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Hibbett Sports Turns To Profit In Q2 – Quick Facts

Stanley Black & Decker Updates 2020 Organic Revenue Planning Assumption

Stanley Black & Decker, Inc. (SWK) said the company’s current third quarter organic revenue growth planning assumption is 7% to 10%. Consequently, second half assumption is for low to mid-single digit organic growth, above the high end of the prior second half outlook range of a decline of 7.5% to flat. The company said the revised assumption is a result of stronger Tools & Storage demand across several geographies and channels, modest improvement in store inventory levels in US retail, and stronger trends within Security & Industrial.

Stanley Black & Decker now expects improved operating leverage that will likely result in full year operating margin excluding M&A related and other charges to be relatively flat compared to prior year.

Big Lots Does Not Re-instate FY20 Outlook; Declares Qtly. Cash Dividend Of $0.30/Shr – Quick Facts

While reporting financial results for the second quarter on Friday, discount retailer Big Lots, Inc. (BIG) said it is not in a position to re-instate its financial guidance for the full-year 2020 as it continues to believe it does not have sufficient visibility amidst the ongoing COVID-19 pandemic.

Separately, the company’s the Board of Directors declared a quarterly cash dividend of $0.30 per common share, payable on September 25, 2020, to shareholders of record as of the close of business on September 11, 2020.

The company’s Board of Directors also authorized the repurchase of up to $500 million of the company’s outstanding common shares.

In late March, the company had withdrawn its financial guidance for the first quarter and full year 2020, given the lack of business visibility related to the pandemic.

Coca-Cola to Offer Early Departures to 4,000 in North America

Coca-Cola Co. plans to offer voluntary separation to at least 4,000 employees to reduce its workforce amid changes in the soft-drink business.

The company will initially offer enhanced benefits to workers in North America who agree to leave, according to astatement Friday. A similar program will follow in other countries, the soda maker said, and there will also be an unspecified number of layoffs.

The move comes amid continuing challenges for companies selling sugary drinks as consumers cut back on calories. Bottled water also faces new hurdles amid growing environmental concerns.

Coca-Cola also said it plans to reorganize its business, including creating new operating units for regional and local operations that will work with category marketing teams. It expects the global severance programs to result in expenses of about $350 million to $550 million.

The shares rose 0.8% in U.S. premarket trading.

Big Lots Inc. Q2 adjusted earnings Beat Estimates

Big Lots Inc. (BIG) reported a profit for its second quarter that advanced from last year.

The company’s bottom line came in at $451.97 million, or $11.29 per share. This compares with $6.18 million, or $0.16 per share, in last year’s second quarter.

Excluding items, Big Lots Inc. reported adjusted earnings of $110.07 million or $2.75 per share for the period.

Analysts had expected the company to earn $2.70 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter rose 31.2% to $1.64 billion from $1.25 billion last year.

Big Lots Inc. earnings at a glance:

-Earnings (Q2): $110.07 Mln. vs. $20.64 Mln. last year.
-EPS (Q2): $2.75 vs. $0.53 last year.
-Analysts Estimate: $2.70
-Revenue (Q2): $1.64 Bln vs. $1.25 Bln last year.

Fed Inflation Reboot, Ballooning U.S. Debt, Canada GDP: Eco Day

Welcome to Friday, Americas. Here’s the latest news and analysis from Bloomberg Economics to help you start the day:

  • The Federal Reserve’s new plan torun the economy hot looks easier said than done as the central bank confronts multiple forces holding down inflation
  • Efforts to limit the economic fallout from the pandemic are set to swell the U.S. budget deficit to about 15% of gross domestic product. Here’s a look asix ways to deal with ballooning U.S. debt
  • It’s GDP day inCanada — here’s what to expect
  • China’s economypicked up speed in August
  • The Bank of Japan is going tocontinue with its current monetary easing, making no immediate changes, despite Prime Minister Shinzo Abe’s resignation, according to people familiar with the matter
    • Here’s a reminder howAbenomics worked in Japan

    Hibbett Sports Turns To Profit In Q2 – Quick Facts

    Hibbett Sports Inc. (HIBB) reported that its second-quarter net income was $40.4 million or $2.38 per share, compared to a net loss of $8.8 million or $0.49 per share last year.

    On an adjusted basis, net income was $50.0 million, or $2.95 per share, compared to adjusted net loss of $2.4 million, or $0.13 per share in the previous year. Analysts polled by Thomson Reuters expected the company to report earnings of $1.15 per share. Analysts’ estimates typically exclude special items.

    Net sales increased 74.9% to $441.6 million from $252.4 million last year. Analysts expected revenue of $349.58 million for the quarter.

    Comparable sales increased 79.2%. Brick and mortar comparable sales increased 65.2%. E-commerce sales grew by 212.2% and represented 15.7% of total net sales for the second quarter compared to 8.6% in the prior year second quarter.

    The company believed the increase in overall sales was positively impacted by pent-up consumer demand, temporary and permanent store closures by our competitors, and stimulus money which increased traffic to stores and website.

    For the second half of the Fiscal 2021, the company expects earnings per share to be in the range of $0.85 to $1.00,and comparable sales increases in the mid-single digits.

    In Friday pre-market trading, HIBB was trading at $32.22 up $2.12 or 7.04 percent.