June 03, 2020
Net loss came in at $17,395,000 in the first quarter compared to last year’s profit of $677,000 on revenues that were down 41% to $77,289,000 from $130,303,000 as brick-and-mortar fell 58% to $47.0 million but e-commerce jumped 54% to $30.3 million.
Comprehensive income was C$7.3 million ($5.4 mm) compared to C$6.0 million for the final quarter ended Mar. 29 as sales declined a modest 10% during the pandemic to C$140.9 million ($104.2 mm) from C$156.2 million.
Crocs executives touted the brand’s e-commerce success during the Covid-19 pandemic and gave an update on the progression of retail reopenings in an R.W. Baird-hosted virtual round table discussion.
Wolverine Worldwide said that Q2-to-date e-commerce was up more than 90% year-over-year driven by triple-digit gains from Merrell, Saucony, Wolverine, Cat Footwear, and accounted for more than 40% of revenues.
The family-owned sock maker reopened its Sheboygan, WI, factory now that the state eased stay-at-home restrictions, but with a decidedly smaller operation.
Duke’s Sporting Goods, which operates two locations in central KY, is merging with H+W Sports retail and team sales business, according to local newspaper the News-Enterprise.