U.S. consumer prices fall for third straight month
Daktronics Q4 Loss Narrows – Quick Facts
Daktronics Inc. (DAKT) reported that its fourth quarter net loss narrowed to $1.08 million or $0.02 per share, from $10.82 million or $0.24 per share last year.
Net sales were $126.11 million, down from $127.76 million in the previous year.
Quarterly orders were $147.2 million compared to $162.5 million last year.
Product backlog at the end of the fiscal 2020 fourth quarter was $212 million, compared to a backlog of $202 million a year earlier.
In Wednesday pre-Market trade, DAKT is trading at $5.10 up $0.27 or 5.59 percent.
Guess? Inc. Q1 adjusted earnings Miss Estimates
Below are the earnings highlights for Guess? Inc. (GES):
-Earnings: -$157.67 million in Q1 vs. -$21.37 million in the same period last year.
-EPS: -$2.40 in Q1 vs. -$0.27 in the same period last year.
-Excluding items, Guess? Inc. reported adjusted earnings of -$118.91 million or -$1.81 per share for the period.
-Analysts projected -$0.88 per share
-Revenue: $260.25 million in Q1 vs. $536.69 million in the same period last year.
United Natural Foods Guides FY20 Above Analysts’ Estimates – Quick Facts
While reporting financial results for the third quarter on Wednesday, United Natural Foods, Inc. (UNFI) provided new adjusted earnings and net sales guidance for the full year 2020, above analysts’ estimates. The company had withdrawn its prior fiscal 2020 full year guidance on May 12, based on the strength of its fiscal 2020 year-to-date financial performance.
The Company’s new guidance reflects the impact of moving Cub Foods and certain Shoppers Food Warehouse stores into continuing operations, consistent with how it expects to report its fourth quarter and full-year 2020 results.
The Company now expects to continue to operate its Cub Foods banner and certain of its Shoppers Food Warehouse stores for up to 24 months.
For fiscal 2020, the company now projects a loss the range of $5.85 to $5.65 per share and adjusted earnings in the range of $2.30 to $2.50 per share on net sales between $26.4 billion and $26.6 billion.
On average, analysts polled by Thomson Reuters expect the company to report earnings of $2.16 per share on net sales of $25.16 billion for the year. Analysts’ estimates typically exclude special items.
“We expect elevated consumer demand for our wide variety of natural, conventional and fresh perimeter products, along with our ongoing synergy and integration initiatives, to result in a strong finish to the fiscal year,” said Steven Spinner, Chairman and CEO.
Guess? Sees Q2 Revenue Decline Similar To Q1; Postpones Dividend Payment – Quick Facts
While reporting its financial results for the first quarter on Wednesday, Guess? Inc. (GES) said it expects that the COVID-19 crisis will continue to have a material impact on its consolidated financial position, consolidated results of operations, and consolidated cash flows in fiscal 2021.
However, based on the sales data available for its brick-and-mortar stores that have re-opened since May 2, 2020, Guess? said it experienced sales productivity for reopened brick-and-mortar stores of roughly 75 percent in the U.S. and Canada and 70 percent in Europe as compared to last year’s level.
Given the dynamic situation due to the coronavirus pandemic, Guess? said it has not provided detailed guidance for the second quarter ending August 1, 2020 or the full fiscal year ending January 30, 2021. Based on current trends, it currently expects revenues for the second quarter to have a decrease similar to that of the first quarter.
The company added that its board of directors has decided to continue to postpone its decision to pay the quarterly cash dividend at this time in order to preserve its cash position and provide continued financial flexibility due to the uncertainties related to the COVID-19 pandemic.
Ford to expand alliance with Volkswagen to make about 8M commercial vehicles
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(Reuters) – Ford Motor Co said on Wednesday it would expand its alliance with Volkswagen AG to produce up to 8 million commercial vehicles.
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The No. 2 U.S. automaker also said it would build a new electric vehicle for Europe and, starting 2023, it could deliver more than 600,000 units.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| F | FORD MOTOR COMPANY | 7.24 | -0.29 | -3.85% |
| VWAPY | VOLKSWAGEN AG | 16.35 | -0.73 | -4.27% |
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(Reporting by Sanjana Shivdas in Bengaluru; Editing by Vinay Dwivedi)
Gold rises ₹ 245 tracking global cues
Prices of gold rose by ₹ 245 to ₹ 47,664 per 10 gram in the national capital on Wednesday helped by positive international trends, according to HDFC Securities.
Gold closed at ₹ 47,419 per 10 gram on Tuesday.
Silver prices, however, dipped ₹ 110 to ₹ 49,340 per kg from ₹ 49,450 per kg in the previous trade.
In the international market, gold was quoting with gains at USD 1,720 per ounce and silver at USD 17.70 per ounce.
“Gold prices traded higher on Wednesday as investors remained cautious ahead of the US FED comments,” HDFC Securities Senior Analyst (Commodities) Tapan Patel said.
U.S. consumer prices fall for third straight month
WASHINGTON, June 10 (Reuters) – U.S. consumer prices fell for a third straight month in May as demand remained subdued amid a recession caused by the COVID-19 pandemic.
The Labor Department said on Wednesday its consumer price index dipped 0.1% last month after plunging 0.8% in April, which was the largest decline since December 2008. In the 12 months through May, the CPI gained 0.1% after climbing 0.3% in April.
Economists polled by Reuters had forecast the CPI unchanged in May and gaining 0.2% year-on-year.
