Sporting Goods Industry News for May 22, 2019
As it spins off its jeans business to shareholders, net income from continuing operations in its final quarter ended Mar. 31 declined 49% to $128,804,000 from $252,793,000 on a sales gain of 6% to $3,212,969,000 from $3,045,446,000.
President Xi of China is asking his citizens to prepare for another Long March, referencing the beginning of the Red Army’s ultimate victory under Mao Zedong, as he builds up support for an extended trade war with the United States.
Net income increased 7% to $13,873,000 in the first quarter from $12,955,000 as revenue decreased 1% to $253,810,000 from $257,445,000 and comparable store sales decreased 0.2%.
Attorney Michael Avenatti, who was arrested two months ago for an extortion scheme in which he threatened to expose Nike’s purported involvement in NCAA recruiting violations, was formally indicted today in Manhattan Federal Court by U.S. Attorney Geoffrey Berman.
The retailer plans to open 10 “express” stores in the 5,000- to 8,000-sq.-ft. range in New York City, a third to a half the size of its usual model, TheRealDeal reported, with the first lease expected to be signed next week.
Representatives Jaime Herrera Beutler (R-WA) and Lucille Roybal-Allard (D-CA) sent Mark Parker a letter asking for more details on its policies for paying pregnant athletes.
The Eager Beavertons withdrew the Air Force 1 Puerto Rico 2019 edition after an indigenous Panamanian group claimed the pattern on the shoe appropriated their tribal design.
Fresh off last week’s victory in another boot knockoff suit, DECK is suing Walmart, Kmart, CVS and Aeropostale for copying its designs in separate actions in Central CA District Court.