Daily News Feed
Vietnam Ducks Trump Tariffs
The Trump Administration declined to impose punitive Section 301 tariffs on the major source of sneaker imports, even after the U.S. Trade Representative found that Vietnam took unreasonable actions to devalue the dong.
Crunching the raw data from the U.S. Census Bureau, the National Retail Federation said that retail Holiday season sales grew an unexpectedly high 8.3% year-over-year to $789.4 billion.
Sales at Super Retail Group’s sporting goods banner increased 15% to A$624 million ($446 mm) in the 26 weeks ended Dec. 26, including a +17% comp and a 102% increase in online sales, which is expected to generate EBIT of A$99 to A$100 million.
The footwear manufacturer reported a 19% revenue drop to $275.9 million in Q4 from $339.9 million the year before, ending the year with sales of $1,117.1 million, down 27% from 1,530.3 million in 2019.
Globe International revenues were up about 60% year-over-year to A$125 million ($89 mm) in the fiscal first half ended Dec. 31.
Sporting Goods/Hobby/Book and Music Store adjusted revenues climbed 15% in the final month of the year to $7,626 million from $6,620 million last year, according to Commerce Dept. data, as Dec. capped a string of double-digit increases that began in May.
Less than a month after settling trademark infringement claims with the streetwear designer over his Dunk-inspired sneaker concepts, the Eager Beavertons have now filed suit against his supplier La La Land Production & Design.
Vail Resorts Retail Sales Plunge
Season-to-date retail/rental revenue for MTN’s North American resort and ski area store locations was down 39% compared to the same period last year, as total skier visits declined 17%.
Handgun imports more than doubled for the third month in a row, growing 124% to 408,965 units, driven by a 133% jump in pistols to 382,615 units and 45% growth in revolvers to 26,350 units, according to ITC data compiled by the NSSF.
Pon Holdings sold its 20% stake in its big Dutch competitor, Accell Group, at the end of last year, according to reports in various Dutch media.
U.S. Bans All Cotton Products from Xinjiang
While the move was ostensibly in reaction to recent reports of human rights violations and up to 500,000 Uyghurs being forced to pick cotton there, it also provided an opportunity for the Trump Administration to take one more shot at China.
Google announced today with a post on its blog that it had closed its acquisition of Fitbit, but the U.S. Department of Justice has not approved the acquisition, though its own deadline of Jan. 13 expired without it lodging any objection.
Anta Sports provided an operational update for the fourth quarter and full year, noting that the Anta brand had low-single-digit retail sales growth in Q4, but was down mid-single digits for all of 2020.
Tea Olive I, the corporate name of the 25-door farm, hardware, outdoor and sporting goods chain, filed for Chapter 11 in MN bankruptcy court and will liquidate inventory at all stores with GOB sales starting immediately.
Succeeding his brother Tim after a two-year stint at the helm of the family-owned company, Dennis Leedom will lead the action sports helmet maker going forward from a new headquarters at Cordage Commerce Center in Plymouth, MA.
Designer and graffiti artist Leonard McGurr, who uses the pseudonym Futura, is suing TNF and parent VF Corp. for copying his distinctive swirled atom design with its Futurelight logo.
Sea to Summit is recalling about 18,250 Alpha and Sigma camping pots because the nylon latch can disengage from the pot and cause the handle to detach, posing burn and scald hazards.