Wednesday, May 24 2017 - 9:30pm
Wednesday, May 24 2017 - 9:00pm
Wednesday, May 24 2017 - 2:00pm
Wednesday, May 24 2017 - 1:30pm
Wednesday, May 24 2017 - 1:00pm
Revenue and profits for investment bank $MS tumbled in 3Q15. It reported a 42% dip in earnings due to volatility in global markets, which impacted its fixed income business and Asia merchant banking business. EPS was $0.48 on net revenues of $7.8Bil, reflecting a 14% YoverY drop in revenues.
With regards to the credit portfolio outsourcing, $SIG expects the transaction to add to EPS in the first full year of operations based on repurchases at current share prices. One-time transaction costs are estimated to be $35-45MM, which are expected to be largely realized in FY18.
During 1Q17, $ANF’s comparable sales were down 3% for the US and down 2% in international markets. Comparable sales were up 3% for the Hollister brand and down 10% for the Abercrombie brand. Hollister delivered positive comp sales in both US and international markets. $ANF’s gross margin for 1Q17 was 60.3%.
$SIG expects no material impact from the first phase of the outsourcing of credit portfolio to net sales. The outsourcing structure is expected to reduce SG&A expense by 2-3% on annualized basis. In the first phase, the transaction is expected to create savings. The company expects a minimal decline on its EBIT.