Company Earnings Announcement
Swedish clothing retailer Hennes & Mauritz AB says its second-quarter earnings rose 25 percent as online expansion and new store openings boosted sales.
Net profit in the March-May period was SEK5.81 billion (USD870 million), up from SEK4.66 billion in the same period a year earlier, clearly beating analyst expectations. Sales rose 20 percent to SEK37.8 billion.
The world's two top fashion retailers Zara owner Inditex and Hennes & Mauritz reported strong sales growth on Wednesday, benefiting from a recovery in consumer spending in their core markets in Europe.
Inditex, whose brands also include upmarket Massimo Dutti and teen label Stradivarius, said sales rose 11 percent in local currencies between 1 Feb. and 8 June, accelerating from the 8 percent it recorded in the year to 31 Jan.
Jollibee Foods Corp. (JFC), the Philippine largest food service company, reported a 24.7 percent jump in net income to PHP1.1 billion (USD25.1 million) in the first quarter of 2014 from the PHP881 million the company had in the same period last year.
In a disclosure to the Philippine Stock Exchange, Jollibee said the profit growth was driven by strong same store sales, both in the Philippines and abroad. Revenues rose 15.2 percent to PHP20.9 billion from PHP18.2 billion in the first quarter of 2013.
Fashion accessory maker and retailer Fossil Group Inc. on Tuesday said net profit dropped 8 percent to USD66.3 million for the first quarter of fiscal 2014 from USD72.2 million in the first quarter of fiscal 2013 despite sales growth. For the first quarter ended on 5 April 2014, net sales rose 14 percent to USD776.5m from USD680.9m. Operating expense rose 19 percent to USD338.5m.
Global retail comparable store sales fell 2.4 percent, marking the third straight quarterly decline.
Amway (Malaysia) Holdings Bhd's pre-tax profit for the first quarter ended on 31 March 2014 rose to MYR34.32 million (USD10.6m) from MYR31.12 million recorded in the same quarter last year.
Its revenue increased to MYR213.29 million versus MYR203.86 million previously, mainly due to the successful sales and marketing programmes implemented during the period.
Amazon.com's net sales increased to $19.74 billion in the first quarter of 2014, up 23 percent from net sales of $16.05 billion during the same period last year.
Net income increased to $108 million in the first quarter, or $0.23 per diluted share, compared with $82 million, or $0.18 per diluted share, in first quarter 2013.
“We get our energy from inventing on behalf of customers, and 2014 is off to a kinetic start,” said Jeff Bezos, founder and CEO of Amazon.com.
Apple posted a revenue of $45.6 billion and net profit of $10.2 billion in the second quarter of the year on the back of strong iPhone sales and record revenue from services. International sales accounted for 66 percent of the quarter’s revenue.
Gross margin was up from 37.5 percent in the second of quarter of 2013 to 39.3 percent this quarter.
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.