Saturday, 26 Sep 2020

Cracker Barrel Old Country Store, Inc. Q4 adjusted earnings Beat Estimates

China denies reports of troops laying cables at India border

BEIJING (REUTERS) – China’s Foreign Ministry on Tuesday (Sept 15) denied reports that Chinese troops are laying fibre optic cables at a flashpoint at the border with India.

China and India will remain in communication through diplomatic and military channels, Foreign Ministry spokesman Wang Wenbin told a news briefing.

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Indonesia coronavirus cases rise by 3,507 to 225,030

JAKARTA (REUTERS) – Indonesia reported on Tuesday (Sept 15) 3,507 new coronavirus infections, taking the country’s total tally to 225,030, Health Ministry data showed.

The number of deaths rose by 124 to 8,965, the highest number of fatalities in South-east Asia.

The second wave: Powered by science fiction?

Since February, we’ve been washing our hands, staying alert, eating out to help out, working from home and all while trying to stay two metres apart.

But last week, the government brought in a new attack on the surge in coronavirus cases: the ‘rule of six’ and ‘Operation Moonshot’.

In this episode, Professor Stephen Reicher, one of the government’s scientific advisers, argues that the prime minister is risking playing a ‘blame game’ with his strategy; and Sky political correspondent Kate McCann talks us through how realistic the Moonshot plan really is.

State pension agony: Fury as Backto60 LOSE appeal

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The Court of Appeal judges made the ruling today which will affect millions of women across Britain. Julie Delve, 62, and Karen Glynn, 63, part of the campaign group Backto60, have been calling for a reversal of the state pension age rising from 60 to 66 for women. However, three senior judges ruled against them in London this morning.

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Prince Harry receives birthday wishes from Royal Family as he turns 36

The Duke of Sussex has received birthday wishes from the Royal Family as he celebrates turning 36.

His grandmother, The Queen, and his brother and sister-in-law, the Duke and Duchess of Cambridge, posted birthday greetings on their official Twitter accounts.

The Royal Family account shared an image of The Queen and Harry from a 2017 Buckingham Palace reception, along with emojis of a cake and balloon, and the words: “Wishing The Duke of Sussex a very happy birthday!”

New York Sports Clubs Files for Bankruptcy as Gym Business Collapses

Gym chain New York Sports Clubs has filed for bankruptcy, a sign of the toll the pandemic has taken on the business. More and more people work out at home, mostly for safety. While this has helped companies like Peloton Interactive, which makes bikes for personal use, it means public gyms have become a wasteland.

Gyms are like restaurants because both face social distancing measures that are nearly impossible to put in place without reducing the number of people who can be in a space by three-quarters. Gym equipment also needs to be cleaned after each use, a labor-intensive process. While restaurants have gotten a modest reprieve due to warm weather that allows outdoor dining, that will change as the season changes, particularly in the northern tier of states. Many restauranteurs say that a return to indoor dining with social distancing will ruin their prospects.

The gym news shows that parts of the economy cannot rebound as long as there is a pandemic. Many gyms will never reopen because they do not have the capital to ride out what may be months before they can fully open. COVID-19’s world-changing effects will crater another industry.

H&M Q3 Sales Down, Sees Profit; Stock Climbs

Shares of Hennes & Mauritz AB or H&M Group (HNNMY.PK,HMRZF.PK,HEN.L) were gaining around 12 percent in the morning trading in Sweden after the retailer Tuesday said its preliminary results show third-quarter profit before tax of approximately 2 billion Swedish kronor, despite the Covid-19 impact.

The company had reported a second-quarter loss after tax of 5.03 billion kronor.

H&M now said its recovery is better than expected as a result of appreciated collections together with rapid and decisive actions. More full-price sales combined with strong cost control enabled the company to already turn to profit in the third quarter.

H&M group’s net sales decreased 19 percent to 50.87 billion kronor from last year’s 62.57 billion kronor. Net sales fell 16 percent in local currencies.

The company noted that the sales development in the third quarter reflects the Covid-19 situation. At the beginning of the quarter, approximately 900 of the group’s more than 5,000 stores were temporarily closed. At the end of the quarter, just above 200 stores were temporarily closed.

The company will announce its third quarter results on October 1.

In Sweden, Hennes & Mauritz shares were trading at 159.95 kronor, up 12.05 percent.

Cracker Barrel Old Country Store, Inc. Q4 adjusted earnings Beat Estimates

Cracker Barrel Old Country Store, Inc. (CBRL) released earnings for fourth quarter that dropped from last year.

The company’s bottom line came in at $25.07 million, or $1.05 per share. This compares with $65.03 million, or $2.70 per share, in last year’s fourth quarter.

Excluding items, Cracker Barrel Old Country Store, Inc. reported adjusted earnings of -$20.13 million or -$0.85 per share for the period.

Analysts had expected the company to earn -$1.05 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter fell 37.1% to $495.07 million from $787.10 million last year.

Cracker Barrel Old Country Store, Inc. earnings at a glance:

-Analysts Estimate: -$1.05
-Revenue (Q4): $495.07 Mln vs. $787.10 Mln last year.

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