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Lexus tops Mercedes, BMW as production squeeze hits luxury sales

October 6, 2020

Toyota Motor Corp.’s Lexus brand outsold luxury rivals Mercedes and BMW in the latest quarter as inventory shortages triggered by the pandemic hampered the German brands.

Lexus, which hasn’t won the annual US luxury sales race in a decade, grew 2 percent on the year to 75,285 vehicles in the third quarter. Deliveries at Daimler AG’s premium line declined 9.4 percent to 69,631 units, and BMW AG suffered a 16 percent decline to 69,570. Mercedes is still leading the other two carmakers year-to-date by a wide margin.

Lexus has weathered the pandemic better than its German rivals, with the brand’s best-selling RX SUV seeing strong demand. Both Mercedes and BMW have been hamstrung by tight inventory as the pandemic idled plants in Europe and the United States for weeks. Lexus saw a 31 percent jump in September alone, led by its RX, NX crossover, and ES sedan. That pared declines

‘Tenet’ Tops $300 Million Globally, but Domestic Box Office Is in Crisis Mode | Investing News

October 4, 2020

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LOS ANGELES, (Variety.com) – Christopher Nolan’s “Tenet” willed itself past the $300 million mark globally this weekend even as the overall domestic box office appeared to be on the verge of collapse.

Disney’s “Hocus Pocus,” a Bette Middler comedy that flopped when it was initially released in 1993, but became a cult hit on cable and streaming, almost matched “Tenet’s” grosses in North America and beat those of “The New Mutants.” Re-released just in time for Halloween,” “Hocus Pocus” picked up $1.9 million from 2,570 theaters. “Tenet” earned $2.7 million from 2,722 venues, pushing its domestic haul to a paltry $45.1 million. “The New Mutants” eked out $1 million from 2,154 locations, bringing its domestic total to $20.9 million.

“Tenet’ has struggled to attract stateside audiences with the kind of fervor that typically greets Nolan films such as “Inception” and “Dunkirk.” Audiences seem hesitant to return to cinemas when coronavirus

Conagra (CAG) Tops Q1 Earnings Estimates, Hikes Dividend

October 1, 2020

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Conagra Brands, Inc. CAG posted robust first-quarter fiscal 2021 results, with the top and the bottom line surging year over year and beating the Zacks Consensus Estimate. Results were backed by increased organic sales, which in turn benefited from higher at-home consumption driving Conagra’s retail business. This also helped the company offset softness in the Foodservice segment, wherein sales fell due to COVID-19.

Quarter in Detail

Conagra’s quarterly adjusted earnings came in at 70 cents, which surpassed the Zacks Consensus Estimate of 57 cents. Moreover, the figure jumped 62.8% from the year-ago quarter. The year-over-year growth can be attributed to increased adjusted net income, higher gross profit as well as reduced SG&A expenses. Adjusted EPS was somewhat affected by greater average shares outstanding.

Conagra generated net sales of $2,678.9 million, which advanced 12.1% year over year and beat the Zacks Consensus Estimate of $2,604.5 million. The year-over-year sales growth was

Bed Bath & Beyond Q2 Profit Tops Estimates, Comps. Up 6%; Shares Surge

October 1, 2020

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(RTTNews) – Bed Bath & Beyond Inc. (BBBY) reported second quarter adjusted net earnings per share of $0.50, compared to $0.34, a year ago. On average, 16 analysts polled by Thomson Reuters expected the company to report a loss per share of $0.23, for the quarter. Analysts’ estimates typically exclude special items.

Second quarter net sales were approximately $2.69 billion, a decrease of approximately 1% from last year. Comparable sales increased approximately 6%, for the quarter. The company said comparable sales benefited from significantly strong growth in digital channels of approximately 89%, partially offset by an approximately 12% decline in comparable store sales. Analysts expected revenue of $2.6 billion, for the quarter.

During the second quarter, the company generated cash flow of over $750 million; reduced its gross debt by approximately $500 million or 30%; and further enhanced its liquidity position by approximately $400 million to approximately $2.2 billion.

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