October 21, 2020
Manchester United commercial revenue dipped 11% in the final fiscal quarter ended June 30 to £59.4 million ($73.7 mm) from £66.7 million, including a 6% decrease in sponsorship revenue to £39.2 million and a 20% drop in retail, merchandising, apparel & product licensing revenue to £20.2 million.
The newly public retailer plans to use about $648 million of balance sheet cash to pay down its $1,434 million outstanding term loan due in 2022, with the balance coming from a new $400 million term loan due in 2027 and $400 million of other secured debt.
Shoppers expect to spend $1,387 per household this Holiday season, down 7% from last year, with 38% planning to spend less this year, the most since the 2008 financial crisis, Deloitte’s 2020 Holiday retail survey found.
CLAR expects third quarter adjusted EBITDA to come in between $8 and $9 million, up 18%-32% from $6.8 million a year ago, on revenues of $63 to $64 million against $60.2 million.
The industry’s pre-eminent golf trade show announced the shift to online just a week after Outdoor Retailer made the same decision.
Jakks Pacific is recalling about 162,300 Morfboard Skate & Scoot scooters because the “Y” handlebar joint on the scooter can break, posing a fall hazard.