August 31, 2020
The Chinese footwear and apparel brand’s net income attributable to shareholders was down 46% in the first half to RMB 247,921,000 ($35.0 mm) from RMB 463,012,000 despite 10% higher revenues of RMB 3,679,061,000 ($518.9 mm) up from RMB 3,356,913,000.
Paul Gaudio, a 20-year veteran of the brand, was terminated effective today for comments on a Complex Instagram Post that were interpreted by some as supporting Kyle Rittenhouse, the 17-year-old facing a murder charge for killing two protestors of the Jacob Blake killing in Kenosha, WI.
Net loss attributable to shareholders was HK$166,210,000 ($21.4 mm) in the first half against income of HK$39,068,000, on 37% lower revenues of HK$121,806,000 ($15.7 mm) down from HK$193,847,000.
The footwear manufacturer reported a 52% drop in revenues to just $1,422,000 in the first half, down from $2,935,000 last year and far away from the $44 million it tallied in H1, 2017.
WMT is divesting its footwear e-commerce site Shoes.com to private-equity firm CriticalPoint Capital, Bloomberg reported.
Neymar’s long-running endorsement deal with Nike has ended early, and the Big Cat is leading the running to sign the Paris Saint-Germain and Brazil striker, according to multiple reports.