Life

Abercrombie & Fitch Co. Q2 adjusted earnings Beat Estimates

Grafton H1 Adj. Operating Profit From Cont. Ops. Falls; Revenue Down 19%

Grafton Group Plc (GFTU.L) reported pretax profit of 20.48 million pounds for the six months ended 30 June 2020 compared to 84.40 million pounds, previous year. Earnings per ordinary share from continuing operations was 6.7 pence compared to 29.1 pence. Adjusted operating profit from continuing operations was 39.4 million pounds, down 61% due to Covid-19 pandemic. Adjusted earnings per share from continuing operations was 8.1 pence compared to 30.0 pence.

First half revenue declined year-on-year to 1.06 billion pounds from 1.31 billion pounds.

Gavin Slark, CEO, said: “We are very encouraged by the performance of the Group in recent months as it emerged in a strong position from the Covid-19 lockdown and based on current trends the Group should deliver a similar level of adjusted operating profit in the second half to the comparable period last year.”

Diploma Plc Projects FY Adj. Operating Profit In Line With Market View

Diploma Plc (DPLM.L) issued a trading update for the year ending 30 September 2020. The Group said it has delivered a resilient trading performance and adjusted operating profit for the full year is expected to be in line with market expectations.

The Group’s third quarter was impacted by the COVID-19 crisis with revenues down 12% on a reported basis and down 21% on an underlying basis. Diploma Plc stated that its performance started to recover in June and has continued into the fourth quarter, with revenues steadily improving in July, down 4% on a reported basis and down 10% on an underlying basis.

Brazil's President Bolsonaro lashes out at journalists

The truce with the media is over – Brazil’s president has taken aim at journalists over a corruption scandal.

Brazil’s President Jair Bolsonaro has been lashing out at the country’s media after stories of a corruption scandal, allegedly involving his sons and wife. But, his popularity is on the rise.

Al Jazeera’s Monica Yanakiev reports from Rio de Janeiro, Brazil.

Treasury yields flat ahead of Powell's Jackson Hole speech

  •  Jerome Powell is due to address the virtual Jackson Hole Economic Policy Symposium at 9:10 a.m. ET.
  • Traders will be looking for clues on upcoming monetary policy decisions.

U.S. government debt prices were hovering around the flatline Thursday, as traders await a speech by Federal Reserve Chairman Jerome Powell.

At around 2 a.m. ET, the yield on the benchmark 10-year Treasury note fell slightly to 0.6851%, whereas the yield on the 30-year Treasury bond slipped to 1.4051%. Yields move inversely to prices.

Jerome Powell is due to address the virtual Jackson Hole Economic Policy Symposium at 9:10 a.m. ET. Traders will be looking for clues on upcoming monetary policy decisions.

Treasurys

On the data front, there will be initial jobless claims at 8:30 a.m. ET; a second reading of U.S. gross domestic product in the second quarter is due at the same time; and there will be pending home sales numbers out at 10 a.m. ET.

The Treasury is due to auction $30 billion in 4-week bills, $35 billion in 8-week bills and $47 billion in 7-year notes.

Tiffany & Co. Q2 Profit Tops Estimates; Comps. Down 24% – Quick Facts

Tiffany & Co. (TIF) reported second quarter net earnings per share of $0.26 compared to $1.12, a year ago. Excluding items, second quarter earnings was $0.32 per share. On average, 11 analysts polled by Thomson Reuters expected the company to report profit per share of $0.19, for the quarter. Analysts’ estimates typically exclude special items.

Second quarter net sales were $747.1 million compared to $1.05 billion, a year ago. Analysts expected revenue of $772.39 million, for the quarter. Worldwide net sales declined 29% and comparable sales were down 24% year-on-year. On a constant-exchange-rate basis, worldwide net sales declined 28% and comparable sales fell 23%.

The company currently anticipates fourth quarter sales to reflect a mid single-digit decline as compared to the same quarter for fiscal 2019, while earnings per share is anticipated to show a high single-digit improvement on an as reported basis and a low single-digit improvement on a non-GAAP basis as compared to prior year.

Communicorp Recalls Plush Aflac Doctor Duck For Lead Concerns

Columbus, Georgia -based Communicorp Inc. is recalling Plush Aflac Doctor Duck citing higher lead concerns, the U.S. Consumer Product Safety Commission announced.

The recall involves about 635,500 units of six inch plush Aflac promotional Doctor Duck, which is in white with a yellow beak and feet. It is dressed in a white lab coat with buttons and a stethoscope. “Aflac” is printed on the front of the duck’s lab coat.

The affected products were manufactured in China, and distributed by Beverly Hills Teddy Bear Co. They were sold directly to Aflac employees and licensed agents from January 2005 through July 2020 for between $3 and $5. The plush ducks were distributed by Aflac to consumers as a promotional item.

According to the agency, the buttons on the lab coat worn by the Doctor Duck contain levels of lead that exceed the federal lead content standard. Lead is toxic if ingested by young children and can cause adverse health issues.

However, the company has not received any reports of incidents or injuries to date.

Consumers are asked to immediately dispose of the recalled plush Doctor Duck.

Citing lead concerns, Hasbro last week recalled 52,900 Nerf Super Soaker water guns sold at Target, and Avalon Furniture in early July called back about 9,500 units of Cottage Town Bedroom Furniture collection sold through Rooms To Go.

Abercrombie & Fitch Co. Q2 adjusted earnings Beat Estimates

Below are the earnings highlights for Abercrombie & Fitch Co. (ANF):

-Earnings: $5.46 million in Q2 vs. -$31.14 million in the same period last year.
-EPS: $0.09 in Q2 vs. -$0.48 in the same period last year.
-Excluding items, Abercrombie & Fitch Co. reported adjusted earnings of $14.71 million or $0.23 per share for the period.
-Analysts projected -$0.83 per share
-Revenue: $698.33 million in Q2 vs. $841.08 million in the same period last year.