Under Armour CEO Patrik Frisk To Step Down in Surprise Announcement

Equities Staff | |

No reason was given for the departure.

Sustainable Shoe Maker Allbirds Seeks IPO Valuation North of $2 Billion

Kimberly Redmond | |

Sustainable shoe brand Allbirds Inc is eyeing a valuation exceeding $2 billion in its US initial public offering (IPO).In its amended Form S-1 filed Monday, the company said it is offering about 19.23 million shares priced between $12 and $14 apiece. At the high end of that range, Allbirds would fetch gross proceeds of over $269 million.

Nike Shares Up 12% Friday After Company Reports Record Revenue and Raises Guidance

Reuters | |

Shares of Nike Inc surged 12% in premarket trading Friday and were set to open at a record high after the sportswear giant forecast full-year sales of more than $50 billion, riding on pent-up demand for sneakers and athletic gear from U.S. shoppers.

The company's fourth-quarter revenue also nearly doubled, topping $12 billion for the first time and overshadowing a weaker-than-anticipated performance in its fast-growing China market. read more

Nike Files Trademark Infringement Suit Against Designer of Lil Nas X's 'Satan Shoes'

Kimberly Redmond | |

Nike Inc (NYSE: NKE) has filed a trademark infringement lawsuit against the New York-based designer of rapper Lil Nas X’s limited edition satanic-themed Air Max 97 shoes.

Filed Monday in New York federal court, the athletic shoemaker’s suit claims MSCHF Product Studio Inc altered its trademarked product without its “permission and authorization” and that it was “in no way connected with this project.”

Nike Raises Quarterly Dividend by 12% Ahead of Expected Sales Recovery in Second Half of Fiscal Year

Reuters | |

Nike Inc said on Friday it would raise its quarterly dividend by 12%, or 3 cents per share, underscoring the financial strength of the world's largest sportswear maker in the midst of the COVID-19 pandemic.

Nike in September said it expects sales in the second half of its fiscal year ending May 2021 to be “up significantly”, as it bounces back from a slump earlier this year when retailers canceled orders and lockdowns kept people away from stores in key markets.

The company’s share price, up about 30% this year, has more than doubled since its March low as it slashed costs by cutting corporate jobs and targeted online investments.

Nike Flies Past Estimates on China Rebound and Online Sales

Reuters | |

Nike Inc comfortably beat analysts' estimates for quarterly revenue and profit on Tuesday, powered by a rebound in demand in China and strong online sales, sending its shares up about 9%.

The footwear maker has benefited from its focus on direct-to-consumer sales, especially through its own outlets and apps, as the pandemic has forced customers to avoid shopping at malls and department stores.

The Nike brand’s digital sales surged 82% in the first quarter ended Aug. 31, with at least double-digit rises recorded in all regions.

Overall, sales in China, where the economy opened from lockdowns much earlier than in other parts of the world, rose 6%.

In North America, the company’s biggest market, sales fell 2% to $4.23 billion, but easily beat analysts’ estimate of $3.39 billion, according to IBES data from Refinitiv.

Under Armour Discloses Receipt of Wells Notice Related to Sales Probe

Equities Staff | |

Under Armour disclosed Monday that founder and Executive Chairman Kevin Plank and CFO David Bergman, Chief Financial Officer received Wells Notices from the Securities and Exchange Commission related to an investigation about the sportswear maker’s accounting and sales practices.

While a Wells Notice does not carry any specific accusations of legal violations, the SEC issues one as a warning of impending enforcement action, and it affords the recipient the opportunity to respond with ...

Nike Reports Surprise Quarterly Loss, First in Over 2 Years

Reuters | |

(Reuters) - Nike Inc on Thursday reported an unexpected quarterly loss - its first in more than two years - hurt by closures of department and retail stores due to lockdowns spurred by the COVID-19 pandemic. The footwear maker’s shares fell about 4% in after-hours trading. The wholesale business, through which Nike sells merchandise to other retailers, came to a halt amid the health crisis. That led to a 50% fall in shipments, increased inventory and higher costs ...

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