Company Earnings Announcement
Coca-Cola Co on Wednesday reported better-than-expected quarterly revenue as strong sales in China more than offset a drop in Europe and flat volumes in North America. Global case volumes rose 2 percent in the first quarter, while those in China rose 12 percent due to increased marketing around the Chinese New Year, the company said.
LVMH Moët Hennessy Louis Vuitton SA said Wednesday first-quarter sales rose 4percent as the group, a bellwether for the luxury-goods industry, struggles to adapt to a slowdown in China. Revenue in the first three months of the year grew to EUR7.21 billion (USD9.95 billion) from EUR6.91 billion (USD9.5 billion) a year earlier.
Harvey Norman chairman Gerry Harvey is standing by toy wholesaler Funtastic despite an AUD26 million (USD24.1m) first-half loss and the proposed sale of the company's entertainment business to two Funtastic executives for half its former book value.
Harvey said he had bought a 6 percent stake in Funtastic because of the growth potential of its slushy-maker, Chill Factor, and was unfazed by the deteriorating performance of its other toy brands.
Thailand's Siam Global House, a retailer of building materials and home improvement items, expects 2014 sales to grow by at least 20 percent – a modest projection compared with past years.
Siam Global's 2013 sales rose by 33 percent to THB14.34 billion (USD444 million). Since listing on the exchange, the company has grown consistently by an average of 30 percent a year.
The company plans to open 12 new stores this year, with two already up and running.
Australian Westfield shopping centres have proved highly resilient, with near record low vacancy rates and growing rents despite retail conditions continuing to be challenging.
Shopping centre owner Westfield Group announced on Wednesday that its annual profit has dropped by 7 percent due to its sale of several US malls and the buyback of its own securities.
But the company said the Australian business had performed well in tough but improving trading conditions.
SoftBank Corp. said on Wednesday its group net profit for the April-December period rose 58.1 percent from a year earlier to JPY488.23 billion, supported by solid sales of Apple iPhones and increased subscriptions.
The mobile phone carrier's consolidated operating profit rose 46.3 percent to JPY924.23 billion on sales of JPY4.56 trillion, up 94.4 percent.
Italian fashion house Prada SpA said on Wednesday that sales grew just 9 percent in the year ended on 31 Jan., hurt by economic weakness in Europe and a stronger euro.
Prada, which makes luxury handbags, shoes, eye glasses and Miu Miu-branded dresses, published a preliminary sales figure of EUR3.59 billion (USD4.9b) for 2013. Analysts on average were expecting EUR3.67b, according to Thomson Reuters data.
Premium US fashion house Ralph Lauren on Wednesday reported better-than-expected results for the third quarter of fiscal 2014 (3Q14), lifting revenue growth forecast for the full-year to 7 percent – the high end of its previously projected range of 5-7 percent.
Net income rose 10 percent to USD237 million for the three months ended on 28 December 2013 from USD216m in the same period of the previous fiscal year.
Yahoo's fourth-quarter results were pretty much in line with analyst estimates. This time, investors found disappointment in a business Yahoo has no control over: Alibaba.
Yahoo, which owns a 24 percent stake in Alibaba, reported the Chinese e-commerce giant's growth is slowing.
Yahoo reported Alibaba's revenue was USD1.78 billion for the quarter ended in September, up 51 percent from a year ago. That compares with 61 percent year-over-year growth in the previous three months and 71 percent growth in the period before that.
EBay is reporting higher earnings and revenue for the last three months of 2013, driven by a strong holiday season for its e-commerce site and PayPal.
The company also says it has received a notice from activist investor Carl Icahn seeking a spinoff of PayPal. But eBay says it has looked into that and does not believe it is best for shareholders.
EBay Inc said on Wednesday that it earned USD850 million, or 65 US cents per share, in the October-December period. That's up 13 percent from USD751 million, or 57 US cents per share, a year earlier.