed on a failed acquisition, quality issues at a third-party vendor, tariffs and general weakness at retail in recent years.
Ross Stores Donates $1.5MM To COVID-19 Relief Efforts
Ross Stores, Inc. announced that the company and the Ross Stores Foundation have jointly pledged $1.5 million of donations to local and national organizations providing essential COVID-19 relief services and additional support to our associates.
NBA Opening Some Practice Facilities
The NBA is reportedly planning to re-open a number of team practice-facilities.
Survey Finds Consumers Feel Least Safe Shopping in Malls
According to a nationwide survey from First Insight taken on April 20, the majority of consumers surveyed would feel the safest shopping in grocery stores (54 percent) and drug store chains (50 percent).
J.C. Penney In Negotiations Over Bankruptcy Financing
J.C. Penney Company Inc. is negotiating bankruptcy financing with banks for a debtor-in-possession loan to secure liquidity for operations during bankruptcy, according to a report in the Wall Street Journal.
New Balance Wins Copyright Lawsuit In China
New Balance won a copyright lawsuit against a Chinese firm in a lengthy battle. The Shanghai Pudong People’s Court ruled that New Barlun was guilty of unfairly using an “N” symbol that closely resembles New Balance’s signature logo and could mislead consumers.
Patagonia Selling Online Again
Patagonia, which closed both its stores and e-commerce operations on March 13 in an early response to the spread of COVID-19, has resumed online selling.
