Company Earnings Announcement
QKL Stores Inc., aregional supermarket chain in Northeastern China and Inner Mongolia plans to open new stores this year in Heilongjiang Province.
Zhuangyi Wang, Chairman and CEO, QKL Stores Inc., said the company has stronger relations with local vendors and cost of goods is slightly lower than the two other provinces - Liaoning and Jilin - where it now operates.
Matahari Putra Prima, a listed retailer that owns the hypermarket chain Hypermart in Indonesia, reported lower profit in the first half of the year as costs climbed faster than revenue.
Net income at Matahari Putra Prima fell 8.4 percent to IDR203 billion (USD17 million) in the January-June period from the same period in 2013. Revenue rose 18 percent to IDR6.4 trillion.
Kering Group said Wednesday its first-half profit rose 7 percent on strong growth at some of its luxury brands, though a steep decline in sales at its flagship Gucci fashion house exposed how weakness in Asian markets continues to hit luxury firms.
The French group said Gucci’s revenue—which accounts for 37 percent of the group’s total—fell 4.5 percent to USD2.1 billion. Kering Chief Financial Officer Jean-Marc Duplaix said the decline didn’t come as a surprise, as the company expected to see an improvement only in the second half of the year.
Swatch Group on Tuesday warned of an uncertain outlook for its major market Hong Kong after reporting an 11.5 percent fall in first-half profits due to a strong Swiss franc, costs linked to the Sochi Olympics and a factory fire.
Chief Executive Nick Hayek said he was concerned about the situation in Hong Kong, where pro-democracy protesters have clashed with police in past weeks.
Mattel Inc, the world's largest toymaker, reported its third straight fall in quarterly revenue as sales for the iconic Barbie doll declined the most since mid-2009.
The company's push into new toys such as building blocks has so far not helped it overcome the fall in demand for its decades-old toys as children shift to electronic games and tablets.
Gap Inc. reported 1 percent increase in June net sales compared with last year. Net sales for the five-week period ended 5 July 2014 reached USD1.54 billion compared with net sales of USD1.53 billion for the five-week period ended 6 July 2013.
Nike's fourth-quarter net income has risen 5 percent as higher revenue offset heavy investments in marketing for the World Cup soccer tournament. Results topped expectations and shares rose in aftermarket trading.
Nike is outfitting 10 teams during the World Cup, taking place now in Brazil, including the US team.
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.