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The big business of Frankenfoods

‘The Good Boss’ Review: Company Man

As the titular boss of this dark comedy from Spain, Javier Bardem engages in underhanded tactics to win an award for business excellence.

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By Ben Kenigsberg

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Abercrombie & Fitch Reports Q2 Loss; Outlook Tepid; Stock Drops In Pre-market

(Adds outlook; share movement)

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

Earnings: -$16.83 million in Q2 vs. $108.50 million in the same period last year.
EPS: -$0.33 in Q2 vs. $1.69 in the same period last year.

Excluding items, Abercrombie & Fitch Co. reported adjusted earnings of -$15.27 million or -$0.30 per share for the period.

Analysts projected $0.22 per share
Revenue: $805.09 million in Q2 vs. $864.85 million in the same period last year.

Outlook:

Looking ahead, for the third quarter, the company expects its net sales to be down high-single-digits to $905 million of fiscal third quarter 2021. The company cited inflationary impact on consumer demand.

Analysts, on average, expect the company to report net sales of $896.01 million.

For the fiscal 2022, the retailer anticipates its net sales to be down mid-single-digits from $3.7 billion in 2021, compared with previous outlook of flat to up 2 percent.

Analysts, on average, project the firm to post net sales of $3.73 billion.

For the full-year, Abercrombie also expects its capital expenditures to be at around $150 million.

Share Movement:

In the premarket, the shares were trading down more than 14% at $16 from the previous close.

RTD bus crash closes northbound Parker Road near Orchard Road

An RTD bus was involved in a major crash in the northbound lanes of Parker Road just south of Orchard Road, the Arapahoe County Sheriff’s Office said.

All northbound lanes are closed and “serious injuries” have been reported.

Deputies advise drivers to use alternate routes as the Colorado State Patrol investigates the crash.

This story will be updated.

Chindata Q2 Adj. Profit Rises; Total Revenues Up 51.2%

Chindata Group Holdings Limited (CD) reported that its second quarter adjusted net income increased by 114.1% year-over-year to RMB 241.9 million. Adjusted EBITDA increased by 60.8% to RMB 544.3 million.

Net income increased by 206.3% to RMB 199.6 million. Earnings per ADS in the second quarter of 2022 was RMB 0.54.

Total revenues increased by 51.2% to RMB 1.04 billion from RMB 686.4 million, prior year, primarily driven by the growth of the colocation services.

For full year 2022, the company expects: total revenues in a range of RMB 4.13 billion – RMB 4.23 billion, and adjusted EBITDA of RMB 2.10 billion – RMB 2.18 billion.

For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com.

Lancaster Colony Corp. Q4 Net Income Declines; Net Sales Up 17.3%

Lancaster Colony Corporation (LANC) reported fourth quarter net income per share of $1.06 compared to $1.15, last year. The restructuring and impairment charges reduced net income by $0.29 per share, during the quarter. Net income decreased to $29.0 million from $31.7 million.

On average, four analysts polled by Thomson Reuters expected the company to report profit per share of $0.80, for the quarter. Analysts’ estimates typically exclude special items.

Fourth quarter net sales increased 17.3% to $452.4 million. Retail segment net sales grew 8.8% in the quarter to $233.1 million while Foodservice segment net sales rose 28.1% to $219.3 million. Analysts on average had estimated $410.82 million in revenue.

For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com.

NFL Team Houston Texans To Accept Crypto For Single Game Suites

Houston Texans has become the first National Football League (NFL) team to sell single game suites against payment in cryptocurrencies such as Bitcoin and Ether. The NFL franchise has inked an exclusive partnership with Houston-based BitWallet to become their Official Digital Currency Wallet, effective immediately.

Under the partnership, Houston Texans has already sold a suite through digital currency to Houston-based full-service digital marketing agency EWR Digital. According to the Houston Texans website, the cost of a single game suite currently ranges between $12,500 and $25,000.

The single game suites offer a private and luxury environment, with premium in-suit food & non-alcoholic beverage catering, VIP entrance, exclusive VIP parking, private suite attendant, club access, pot game experience access and the best view in the house.

BitWallet, owned by the United States Department of Treasury’s Money Services Business, is a high-security cryptocurrency wallet and exchange for both individuals and businesses. It supports bitcoin (BTC), litecoin (LTC), bitcoin cash (BCH), and ethereum (ETH).

The cryptocurrency payment is made using BitWallet as the intermediary and then to convert the cryptocurrency to U.S. dollars.

The big business of Frankenfoods

New York (CNN Business)Two summer staples — hot dogs and popsicles — are coming together. For whatever reason.

Oscar Mayer is selling its first-ever “Cold Dog,” a frozen pop that tastes like the brand’s hot weiner that allegedly boasts “both refreshing and smokey, umami notes” of a hot dog and topped with a mustard swirl. The idea stems from an Instagram post on Oscar Mayer’s account a few months ago, in which its followers originally deemed the idea “genius” in a poll.

Oscar Mayer unveils the Cold Dog, a hot dog-flavored frozen pop.
“After the overwhelming fan excitement for our beloved Cold Dog, it was a no-brainer to make this hot dog-inspired frozen pop a reality,” said Anne Field, an Oscar Mayer spokesperson, said in a press release.

    It’s not a nationwide release, however. The “Cold Dog” is now on at sale for $2 at select Popbar locations in Long Beach, New York City, New Orleans and Alpharetta, Georgia, while supplies last. Popbar is a chain of gelato shops that helped Oscar Meyer make this freakish flavor.

      Oscar Mayer, owned by Kraft Heinz (KHC), is used to making people squirm to attract attention to its packaged products. Earlier this year it sold a bologna face mask that quickly sold out on Amazon.

      In 2019, Kraft wrote down the value of its Kraft and Oscar Mayer brands by $15 billion because consumers have shifted their preferences away from processed foods.