DIRS.INFO The most relevant business & tech news

☆ Yum Brands gets a lift as KFC's cheaper options draw more customers
▼ + stars: | 2023-08-03 | by ( Deborah Mary Sophia | ) www.reuters.com time to read: +2 min

Quarterly comparable sales at KFC jumped 13% and topped estimates for an 8.29% growth, as options like the 2-for-$5 fried chicken wrap and launches including chicken nuggets pulled in lower-income consumers struggling with high food prices. [1/2]A Kentucky Fried Chicken (KFC) bucket of mixed fried and grilled chicken is seen in this picture illustration taken April 6, 2017. Yum Brands' revenue rose 3% to $1.69 billion but fell short of estimates of $1.75 billion, largely due to weaker-than-expected sales at Taco Bell and Pizza Hut. Excluding items, Yum Brands earned $1.41 per share, above estimates of $1.24. Reporting by Deborah Sophia in Bengaluru; Editing by Shinjini Ganguli and Sriraj KalluvilaOur Standards: The Thomson Reuters Trust Principles.

Persons: Taco, David Gibbs, Edward Jones, Brian Yarbrough, Carlo Allegri, Chris Turner, Deborah Sophia, Shinjini Ganguli Organizations: KFC, Taco Bell, Pizza, Yum Brands, Wednesday, REUTERS, Thomson Locations: Pizza, U.S, Kentucky, Russia, Ukraine, Bengaluru

[1/2] The logo of Chipotle is seen on one of their restaurants in Manhattan, New York City, U.S., February 7, 2022. REUTERS/Andrew Kelly/File PhotoJuly 26 (Reuters) - Chipotle Mexican Grill (CMG.N) missed Wall Street estimates for quarterly sales on Wednesday as a pause in months-long price hikes hurt its top line, sending the company's shares down nearly 9% in extended trading. California-based Chipotle also projected current-quarter comparable sales to grow in the low- to mid-single-digit range, while analysts on average expected a 6.01% increase. Like other restaurants, Chipotle has hiked menu prices to offset the impact of higher input costs of everything from beef to potatoes. Chipotle was not seeing any weakness in the lower-income consumer despite high inflation, CEO Brian Niccol said in a post-earnings call.

Persons: Andrew Kelly, Chipotle, Brian Niccol, Scott Boatwright, Peter Saleh, Sante Faustini, Deborah Sophia, Devika Organizations: REUTERS, Intelligence, Science, Thomson Locations: Manhattan , New York City, U.S, California, Bengaluru, Kailyn Rhone, New York

☆ Starbucks workers at over 150 stores to go on strike over Pride decor dispute
▼ + stars: | 2023-06-23 | by ( Deborah Mary Sophia | ) www.reuters.com time to read: +2 min

June 23 (Reuters) - More than 3,000 workers at over 150 Starbucks (SBUX.O) stores in the United States will go on strike next week, the union representing the coffee chain's baristas said on Friday, following claims that the company had banned Pride Month decorations at its cafes. The strikes were also aimed at protesting against employees' treatment at Starbucks and pushing for a fair labor contract covering better pay and benefits, the Starbucks Workers United union added. The call for a strike comes days after the union said Starbucks had taken down some Pride Month decorations and flags at several stores, a matter that was also discussed by some workers on social media. Starbucks Workers United said on Friday the company's Seattle Roastery - located just nine blocks from Starbucks' first ever store at the Pike Place Market - was kicking off the nationwide strike, dubbed "Strike with Pride". Pride Month celebrations, with Pride Parades set to take place on Sunday in several major cities including New York, San Francisco, Seattle and Chicago.

Persons: baristas, Busch, Bud, Deborah Sophia, Shinjini Ganguli, Anil D'Silva Organizations: Starbucks, Starbucks Workers United, ., Pride, U.S, Target, Anheuser, Starbucks Workers, Seattle, Thomson Locations: United States, Pike, New York, San Francisco, Seattle, Chicago, Bengaluru

REUTERS/Carlo AllegriJune 8 (Reuters) - Amazon.com (AMZN.O) said on Thursday that it was cutting delivery routes short for drivers in places affected by poor air quality, while Target also said its contactless order pickup service may not operate in the most affected areas. On Wednesday, New York City's air quality was considered the worst in the world. A spokesman for Amazon, the nation's most valuable retailer by market capitalization, said it was cutting routes short where air quality is hazardous, and providing N-95 masks to delivery workers. Drivers were also encouraged to return to delivery stations if they felt ill.Target Corp (TGT.N) said its contactless order pick-up service called "Drive Up" may be turned off at locations with poor air quality. Separately, Home Depot Inc (HD.N) on Thursday said it was shipping supplies of air filters, respirator masks, box fans and air scrubbers to meet increased demand in areas dealing with poor air quality.

Persons: Carlo Allegri, Deborah Sophia, Michael Perry Organizations: REUTERS, Target, Amazon, Target Corp, Depot Inc, Thomson Locations: Manhattan, New York City , New York, U.S, Canada, United States, New York, Bengaluru, Arriana

☆ Nordstrom delivers surprise profit as inventory woes ease
▼ + stars: | 2023-05-31 | by ( Deborah Mary Sophia | ) www.reuters.com time to read: +2 min

May 31 (Reuters) - Nordstrom Inc (JWN.N) posted a surprise first-quarter profit on Wednesday as better inventory control and demand from wealthy shoppers helped the company defy an inflation-driven slump in retail spending, sending its shares up 7% after hours. While quarterly sales at Rack fell 11.9%, Nordstrom said trends improved later in the quarter and have continued into May. The company's inventories decreased 7.8% at quarter-end, while gross margin improved 110 basis points, partly due to easing cost pressures. Total quarterly revenue at Nordstrom fell about 11% to $3.18 billion, but surpassed analysts' average estimate of $3.12 billion, according to Refinitiv IBES data. Excluding items, it reported a per-share profit of 7 cents, compared with estimates for a loss of 13 cents.

Persons: they're, Erik Nordstrom, Nordstrom, It's, it's, Morningstar, David Swartz, Deborah Sophia, Devika Organizations: Nordstrom Inc, Abercrombie, Fitch, Target Corp, Home Depot Inc, Nordstrom, Thomson Locations: Bengaluru

☆ Foot Locker slumps as weak demand, heavy discounts drive annual outlook cut
▼ + stars: | 2023-05-19 | by ( Deborah Mary Sophia | ) www.reuters.com time to read: +2 min

May 19 (Reuters) - Foot Locker Inc's (FL.N) shares closed down 27% on Friday as the footwear retailer cut its annual sales and profit forecasts amid a sharp drop in demand and a hit from heavy discounts aimed at clearing excess inventories. The company also missed analysts' estimates for first-quarter results and named former Kohl's Corp (KSS.N) executive Mike Baughn as its new finance chief, effective June 12. Foot Locker doubled down on discounts to drive demand, which coupled with an increase in theft-related inventory losses led to a 400-basis point hit to the company's quarterly gross margins. Foot Locker now expects full-year comparable sales to fall between 7.5% and 9.0%. The company also forecast annual adjusted per-share earnings between $2.00 and $2.25, compared with its previous outlook of $3.35 to $3.65.

☆ Canada Goose caution on U.S. eclipses upbeat annual sales forecast
▼ + stars: | 2023-05-18 | by ( Deborah Mary Sophia | ) www.reuters.com time to read: +2 min

However, shoppers in the United States are putting a pause to a post-pandemic splurge on high-end clothing and accessories, with companies including ultra-luxury fashion houses like LVMH (LVMH.PA) and Gucci owner Kering (PRTP.PA) seeing sagging demand. Canada Goose, popular for its bright-red parkas and pricey puffer jackets, saw U.S. revenues decline 4.5% in the reported quarter. Still, a 65.4% surge in Asia Pacific revenue, coupled with robust demand in Europe and Canada, helped the luxury winterwear maker beat expectations in its fourth-quarter results. Toronto, Ontario-based Canada Goose said it expects fiscal 2024 revenue between C$1.40 billion ($1.05 billion) and C$1.50 billion, while analysts were expecting C$1.33 billion. ($1 = 1.3372 Canadian dollars)Reporting by Deborah Sophia in Bengaluru; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.

☆ Canada Goose sees upbeat annual sales as China recovery gains steam
▼ + stars: | 2023-05-18 | by ( Deborah Mary Sophia | ) www.reuters.com time to read: +2 min

Canada Goose, popular for its bright-red parkas and pricey puffer jackets, has about 18 retail stores in Mainland China - the highest number of outlets it has in any country. The company is also planning to double its store count worldwide over the next five years, from 51 permanent stores currently. Toronto, Ontario-based Canada Goose said it expects fiscal 2024 revenue between C$1.40 billion ($1.05 billion) and C$1.50 billion, while analysts were expecting C$1.33 billion, according to Refinitiv data. However, it forecast annual per-share profit in the range of C$1.20 to C$1.48, compared with estimates of C$1.46 per share. ($1 = 1.3372 Canadian dollars)Reporting by Deborah Sophia in Bengaluru; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.

☆ Home Depot cuts forecasts, signals weakness ahead for big US retailers
▼ + stars: | 2023-05-16 | by ( Deborah Mary Sophia | ) www.reuters.com time to read: +2 min

Home improvement retailers have now lost their pandemic-era sparkle as consumers shift away from home renovations and focus on travel, vacations and other services, driving quarterly transactions 4.8% lower at Home Depot. Home Depot kicks off a big week for U.S. retailers' earnings, with Target Corp (TGT.N) and Walmart Inc (WMT.N) scheduled to report on Wednesday and Thursday, respectively. Home Depot now expects fiscal 2023 comparable sales to fall between 2% and 5%, compared to its prior outlook for nearly flat sales. The company forecast earnings per share to decline between 7% and 13%, compared to a mid-single digits decline estimated previously. The company posted a profit of $3.82 per share, above estimates of $3.80.

The results reflect the recent trend of luxury shoppers indulging in lipsticks and fragrances even as they shun high-end purchases amid rising interest rates and product prices. Coty said a post-pandemic recovery in travel retail extended into the quarter. The company's prestige division, home to cosmetics and fragrances from the Hugo Boss, Gucci and Burberry brands, reported a jump of more than 30% in global travel retail sales across all regions. In contrast, peer Estee Lauder (EL.N) forecast weaker sales and profit last week, blaming slow recovery in travel retail, especially in Asia. Coty raised its 2023 adjusted per-share profit expectations to between 38 cents and 39 cents, from 35 cents to 36 cents earlier.

☆ Pizza Hut-parent Yum Brands profit sliced by promotions
▼ + stars: | 2023-05-03 | by ( Deborah Mary Sophia | ) www.reuters.com time to read: +2 min

Shares of the KFC and Pizza Hut owner tumbled more than 4% after the company also warned of a $10 million to $20 million hit to current-quarter operating profit. However, along with higher food and labor costs, foreign exchange pressures and ramped up investments in automation and digital business, the aggressive promotions largely drove a 25% slump in profit. McDonald's Corp (MCD.N), Burger King parent Restaurant Brands (QSR.TO) and Chipotle Mexican Grill (CMG.N) all topped quarterly sales and profit estimates on the back of price hikes and robust demand. Labor challenges were also easing, with the company seeing job application rates increase while staffing levels were either at or near 2019 levels. Excluding special items, it earned $1.06 per share, missing estimates of $1.13, according to Refinitiv data.

May 2 (Reuters) - Starbucks Corp (SBUX.O) beat Wall Street estimates on Tuesday for quarterly profits and comparable sales, powered by a sharp recovery in business in China and steady demand for its coffees and cold drinks in North America. Even so, some analysts expected China sales to remain in the red after tumbling 29% the previous quarter. Instead, the world's largest coffeehouse chain posted a 3% rise in China comparable sales in its second quarter ended April 2, boosting the company's international sales 7%, more than double the 2.94% increase of the average analyst's estimate, according to Refinitiv data. Globally, the Seattle-based chain's comparable sales climbed 11%, trouncing analysts' expectation of a 7.36% rise. Excluding one-time items, Starbucks earned 74 cents per share, beating estimates of 65 cents.

☆ Lululemon projects upbeat 2023 on strong demand, easing inventory
▼ + stars: | 2023-03-28 | by ( Deborah Mary Sophia | ) www.reuters.com time to read: +2 min

Markdowns increased just 40 basis points in the holiday quarter compared to 2019 pre-pandemic levels, and are expected to remain flat in 2023. Inventories were up 50% at $1.4 billion at the end of the fourth quarter, compared to an 85% swell at the end of the prior quarter. Lululemon said it expects fiscal 2023 revenue between $9.30 billion and $9.41 billion, above analysts' average estimate of $9.14 billion, according to Refinitiv IBES data. The company forecast full-year profit in the range of $11.50 to $11.72 per share, compared with analysts' estimate of $11.26. Lululemon also issued upbeat forecasts for the first quarter, and topped expectations for fourth-quarter results.

☆ Fitness chains add financial muscle as more Americans hit the gym
▼ + stars: | 2023-03-22 | by ( Deborah Mary Sophia | ) www.reuters.com time to read: +2 min

Some of the major players in the fitness sector have pushed the envelope on membership rates after the pandemic scare, helping them beef up earnings, when most other industries are under stress from the impact of a cautious consumer. Larger rival Planet Fitness Inc (PLNT.N) added 400,000 members in the fourth quarter, taking the total to about 17 million in 2022. "People that are working out, are working out slightly more than they did in the past ... So even with the recessionary talks and layoffs you see, cancellations are just slightly better," Planet Fitness CEO Chris Rondeau said at a JPMorgan conference last week. A Planet Fitness executive said Gen Z represented 25% of the company's total membership.

☆ Campbell Soup lifts sales outlook as Americans keep snacking
▼ + stars: | 2023-03-08 | by ( Deborah Mary Sophia | ) www.reuters.com time to read: +2 min

Though stretched thin amid increasing prices, Americans are still snacking on Campbell's cookies and salty snacks while a continued preference for cooking at home has further bolstered demand. While U.S. soup sales rose 7% in the second quarter, Campbell is facing growing competition from cheaper private-label counterparts for soups and broth. New Jersey-based Campbell expects fiscal 2023 net sales to rise between 8.5% and 10%, up from its previous forecast of 7% to 9%. It also projected annual adjusted earnings of $2.95 to $3.00 per share, compared with a prior target of $2.90 to $3.00. Reporting by Deborah Sophia in Bengaluru; Editing by Milla NissiOur Standards: The Thomson Reuters Trust Principles.

☆ Altria to revive vaping push with $2.8 bln NJOY bid after Juul fiasco
▼ + stars: | 2023-03-06 | by ( Deborah Mary Sophia | ) www.reuters.com time to read: +2 min

Altria is betting that NJOY will prove to be an easier way to tap the market since six of the company's products have received full approval from the U.S. Food and Drug Administration. Altria on Friday exchanged its investment in Juul, last valued at $250 million, for some of the vaping company's heated tobacco intellectual property. "We are no longer limited by the terms of those agreements to pursue other strategic opportunities and partnerships," Juul said. Altria's stake in Juul, valued at $12.8 billion in 2018, had raised antitrust concerns and the Federal Trade Commission filed a complaint in April 2020. The NJOY deal will include an additional $500 million in cash payments based on regulatory approvals of the company's other products.

☆ Altria to light up vaping push with $2.8 bln NJOY bid after Juul fiasco
▼ + stars: | 2023-03-06 | by ( Deborah Mary Sophia | ) www.reuters.com time to read: +2 min

Altria on Friday said it had exchanged its investment in Juul, last valued at $250 million, for some of the once red-hot vaping company's heated tobacco intellectual property. Altria's stake in Juul, valued at $12.8 billion in 2018, had raised antitrust concerns and the Federal Trade Commission filed a complaint in April 2020. NJOY's products include Ace Pods - currently the only pod-based e-vapor product with market authorizations from the FDA - and disposable e-cigarettes under the NJOY Daily brand. The deal will include an additional $500 million in cash payments based on regulatory decisions related to other NJOY products, Altria said. Vapor products was a $7.84 billion market in the United States in 2021, up from $4.6 billion in 2017, according to Euromonitor International, and is projected to rise to $9.46 billion by 2025.

☆ Hasbro 2023 forecasts disappoint as inflation hits toy demand
▼ + stars: | 2023-02-16 | by ( Deborah Mary Sophia | ) www.reuters.com time to read: +2 min

[1/2] The Hasbro, Inc. logo is seen on the Star Wars Galactic Snackin Grogu toy in the FAO Schwarz toy store in Manhattan, New York City, U.S., November 24, 2021. The overall revenue is projected to be down low-single digits, while Wall Street analysts were expecting a 2.5% increase to $6 billion. "It's a cautious outlook...(but) what I'm most concerned about is that Hasbro doesn't lose sight of the consumer products segment," said James Zahn, Editor-in-Chief of trade magazine "The Toy Book". "Consumer products is what Hasbro is rooted in as a business." Hasbro expects 2023 adjusted per-share earnings in the range of $4.45 to $4.55 compared with estimates of $4.88 per share.

"Consumers are looking for convenient, filling, and nutritious meals, while at the same time paying more attention to the price tag," Kraft's chief executive Miguel Patricio said, adding the company would halt fresh price hikes in North America, Europe, Latin America and most of Asia. Retailers have also been increasingly opposing food manufacturers' price hikes. Last year, Kraft briefly stopped supplying some products to Tesco (TSCO.L) due to pricing disagreements with the British supermarket chain. It said average selling prices rose 15.2 percentage points in the fourth quarter, while sales volumes declined 4.8 percentage points. Net sales rose 10% to $7.38 billion, beating the estimate of $7.27 billion.

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.

Analysts said the new cash may afford Bed Bath only a few quarters to revive its business, and a weakening economy would diminish any chance of a successful turnaround. Bed Bath declined to comment on Hudson Bay Capital's role in the share sale. "All is on hold," a maker of children's apparel said last week, adding that it had stopped shipping products to Bed Bath since early January. A shopping cart is seen at a Bed Bath & Beyond store in Manhattan, New York City, U.S., June 29, 2022. Reuters reported late last month that Bed Bath had lined up liquidators to close additional stores unless a last-minute buyer emerged.

Hudson Bay Capital is unrelated to Canadian department store chain Hudson's Bay Co. Bed Bath & Beyond declined to comment earlier Tuesday on Hudson Bay Capital leading investment in the share sale. A shopping cart is seen at a Bed Bath & Beyond store in Manhattan, New York City, U.S., June 29, 2022. REUTERS/Andrew KellyPrices on Bed Bath & Beyond bonds due in 2024 climbed to 24 cents on the dollar from around 5 cents, a level still indicating financial distress. Bed Bath shares rose 2.7% in extended trading, after closing down 49% on Tuesday.

Organizations: & ' $

[1/3] Starbucks cups are pictured on a counter in the Manhattan borough of New York City, New York, U.S., February 16, 2022. REUTERS/Carlo AllegriFeb 2(Reuters) - Starbucks Corp (SBUX.O) missed Wall Street expectations for quarterly comparable sales on Thursday, as persistent weakness in the coffee chain's China business offset strong sales in the North American market. That resulted in a 29% fall in China comparable sales for Starbucks in its first fiscal quarter ended Jan. 1, pulling total international comparable sales down 13%. Global comparable sales at Starbucks rose 5%, compared with analysts' average estimate of a 6.75% rise, according to Refinitiv IBES data. Starbucks reiterated its previous guidance of global comparable sales growth of 7% to 9% for its fiscal 2023.

☆ Skinny jeans still a great fit in shrinking economy, Levi CEO says
▼ + stars: | 2023-01-26 | by ( Deborah Mary Sophia | ) www.reuters.com time to read: +2 min

[1/2] The Levi Strauss & Co. label is seen on jeans in a store at the Woodbury Common Premium Outlets in Central Valley, New York, U.S., February 15, 2022. REUTERS/Andrew KellyJan 26 (Reuters) - Reports on the death of skinny jeans have been greatly exaggerated. At least that's what Levi Strauss & Co (LEVI.N) boss Chip Bergh wants everyone to believe. Once a wardrobe staple, skinny jean has recently lost favor among shoppers, especially after the pandemic accelerated a shift toward comfortable clothing like baggy jeans among young consumers. "The skinny jean is not going anywhere anytime soon," Bergh said.

Jan 24 (Reuters) - U.S. weapons maker Lockheed Martin Corp (LMT.N) on Tuesday forecast annual profit below Street expectations, hurt by lingering supply bottlenecks and higher costs, though a generous defense budget helped it beat fourth-quarter estimates. The defense contractor said it expected a profit of $26.60 to $26.90 per share in 2023. Lockheed forecast 2023 revenue between $65 billion and $66 billion, compared with market estimates of $65.74 billion. Bethesda, Maryland-based Lockheed Martin posted adjusted net income of $7.79 per share for the three months ended Dec. 31, compared with analysts' estimate of $7.39 per share. It reported fourth-quarter net sales of $18.99 billion, above expectations of $18.27 billion.

Search resuls for: "Deborah Mary Sophia"

25 mentions found