Yoga pants maker, Lululemon Athletica Inc. (NASDAQ: LULU) said on Thursday that fiscal second quarter net income fell 1.3% due to higher input costs, masking robust revenue growth. Both earnings and revenue topped analysts’ estimation but shares tumbled as the high-end yoga apparel maker handed weaker-than-expected guidance for the current quarter and slashed full-year outlook. For the full fiscal year, the Company now anticipates earnings to be in the range of $1.94 to $1.97 a share on revenue of $1.63 billion to $1.64 billion down from its earlier guidance of $1.96 to $2.01 a share on sales $1.65 billion to $1.67 billion.
The Kroger Company Inc. (NYSE: KR) reported on Thursday that fiscal second quarter net income rose 14%, driven by 4.4% growth in same-store-sales (3.3% excluding fuel sales). Shares edged higher as the company lifted its growth outlook for same-store-sales. For the recently concluded quarter, Kroger posted a profit of $317 million or 60 cents a share compared to net income of $279 million or 51 cents a share. Sales climbed 4.6% to $22.72 billion. Analysts polled by Thomson Reuters had forecasted earnings of 60 cents a share on sales of $22.71 billion. Operating margin improved slightly to 2.6% from 2.5%.
Apple Inc.’s (AAPL) latest iPhone 5 C, which was unveiled on Tuesday, has failed to excite analysts. Analysts argue that iPhone 5C is priced too high for gaining traction in emerging markets, sending shares down about 5% in regular trading hours on Wednesday. Still, many analysts are positive that the stabilization of margins and company’s aggressive product launch plan will bolster earnings. On Wednesday, 3 major financial firms, Bank of America Corp., UBS AG and Credit Suisse Group AG, all downgraded the stock.
Drugstore chain, Walgreen Company (NYSE: WAG) announced on Tuesday that it has agreed to acquire a privately held pharmacy chain, Kerr Drug. The terms of the deal were not announced. North Carolina based Kerr Drug, which operates retail drugstores and specialty pharmacy business, reported sales of nearly $381 million, in the last fiscal year. Walgreen, which is the nation’s leading drugstore chain, had sales of $72 billion, in the latest fiscal year. Deerfield-based Walgreen said that the acquisition will help it to gain traction with new wellness centers in North Carolina.
The world’s largest burger chain, McDonald’s Corp. (NYSE: MCD) said on Tuesday that global sales rose 1.9% in August, driven mainly by revival in its European business, which offset weakness in other markets, including the U.S. The result was better-than-expected. Analysts were anticipating an increase of 0.3%. In Europe, same-store-sales increased 3.3% while analysts had forecasted a drop of 0.1%. Same-store-sales in the U.S. edged up 0.2%, which was below analysts’ forecast of 0.8% gain. Same-store-sales in Asia Pacific, The Middle East and Africa, slipped 0.5% while analysts’ had expected a 1% drop.
Daily deals site, Groupon Inc. (NASDAQ: GRPN) announced on Monday that it has acquired Blink Booking. Blink Booking is a Madrid based start-up which made last minute hotel booking app called Blink. The terms of the deal were not revealed though. Blink, which was founded in 2011, raised $2.5 million last year in order to expand its traction. According to Blink Booking’s website, the app at present offers last minute bookings for hotels spread across 184 cities in eight countries. The deal will help Groupon to expand its presence in Europe. The Blink app has been downloaded more than 600,000 times so far.
Japan’s Suntory Beverage & Foods Ltd. has agreed to acquire, Lacozade and Ribena, two soft drink brands from GlaxoSmithKline Plc. (ADR) (NYSE: GSK) in a deal estimated at 1.35 billion pounds or $2.1 billion. The acquisition will allow Suntory, known for its beer and Yamazaki whisky, to beef up its product portfolio and gain traction in international markets, where these brands are present already. GlaxoSmithKline said that it use this money towards repaying debt and some other general corporate purposes.
Firearms maker, Smith & Wesson Holding Corp. (NASDAQ: SWHC) after the market close on Thursday said that fiscal first quarter net income rose 49%, driven by robust demand for guns. Besides, earnings and revenue also beat Street’s consensus estimate. However, analysts are concerned about the future sales trend. Analysts fear that the unusual demand seen in last few quarters will stabilize now. A series of mass-shooting incidents last year raised speculation that lawmakers might make gun control laws stiffer. Still, the Company is confident that sales will continue to show strong growth. Smith & Wesson lifted its full-year sales outlook on Thursday.
Japan’s Suntory Beverage & Food is in final round of talks with Britain’s leading drug maker, GlaxoSmithKline Plc. ADR (NYSE: GSK) to buy latter’s Locozade and Ribena drinks, said people familiar with the matter. These sources said that Suntory has offered more than 1 billion pounds (about $1.6 billion) to buy these brands. The deal is likely to be announced in coming days, sources said. The bid comes shortly after GlaxoSmithKline in April said that it intends to sell Lucozade and Ribena. Although these brands have been successful in Britain, they have struggled to gain foothold in international markets.
Beleaguered smartphone manufacturer, Blackberry Ltd. (NASDAQ: BBRY) is trying to speed up its auctioning process, said sources familiar with the matter. These courses said that the Company intends to find a buyer by November. Last month, the Company announced that it was looking at all strategic alternatives to transform its flagging business. Since then, the Company has held several early stage negotiations with potential bidders. A person familiar with the development said that the Company has already begun shortlisting the potential buyers list, according to the Wall Street Journal. |
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