June 11, 2020 With Big Gains in E-Commerce, Lululemon Posts Q1 Profit
Showing just how well positioned its business is to cope with the current environment, the lulunatics reported net income of $28.6 million compared to $96.6 million on a 17% sales decline to $652.0 million against $782.3 million as e-commerce sales surged 70% over a 35% comp last year to $352.0 million, or 54% of total revenue. Adidas Ups Commitment to the Black Community
In response to criticism that its $20 million pledge to black communities was an inadequate commitment, the Big a upped the ante to $120 Million, and said it would also raise its targets for diverse hiring. Rose Marcario Departs Patagonia after Six Years as CEO
Marcario, who joined Patagonia as CFO in 2008 after spending 15 years in private equity, is stepping down from the top job there on June 12. Boardriders’ Credit Rating Lowered by S&P
In February, Standard & Poor’s revised the PE-owned action sports company’s outlook to negative, and now it has followed through with a downgrade of its issuer credit rating to CCC+ from B-. Varsity Brands Offering $100 Million of Debt
Varsity Brands Holding Co. and its Hercules Achievement subsidiary are jointly offering $100 million of senior secured notes due 2024, with the proceeds going to pay down their ABL revolver. Belle Sells $375 Million in Topsports Stock
Belle International is selling 276,800,000 shares of its former subsidiary Topsports International, in which it is still the controlling shareholder, for HKD10.50 per share ($375 mm). Adidas Sues More Counterfeit Sellers
The Big a filed suit in Miami federal court against a sealed list of e-commerce websites and marketplace seller IDs that it says are selling counterfeit Adidas merchandise.
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