September 01, 2020
Net loss at parent Caleres was $30,717,000 in the second quarter ended Aug. 1 against a profit of $25,341,000 last year on revenues that tumbled by a third to $501,448,000 from $752,485,000 including a 20% decline at Famous Footwear and a 49% drop at the Brand Portfolio.
Net income dropped 15% to $10,060,000 from $11,832,000 on revenues that were up 11% to a quarterly record $300,794,000 from $268,221,000 for the second quarter ended Aug. 3.
The Big a is issuing €1 billion in senior unsecured notes, including €500 million due in 2024, and €500 million due in 2035, as an initial step towards replacing its state-backed credit facility.
The Chinese sportswear brand saw its issuer credit rating and the rating on its senior unsecured notes downgraded to B- from B+ by Standard & Poor’s, which cited sliding sales and ramped up competition.