Daily News Feed
Vail Resorts Drops in Q4, but Plans Full Opening for 20/21
Retail and rental revenue dropped 69% to $10,538,000 in the seasonally small final quarter ended Jul. 31 from $34,407,000 last year, as the summer season at MTN’s North American resorts got off to a slow start due to travel restrictions in Canada, which was closed to international visitors, but was gradually improving through July.
Standard & Poor’s raised its issuer-credit rating for Academy parent New Academy Holding Co. LLC to B- from CCC+ citing lower refinancing risks as the retailer prepares for its public offering.
CLAR is selling 900,000 shares of its common stock for $12.75 per share to three of its largest investors, Brown Advisory, Greenhouse Funds and TT Investimentos, raising $11.5 million for working capital and general corporate purposes.
Academy Sports & Outdoors Prices Offering at $1.4 Billion Valuation
The sale of 15,625,000 shares of the KKR-controlled retailer will be in the $15-17 per share range and is expected to result in net proceeds of approximately $225 million, excluding an underwriters’ overallotment of up to 2,343,750 additional shares.
Retailers are shifting rapidly towards more athletics and more activewear in general, and Puma’s position at the juncture of sport and sport culture has it well situated to thrive in the new world the pandemic has created, North America chief Bob Philion told a virtual audience at the SFIA’s conference.
Gellert, who has been running Patagonia EMEA since the end of 2014, has been promoted to serve as chief executive of Patagonia Works, the parent company of Patagonia Inc.
Despite considering the action sports brand’s issuance of a super senior term loan tantamount to a default because it relegated existing lenders to a junior position, Standard & Poor’s raised Boardriders issuer credit rating to CCC from SD.
The ratings agency also gave a B1 rating to GOOS’ new $300 million (C$402 mm) senior secured first lien term loan due in 2027, which will be used to pay down its existing C$155 term loan, C$50 million ABL balance, with the rest added to cash on the balance sheet.
SPWH will pay Dick’s $4.5 million for the inventory and assets of the Erie, PA, and Charleston, SC, Field & Stream stores, which will be rebranded as Sportsman’s Warehouses.
Kathmandu Net Shrinks Despite Soaring Top Line
Net income attributable to shareholders plunged 86% to NZ$8,145,000 ($5.2 mm) for the fiscal year ended July 31, from NZ$57,633,000 last year, though incremental Rip Curl sales sent revenues up 49% to NZ$801,524,000 ($510.5 mm) from NZ$538,855,000.
Industry manufacturers and retailers are weighing in on voting in the presidential election year, launching their own initiatives or partnering with longstanding voter registration organizations.
Consulting firm AlixPartners is forecasting 1.0% to 2.6% retail sales growth this year for the Holiday season, which it opines should now include the month of Oct, in addition to Nov. and Dec.
The online sneaker, apparel and accessories resale platform raised the Series E round from D1 Capital Partners, bringing its total raised to nearly $300 million since it was launched in 2015.
Traffic at National Parks continued to lag behind last year, with Aug. recreational visits down 10.8% to 36,366,501 from 40,784,074 in 2019.
Specialized is recalling about 39,200 Sirrus, Sirrus X and Sirrus Sport Bicycles with alloy cranks because the crank arm can disengage and cause the bicycle’s rider to lose control.