Dick’s Sporting Goods Takes 29% Sales Hit

Joseph B. Hash

Dick’s Sporting Goods took a important hit from the coronavirus crisis but its shares rose amid indications of a rebound with the lifting of pandemic limits.

For the to start with quarter, the enterprise swung to a net reduction of $143.four million, or $one.seventy one for every share, from a income of $57.5 million, or 61 cents for every share, a calendar year in the past.

Internet sales declined thirty.six% to somewhere around $one.33 billion as identical-store sales plunged by 29.5%, reflecting temporary store closures that started in mid-March owing to the pandemic. Dick’s said it incurred $62 million, or

Read More

Marriott Takes Revenue Hit From Empty Rooms

Joseph B. Hash

Marriott International’s 1st-quarter earnings were being properly underneath estimates as a vital income metric plunged because of to the coronavirus-fueled collapse in desire for lodge rooms.

The pandemic has forced the operator of the Marriott, Ritz-Carlton and St. Regis chains to close roughly a quarter of its inns around the world, with income for each accessible room (RevPAR) slipping sharply in the previous month of the quarter finished March 31.

“In the previous couple months, we have observed the effect of COVID-19 spread through our business in an unparalleled way,” Marriott CEO Arne Sorenson explained in a news release.

He

Read More

Businessman Becomes Chief Undertaker in Ecuadorean City Hit by Coronavirus

Joseph B. Hash

Ecuadorean businessman Jorge Wated has operate every little thing from the nationwide progress bank to the country’s edition of Pottery Barn, but currently he’s applied his management abilities to rely and bury bodies.

Nevertheless one particular of South America’s smallest international locations, Ecuador has the continent’s 2nd-highest range of Covid-19 fatalities just after Brazil. Just about 3-quarters of the victims lived in or close to the steamy Pacific port of Guayaquil, whose mayor when compared the devastation to “a Hiroshima bomb” hitting the town.

Read More

Coke Warns of Q2 Hit From Virus Lockdowns

Joseph B. Hash

Coca-Cola is bracing for a substantial strike to profits in the latest quarter as coronavirus lockdowns force individuals to remain away from venues these types of as film theaters, dining establishments, and sporting activities arenas that sell its solutions.

The soda large stated Tuesday that it saw “significant adjustments in shopper buy styles, notably sizeable declines in away-from-property channels” in March, and due to the fact the beginning of April, “has knowledgeable a volume decline globally of close to twenty five%, with nearly all of that decline coming in away-from-property channels.”

In at-property channels, Coke saw some stockpiling in selected

Read More

Subscribe US Now