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March 23, 2020 Companies Draw Down Credit Lines, Slash Prices to Raise Cash
Sending a strong signal that they don’t expect the Covid-19 recession to end anytime soon, brands and retailers are making moves to raise cash and grab as big a share of e-commerce demand as they can, while many stores sit shuttered. Trade Groups Seek Relief from Shutdown; Olympics Postponed
Over 90 trade groups including the NSGA, SIA, AAFA, FDRA, and NSSRA sent a letter to the White House over the weekend urging the Administration to address the economic damage that social distancing and mandatory store closures are inflicting on retailers. Shenzhou Net Gains as It Focuses on New Production Outside China
The apparel manufacturer’s net income gained 10% to RMB4,958,536,000 ($698.9 mm) from RMB4,492,543,000 for the FY ended Dec. 31 as sales rose 8% to RMB22,665,272,000 ($23,194.6 mm) from RMB20,950,205,000. Centauro Results Improve in 2019
Brazil’s largest sporting goods retailer reported net income up 39% to BRL171,216,000 ($33.8 mm) from BRL122,891,000 for the FY ended Dec. 31 on a 17% sales hike to BRL1,065,689,000 ($210.6 mm) from BRL908,521,000.
The Big a will replace Puma as the team’s kit supplier with the 2020-21 season with a five-year deal valued at €1 million annually.
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