May 11, 2020 Under Armour Sees Difficult 2020 Ahead After Big Loss in Q1
Hit by some enormous restructuring and impairment charges in Q1, Under Armour reported a net loss of $589,681,000 against income of $22,477,000 for the three months ended Mar. 31 as revenue fell 23% to 930,240,000 from $1,204,722,000. Clarus’ Sales Fall as Pandemic Closes Retail
Net income plunged 99% to $36,000 from $3,787,000 in the first quarter on 13% lower sales of $53,555,000 down from $61,218,000 pulled down by a falloff in Black Diamond at the end of the quarter as retailers closed stores and cancelled orders. Q1 Exports to China Fell Well Short of Goals
Total exports to China in the first three months of the year were down 10% with exports of agriculture, manufacturing and energy all coming in well below the pace needed for China to keep its commitments on the Phase One trade deal with the U.S. to increase its purchases of U.S. products by $200 million this year. Store Reopenings Begin in Some States
State and local officials in some areas are allowing non-essential retail, including sporting goods and mall footwear and apparel stores, to reopen, but often with restrictions on occupancy or other requirements depending on the region. Yue Yuen Retail is Recovering, but Manufacturing Sales are Weak
As Chinese retail continues to make progress back towards normalcy, Pou Sheng reported Apr. sales of $309,942,000, off just 15% from $362,851,000 last year, and a solid sequential improvement from the 38% drop in Mar. and the 83% plunge in Feb., when most stores were closed. Outerstuff Downgraded by Moody’s after Missed Payment
The children’s licensed apparel maker, which is partially owned by the NFL and Blackstone, missed term loan principal and interest payments at the end of Mar., and entered into a forbearance agreement with its lenders. Under Armour Sued over Bioceramic Apparel
Multiple Energy Technologies says that Under Dog violated non-disclosure and exclusivity agreements when it dumped MET and partnered with Hologenix to supply ceramic fabric treatments for its apparel, in a suit filed in Western PA federal court. Yeti Shareholders Selling 15 Million More Shares
Yeti filed a shelf registration for Cortec, the Seiders family and several other shareholders to divest more shares of the company. Etcetera: Arc’teryx, Royal Robbins, Hanesbrands, Callaway
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