February 13, 2020
Coming off last year’s near brush with a bankruptcy filing that weakened receipts followed by a Holiday season hit with shortened shopping days and warm weather, Modell’s is again looking to build support from vendors to restructure operations and has taken a number of steps to put together a plan that might include an outside investor to create a viable path forward for the family-owned chain of 141 stores.
Net income was down 81% to $4,742,000 from $25,169,000 in the final quarter due to a spike in SG&A expenses, on revenues that climbed 23% to $297,602,000 from $241,179,000.
Just a day after saying that the number of cases appeared to be peaking, China said that doctors using lung scans have confirmed 60,000 cases of the coronavirus now, including nearly 15,000 in Hubei Province or a nine-fold increase over the day before.
Revenues at Canadian Tire’s SportChek unit, which includes all its sporting goods banners, gained 3% in the important Holiday quarter to C$619.4 million ($469.2 mm) from C$602.5 million including a 2.0% comp sales increase over last years +2.5% comp.
The ratings agency downgraded Under Dog’s senior unsecured rating to Ba1, the highest so-called “junk” rating, from Baa3, the lowest investment grade rating, citing the company’s ongoing challenges in North America.
Net income at the Japanese retailer more than quadrupled to ¥2,374 million ($21.8 mm) in the fiscal first half ended Dec. 31 from ¥541 million on 3% higher revenues of ¥114,829 million ($1,056.4 mm) up from ¥111,717 million.
Rabe, who is chairman and CEO of Bertelsmann, will succeed Igor Landau in the role when his term of office ends at the close of the Adidas annual general meeting May 14.
Under Dog store manager Daniel Everett, who shot and killed Eunice Maria Vasquez, another manager at the Orlando International Premium Outlets location earlier this week, had made a list of store employees he intended to harm, according to reports in local media.
The race to compete with Nike’s Vaporfly and Alphafly franchise is heating up with the Big a’s Adizero Pro entry into the carbon plate running shoe segment.