Daily News Feed
Modell’s Closing 24 Stores, Seeks Outside Investor
CEO Mitch Modell said that the 130-year-old, family-owned chain is looking to sell a minority stake in the company, and that all options are on the table, in an interview on Fox Business.
A U.S. district court approved WWW’s settlement with the state of Michigan and local authorities to remediate drinking water contamination from PFAS chemicals used in a since-closed tannery and other company-owned facilities there.
Net income dropped 28% in the fourth quarter to $2,575,000 from $3,580,000 and revenues declined 8% to $47,044,000 against $50,992,000 on softness in the archery and fitness categories, but outdoor games, pickleball and basketball improved.
Lululemon said the majority of its 38 stores have been closed since Feb. 3 with some now operating on a reduced schedule.
The two companies’ settlement of their patent infringement battle requires Flywheel to stop offering its At Home online classes on Mar. 27, and Peloton is seeking to capture those users with a trade-in offer.
Gildan Sees Lower Activewear Sales in Q4
Net income dropped 45% to $32,512,000 from $59,522,000 for the fourth quarter as sales declined 11% to $658,673,000 from $742,748,000 including a 15% drop in activewear partially offset by a 1% gain in hosiery and underwear.
Net income declined by a third to $8,208,000 from $12,274,000 in the final quarter on 13% lower sales of $105,139,000 down from $121,121,000, in a period when NSSF-adjusted NICS checks increased by 5%.
Net loss was $120,835,000 in the fourth quarter, including $47,990,000 of costs related to the company’s pending acquisition by Google, compared to a profit of $15,372,000 the previous year.
Mountain View Sports Center, which operates two locations in Anchorage, AK, filed for Ch. 11 bankruptcy protection listing $100,001-$500,000 in assets and $1,000,001-$10 million in liabilities.
The third major Chinese brand to issue an update on the impact of the coronavirus said that all in-house factories and offices resumed operations as of Feb. 10; however, it didn’t indicate if it was at full capacity in the factories, which seems unlikely.
The snowboard company elevated Donna Carpenter, wife of founder Jake Burton Carpenter, who died last November, to chairman of the board, leaving her co-CEO Lacy with the top job.
Joelle Grunberg will take over as global president of the Sperry brand, replacing Tom Kennedy, who will be moving back to the Rockford, MI, group to become president of the Wolverine brand.
Net income jumped 30% to ¥7,859 million ($72.3 mm) from ¥6,049 million in the third quarter ended Dec. 31, the company’s largest, as revenues increased 14% to ¥34,675 million ($319.0 mm) from ¥30,301 million.
Browning is recalling about 1,265 leather pistol holsters with a multi-angle thumb break, designed for its 1911-380 and 1911-22 pistols, because the holster can change the position of the safety switch on the firearm without the user knowing it.
The man who put more shoes on American children than anyone, passed away at the age of 82 Feb. 17.
Puma Shares Leap on Strong Q4, Optimistic Virus Outlook
Net income improved 55% to €17.8 million ($19.3 mm) from €11.5 million in the seasonally small Q4 ended Dec. 31 as the sales momentum continued with a 21% gain to €1,478.6 million ($1,599.5 mm) from €1,226.4 million.
The Eager Beavertons’ new CEO elevated three company veterans to senior leadership positions, putting his imprimatur on the executive team that will lead Nike forward in the post-Mark Parker era.
Fitness segment revenue was up 34% to $372,520,000 from $277,014,000 in the fourth quarter, led by sales of advanced wearables and contributions from Tacx, the indoor training and cycling software company the company acquired earlier in the year.
In the nearly four weeks since the Chinese New Year holiday began on Jan. 25, the Big a said its sales in Greater China have plummeted about 85% against the same period last year.
Net loss narrowed to ¥108 million ($1.0 mm) in fiscal Q3 ended Dec. 31 from a loss of ¥302 million prior on 4% higher revenues of ¥14,769 million ($135.9 mm) up from ¥14,168 million at the racquet sports and golf brand.
Net loss was ¥114 million ($1.0 mm) in the fiscal third quarter ended Dec. 31 against a profit of ¥51 million as sales at the sporting goods wholesaler and manufacturer declined 7% to ¥9,402 million ($86.5 mm) from ¥10,110 million.
Big Foot plans to invest $275 million this year up from a final tally of about $187 million in 2019.
Game Plan is suing LeBron James’ Uninterrupted, Nike, ESPN parent Walt Disney, and Take Two Interactive for infringing its “I Am More Than An Athlete” trademark.
Total on course participation increased 1.5% in 2019 to an estimated 440 million overall rounds played, according to the National Golf Foundation, lapping a wet 2018 that saw a 4.8% decline from 2017.
Contigo is recalling about 5.9 million 13-, 14- and 20-ounce Kids Cleanable Water Bottles that were the subject of a recall last Aug., because of additional incidents with replacement lids that were given to consumers as part of the original recall.