April 23, 2020
Net income in the first quarter was more than halved to $49,101,000 from $108,758,000 on 3% lower revenues of $1,242,345,000 down from $1,276,756,000, with declines in DTC and international wholesale partially offset by a 9% improvement in domestic wholesale.
Net income took a 55% hit to $11,091,000 from $24,710,000 as revenue ticked down 5% to $281,160,000 from $295,949,000, including a 6% drop in wholesale, while retail sales were down 15%.
Under Armour was targeted in a class action suit in CA (Matilda Dahlin vs. Under Armour, Central CA cv-03706) for deceptive pricing in its outlet stores there, following Columbia’s settlement of a similar complaint by changing its advertising practices and Nike’s getting a suit dismissed.
Revenues declined 18% at the luxury outerwear maker to €310,108,000 ($341.5 mm) from €378,525,000 in the first quarter, after 24 quarters of double-digit top line growth, pulled down by stay-at-home orders and the closure of non-essential businesses in most of its markets.
The Big a wants to get the €2.4 billion loan from German state development bank KfW off its books as quickly as possible, and is considering a multi-billion Euro bond offering to replace it, Reuters reported.
A Portland federal court judge ruled that Nike’s Klaw logo, which its own designers developed based on a sketch provided by the Raptors’ forward, was a separate design and not just a derivative work.
StringKing, which pivoted its Los Angeles production facility last week from making lacrosse apparel to face masks and other PPE, has now ramped up to full capacity and is making 300,000 3-layer face masks, 70,000 protective gowns, and 40,000 cloth face masks per day.