April 22, 2020
Net income tumbled 68% in the first quarter to $13.0 million from $40.5 million on 16% lower revenues of $439.3 million against $523.4 million despite a more than 17% increase in owned e-commerce sales.
Big Foot has held off on making major cuts longer than most retailers, but today revealed in an SEC filing that it was furloughing most North American retail workers and some distribution center staff indefinitely, starting on Apr. 26.
Unaudited consolidated revenues were $263.2 million for the quarter ended Mar. 31 compared to $312.6 million prior.
The four tranches, whose proceeds will be used to pay down its $2.25 billion outstanding revolver and the balance for general corporate purposes, saw $1 billion due 2022 priced at 99.982% with a 2.05% coupon and $750 million due 2025 priced at 99.827% with a 2.4% coupon.
In its first sustainability report, GOOS targeted net zero direct and indirect greenhouse gas emissions by 2025 that will represent an 80% reduction from current levels.
Amazon marketplace seller Kimberly McHugh did not respond to Patagonia’s lawsuit accusing her of trademark infringement and unfair competition, so the outdoor apparel brand was awarded a default judgment in the case.
DECK accuses Steven Madden, Ltd. of infringing on the Fluff Yeah trade dress and design patent No. D866,941 with its fuzz slippers, in a suit filed in Los Angeles federal court.