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☆ Twinkies maker will give food brands a sugar high
▼ + stars: | 2023-09-01 | by ( Anita Ramaswamy | ) www.reuters.com time to read: +4 min

Hostess Brands "Twinkies" are displayed in a store in the Manhattan borough of New York City, U.S. July 5, 2016. Acquire Licensing RightsNEW YORK, Sept 1 (Reuters Breakingviews) - Urban legend says Hostess Brands’ (TWNK.O) infamous Twinkie is so highly processed it could survive a nuclear war. Executives at both Hostess and Mondelez have noted that snacking is getting more popular, even as people are indulging in smaller portions. Add a 30% premium to its undisturbed stock price, and its enterprise value is 15 times forward EBITDA, according to Refinitiv data. A deal is possible, but it has a good chance of leaving a short-lived sugar high.

Persons: Mills, Metropoulos, Andy Callahan, Mondelez, Callahan, isn’t, Morgan Stanley, General Mills, Lauren Silva Laughlin, Sharon Lam Organizations: Reuters, Mondelez, Apollo Global Management, New York Times, Reuters Graphics Reuters, Planters, Hostess Brands, Hershey, PepsiCo, General, Thomson Locations: Manhattan, New York City, U.S

Sky-high food inflation after erratic monsoon rains damaged crops and disrupted supply chains. Food inflation for July hit a staggering 11.5%, far more than 4.6% in June and marking a three-year high. Even when customers do purchase fashion items, they buy far fewer than they once would have, some of the managers also said. The downturn in fashion spending has also been accompanied by a slide in spending at restaurant chains like Domino's. In some encouraging signs, tomato prices have eased off peaks and India's central bank chief last week said vegetable prices, which have begun to soften, will decline from September.

Persons: Zink London, Skechers, Kaushik Das, Madan Sabnavis, Anjali Mohanty, Tanvi Mehta, Riddhima, Dhwani Pandya, Jatindra, Saurabh Sharma, Aditya Kalra, Edwina Gibbs Organizations: NEW, Euromonitor, Reuters, Skechers USA, Deutsche Bank, Retail, Bank of Baroda, Dhwani, Thomson Locations: NEW DELHI, MUMBAI, New Delhi, Zink London, Mumbai, Bhubaneswar, Chennai, Lucknow

☆ Canada probing Walmart, Hugo Boss over allegations of forced labor in supply chains
▼ + stars: | 2023-08-24 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Mario Anzuoni//File Photo Acquire Licensing RightsOTTAWA, Aug 24 (Reuters) - Canada's corporate ethics watchdog on Thursday announced investigations into the Canadian units of Walmart (WMT.N) and Hugo Boss (BOSSn.DE) to probe allegations of Uyghur forced labor in the companies' supply chains and operations. The Canadian Ombudsperson for Responsible Enterprise (CORE) said it had published an initial assessment report after complaints filed by a coalition of 28 civil society organizations in June 2022. CORE will also investigate the Canadian unit of fashion firm Diesel, which is owned by Italy's OTB (OTB.L). In March, a U.N. committee said it was concerned about China's treatment of its Muslim minority, including the use of forced labor against Uyghurs. CORE was launched in 2019 to monitor and investigate human rights abuses, mainly by Canadian garment, mining and oil and gas companies operating abroad.

Persons: Mario Anzuoni, Hugo Boss, Italy's OTB, Ralph Lauren, RL.N, Sheri Meyerhoffer, CORE's Ombudsperson, David Ljunggren, Jonathan Oatis Organizations: Walmart, REUTERS, Rights OTTAWA, Responsible Enterprise, Diesel, Nike Canada, CORE, Thomson Locations: Rosemead , California, U.S, China

☆ Tapestry sees weak fiscal 2024 after missing qtrly estimates on soft U.S. demand
▼ + stars: | 2023-08-17 | by ( ) www.reuters.com time to read: +2 min

[1/2] A signage is seen in the offices of Tapestry, Inc., in Manhattan, New York, U.S., November 19, 2021. Luxury rivals Ralph Lauren (RL.N), LVMH (LVMH.PA), Gucci-owner Kering (PRTP.PA) and Canada Goose (GOOS.TO) have also faced sales pressures from softening U.S. demand. Tapestry expects adjusted earnings in the range of $4.10 to $4.15 per share in fiscal 2024, compared to estimates of $4.24. Tapestry said fiscal 2024 net sales were approaching $6.9 billion, compared to average analysts' estimate of $6.93 billion. The company's adjusted per share was 78 cents in the fourth quarter ended July 1, missing analysts' estimate of 97 cents.

Persons: Andrew Kelly, Ralph Lauren, RL.N, Gucci, Kering, Michael Kors, Kate Spade, Stuart Weitzman, Rachel Wolff, Tapestry, Savyata Mishra, Juveria, Maju Samuel Organizations: Tapestry, Inc, REUTERS, Capri, Insider, Thomson Locations: Manhattan , New York, U.S, United States, North America, China, Bengaluru

☆ Ralph Lauren posts surprise rise in quarterly sales
▼ + stars: | 2023-08-10 | by ( ) www.reuters.com time to read: +1 min

A security guard stands outside the Ralph Lauren store during the outbreak of the coronavirus disease (COVID-19), in Beverly Hills, California, U.S., July 30, 2020. REUTERS/Mario AnzuoniAug 10 (Reuters) - Ralph Lauren (RL.N) reported a surprise rise in quarterly revenue on Thursday, as demand for its high-end sweaters, shirts and outdoor clothing saw a strong rebound in China, offsetting a slowdown in luxury spending in the United States. Luxury brands have seen a pick-up in China demand as the market reopens from COVID-19 curbs, propping up sales at several high-end labels at a time when U.S. demand has cooled. Net revenue rose to $1.50 billion in the first quarter, from $1.49 billion a year earlier. Reporting by Deborah Sophia in Bengaluru; Editing by Milla NissiOur Standards: The Thomson Reuters Trust Principles.

Persons: Ralph Lauren, Mario Anzuoni, RL.N, Ralph Lauren's, Jane Hali, Deborah Sophia, Milla Nissi Organizations: REUTERS, Associates, Thomson Locations: Beverly Hills , California, U.S, China, United States, COVID, Asia, Bengaluru

☆ Charles River says NHP supply snarls to no longer persist near-term
▼ + stars: | 2023-08-09 | by ( ) www.reuters.com time to read: +2 min

Aug 9 (Reuters) - Charles River Laboratories International (CRL.N) beat Wall Street estimates for second-quarter results on Wednesday, as the strong demand for contract researcher's tools and services cushioned the impact of suspended non-human primates' (NHP) shipment. The statement comes after Charles River in February suspended the shipment of NHPs from Cambodia as the Department of Justice and U.S. Fish and Wildlife Service investigated the company over smuggling of wild long-tailed macaques to the United States. The Massachusetts-based company tightened its full-year profit forecast to the range of $10.30 to $10.90 per share, compared with $9.90 to $10.90 previously expected. Excluding items, the company earned $2.69 per share in the quarter ended July 1, beating analysts' average estimate of $2.64 per share.

Persons: Charles River, Charles River's, Vaibhav Sadhamta, Shweta Agarwal Organizations: River Laboratories, Department of Justice, Fish, Wildlife Service, Thomson Locations: United States, NHPs, Cambodia, The Massachusetts

The logo of Tyson Foods is seen in Davos, Switzerland, May 22, 2022. REUTERS/Arnd Wiegmann/File PhotoAug 7 (Reuters) - Tyson Foods (TSN.N) missed Wall Street expectations for third-quarter revenue and profit on Monday, hurt by falling chicken and pork prices as well as slowing demand for its beef products. The company said it is closing four more U.S. chicken plants in a bid to reduce costs. The company's average sales prices fell 16.4% for pork and 5.5% for chicken, while rising 5.2% for beef. Tyson has eliminated U.S. jobs and already shut two chicken processing plants in a bid to reduce costs.

Persons: Arnd, Tyson, Granth, Tom Polansek, Milla Nissi Organizations: Tyson Foods, REUTERS, Hormel, packers, Rabobank, Thomson Locations: Davos, Switzerland, Bengaluru, Chicago

The National Pork Producers Council (NPPC), the pork industry trade group, supports the Ending Agricultural Trade Suppression (EATS) Act, a bill introduced by U.S. Animal welfare groups say Proposition 12 is necessary because some sows and hens are housed in cages so small they cannot turn around. "We ultimately don’t believe the EATS Act is aligned with progress in animal welfare," Carey said. Hormel Foods <HRL.N> and Tyson Foods (TSN.N) did not respond to questions about the EATS Act. All of its 750 ranchers are in compliance with Proposition 12, said vice president of communications Kerri McClimen.

Persons: Randy Hutton Jr, Leah Millis, Roger Marshall, Ashley Hinson, Clemens, Tyson, Bryan Humphreys, Chris Carey, Carey, Jim Monroe, Brian Moscogiuri, Galina Hale, Chris Green, Randy Hutton, Jr, Hutton Jr, Perdue, Kerri McClimen, Leah Douglas, David Gregorio, Marguerita Choy Organizations: REUTERS, U.S ., Pork Producers Council, U.S, Clemens Food Group, Supreme, Reuters, Smithfield Foods, Tyson Foods, University of California, Harvard Law School's Animal Law, Niman, Thomson Locations: Chestertown , Maryland, U.S, California, U.S . Congress, Smithfield, Santa Cruz, Shore

☆ Economic policies sacrifice poor Americans
▼ + stars: | 2023-06-02 | by ( Lauren Silva Laughlin | ) www.reuters.com time to read: +3 min

NEW YORK, June 2 (Reuters Breakingviews) - Dollar General (DG.N), the ultra-low-cost retailer with 19,000 stores reaching 75% of the U.S. population, has never been a comfortable reflection of the American consumer. That underscores troubling consequences of current U.S. economic policy: the poor are being sacrificed. Over the past two decades, dollar stores have upended how the cross section of the United States shops. In smaller towns, Dollar General and competitors including Dollar Tree (DLTR.O) offer cheap and accessible groceries. Reuters GraphicsIn the past week, U.S. Congress has continued to roll back policies that would help Americans with less to go around.

Persons: Jeffery Owen, Lululemon, Nordstrom, Ralph Lauren’s, Joe Biden’s, Lululemon Athletica’s, Erik Nordstrom, Jennifer Saba, Sharon Lam Organizations: YORK, Reuters, Dollar, Walmart, Shoppers, Reuters Graphics, Congress, Thomson Locations: United States

April 12 (Reuters) - A U.S. judge on Tuesday approved a $75 million settlement between Smithfield Foods Inc and a class of consumers who accused the pork producer of conspiring to restrict supply in order to keep prices artificially high. Pork consumers last year settled with Smithfield rival JBS SA for $20 million. The judge in a separate order on Tuesday awarded nearly $25 million in legal fees to the plaintiffs firms representing the consumer class. The consumer class attorneys said in a court filing in January that they'd spent more than 37,000 hours pursuing antitrust claims over four years. The case is In re Pork Antitrust Litigation, U.S. District Court, District of Minnesota, No.

☆ Charles Rivers recommends against PETA's proposal for transparency on lab monkeys
▼ + stars: | 2023-03-31 | by ( ) www.reuters.com time to read: +2 min

March 31 (Reuters) - The board of Charles River Laboratories (CRL.N) has unanimously recommended against a shareholder proposal requiring transparency on its import practices of lab monkeys, according to a regulatory filing by the U.S. contract research organization firm. PETA's proposal also demands information on whether the monkeys are caught in the wild or bred in captivity. Charles River shareholders will vote on PETA and other proposals from the board at the company's annual meeting on May 9. According to government estimates, 95% of the 92,430 monkeys brought into the U.S. between 2019 and 2021 were long-tailed macaques. While Charles River's board recommended against PETA's proposal, it said the company will include information on how its "imports are purpose-bred in accordance with applicable laws" in its 2024 annual report, the filing on Thursday showed.

[1/2] Customers shop at a mall ahead of the Chinese Lunar New Year, in Beijing, China January 15, 2023. REUTERS/Tingshu Wang/File PhotoLONDON/MILAN/FRANKFURT/NEW YORK, March 1 (Reuters) - The world's top consumer and luxury goods companies have seen sales of everything from cosmetics to condoms grow in China since Beijing ended strict COVID-19 curbs, another sign that the world's No. Tourism from China was helping sales in neighbouring Macau, Hong Kong, Taiwan and even Japan, he added. Reckitt Benckiser, which makes Nurofen tablets, cold remedy Lemsip and Durex, saw a pick-up in China after a decline in volumes because of lockdowns. U.S. retailer Walmart Inc (WMT.N), which operates nearly 400 retail and wholesale stores in China, reported strong traffic in its stores since reopening.

Feb 21 (Reuters) - TJX Cos Inc (TJX.N) is likely to see a strong growth in annual sales as inflation pushes bargain-hungry but brand-conscious customers to off-price retailers offering cheaper deals and promotions. A case in point is Nordstrom Inc (JWN.N), which cut its annual profit forecast after its off-price store chain Rack failed to attract people despite heavy discounting due to inventory mismanagement. Jessica Ramirez, analyst at Jane Hali and Associates, said TJX is in tune with what the customer is shopping for and are interested. "TJX is very strong with their assortment ... they have been able to bring a lot of good names into their product offerings," she said. Reporting by Ananya Mariam Rajesh and Aatrayee Chatterjee in Bengaluru; Editing by Arun KoyyurOur Standards: The Thomson Reuters Trust Principles.

☆ Newell Brands CEO Saligram to retire; forecasts 2023 results below estimates
▼ + stars: | 2023-02-10 | by ( ) www.reuters.com time to read: +1 min

Feb 10 (Reuters) - Newell Brands Inc (NWL.O) said its top boss Ravi Saligram will retire effective May 16 and forecast annual results below analysts' estimates, sending the Sharpie maker's shares down 11% in premarket trading. Newell's fourth-quarter results beat estimates, but the company projected fiscal 2023 net sales between $8.4 billion and $8.6 billion. Analysts had expected full-year net sales of $9.08 billion, according to Refinitiv IBES data. The company forecast an annual profit per share of 95 cents to $1.08, compared with estimates of $1.42. Newell also expects a first-quarter loss between 3 cents per share and 6 cents per share, compared with estimates of a profit of 23 cents.

☆ Wall St dips as Treasury yields rise; Disney hits 5-month high
▼ + stars: | 2023-02-09 | by ( Carolina Mandl | ) www.reuters.com time to read: +4 min

The U.S. 30-year Treasury yield rose after an auction in the early afternoon, while the yield curve between two-year and 10-year notes widened earlier. Weighing on the S&P 500 (.SPX) and Nasdaq (.IXIC) indexes, Alphabet Inc (GOOGL.O) extended losses from the previous session to fall 5.2179%. The S&P 500 communication services sector (.SPLRCL) sank 2.86%. More than half of the S&P 500 companies have reported quarterly earnings so far, and 69% of them have beaten estimates, according to Refinitiv data. The S&P 500 posted 15 new 52-week highs and one new low; the Nasdaq Composite recorded 69 new highs and 41 new lows.

The data tentatively eased concerns about the Federal Reserve's rate-hike path after a strong January employment report rattled markets last week. Weighing on the S&P 500 (.SPX) and Nasdaq (.IXIC) indexes, Alphabet Inc (GOOGL.O) extended losses from the previous session to fall 5.6%. The S&P 500 communication services sector (.SPLRCL) sank 2.6%, while Alphabet shares eyed their worst weekly performance since November. Ralph Lauren Corp (RL.N) gained 1.2% after beating quarterly sales expectations, while peer Tapestry Inc (TPR.N) soared 5.4% on a strong annual profit forecast. More than half of the S&P 500 companies have reported quarterly earnings so far, and 69% of them have beaten estimates, according to Refinitiv data.

Younger shoppers snapping up its sweatshirts, knitwear and Polo line of products also drove results beat at luxury peer Ralph Lauren Corp (RL.N). "The Coach brand has done a lot of work to reposition itself as a premium brand that appeals to a younger consumer," Raymond James analyst Rick Patel said. "Tapestry appears to be executing better for its Coach brand than Capri is for Michael Kors," Patel added. Net revenue at Ralph Lauren rose 1% to $1.83 billion in the third quarter ended Dec. 31, beating estimates of $1.76 billion. Both Tapestry and Ralph Lauren took a hit in China due to a resurgence of COVID-19 infections, but demand is returning, the companies said.

Futures got a lift after data showed initial claims for state unemployment benefits rose 13,000 to a seasonally adjusted 196,000 for the week ended Feb. 4. The data comes on the heels of a strong January employment report that rattled markets last week. "There are so many companies that are laying off people and that eventually is going to weaken the job market. ET, Dow e-minis were up 213 points, or 0.63%, S&P 500 e-minis were up 33 points, or 0.8%, and Nasdaq 100 e-minis were up 160.5 points, or 1.28%. Ralph Lauren Corp (RL.N) gained 2.4% after beating quarterly revenue expectations on resilient demand for its high-end clothing and accessories.

☆ Tapestry lifts profit outlook as younger shoppers snap up Coach handbags
▼ + stars: | 2023-02-09 | by ( ) www.reuters.com time to read: +2 min

[1/2] A handbag is seen in a Kate Spade store, owned by Tapestry, Inc., in Manhattan, New York, U.S., November 19, 2021. Luxury peer Ralph Lauren Corp (RL.N) also beat expectations on strong demand from younger affluent shoppers. Meanwhile, Ralph Lauren said its brands gained market share in North America, even as its wholesale revenue decreased 2%. Net revenue at Ralph Lauren rose 1% to $1.83 billion in the third quarter ended Dec. 31, while analysts had expected $1.76 billion, according to Refinitiv IBES data. Tapestry forecast fiscal 2023 earnings of $3.70 to $3.75 per share, compared with its prior estimate of $3.60 to $3.70.

☆ Futures rise on earnings optimism, Disney climbs on revamp plan
▼ + stars: | 2023-02-09 | by ( ) www.reuters.com time to read: +3 min

Casino stocks Wynn Resorts (WYNN.O) and MGM Resorts International (MGM.N) gained about 5% each after reporting fourth-quarter results, with Wynn indicating a meaningful return of visitation and demand in Macau during the recent Chinese New Year holiday period. PepsiCo Inc (PEP.O) rose 1.4% as the soda maker reported better-than-expected results for its fourth quarter. Of more than half of the S&P 500 companies that have reported fourth-quarter results so far, 69% have topped analysts' earnings estimates, as per Refinitiv IBES data. ET, Dow e-minis were up 254 points, or 0.75%, S&P 500 e-minis were up 37.25 points, or 0.9%, and Nasdaq 100 e-minis were up 162.5 points, or 1.3%. Reporting by Sruthi Shankar, Medha Singh and Johann M Cherian in Bengaluru; Editing by Sriraj KalluvilaOur Standards: The Thomson Reuters Trust Principles.

Investor sentiment was further boosted after data showed initial claims for state unemployment benefits rose 13,000 to a seasonally adjusted 196,000 last week, above a forecast of 190,000 claims. The data comes on the heels of a strong January employment report that rattled markets last week. Of more than half of the S&P 500 companies that have reported fourth-quarter earnings so far, 69% have topped estimates, as per Refinitiv data. Advancing issues outnumbered decliners by a 3.03-to-1 ratio on the NYSE and by a 2.17-to-1 ratio on the Nasdaq. The S&P index recorded 14 new 52-week highs and one new low, while the Nasdaq recorded 49 new highs and 20 new lows.

CHICAGO, Nov 16 (Reuters) - Cooks may have to put away their oversized platters for serving turkey this Thanksgiving. If a farm has an outbreak, producers must disinfect their barns after culling turkeys and wait about six months before restocking. The National Turkey Federation acknowledged that cooks in some geographic areas could see limited supplies of big turkeys. On the U.S. East Coast, Baldor sees a shortage of the bigger sizes as large Thanksgiving celebrations make a comeback, Lindgren said. Shoppers are resuming traditional purchases of turkeys around 18 pounds, after downsizing their birds for smaller gatherings over the last two years, he said.

Companies Hormel Foods Corp FollowNov 15 (Reuters) - Hormel Foods' labeling of a meat product line as "natural" despite using the same hogs and production methods as its other brands shows the U.S. meat labeling system needs reforms, said consumer advocates and documents released on Tuesday from a lawsuit the company is close to settling. “This is an endemic problem, not a Hormel problem.”Hormel said the company complies with USDA rules and guidelines for labeling and that it stands behind its Natural Choice products. "The term ‘natural’ is practically unregulated and can/will be used widely – as a result there is little to no difference between ‘natural’ meat and ‘conventional’ meat," read the slides, which were part of the document release. The presentation also advised companies to appeal to consumers' desire for wholesome products by packaging their meat in cardboard. Hormel and ALDF asked the court to dismiss the case last Thursday after agreeing to settlement terms.

☆ Estee Lauder nears $2.8 billion deal to buy Tom Ford - FT
▼ + stars: | 2022-11-11 | by ( ) www.reuters.com time to read: +1 min

The luxury brand, founded by fashion designer Tom Ford, entered into exclusive negotiations with Estee Lauder this week and a deal could be announced as early as Monday, the FT reported. Estee Lauder and Tom Ford did not immediately respond to Reuters requests for comment. Earlier in August, the Wall Street Journal reported that Estee was in talks to acquire the luxury brand in what could be a $3 billion deal. The Journal later reported that French luxury group Kering(PRTP.PA) was also in advanced discussions to buy the fashion brand, competing with Estee. Tom Ford is known for its menswear, but also counts women's apparel, handbags, cosmetics and perfumes as part of its product line.

[1/4] A signage is seen in the offices of Tapestry, Inc., in Manhattan, New York, U.S., November 19, 2021. Accessible luxury brands such as Michael Kors and Ralph Lauren are likely to feel a bigger pinch than higher-priced brands, as their young core customer base looks for deals at the lower end of the fashion spectrum. Ralph Lauren said its holiday quarter revenue would be hit by slowing demand in North America and Europe, where soaring energy costs are also pinching consumer wallets. Tapestry and Ralph Lauren also warned a stronger dollar would hit their earnings. Ralph Lauren shares, which have lost almost a quarter of their value this year, rose about 5% in premarket trading after the company beat second-quarter sales and profit expectations.

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