Merchandise is displayed for sale at a Dick’s Sporting Goods Inc. store in West Nyack, New York.

Craig Warga | Bloomberg | Getty Images

Dick’s Sporting Goods on Tuesday reported a decline in same-store sales of almost 30% for the first quarter, when stores across the country were shut during the coronavirus crisis

The retailer said e-commerce sales, however, surged 210% since March 18, when its stores were closed, through the end of the first quarter. It said online sales were up 110% for the entire quarter as people stuck at home stocked up on weights, workout clothes and other fitness gear to keep them busy. It also said it got a boost from its curbside pickup service. 

Dick’s shares rose 1.5% in premarket trading Tuesday following the release. Its stock is down about 26% for the year. 

Dick’s reported a net loss of $143.4 million, or $1.71 a share, for the period ended May 2, compared with earnings of $57.5 million, or 61 cents per share, a year earlier. 

Dick’s said net sales fell about 31% to $1.33 billion from $1.92 billion a year ago. 

Analysts had been calling for Dick’s to report a loss of 57 cents

© 2020 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy (Your California Privacy Rights) | CCPA Do Not Sell My Information
FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.
Quotes delayed at least 15 minutes. Market data provided by Interactive Data. ETF and Mutual Fund data provided by Morningstar, Inc. Dow Jones Terms & Conditions:
S&P Index data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Terms & Conditions. Powered and implemented by Interactive Data Managed Solutions. | EU Data Subject Requests

Source link

Law enforcement officers take position during a protest against the death in Minneapolis police custody of George Floyd, in Minneapolis, Minnesota, U.S., May 30, 2020. Picture taken May 30, 2020.

Lucas Jackson | Reuters

Protesters and police clashed in cities across America as demonstrations in response to the killing of George Floyd, an unarmed black man, at the hands of Minneapolis police descended into violence again. Mayors of major cities imposed curfews and governors mobilized state National Guard in an effort to keep the peace overnight to little avail. Derek Chauvin, the officer filmed kneeling on Floyd’s neck, was arrested and charged with murder and manslaughter Friday. 

This is CNBC’s live blog covering all the latest news on the demonstrations gripping the U.S. This blog will be updated throughout the day as the news breaks. 

At least 30 business and buildings damaged in Nashville

5:25 a.m. ET — In Nashville, 28 protesters were arrested Saturday night after the 10 p.m. curfew, according to the Nashville Police Department.

Governor Bill Lee authorized the National Guard to mobilize in response to protests, which he said took a “violent, unlawful turn.”

Protesters damaged at least 30 businesses and buildings in the city, including

Greater Vancouver is one of North America’s toughest housing markets, with expensive real estate and a significant shortage of affordable rental units. Even though local governments acknowledge the problem, the property developers who want to build multiple-unit housing often face pushback from municipal councils and local activists.  

The North Shore of Vancouver is home to three suburban municipalities: West Vancouver, with its 10,000-square-foot monster mansions, and the two North Vancouvers: the densified City of North Vancouver, nestled against the waterfront, and the largely single-family suburban District of North Vancouver which surrounds it. 

The current North Vancouver District council was elected in 2018, and since then every proposal for multifamily housing, including rental, has been defeated, postponed, or rejected. Local developers are making hard decisions to keep their businesses moving forward at a time when the municipality is blocking every housing development that comes before them.

Anne McMullin, president and CEO of the Urban Development Institute, an organization that represents residential, commercial, and industrial developers in British Columbia, has seen developers shifting their focus to cities that seem more amenable to development. The organization’s members create roughly 230,000 jobs and contribute $22 billion annually to the British Columbia GDP. 

McMullin …

Joey Logano, driver of the #22 Shell Pennzoil Ford, and Alex Bowman, driver of the #88 Axalta Chevrolet, lead during the NASCAR Cup Series FanShield 500 at Phoenix Raceway on March 08, 2020 in Avondale, Arizona.

Christian Petersen | Getty Images

Facebook is rolling out a new app for iPhone and Android called “Venue” that will let people talk about live sports. It will first support NASCAR. 

Facebook said Friday the mobile app will be used to engage fans and television commentators during live events, as sports leagues brace for competitions without spectators due to the Covid-19 pandemic. 

Venue serves as a massive discussion board. Venue allows users to select between different chats within the app where fans can engage with assigned commentators. Facebook says hosts within the app will provide “interactive questions, polls, and open up short chats all around the specific moments” of the live event.

“Digital spaces can connect us when we can’t be together in person, and Venue is one way to feel the energy of watching live events with other fans,” Ime Archibong, head of Facebook’s new product experimentation division, said in a statement. 

Facebook entered a non-monetary partnership with NASCAR, making the sports

Subscribe to How To Reopen, our weekly newsletter on what it takes to reboot business in the midst of a pandemic.

More than 2.1 million Americans filed initial unemployment claims last week, according to the U.S. Department of Labor. That brings the total jobless claims since mid-March to a staggering 40.8 million.

The latest batch of 2.1 million claims are down from the 2.4 million the week prior. While the number of weekly jobless claims has dropped eight consecutive weeks since topping out at 6.9 million in April, it still marks 10 straight weeks with claims topping 2 million. Prior to the shutdown of shops, offices and businesses across the country, weekly U.S. unemployment claims had averaged 218,000.

Another week with unemployment claims topping 2.1 million means the U.S. Bureau of Labor Statistics’ 14.7% official unemployment rate appears even more out of touch with the real jobless rate. Since mid-April—the period covered by the BLS unemployment rate—another 14.3 million Americans have claimed unemployment benefits. When those 14.3 million are added to the already 23.1 million unemployed Americans in the latest jobs reports, it brings the total jobless over 37.4 million. That would be a real unemployment rate …