Company Earnings Announcement
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.
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.