September 10, 2020
PTON reported net income of $89.1 million in its final fiscal quarter ended Jun. 30 against a loss of $47.4 million last year as pandemic-driven demand sent revenues up 172% to $607.1 million from $223.3 million.
Net income jumped 181% to $25,392,000 over $9,025,000 on a 10% revenue increase to $250,392,000 from $228,425,000 for the second quarter ended Aug. 1, benefitting from strong full-price selling across all geographies.
The venerable Portland independent is another victim of the Covid-19 virus as the flight of businesses from downtown and replacing them with the nightly protests that have rocked Portland resulted in a Chapter 11 filing in Oregon bankruptcy court.
The fashion-focused department store that operates 13 stores in NY, NJ, PA, and FL, filed for Chapter 11 protection after its insurance company refused to pay out $175 million due for business interruption caused by the Covid-19 pandemic.
UCLA voluntarily dismissed its lawsuit against Under Armour for breach of contract, and has refilled the complaint in CA state court, local news site MyNewsLA reported.
Continuing headwinds from the footwear manufacturing business sent Yue Yuen’s revenue down 25% overall last month to $626,047,000 from $840,326,000 and its Pou Sheng Chinese retail subsidiary also saw a decline in sales, reversing its post-pandemic gains.
Chumash Capital Investments, the investment vehicle of the Santa Ynez Band of Chumash Indians, bought Azimuth Technology from LongueVue Capital and Clavis Capital Partners.
Cycling Sports Group is recalling about 2,100 Cannondale Treadwell front racks with bamboo trays because they can detach and cause the bicycle’s front wheel to abruptly stop.