Monday, 6 Dec 2021

Gap Lowers FY21 Outlook Citing Supply Issues, High Air Freight Costs

Spice N’ More Recalls Salma Natural Curry Powder

Brooklyn, New York-based Spice N’ More Corp. is recalling certain Salma Natural Curry Powder citing the possible presence of undeclared peanuts, a known allergen, the U.S. Food and Drug Administration said.

The company’s 13 ounce or 368 grams containers of “Salma Natural Curry Powder” with UPC code 023913159115, Lot # H092021 and best by date 12/20/23 were involved in the recall.

The affected products, which are in clear plastic jar, were distributed nationwide to supermarket chains, independent supermarkets and distributors.

The recall was initiated following routine sampling by New York State Department of Agriculture and Markets Food Inspectors and subsequent analysis by Food Laboratory personnel. It was revealed that the peanut-containing product was distributed in containers that did not reveal the presence of peanuts.

People who have allergies to peanuts are likely to get serious or life-threatening allergic reaction if they consume these products. However, the company has not received any reports of illnesses or allergic reactions related to the recalled products to date.

Consumers who have purchased any of the “Salma Natural Curry Powder” in the container are urged to return them to the place of purchase for a full refund.

In similar recalls, Bobo’s in late October recalled one lot of Bobo’s 4-pack Almond Butter Protein Bars for potentially containing undeclared peanuts.

Dell Inc. Q3 adjusted earnings Beat Estimates

Dell Inc. (DELL) released a profit for its third quarter that advanced from the same period last year.

The company’s profit totaled $3.89 million, or $4.87 per share. This compares with $0.88 million, or $1.08 per share, in last year’s third quarter.

Excluding items, Dell Inc. reported adjusted earnings of $2.02 billion or $2.37 per share for the period.

Analysts had expected the company to earn $2.18 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter rose 120811.4% to $28.39 billion from $23.48 million last year.

Dell Inc. earnings at a glance:

-Earnings (Q3): $2.02 Bln. vs. $1.71 Bln. last year.
-EPS (Q3): $2.37 vs. $2.03 last year.
-Analysts Estimate: $2.18
-Revenue (Q3): $28.39 Bln vs. $23.48 Mln last year.

VMware Inc. Q3 adjusted earnings Beat Estimates

VMware Inc. (VMW) revealed earnings for third quarter that fell from last year.

The company’s profit totaled $398 million, or $0.94 per share. This compares with $434 million, or $1.02 per share, in last year’s third quarter.

Excluding items, VMware Inc. reported adjusted earnings of $725 million or $1.72 per share for the period.

Analysts had expected the company to earn $1.54 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter rose 11.5% to $3.19 billion from $2.86 billion last year.

VMware Inc. earnings at a glance:

-Earnings (Q3): $725 Mln. vs. $704 Mln. last year.
-EPS (Q3): $1.72 vs. $1.66 last year.
-Analysts Estimate: $1.54
-Revenue (Q3): $3.19 Bln vs. $2.86 Bln last year.

Firefox Bikes eyes doubling sales on strong local demand

Premium cycle maker aims to sell two lakh units this fiscal

Buoyed by the demand for bicycles in India, Firefox Bikes, a Hero Cycles group company, is aiming to double sales this year to two lakh cycles, a senior company official said.

“It’s been a great time for biking in India as well as across the world,” said CEO Sukanta Das. “The last two years have been phenomenal and we have been among the few businesses that have ended up on the right side of COVID,” he said.

“We’ve seen a tremendous growth and adoption of biking as a choice to remain healthy as well as for] transportation,” Mr. Das added. He said last year, the premium bicycle maker sold more than one lakh bikes and was targeting sales of more than two lakh this year. “We have already achieved what we did last year in H1. So, we will surely double,” Mr. Das said, adding that the company was looking at doubling the turnover in 2022 as the strong demand for bikes that started during the lockdown last year was set to continue for the next two years.

Overall, the bicycle market in India is estimated at 27 lakh annually. Of this, premium bicycles or bikes that cost above ₹10,000 constituted about 7 lakh.

Mr. Das said the company had received a large number of export enquiries from across the globe and had recently begun exports to Canada.

While last year the company focused on the domestic market owing to strong demand, it now plans to start exports to Africa and West Asia.

Guess? Inc. Q3 adjusted earnings Beat Estimates

Guess? Inc. (GES) reported a profit for its third quarter that rose from the same period last year.

The company’s profit totaled $29.88 million, or $0.45 per share. This compares with $26.38 million, or $0.41 per share, in last year’s third quarter.

Excluding items, Guess? Inc. reported adjusted earnings of $41.55 million or $0.62 per share for the period.

Analysts had expected the company to earn $0.46 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter rose 13.0% to $643.07 million from $569.28 million last year.

Guess? Inc. earnings at a glance:

-Earnings (Q3): $41.55 Mln. vs. $37.36 Mln. last year.
-EPS (Q3): $0.62 vs. $0.58 last year.
-Analysts Estimate: $0.46
-Revenue (Q3): $643.07 Mln vs. $569.28 Mln last year.

Gap Lowers FY21 Outlook Citing Supply Issues, High Air Freight Costs

American lifestyle retailer Gap Inc. (GPS) on Tuesday lowered its fiscal 2021 earnings and sales outlook, hit by supply chain constraints and high air freight expenses. The company’s shares are down 15 percent in after-market trading.

The company now expects fiscal 2021 earnings per share to be in the range of $0.45 to $0.60, inclusive of a $325 million loss on extinguishment of debt and approximately $120 million in net charges related to divestitures and changes to its European operating model. Excluding these charges, earnings per share are expected to be in the range of $1.25 to $1.40.

The company now expects full-year revenue growth to be about twenty percent versus fiscal year 2020.

In after-market trading, the shares are down 15 percent to $19.86. GPS ended Tuesday’s trade at $23.45, down $0.43.

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