May 11, 2020
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.
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.
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.
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.
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.
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.
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 filed a shelf registration for Cortec, the Seiders family and several other shareholders to divest more shares of the company.