April 08, 2020
Customers working out at home due to gym closures and stay-at-home orders resulting from the coronavirus, fueled an 11% gain in Q1 sales to about $94 million, NLS’ first quarterly sales improvement since Q3, 2018.
Share prices of sporting goods companies worldwide have taken a beating since the coronavirus outbreak began, falling 32.3% on average in the period from Chinese New Year through the end of the first quarter.
Dick’s said it would lay off a “significant” number of retail employees Apr. 12 though it will continue benefits during the furlough and keep a small number of employees working in stores where permitted, distribution centers and the home office.
Gildan will re-open one of its Honduran factories to produce non-medical face masks and isolation gowns, in partnership with a consortium of major apparel and textile companies.
The DTC fitness lifestyle brand, which aborted its planned IPO in Nov., is raising the funds under a Regulation A Tier 2 offering that will allow the company to be publicly traded.