Wednesday, May 24 2017 - 9:30pm
Wednesday, May 24 2017 - 9:00pm
Wednesday, May 24 2017 - 1:00pm
Wednesday, May 24 2017 - 12:30pm
Wednesday, May 24 2017 - 12:00pm
JP Morgan analyst Ken Goldman probes $GIS on the accounting shift in Yoplait Europe, whether it's reasonable to model an equal headwind in 1Q17. CFO Donal Mulligan says that international had 10% organic sales growth in 4Q16 with about 6 points of that due to shifts from Yoplait in Europe. International had mid-single digit organic sales growth.
$SAFM continues to expect grain prices to remain relatively benign for 2H17. The company said there are ample supplies of both corn and soybeans worldwide, and the planting progress of the 2017 corn and soybean crops remains close to average, despite a wet spring in the United States grain belt.
Consolidated net sales rose 4.0% to $5.3Bil in 1Q17, as $DLTR posted a dip in net income to $200.5MM from last year's $232.7MM. Earnings fell to $0.85 per diluted share from $0.98 a share, with gross margin rising to 30.8% in the quarter from 30.6% a year ago.
$SAFM reported a jump in 2Q17 earnings reflecting benign feed costs, continued favorable demand for poultry products from retail grocery store customers, higher volume, and an improving export environment. Net income rose to $66.94MM or $2.94 per share from $47.6MM or $2.11 per share last year. Sales grew to $802.04MM from $692.09MM.
For FY18, $GCO cut down its adjusted diluted EPS outlook to $3.90-4.05 compared to the previous outlook of $4.40-4.55. The company has adopted a more conservative outlook for store-based sales due to the year-to-date low level of mall traffic and the shift in consumer spending from stores to online. Comp sales are estimated to be flat to up to 1%.