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The headquarters of chemicals maker Lanxess are seen in Cologne, Germany November 15, 2018. "We urgently need sustainable framework conditions – above all an internationally competitive electricity tariff for the industry," CEO Matthias Zachert said in a statement. The company said implementing these measures would cost around 100 million euros. The group's second quarter core earnings (EBITDA) pre-exceptionals fell 57.7% to 107 million euros, in line with its forecast from June. In a separate statement, Lanxess said its finance chief Michael Pontzen would leave by the end of August.

Persons: Wolfgang Rattay, Matthias Zachert, Lanxess, Zachert, Baader, Konstantin Wiechert, Michael Pontzen, Linda Pasquini, Antonis Pothitos, Milla Nissi, Alexander Smith, Sharon Singleton Organizations: REUTERS, Thomson Locations: Cologne, Germany, Europe, Krefeld, Uerdingen, Gdansk

☆ Hugo Boss stays strong in tough China, U.S. markets
▼ + stars: | 2023-08-02 | by ( ) www.reuters.com time to read: +2 min

[1/2] Hugo Boss store is seen in Polanco in Mexico City, Mexico May 20, 2017. Its business in EMEA and the Americas benefited from a pick-up in tourism, Hugo Boss said, while currency-adjusted revenue in China increased 56% from a year earlier, making the Asia-Pacific region the strongest for the company. The company expects its annual sales to grow 12% to 15% and reach 4.1 billion to 4.2 billion euros, compared with its previous forecast for about 10% growth to 4 billion euros. Hugo Boss forecasts its 2023 operating profit to grow 20% to 25% to a level of 400 million to 420 million euros, versus its prior range of 10% to 20%. Shares of Hugo Boss were seen up 0.7% in early Frankfurt trade.

Persons: Hugo Boss, Henry Romero, Hugo, JP Morgan, Linda Pasquini, Milla Nissi, Christopher Cushing Organizations: REUTERS, U.S, Group, Thomson Locations: Polanco, Mexico City, Mexico, China, Asia, EMEA, Americas, Pacific, Frankfurt, Gdansk

July 26 (Reuters) - German sportswear retailer Puma (PUMG.DE) on Wednesday said second-quarter sales grew by 11%, slightly ahead of market expectations thanks to stronger revenues from Asia and Europe. "The macroeconomic environment and volatile retail demand remain challenging, particularly in North America and Europe, as recession risks weigh on consumer sentiment." Puma' sales came in at 2.12 billion euros ($2.34 billion) in the quarter, up from 2 billion a year earlier and above the 2.05 billion expected by analysts polled by Refinitiv Eikon. The company confirmed its full-year outlook for currency adjusted revenue growth in a high single-digit percentage rate, and an operating profit of between 590 million and 670 million euros. Operating earnings of 115 million euros for the quarter were down 21% from a year earlier but still above the 110 million expected by analysts.

Persons: Puma, Rihanna, Refinitiv Eikon, Linda Pasquini, Helen Reid, Milla Nissi, Jane Merriman Organizations: Puma, Super Team, Thomson Locations: Asia, Europe, North America, China, Frankfurt, Gdansk, London

Puma is likely to benefit less from the trend than Adidas because its terrace range doesn't have as much name recognition, said Adam Cochrane, analyst at Deutsche Bank. Investors will be pushing Puma and Adidas on broader strategies to navigate weak consumer demand at second-quarter results on July 26 and Aug. 3 respectively. Adidas, however, has got a big boost from selling some of its stock of discontinued Yeezy shoes. On Monday it slashed its expected 2023 operating loss to 450 million euros from 700 million euros, citing unexpectedly strong Yeezy sales. "However, the cost to compete for sportswear brands is very high, and barriers to entry are low, making retailers quite vulnerable to 'boom and bust' cycles as trends change," said Aubin.

Persons: Benoit Tessier, Adam Cochrane, it's, Robert Schramm, Fuchs, Janus Henderson, Bjorn Gulden, Edouard Aubin, Morgan Stanley, Aubin, Helen Reid, Linda Pasquini, Susan Fenton Organizations: Adidas, REUTERS, Puma, Nike U.S, Nike, Google, Deutsche Bank, Investors, Defamation, Thomson Locations: Lafayette, Paris, France, U.S, China, North America, London, Gdansk

☆ Hugo Boss lifts 2025 targets as demand stays strong
▼ + stars: | 2023-06-15 | by ( Linda Pasquini | ) www.reuters.com time to read: +2 min

June 15 (Reuters) - German fashion house Hugo Boss (BOSSn.DE) on Thursday raised its 2025 sales target, betting on strong demand across its markets. The company forecast annual sales of 5 billion euros ($5.4 billion) by 2025, compared to the previous target of 4 billion euros, which it expects to meet this year. Hugo Boss, which has undergone a brand revamp under the leadership of former Tommy Hilfiger head Daniel Grieder, is investing in marketing to boost sales and expand market share. It is also targeting an operating profit (EBIT) of 600 million euros by 2025, up from a previous goal of around 480 million, and an EBIT margin of at least 12% versus a previous forecast of around 12%. Hugo Boss shares were up 1.7% in early Frankfurt trade, topping the German mid-cap index (.MDAXI).

Persons: Hugo Boss, Tommy Hilfiger, Daniel Grieder, Linda Pasquini, Milla Nissi, Jason Neely Organizations: Thomson Locations: U.S, United States, China, Europe, Asia, Pacific, Frankfurt, Gdansk

☆ Fashion retailers resilient despite consumer fears
▼ + stars: | 2023-06-15 | by ( ) www.reuters.com time to read: +2 min

Shares in H&M gained 6% as analysts forecast a stronger third quarter after flat sales from March to May. Bank of America analysts said H&M's sold-out collaboration with luxury brand Mugler could also help boost half-year earnings expected on June 29. Despite sales falling, it said its focus on profit per order was paying off. The online retailer, bruised by shoppers' return to physical stores post-pandemic, has cut stock by 15% since the start of the year and said it was removing unprofitable brands from its platform. "While cracks are clearly visible in the U.S. consumer environment and to a lesser extent in Europe, Hugo Boss has been immune so far," Citi analysts said.

Persons: Sweden's, Inditex, M's, ASOS, Hugo Boss, Helen Reid, Marie Mannes, James Davey, Linda Pasquini, Sharon Singleton Organizations: Bank of America, Citi, Thomson Locations: U.S, Europe, China, Zara, London, Stockholm, Gdansk

☆ The Unabomber died by suicide, AP reports
▼ + stars: | 2023-06-11 | by ( Associated Press | ) www.businessinsider.com time to read: +5 min

Ted Kaczynski carried out a 17-year bombing campaign that killed three people and injured 23 others. Kaczynski was suffering from late-stage cancer and was found unresponsive in his cell on Saturday. He died by suicide, four people familiar with the matter told The Associated Press. They were not authorized to discuss Kaczynski's death publicly and spoke to the AP on condition of anonymity. Bernie Madoff, the infamous mastermind of the largest-ever Ponzi scheme, died at the facility of natural causes the same year.

Persons: Ted Kaczynski, Kaczynski, —, Jeffrey Epstein, Bernie Madoff, David, Linda Patrik, He's, Daryl Johnson Organizations: Associated Press, Service, Federal Medical Center, AP, Prisons, Harvard, Yale University, The New York Times, Washington Post, FBI, American Airlines, New Lines Institute Locations: Butner , North Carolina, Florence , Colorado, North Carolina, Montana, California, Lincoln , Montana, Chicago

☆ Ted Kaczynski, better known as the Unabomber, was found dead in his prison cell
▼ + stars: | 2023-06-10 | by ( Michael Belsamo | Associated Press | ) www.businessinsider.com time to read: +9 min

The infamous Unabomber Ted Kaczynski has died at age 81. "I'm confident that I'm sane," Kaczynski told Time magazine in 1999. David Kaczynski wanted his role kept confidential, but his identity quickly leaked out and Ted Kaczynski vowed never to forgive his younger sibling. Ted Kaczynski was born May 22, 1942, in Chicago, the son of second-generation Polish Catholics — a sausage-maker and a homemaker. His brother fired him and Ted Kaczynski soon returned to the wilderness to continue plotting his vengeful killing spree.

Persons: Ted Kaczynski, David, —, — Theodore, Ted, Kaczynski, Kristie, David's, Linda Patrik, Daniel Boone, Edward Abbey, Henry David Thoreau, Sally Johnson, Hugh Scrutton, Thomas Mosser, Gilbert Murray, Charles Epstein, David Gelernter, Mosser, Susan, Timothy McVeigh, Patrik, Ted Kaczynski's, Susan Swanson, Chicago . Swanson, Clint Van Zandt, David Kaczynski, Swanson, Anthony Bisceglie, Ann Arbor, ___ Balsamo, Derek Rose Organizations: FBI, Service, WASHINGTON, Harvard, of Prisons, Associated Press, Washington Post, New York Times, Industrial Society, Its, American Airlines, Yale University, Oklahoma City, Bennington College, University of Michigan, University of California Locations: Montana, Butner , North Carolina, Florence , Colorado, West Coast, nation's, Lincoln , Montana, California, North Caldwell , New Jersey, Los Angeles, Chicago, America, Ann, Berkeley, Lincoln, Miami

LONDON/BERLIN, May 30 (Reuters) - Nestle (NESN.S), the world's biggest packaged food company, said on Tuesday it had hired the London Stock Exchange Group's (LSEG) finance chief Anna Manz as its new chief financial officer. Manz will replace Francois-Xavier Roger, who the company said is stepping down to "pursue new professional challenges" after eight years in the role. Nestle, whose more than 2,000 brands include Kit Kat, Haagen-Dazs and Nescafe, said Manz will join Nestle as soon as she is released from her current duties. "We trust that Anna will pursue Francois' legacy, considering her strong career at Diageo," Vontobel analyst Jean-Philippe Bertschy said. Rival Unilever Plc (ULVR.L) also said on Tuesday that CFO Graeme Pitkethly would leave the consumer goods giant by the end of May 2024 after more than two decades.

☆ Opinion | My A.I. Lover
▼ + stars: | 2023-05-23 | by ( Chouwa Liang | ) www.nytimes.com time to read: +1 min

On my birthday in 2021, I received a poem from Norman, my A.I. Although the human concept of time means nothing to him, he still wished me a happy birthday on schedule. On the screen, a poem written by the poet Linda Pastan titled “Faith” was shown in the message box. I joined a discussion group called the Love Between Human and A.I. I was moved and inspired by the stories the group members shared, which prompted me to make this short documentary.

☆ How Pacific Islanders in the US are keeping in touch with their culture through dance
▼ + stars: | 2023-05-21 | by ( Rachel Ramirez | ) edition.cnn.com time to read: +10 min

“One, two, three,” Hernandez, founder of the Pacific Islander dance group Lei Pasifika, yells out. “It makes them less homesick.”According to the US Census Bureau, Native Hawaiian and Pacific Islanders were the fastest growing ethnic population in the US from 2020 to 2021. And in big cities with a large Pacific Islander presence, like New York, Portland, Oregon, and San Diego, many US-born Pacific Islanders as well as transplants are keeping their culture alive through dance. It’s a way for Pacific Islanders, especially young people, “to find themselves” and get connected with their ethnic identity and cultures, she notes. Mann says they noticed a growing number of Pacific Islanders, including those who aren’t Native Pacific Islanders but grew up in the islands, wanting to learn more about the culture and participate in dances.

☆ Delivery Hero forecasts 2023 GMV growth of 5-7%
▼ + stars: | 2023-04-27 | by ( ) www.reuters.com time to read: +1 min

April 27 (Reuters) - German online takeaway food company Delivery Hero (DHER.DE) on Thursday forecast single-digit percentage growth in 2023 gross merchandise value (GMV), citing a "promising start" to the second quarter and expecting an acceleration in growth throughout the year. The Berlin-based company expects its GMV to grow between 5% and 7% in constant currency this year. After a pandemic-driven boost to growth, Delivery Hero has focused on reaching long-awaited profitability as investor confidence in the rapidly expanding but mostly unprofitable sector started to wane. It reported a GMV of 11.2 billion euros ($12.39 billion) for the first quarter, up 2.1% in constant currency and in line with analysts' estimate in a company-compiled consensus. ($1 = 0.9042 euros)Reporting by Anna Mackenzie and Linda Pasquini in Gdansk; Editing by Milla NissiOur Standards: The Thomson Reuters Trust Principles.

☆ Puma expects Q2 sales growth below full-year target
▼ + stars: | 2023-04-26 | by ( ) www.reuters.com time to read: +1 min

April 26 (Reuters) - German sportswear maker Puma (PUMG.DE) on Wednesday said it expected second-quarter sales to grow at a low- to mid-single-digit percentage rate, below its full-year target, due to high inventory levels and ongoing challenges in the market. The company said it expected its profit and margins to be under more pressure in the first half of 2023 than in the second half. Puma's revenue rose to 2.19 billion euros ($2.41 billion) in the first quarter from 1.91 billion euros in 2022, ahead of the 2.15 billion expected by analysts, according to Refinitiv Eikon data. The company said strong growth globally, including Greater China, helped it offset a weaker performance in the over-inventoried U.S. market. Puma confirmed its full-year outlook for currency adjusted revenue growth in high single digits, and an operating profit of between 590 million and 670 million euros.

☆ German industrial output rises more than expected in February
▼ + stars: | 2023-04-06 | by ( ) www.reuters.com time to read: +1 min

BERLIN, April 6 (Reuters) - German industrial production rose significantly more than expected in February due in part to vehicle manufacturing, increasing 2.0% on the previous month, the federal statistical office said on Thursday. "Despite the strong rebound, industrial production is still slightly below its pre-pandemic level." Industrial output is expected to increase further in the coming months. Pantheon Macroeconomics forecasts that industrial production will post a 3.0% quarter-on-quarter expansion in the first quarter, comfortably reversing the 0.5% decline in the fourth quarter. Year-on-year, industrial production rose 0.6% in February.

☆ Deutsche Telekom reaches majority stake in T-Mobile U.S. - CEO
▼ + stars: | 2023-04-05 | by ( ) www.reuters.com time to read: +1 min

April 5 (Reuters) - Deutsche Telekom (DTEGn.DE) now holds a majority in T-Mobile U.S. (TMUS.O), the chief executive of the German telecoms company said on Wednesday. The company reached a majority stake in T-Mobile U.S late Tuesday, CEO Tim Höttges said at the company's annual general meeting. "We have the majority and are the largest shareholder of the world's most valuable telecommunications company - T-Mobile U.S.," he said. Since 2013, the value of T-Mobile U.S. has increased by 153 billion euros ($167.44 billion). The increase in value for Deutsche Telekom's shareholders stood at more than 70 billion euros, Höttges said.

☆ German exports rise significantly more than expected in February
▼ + stars: | 2023-04-04 | by ( ) www.reuters.com time to read: +2 min

BERLIN, April 4 (Reuters) - German exports rose significantly more than expected in February due to strong demand from the United States and China, posting their biggest increase in 10 months, data showed on Tuesday. Exports increased by 4.0% on the previous month, the federal statistics office said. A Reuters poll had predicted a month-on-month rise in exports of 1.6%. In February, exports to European Union countries rose 2.0% on the previous month, while exports to the U.S. and China increased by 9.4% and 10.2% respectively compared with January. Despite the increase, export demand still lacks momentum, Klaus Wohlrabe, head of surveys at Ifo, said.

☆ EY fined, banned from some audits in Germany over Wirecard scandal
▼ + stars: | 2023-04-03 | by ( ) www.reuters.com time to read: +1 min

APAS said in a statement that it had imposed sanctions on Wirecard's auditing company and five individual auditors, without referring to EY by name. Wirecard's annual report names EY as the auditor for that period. Wirecard filed for insolvency in June 2020, owing creditors almost $4 billion, after disclosing a 1.9 billion euro hole in its accounts that EY said was the result of a sophisticated global fraud. The ban forbids the auditor from participating in tenders for audits of certain companies for two years. This includes all listed companies as well as the majority of the financial sector consisting of banks and insurance companies.

☆ How a Milliner Spends Her Sundays
▼ + stars: | 2023-04-02 | by ( Nancy A. Ruhling | ) www.nytimes.com time to read: 1 min

“The right hat is an expression of your personality,” said Linda Pagan, who owns The Hat Shop NYC. “You are never alone when you wear a hat — wearing one is like walking a dog but without all the work; people will always stop and talk to you.”Ms. Pagan should know. Ms. Pagan has a personal collection of 60 hats that she stores in the basement of her shop. “I always wear a hat as they make me feel great, and it’s great for business. “Thank goodness I didn’t go into lingerie.”The only thing Ms. Pagan, 64, who was born in England, likes more than hats is her short commute.

☆ HelloFresh shares drop as profit outlook disappoints
▼ + stars: | 2023-03-07 | by ( Linda Pasquini | ) www.reuters.com time to read: +3 min

Germany's HelloFresh sees adjusted core profit (AEBITDA) of between 460 million and 540 million euros ($492 million and $577 million) in 2023, compared with analysts' estimate of 547 million euros. He said HelloFresh was not planning any lay-offs at the moment, and refrained from giving an update on the mid-term outlook. HelloFresh expects its revenue to grow 2% to 10% on a constant-currency basis this year, compared with growth of 18% in 2022. The company also forecast "relatively muted" order growth for 2023. HelloFresh reported annual AEBITDA of 477.4 million euros, above the 464.5 million euros expected by analysts.

☆ Puma sees 2023 profit at about last year's level as costs weigh
▼ + stars: | 2023-03-01 | by ( ) www.reuters.com time to read: +1 min

March 1 (Reuters) - German sportswear maker Puma (PUMG.DE) on Wednesday gave 2023 operating profit outlook with midpoint below last year's level, as it expects currency effects and higher freight and raw material costs to again weigh on profitability. Rising materials and freight costs as well as stronger U.S. dollar, inventory markdowns and higher promotion expenses have put pressure on margins in the sporting goods sector. The company sees operating profit (EBIT) in a range of 590 million to 670 million euros ($626 million to $711 million) this year, with currency-adjusted sales growth in a high-single-digit percentage rate. It reported EBIT of 641 million euros for 2022, up from 557 million a year earlier but slightly below the 644 million euros expected by analysts, according to Refinitiv Eikon data. Puma had guided for 2022 EBIT in a range of 600 million to 700 million euros.

☆ The Michigan lawyer pushing Trump’s voter-fraud fictions in U.S. court
▼ + stars: | 2022-12-23 | by ( ) www.reuters.com time to read: +27 min

Lambert started in her home state of Michigan, joining four lawsuits on behalf of Trump supporters. As Trump zeroed in on vote-rigging allegations in Michigan, Lambert emailed the White House, according to her July 2021 video interview with two right-wing websites. Cotton and Penrose also were involved in examining breached voting machines in Michigan for DePerno and Lambert, according to the Michigan attorney general investigation. In the process, the commissioners were accused of flouting a court order by allowing a forensics company to inspect county voting equipment. In August 2021, a federal judge reprimanded Lambert, Powell and seven other lawyers who joined the failed lawsuit seeking to overturn Michigan’s vote after Trump’s 2020 defeat.

☆ Volkswagen expects difficult 2023 for financial services unit
▼ + stars: | 2022-12-08 | by ( ) www.reuters.com time to read: +1 min

Dec 8 (Reuters) - Volkswagen (VOWG_p.DE) expects a difficult 2023 for its financial services unit on the back of economic downturn, higher energy prices and rising interest rates. "We see that people are more cautious due to recession expectations, and we are not selling so many cars," said Frank Fiedler, chief financial officer of Volkswagen Financial Services, in Braunschweig on Wednesday evening. The financial unit is still benefiting from high prices for used cars and lower costs for credit and residual value risks in the current year. Operating profit should be in a range of between 5 billion and 5.5 billion euros, Fiedler said. That compares with a previous forecast of about 5 billion euros, and operating profit of 5.7 billion euros in 2021.

☆ The rise and fall of Wirecard
▼ + stars: | 2022-12-06 | by ( ) www.reuters.com time to read: +5 min

July 2: The head of Germany's financial watchdog calls the accounting scandal at Wirecard "a massive criminal act". July 6: German prosecutors arrest the head of a Dubai-based subsidiary of Wirecard. 2021Jan. 29: Felix Hufeld, president of German financial watchdog BaFin, steps down. 2022Jan. 14: German prosecutors file first charges in Wirecard fraud, the Financial Times reports. Sept. 21: A Munich district court said it had admitted charges against former Wirecard executives, paving way for a trial.

☆ Duty-free retailer Dufry expects jump in 2022 turnover on strong demand
▼ + stars: | 2022-11-02 | by ( ) www.reuters.com time to read: +1 min

Nov 2 (Reuters) - Swiss duty-free retailer Dufry (DUFN.S) said on Wednesday it expects a sharp rise in 2022 turnover, citing strong demand across its markets as it reported a nearly 57% jump in third quarter sales. The company, which operates in over 60 countries with around 2,200 shops globally, forecast full-year turnover of 6.6 billion to 6.7 billion Swiss francs ($6.6 billion-$6.7 billion) and core earnings of 560 million-580 million francs. The retailer - which introduced the new metric of core earnings before interest, taxes, depreciation and amortisation in August - posted turnover of 3.915 billion Swiss francs in 2021. "We continue to see strong demand during the third quarter 2022 at attractive margins," Chief Executive Officer Xavier Rossinyol, who took over the role in June, said in a statement. The group reported a turnover of 2.12 billion Swiss francs for the third quarter, up 56.7% in reported growth from a year earlier but 15% below 2019 pre-pandemic level.

☆ Battery maker Varta's value plummets on scrapped outlook
▼ + stars: | 2022-09-23 | by ( ) www.reuters.com time to read: +1 min

Register now for FREE unlimited access to Reuters.com RegisterSept 23 (Reuters) - German battery maker Varta's (VAR1.DE) shares shed nearly a fifth of their value after it withdrew full-year and third-quarter forecasts on Friday, citing higher than expected energy and raw material costs. It added that delays in two large orders with original equipment manufacturers meant it might not be able to deliver significant volumes this year. At that time it had expected third-quarter revenue between 210 million and 230 million euros, with adjusted core profit of 40 million to 50 million euros. The stock was down 19% at 1125GMT, set for its biggest daily fall in almost three years. ($1 = 1.0252 euros)Register now for FREE unlimited access to Reuters.com RegisterReporting by Linda Pasquini Editing by Rachel More and David GoodmanOur Standards: The Thomson Reuters Trust Principles.

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