I Bytes Retail & Consumer Goods industry

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I-Bytes
Retail & Consumer Goods
January Edition 2021
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Table of Contents
1. Financial, M & A Updates...................................................................................................................................1
2. Solution Updates................................................................................................................................................22
3. Rewards and Recognition Updates..................................................................................................................30
4. Partnership Ecosystem Updates.......................................................................................................................65
5. Environment & Social Updates........................................................................................................................75
6. Miscellaneous Updates......................................................................................................................................87

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Financial, M & A Updates
Retail & Consumer Goods Industry

Financial, M&A Updates
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AutoZone (USA) 1st Quarter Same Store Sales Increase 12.3%; EPS
Increases to $18.61
• AutoZone, Inc. reported net sales of $3.2 billion for its first quarter (12 weeks) ended November 21,
2020, an increase of 12.9% from the first quarter of fiscal 2020 (12 weeks). Domestic same store sales, or
sales for stores open at least one year, increased 12.3% for the quarter.
• For the quarter, gross profit, as a percentage of sales, was 53.1%, a decrease of 62 basis points versus
the prior year. The decrease in gross margin was attributable to one-time pandemic related charges,
increased loyalty program participation resulting from increased purchase frequency from existing
customers, and a shift in mix. Operating expenses, as a percentage of sales, were 33.6% (versus 35.8% for
last year’s quarter), with leverage primarily due to higher sales volumes.
• Operating profit increased 23.0% to $615.2 million. Net income for the quarter increased 26.3% over
the same period last year to $442.4 million, while diluted earnings per share increased 30.1% to $18.61 per
share from $14.30 per share in the year-ago quarter. The increase in net income was driven by strong
topline growth.
• AutoZone repurchased 584,379 shares of its common stock for $678.3 million during the first quarter,
at an average price of $1,161 per share. At the end of the first quarter, the Company had $117.6 million
remaining under its current share repurchase authorization.
• The Company’s inventory increased 3.7% over the same period last year, driven by new stores and
improved product assortment. Net inventory, defined as merchandise inventories less accounts payable,
on a per store basis, was approximately negative $99 thousand versus negative $71 thousand last year and
negative $104 thousand last quarter.
Executive Commentary
“As the COVID-19 global pandemic continues, our primary focus has been and continues to be the
health, wellness and safety of our customers and AutoZoners. Last week, we shared with all eligible
AutoZoners that we have again made some significant benefit changes to encourage personal
responsibility. Most notably, we will offer another week of ‘emergency time-off,’ and we will allow
an extended carryover of paid time off for much of the new calendar year. Combined, these enhanced
benefits will cost roughly $50 million in our second quarter, but as I told our team last week, it’s an
investment in them and the well-being of our customers and their fellow AutoZoners,” said Chairman,
President and Chief Executive Officer.
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BayWa AG (Germany) successfully carries out capital increase at BayWa r.e.
renewable energy GmbH – largest transaction in the company’s history
BayWa AG has successfully concluded its investor search for the planned capital
increase at BayWa r.e. renewable energy GmbH (BayWa r.e.). In the course of the
acquisition of a 49 percent stake by funds advised by Energy Infrastructure Partners
(EIP), formerly Credit Suisse Energy Infrastructure Partners, BayWa r.e will receive an
equity contribution of €530 million. With a stake of 51%, BayWa AG will remain BayWa
r.e.’s majority shareholder. Energy Infrastructure Partners (EIP) specialises in long-term
investments in the energy sector. The team at EIP has an extensive industry network,
many years of experience in transactions, a strong performance record and solid
partnerships with energy utility companies and the public sector. As part of the capital
increase, the share capital of BayWa r.e. will be increased accordingly through the issue
of new shares. Only the investor is permitted to subscribe to the new shares. BayWa r.e.
will continue to be fully consolidated within the Group. Upon entry of the capital
increase, BayWa r.e. GmbH will be converted into an Aktiengesellschaft, or stock
corporation under German law. The CEO of the newly formed BayWa r.e. AG will be
Matthias Taft, the member of the BayWa AG Board of Management currently still in
charge of the Energy Segment.
“The capital increase at BayWa r.e. is the largest transaction in BayWa company
history,” says Chief Executive Officer of BayWa AG. “Together with our Green
Bond successfully placed in 2019, we have thus acquired €1.03 billion in less than
two years on the capital market for the renewable energies business unit.” The
execution of the capital increase is still subject to the usual regulatory approvals.
This is testament to the fact that our decision eleven years ago was the right one. In
just a decade, BayWa r.e. has developed into one of the leading companies in the
fields of renewable energies – and one that the market values at more than €1 billion.
BayWa r.e. is setting the standard for the sustainable development of renewable
energy infrastructure offering major growth potential, particularly in Europe, the US
and the Asia-Pacific region. The BayWa r.e. success story also reflects the
internationalisation of BayWa. Thanks to the constant growth in this business area,
we expect further growth momentum for BayWa in the years ahead.”
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Bed Bath & Beyond Inc.(USA) Continues Fast-Paced Transformation With
Definitive Agreement To Sell Cost Plus World Market
Bed Bath & Beyond Inc. announced that it has entered into a definitive agreement to sell its remaining
non-core banner Cost Plus World Market (CPWM) to Kingswood Capital Management, a Los
Angeles-based private equity firm. Additionally, the Company approved a new $150 million
accelerated share repurchase program (ASR), subject to market conditions, which will be in addition
to the $225 million ASR announced on October 28, 2020. Both ASR programs are expected to be
completed by no later than the end of the Company's fiscal year on February 27, 2021. The Company
has also expanded its total share repurchase program from up to $675 million to up to $825 million
over the next three years by approving the new ASR program. The Company has entered into a
definitive agreement to sell CPWM to Kingswood Capital Management, a Los Angeles-based private
equity firm. The purchase agreement includes 243 brick-and-mortar locations, the CPWM digital
business, 2 distribution facilities and a corporate office located in Alameda, California, and it is
expected that CPWM will continue to operate as a stand-alone retail brand. The transaction is
anticipated to close prior to Bed Bath & Beyond's fiscal year end in February 2021, and is subject to
customary closing conditions, including, among others, the expiration or termination of the applicable
waiting period under the Hart-Scott Rodino Antitrust Improvements Act of 1976. Both companies
have agreed to a transition service agreement following the close of the transaction to help ensure
business continuity. Advisors to Bed Bath & Beyond on this transaction included B. Riley Securities
Inc. and Bryan Cave.
Bed Bath & Beyond's President & Chief Executive Officer, said, "We've taken deliberate steps
throughout the year to streamline our portfolio and fortify our strategic focus in Home, Baby and
Beauty & Wellness, and the announcement represents the conclusion of this work. In all, we have
unlocked significant value from the divestiture of 5 business concepts this year, and we have also
meaningfully reduced our lease liability and overall debt. These actions provide greater financial
flexibility to support our digital first, omni-always transformation and our commitment to deliver
sustainable total shareholder return."
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Brown-Forman (USA) Reports Solid First Half Results
First Half of Fiscal 2021 Highlights
• Underlying net sales grew 4% (-1% reported)
• The United States grew underlying net sales 9% (+3% reported) while our developed international3
markets grew underlying net sales 10% (+10% reported). Underlying net sales in our emerging markets
were flat (-13% reported).
• Jack Daniel’s family of brands underlying net sales grew 2% (-3% reported). Underlying net sales
growth from Jack Daniel’s RTDs3,Jack Daniel’s Tennessee Apple, Jack Daniel’s Tennessee Honey, and
Gentleman Jack was partially offset by an unfavorable channel mix shift in Jack Daniel’s Tennessee
Whiskey.
• Premium bourbons grew underlying net sales 22% (+18% reported) driven by sustained double-digit
growth across Woodford Reserve and Old Forester.
• The tequila portfolio grew underlying net sales 13% (+5% reported) led by strong volume-driven
increases from New Mix in Mexico and el Jimador in the United States, which additionally benefited from
higher prices. Herradura’s underlying net sales declined 2% (-4% reported) as lower volumes, primarily in
Mexico, more than offset double-digit growth in the United States.
• Non-branded and bulk underlying net sales declined 33% (-34% reported) primarily reflecting lower
demand and pricing for used barrels.
• Underlying operating income increased 11% (+19% reported) driven primarily by operating expense
leverage.
Brown-Forman’s President and Chief Executive Officer Lawson Whiting stated, “We continue to be
pleased with our underlying top-line growth in the first half. Notably, our business accelerated in the
second quarter amidst an unprecedented environment. These results are a testament to the resilience of
our people, the strength of our brands, and the agility that so many before us have demonstrated over
the company’s last 150 years. As the pandemic continues, our focus remains on prioritizing the safety
of our employees, meeting the needs of our consumers and business partners, and pursuing our
long-term strategy.”
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CarMax (USA) Reports Third Quarter Fiscal 2021 Results
• Net earnings for the third quarter increased 35.9% and net earnings per diluted
share increased 36.5% from the prior year, driven by strong execution in a dynamic
environment.
• Total used units sold increased 1.0%, while used unit sales in comparable stores
were down 0.8%; gross profit per used unit of $2,151 was similar to the prior year
quarter.
• Total wholesale units increased 10.8% driven by a record third quarter buy rate;
wholesale gross profit per unit decreased slightly to $906 despite sharp depreciation
in the broader market.
• CarMax Auto Finance (CAF) income increased 54.7% due to the combined
effects of favorable loan loss performance, higher net interest margin and an increase
in average managed receivables.
• Enthusiastic customer response to omni-channel experience with majority of
customers progressing more of their transaction online.
CEO Commentary: “We delivered strong EPS growth this quarter thanks to solid
execution by our teams,” said President and chief executive officer. “Despite the
near-term market challenges due to the trajectory of the pandemic, our
fundamentals remain robust and reflect the strength of our diversified business
model spanning retail, wholesale, and auto finance. This strength, combined with
our emerging omni-channel experience, is a unique advantage in the used car
industry that firmly positions us to continue growing our market share while
creating shareholder value over the long-term. We have an incredible platform
with unmatched scale and strength across buying, selling and inventory
management. The foundation of our success remains providing a world-class
experience for our customers, no matter how they interact with us. Our
omni-channel capabilities give customers the flexibility to seamlessly connect
and transact with us in more ways than ever. We are pleased with the increase in
online engagement we are already seeing, and, with the further digital
enhancements and offerings we are rolling out, we are creating a customer
experience we believe will be unrivaled in the used car industry.”
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Coca-Cola European (UK) Partners invests in multi-beverage dispensing company
Lavit
Coca-Cola European Partners (CCEP), the world’s largest independent Coca-Cola bottler, has
completed an investment in Lavit, a leading maker of multi-beverage, counter-top dispensing
machines. Using globally patented technology, the Lavit system lets consumers make and pour
their drink in seconds, by dispensing a range of cold beverage options “on-demand” at the tap of
a button and offering customisation of beverages based on carbonation and flavour. Since
commercialisation, Lavit has a growing network of customers in the US and Canada. The
partnership with Lavit will further CCEP’s intent to explore and test new dispensed delivery
solutions as a key strategic route towards eliminating packaging waste and reducing its carbon
footprint, while providing consumers with the convenience, choice and experience they expect
from drinking Coca-Cola beverages. The funding and partnership with CCEP will help Lavit test
and develop new product capabilities and explore growth opportunities by gaining further insight
into customer and consumer demand for dispensed delivery solutions. It follows CCEP Ventures’
recent acquisition of a 25% stake in Innovative Tap Solutions (ITS), investing in the company’s
self-pour, self-pay drink dispensing technology. The investment in Lavit was led by CCEP
Ventures – the innovation engine and investment arm of Coca-Cola European Partners. It builds
on previous investments in disruptive, technologically advanced companies and start-ups that
enable CCEP to explore new ways to bring innovation into its delivery model and consumer
experience.
Vice President of New Business Development, CCEP commented “Lavit is an ambitious
business with an advanced, commercialised dispensing technology and system. We look
forward to working together with John Uhlein and the rest of the Lavit team to test and
explore next-generation dispensing solutions. Decreasing our packaging use and waste is a
core part of our strategy to reduce our carbon footprint. We will continue to develop and
invest in “drinks on demand” dispensed delivery innovations to offer consumers choice,
personalisation and convenience in the most sustainable ways possible. This will also enable
us to reduce our use of single use packaging.”
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Constellation Brands (USA) Receives Clearance From The U.S. Federal Trade
Commission To Close Wine And Spirits Transaction With E. & J. Gallo
Constellation Brands, Inc. a leading beverage alcohol company, announced that the U.S. Federal Trade Commission
(FTC) has accepted the proposed consent order in connection with its transaction with E. & J. Gallo Winery to divest
a portion of Constellation’s wine and spirits portfolio principally priced at $11 retail and below, including certain
related facilities located in California, New York, and Washington state. This transaction is scheduled to close the
week of January 4, 2021, upon which time final transaction details will be provided. The FTC’s acceptance of the
proposed consent order also includes Constellation’s separate transactions with Sazerac to divest the Paul Masson
Grande Amber Brandy brand and with Vie-Del Company to divest certain brands used in Constellation’s grape juice
concentrate business. Additionally, the FTC approved Constellation’s separate but related agreement with Gallo to
divest its Nobilo wine brand. These transactions will be completed in close proximity to the close of Constellation’s
larger transaction with Gallo.
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Costco Wholesale Corporation (USA) Reports First Quarter Fiscal
Year 2021 Operating Results
• Net sales for the first quarter increased 16.9 percent, to $42.35 billion from $36.24 billion last year.
• Net income for the quarter was $1,166 million, or $2.62 per diluted share, compared to $844 million, or $1.90 per diluted share, last
year.
• This year’s first quarter included tax benefits of $145 million or $0.33 per diluted share, $0.16 of which was due to the deductibility
of the $10 per share special cash dividend, to the extent received by the Company’s 401(k) plan participants; and $0.17 cents related to
stock-based compensation.
• Last year’s first quarter included a $77 million or $0.17 per diluted share tax benefit related to stock-based compensation. This year’s
results reflect an expense for COVID-19 premium wages of $212 million pre-tax or $0.35 per diluted share.
• Costco currently operates 803 warehouses, including 558 in the United States and Puerto Rico, 102 in Canada, 39 in Mexico, 29 in
the United Kingdom, 27 in Japan, 16 in Korea, 14 in Taiwan, 12 in Australia, three in Spain, and one each in Iceland, France, and China.
Costco also operates e-commerce sites in the U.S., Canada, the United Kingdom, Mexico, Korea, Taiwan, Japan, and Australia.
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CarMax (USA) Reports Third Quarter Fiscal 2021 Results
Second Quarter Results Summary
• Net sales increased 7 percent to $4.7 billion and organic net sales were also up 7 percent, reflecting broad-based market share gains amid elevated at-home food
demand resulting from the COVID-19 pandemic.
• Gross margin increased 100 basis points to 36.5 percent of net sales, driven by favorable net price realization and mix, lower mark-to-market expenses, and lower
restructuring charges recorded in cost of sales, partially offset by higher input costs, including costs to secure incremental capacity, as well as the comparison to the
prior-year period that included favorable manufacturing leverage. Adjusted gross margin increased 20 basis points to 35.5 percent of net sales, driven by favorable net
price realization and mix, partially offset by higher input costs, including costs to secure incremental capacity, as well as the comparison to the prior-year period that
included favorable manufacturing leverage.
• Operating profit of $917 million was up 13 percent, primarily driven by higher gross profit dollars and a net gain on investment activity, partially offset by higher
selling, general, and administrative (SG&A) expenses, including higher media investment. Operating profit margin of 19.4 percent increased 110 basis points.
Constant-currency adjusted operating profit increased 6 percent, driven by higher adjusted gross profit dollars, partially offset by higher SG&A expenses, including
higher media investment. Adjusted operating profit margin decreased 10 basis points to 18.3 percent.
• Net earnings attributable to General Mills increased 19 percent to $688 million and diluted EPS increased 17 percent to $1.11, primarily reflecting higher
operating profit, lower net interest expense, and higher after-tax earnings from joint ventures. Adjusted diluted EPS totaled $1.06, up 9 percent in constant currency,
primarily driven by higher adjusted operating profit, lower net interest expense, and higher after-tax earnings from joint ventures.
Six Month Results Summary
• Net sales increased 8 percent to $9.1 billion and organic net sales also increased 8 percent, reflecting positive pound volume and favorable net price realization
and mix.
• Gross margin increased 140 basis points to 36.5 percent of net sales, driven by favorable net price realization and mix, lower mark-to-market expenses, and lower
restructuring charges recorded in cost of sales, partially offset by higher input costs. Adjusted gross margin increased 60 basis points to 35.9 percent of net sales, driven
by favorable net price realization and mix, partially offset by higher input costs.
• Operating profit of $1.8 billion increased 20 percent, primarily driven by higher gross profit dollars, partially offset by higher SG&A expenses, including higher
media investment. Operating profit margin of 19.5 percent was up 200 basis points. Adjusted operating profit of $1.7 billion increased 13 percent in constant currency,
driven by higher constant-currency adjusted gross profit dollars, partially offset by higher SG&A expenses, including higher media investment. Adjusted operating profit
margin increased 90 basis points to 18.7 percent.
• Net earnings attributable to General Mills increased 21 percent to $1.3 billion and diluted EPS of $2.14 increased 19 percent, primarily reflecting higher operating
profit, lower net interest expense, and higher after-tax earnings from joint ventures, partially offset by a higher effective tax rate and higher average diluted shares
outstanding. Adjusted diluted EPS of $2.06 was up 17 percent in constant currency, primarily driven by higher adjusted operating profit, higher after-tax earnings from
joint ventures, and lower net interest expense, partially offset by higher average diluted shares outstanding and a higher adjusted effective tax rate.
“We executed very well again in the second quarter, driving strong performance on the top and bottom lines,” said General Mills Chairman and Chief Executive
Officer. “In this dynamic environment, I’m proud of the way we’re taking care of our people and serving our consumers with brands they love and trust. We
strongly believe that the work we’re doing to strengthen our brands and capabilities and deepen our connection with consumers will translate to profitable growth
and shareholder value creation for the long term.”
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The Home Depot (USA) Completes Acquisition Of HD Supply
The Home Depot®, the world's largest home improvement retailer, has
completed the acquisition of HD Supply Holdings, Inc., for a total
enterprise value (including net cash) of approximately $8 billion. HD
Supply is a leading national distributor of maintenance, repair and
operations (MRO) products in the multifamily and hospitality end
markets. The agreement to acquire HD Supply was announced on
November 16, 2020. The acquisition of HD Supply is expected to
position The Home Depot as a premier provider in a highly fragmented
MRO marketplace, which the company estimates to be approximately
$55 billion. HD Supply complements The Home Depot's existing MRO
business with a robust product offering and value-added service
capabilities, an experienced salesforce, and an extensive, MRO-specific
distribution network throughout the U.S. and Canada.
"We're thrilled to welcome HD Supply associates to The Home
Depot," said chairman and CEO of The Home Depot. "The
combination of the two businesses will enable us to better serve both
existing and new MRO customers, and I look forward to the value this
acquisition will bring to our associates, customers and shareholders."
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ICA Bank (Sweden) signs agreement to acquire Forex’s customer portfolios for
deposits and lending
ICA Bank has signed an agreement to acquire Forex’s customer portfolios for
deposits and consumer loans with a combined business volume of approximately
SEK 15 billion as per 30 November 2020, and approximately 235,000 customers.
The agreement does not cover personnel, IT agreements or other assets or liabilities.
Through the acquisition ICA Bank will gain even greater resources to develop its
offering. The transaction will grow ICA Bank’s business volume by approximately
35 percent after completion. ICA Bank will work together with Forex to ensure a
smooth transition for customers, who will receive detailed information about what
ICA Bank and all of ICA Gruppen can offer in addition to their existing products. The
deal is expected to close during the second quarter of 2021. In connection with this,
ICA Bank – in accordance with applicable accounting rules – will make a provision
for expected credit losses, entailing a one-off accounting effect of approximately
SEK 80 million. The credit loss provision will affect ICA Bank’s and ICA Gruppen’s
operating profit excluding items affecting comparability during the quarter. In
addition, initial integration costs in 2021 are estimated to amount to approximately
SEK 40 million.
“This is an important milestone in ICA Bank’s growth journey. This acquisition
gives us an opportunity to accelerate growth of our business and strengthen our
customer offering. We are also looking forward to welcoming new customers and
introducing them to all of the benefits that go along with being part of ICA,” says
CEO of ICA Bank.
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Inditex (Spain) delivers €866 million net profit in the third quarter, and
reaches historic net cash position
• The company has managed to turn around the impact caused by the Covid-19 pandemic, generating a
net profit of €671million in the nine months of FY20, €866 million in the third quarter. Despite 5% of the
stores closed in 3Q and ongoing trading restrictions affecting 88% of the store network, the sales trend has
continued to improve: sales declined by 14% (10% in cunstant currencies) in 3Q20, compared to reductions
of 31% in 2Q20 and 44% in 1Q20.
• Continuing this steady improvement, sales in local currencies between 1 and 18 October rebounded to
match the record levels recorded a year earlier.
• Growth in online sales remains strong, with 75% growth in constant currencies in the first nine months
of the year, and 76% in the third quarter.
• Operating expenses fell 17% year-on-year in 9M20.
• The strong cash generation during the 3Q drove growth of 7% in the Group’s net cash position, to €8.3
billion, a historic high.
• In November, with 21% of the Group’s stores closed with new restrictions on store opening capacity
and trading hours, sales in local currencies were equivalent to 81% of the year-earlier volume, a figure that
has risen to 87% from December 1st to 10th. As of, 8% of the Group’s stores remain closed, with an
additional 10% having to close during the weekends.
• The Group has been forging ahead with its differentiated retail space and product offer, with
high-profile openings in 25 markets during the nine-month period, including in China, Mexico, Russia,
Germany, The Netherlands, Spain and Saudi Arabia.
Inditex’s Executive Chairman, noted that “these results are the direct consequence of effective
management in every area of the Company, with a seamless coordination between each link in the
business model: design, product, manufacturing, logistics, stores and online. They are also evidence of
the Group’s ability to react and adapt continuously in an unpredictable environment and its
unwavering commitment to offering unbeatable product, quality and service”.
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The J.M. Smucker Co. (USA) To Divest Its Natural Balance® Business
The J.M. Smucker Co. announced it has entered into a definitive agreement to sell its
Natural Balance® premium pet food business to Nexus Capital Management LP, in a
cash transaction valued at approximately $50 million, subject to a working capital
adjustment and before a one-time cash tax benefit to be realized on the sale. The
transaction encompasses pet food products sold under the Natural Balance® brand,
certain trademarks and licensing agreements, and select employees who support the
Natural Balance® business. The business generated net sales of approximately $220
million for the Company's fiscal year ended April 30, 2020, which were reported in
its U.S. Retail Pet Foods segment. The Company expects the divestiture to be dilutive
to its adjusted earnings per share in the range of $0.05 to $0.10 on a full-year basis,
reflecting the foregone profit related to the Natural Balance® business, before
factoring in any potential benefit from the use of proceeds from the sale. The
Company will discuss the transaction's impact on its fiscal year 2021 outlook when it
releases its third quarter results in February 2021 and anticipates the earnings impact
will be immaterial.
"The divestiture reflects our strategy to direct investments and resources toward
areas of the business that will generate the greatest growth and profitability," said
Mark Smucker, President and Chief Executive Officer, The J.M. Smucker Co.
"The announcement helps the Company further focus on the core brands within
our pet food and pet snacks portfolio including Rachael Ray® Nutrish®,
Milk-Bone® and Meow Mix® among others, which together create a unique
portfolio with significant long-term growth potential that meets consumer needs
across value, mainstream and premium offerings."
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Kroger (USA) Reports Third Quarter 2020 Results and Raises Full-Year
2020 Guidance
• Total company sales were $29.7 billion in the third quarter, compared to $28.0 billion for the same period last year.
Excluding fuel and dispositions, sales grew 11.3%.
• Gross margin was 23.0% of sales for the third quarter. The FIFO gross margin rate, excluding fuel, decreased 2
basis points compared to the same period last year. This decrease was primarily driven by price investments and mix
changes, offset by sourcing efficiencies, sales leverage and growth in alternative profit streams.
• The LIFO charge was $23 million for both the third quarters of 2020 and 2019.
• The Operating, General & Administrative rate decreased 30 basis points, excluding fuel and adjustment items, due
to sales leverage and execution of Restock Kroger initiatives, partially offset by continued COVID-19 related
investments to protect the health and safety of associates, customers and communities and increased incentive costs.
• Rent and depreciation, excluding fuel, decreased 27 basis points due to sales leverage.
Capital Allocation Strategy
• Kroger's capital allocation strategy is to use its adjusted free cash flow to invest in the business and drive profitable
growth while also maintaining its current investment grade debt rating and returning capital to shareholders. The
company actively balances the use of its adjusted free cash flow to achieve these goals.
• Kroger's net total debt to adjusted EBITDA ratio is 1.74, compared to 2.50 a year ago (Table 5). The company's
net total debt to adjusted EBITDA ratio target range is 2.30 to 2.50. Kroger held temporary cash investments of
approximately $1.8 billion as of the end of the quarter, reflecting improved operating performance and significant
improvement in working capital.
• During the quarter, Kroger repurchased $304 million of shares under its $1 billion board authorization announced
on September 11, 2020. Year-to-date, Kroger has repurchased $989 million of shares.
• Earlier this year, Kroger increased the dividend by 13 percent, marking the 14th consecutive year of dividend
increases.
Comments from Chairman and CEO "Our Kroger family of associates have been nothing short of incredible
during the pandemic and they continue to inspire me every day. I am proud of our dedicated associates who
continued to diligently execute our Restock Kroger transformation while serving our customers when they need
us most. We delivered strong results in the third quarter. Customers are at the center of everything we do and sales
remain elevated as we continue to enhance our competitive moats – Fresh, Our Brands, Data & Personalization
and Seamless. We are executing against our strategy even during the pandemic and continue to grow market share.
The strong underlying momentum in our core supermarket business and acceleration in the growth of our
alternative profit business demonstrates we are successfully transforming our business model to deliver
consistently strong and attractive total shareholder return in 2020 and beyond."
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L’Oréal (France) announces the signing of an agreement for the acquisition of
Takami Co, a japanese company that markets the Takami skincare brand
L’Oréal announces the signing of an agreement to acquire the Japanese company
Takami Co. This company develops and markets products licensed by the skincare
brand Takami, owned by founder of two eponymous dermatological clinics in Tokyo.
On this occasion, L’Oréal also renewed a very long term brand licensing agreement
with Doctor Takami and signed a collaboration contract with the Takami clinics. This
acquisition should be completed in the next few weeks. The Takami brand, founded
in 1999, is a premium skincare brand, expert in peeling, based on the know-how of
the famous eponymous dermatological and aesthetic clinics established in the
Omotesando district of Tokyo. The brand is particularly famous for its iconic
product, the Skin Peel pre-serum, also called the "Little Blue Bottle" by Asian
women. Mainly available in Japan and in some Asian countries, notably in China
where it enjoys strong appeal, the brand is marketed through an omnichannel
distribution: mostly in e-commerce, in particular by subscription, as well as in
selective distribution. The brand achieved sales revenue of about €50M in 2019 and
continues its growth this year despite difficult market conditions due to Covid-19
impacts.
President of L’Oréal Luxe, comments on this acquisition: “We are very pleased to
welcome the Takami brand into our portfolio. Its reputation in Asia matches the
remarkable quality of its products. Its expertise in prestigious beauty treatments
and its omnichannel distribution make it a very complementary brand within
L’Oréal Luxe."
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Mondelēz International (USA) Acquires HU, A Well-Being Snacking Company
Mondelēz International announced it has acquired Hu (as in “Human”) Master Holdings, the parent company of Hu Products, a fast-growing US-based snacking
company offering high-quality snacks made from simple ingredients. Hu, which comes from the phrase “Get Back to Human”, is a purpose-led lifestyle brand
with a devoted fan base. Founded in 2012 as a family business by Jason H. Karp and siblings Jordan Brown and Jessica (Brown) Karp, Hu began as Hu Kitchen
in New York City, a high-end restaurant and market focused on delicious foods with simple, real ingredients. The company went on to expand its award-winning
vegan and paleo-friendly chocolate bars, which follow a strict set of Ultrasimple™ ingredient guardrails and sourcing practices. Hu’s chocolate was inspired by
the paleo movement and developed by the founding family. The brand has become a category leader in premium chocolate in the United States, and one of the
fastest-growing confectionery brands in the natural channel. Recently, Hu has broadened its offerings to include premium, grain-free crackers and begun scaling
its distribution to grocery stores nationwide. Mondelēz International made an initial minority investment in Hu in April 2019 through SnackFutures, its innovation
and venture hub dedicated to unlocking emerging snacking opportunities. Joining other fast-growing premium and well-being snack brands, including Tate’s and
Perfect Snacks, Hu will operate as part of the North American Ventures business model and remain focused on its core mission of delivering ultra-high-quality
chocolate and snacks with strict ingredient and sourcing guardrails. As such, Mondelēz International will operate Hu as a separate business to nurture its
entrepreneurial spirit and maintain the authenticity of the brand and culture, while providing resources to help accelerate Hu’s growth. Hu will continue to
produce all products at current manufacturing facilities. Hu senior leadership will receive a contingent payment based on future performance of the company.
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Murphy USAAnnounces Agreement to Acquire QuickChek—One of the Leading
Food and Beverage C-Store Operators in the U.S.
Murphy USA announced an agreement to acquire QuickChek Corporation (“QuickChek”) in an
all-cash transaction for $645 million. The purchase price includes expected tax benefits valued at $20
million for a net after-tax purchase price of $625 million. The transaction will be financed with a
combination of cash on hand, existing credit facilities and new debt, and Murphy USA has obtained
committed financing from the Royal Bank of Canada. QuickChek represents a truly distinctive
business in a class shared by only a few comparable industry peers. Founded in 1967 as an extension
of Durling Farms, a door-to-door milk and fresh dairy products delivery service that originally opened
in 1888, it is a family-owned chain of 157 stores located in central and northern New Jersey and the
New York metro area. It operates a best-in-class food and beverage (“F&B”) model with a strong
regional brand and engaged customer following, offering quick-serve restaurant style food alongside
convenience items; a high-volume fuel offer is included at 89 of its newest stores. Its industry leading
economics are evidenced by robust per-store per-year merchandise sales of $3.5 million, combined
merchandise margins of 38% with F&B representing over 50% of the mix, and per-store per-year fuel
gallons of 3.8 million. Additionally, QuickChek has a proven history of same-store-sales growth and
a rich real estate pipeline to sustain unit growth within its existing footprint. The acquisition is
consistent with Murphy USA’s updated capital allocation strategy as announced in October. It
represents a continued commitment to deliver exceptional and sustained value to long-term
shareholders and will complement other ongoing value creation mechanisms, including ongoing
productivity improvement initiatives, organic growth, share repurchase and a dividend.
“In October we outlined an updated capital allocation strategy and committed to improving our
food and beverage offer at existing and future sites,” said Murphy USA President and CEO. “This
transaction greatly accelerates those efforts and benefits, and is expected to provide reverse
synergies across our network, while enhancing future returns on new stores. The transaction is
also expected to create direct synergies that leverage our enterprise scale and our distinctive
capabilities in fuel, tobacco and loyalty. We are excited to join forces with an exceptional and
highly engaged team at QuickChek who share Murphy USA’s passion for delivering excellence
every day to all our stakeholders.”
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Ahold Delhaize announces €1 billion Sustainability-Linked Revolving Credit Facility
Ahold Delhaize announces that it has successfully closed a €1 billion,
Sustainability-linked Revolving Credit Facility (the ‘Facility’), refinancing its existing
2015-dated €1 billion facility. The Facility is an important milestone that highlights how
Ahold Delhaize is reinforcing the alignment of its funding strategy and its commitments
laid out in its Healthy & Sustainable ambition, which can be found here
Through this Facility, Ahold Delhaize draws a connection between its cost of borrowing
and the achievement of the following ambitions:
• Food waste reduction: as measured by percentage reduction in tons of food waste per
million Euro food sales and supporting the UN SDG 12.3;
• Carbon emission reduction: as measured by percentage reduction of Scope 1 and
Scope 2 CO2-equivalent emissions and aligned with Ahold Delhaize SBTi-certified
2030 targets;
• Promotion of healthier eating: as measured by percentage of own brand food sales
from healthy products.
Ahold Delhaize will report on the progress on these ambitions in the company’s annual
report.
Chief Financial Officer, said: “This is an important facility for Ahold Delhaize that
ensures we maintain our financial flexibility. After having issued the first
euro-denominated Sustainability Bond in the Retail industry in June 2019, we
believe that linking this facility with our significant Healthy & Sustainable ambition
will deliver a positive outcome for all stakeholders.”
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Tesco (UK) confirms all conditions have been satisfied for the sale of its business in
Thailand and Malaysia
Tesco had agreed to sell its businesses in Thailand and Malaysia to C.P. Retail
Development Company Limited (CPRD) and further to the announcement on 6
November, Tesco is pleased to confirm that CP Group has now reviewed and is satisfied
with the formal notice of approval from the OTCC in Thailand. This, combined with the
approval received from the Ministry of Domestic Trade and Consumer Affairs in
Malaysia on 10 November, means there are no further conditions outstanding and the
disposal is expected to complete on or around 18 December. As previously announced,
Tesco intends to return c.£5 billion of the net proceeds to shareholders via a special
dividend, together with a share consolidation, and will also make a significant pension
contribution of £2.5 billion to the Tesco PLC Pension Scheme shortly following
completion. The special dividend is expected to be paid on or around 26 February 2021,
conditional on obtaining shareholder approval at a general meeting which is expected to
be held on or around 11 February 2021 (the “General Meeting”). A circular containing
further details of the special dividend and share consolidation, as well as a notice
convening the General Meeting and further details about the resolutions to be considered
at the General Meeting, will be sent to Tesco shareholders on or around 25 January 2021.
Tesco Group CEO: “I would like to thank all our colleagues in Asia for their hard
work and dedication to our customers over many years. They have built a very strong
business. I’m confident that the agreement with CP Group will ensure that they are
well setup for continued success. This sale allows us to focus on our businesses
across Europe and to continue delivering for customers, make a significant
contribution to our pension deficit and return value to shareholders.”
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Tesco (UK) completes sale of businesses in Thailand and Malaysia
Tesco is pleased to announce that it has completed the sale of its businesses in Thailand and Malaysia to C.P. Retail
Development Company Limited (CPRD), the acquiring entity in which Charoen Pokphand Group, CP All Public
Company Limited and Charoen Pokphand Foods Public Limited are invested. As previously announced, a circular
containing further details of the c.£5 billion special dividend and share consolidation, as well as a notice convening a
general meeting of shareholders (the “General Meeting”) and further details about the resolutions to be considered at
the General Meeting, will be sent to shareholders on or around 25 January 2021. The Company will shortly make a
significant pension contribution of £2.5 billion to the Tesco PLC Pension Scheme. The special dividend is expected
to be paid on or around 26 February 2021, conditional on obtaining shareholder approval at the general meeting which
is expected to be held on or around 11 February 2021.
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VF Corporation (USA) Completes Acquisition of Supreme®
VF Corporation a global leader in branded lifestyle apparel, footwear and accessories, announced that it has
completed its previously announced acquisition of Supreme®, a privately-owned global streetwear brand, for an
aggregate base purchase price of $2.1 billion subject to customary adjustments for cash, indebtedness, working capital
and transaction expenses. As a result of the transaction, Supreme® has become a wholly owned subsidiary of VF
Corporation. The acquisition of the Supreme® brand accelerates VF’s consumer-minded, retail-centric, hyper-digital
business model transformation and builds on a long-standing relationship between Supreme® and VF, with the
Supreme® brand being a regular collaborator with VF’s Vans®, The North Face® and Timberland® brands.
Supreme® is expected to be modestly accretive to VF’s revenue and adjusted earnings per share in fiscal 2021. The
Supreme® brand is expected to contribute at least $500 million of revenue and $0.20 of adjusted EPS in fiscal 2022.
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Alibaba (China) Cloud Revamps its Hybrid Cloud Strategy to Accelerate
Enterprise Cloud Adoption
22
Solution Description
Alibaba Cloud, the digital technology and intelligence backbone of Alibaba Group, revamped its hybrid cloud strategy to focus on bringing compatibility, security, compliance,
scalability and reliability with its newly upgraded product offerings and its Hybrid Cloud Partner Program. To help businesses, especially small medium enterprises (SME) transform
digitally and take advantage of public cloud’s highly elastic, scalable and available characteristics, new appliances are also launched to support enterprises private cloud utilization
needs. To support timely and cost-effective hybrid cloud backup, Alibaba Cloud launched a physical server to integrate with Hybrid Backup Recovery (HBR) solution with embedded
backup capabilities to public cloud. The appliance acts as a bridge between customers on-premise servers and the public cloud without compromising network security and efficiency.
Its dual power source, network ports and hot backup disc also ensures a safe and stable operating environment for users without consuming extra computing resources. The Hybrid
Cloud Storage Array (HCSA) appliance is an enterprise level storage. It blends in with the Alibaba Cloud storage service thereby connecting the local storage with the elastic, scalable
and unlimited public cloud storage to create a smooth hybrid cloud environment with ease of operation. HCSA supports multiple hybrid cloud modes such as cloud caching, replication,
tiering and snapshots with its fully redundant hardware design to ensure there is no single point of failure during operation. With HCSA, customers can easily implement cross team
file management and collaboration, unified heterogeneous storage management, and storage extension from local server to public cloud. To enable joint innovation and service delivery
with hybrid cloud partners, Alibaba Cloud launched its Hybrid Cloud Partner Program to provide an ecosystem for capable partners to plan, design, and resell services to propel
customers’ hybrid cloud adoption journey. Alibaba Cloud will also offer free technical resources to qualified partners under the program including free ZStack licenses with unlimited
CPU cores. The program includes current global partners such as DXC Technology, Equinix, HPE, NCS, Whale Cloud; European partners Arrow Electronics, Softline Group and
APAC partners AsiaPac, B&Data, Blue Power Technology, Cloudify, CTC Global, DiGiCOR, and Sen Spirit.

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FDAAuthorizes Sale of the IQOS 3 Tobacco Heating System Device in the
United States
23
Altria Group, Inc. (Altria) announces that the U.S. Food and Drug Administration (FDA) authorized commercialization of the next
generation of the IQOS tobacco heating system device, IQOS 3, in the U.S. FDA authorization follows review of the IQOS 3
Premarket Tobacco Product Application (PMTA) submitted by Philip Morris International Inc. (PMI). Philip Morris USA (PM USA),
under an exclusive agreement with PMI, commercializes the IQOS system in the U.S. with three HeatStick variants. Unlike
cigarettes, the IQOS system heats but does not burn tobacco. IQOS 3 offers several enhancements to the IQOS 2.4 currently being
sold in select U.S. markets, including a longer battery life, faster re-charging time, a side opening mechanism, and magnetic closure.
IQOS is currently available in the Atlanta, Georgia, Richmond, Virginia and Charlotte, North Carolina markets. With PMTA
authorization of IQOS 3, PM USA expects to begin quickly marketing the IQOS 3 device to U.S. adult smokers once the regulatory
and U.S. importation logistics have been satisfied. To secure market authorization under a PMTA, U.S. federal law obligates an
applicant to demonstrate that marketing of a new tobacco product is appropriate for the protection of public health and requires the
FDA to consider the risks and benefits to the population as a whole, including users and non-users of tobacco products.

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BAT launches VapeExplained.com
24
The BAT Group (BAT) has launched VapeExplained.com , a digital information hub providing adult smokers and vapers with factual answers to the questions
most commonly searched for online. Based on search engine analytics regarding vaping queries, VapeExplained.com helps adult smokers and vapers make
informed decisions about vaping. The site also provides important information on the role these products can play as a potentially reduced risk alternative
to smoking. The site launches at a time when smokers and vapers face increasing challenges to find clear and balanced information regarding vaping. A
simple online search engine query for ‘vaping information’ delivers over 38million* results. In the past five years, there has been a 14-fold increase in media
articles on vaping**, offering a confusing mix of divergent views depending on the writer or the organisation. To find answers about vaping, smokers and
vapers are increasingly turning to the internet. In 2020, there were more than 700,000 monthly internet searches for questions about vaping in the US and UK
alone. Of these, approximately 70,000 searches specifically ask about the dangers of vaping. VapeExplained.com is built on the company’s vast technical
expertise of over 1,500 scientists and engineers, and the experiences of offering vaping products in over 26 countries around the world. The site is a key
initiative in BAT’s transformation journey as the Group builds A Better Tomorrow by reducing the health impact of its business through offering a range of
enjoyable and potentially reduced risk products. BAT continues to be clear that combustible cigarettes pose serious health risks, and the only way to avoid
these risks is not to start or to quit. BAT encourages those who otherwise continue to smoke, to switch completely to scientifically-substantiated, reduced-risk
alternatives.

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Colruyt Group (Belgium) takes food quality control to the next level
thanks to innovative Xpectrum technology
25
Colruyt Group tested the Belgian Xpectrum technology and takes innovative quality control of food to the next level in its own production environments and
in the distribution centres. Xpectrum works with NIR (Near Infrared) Spectroscopy: by means of light and its reflection, the composition and texture of a
food product can be measured, while it also allows you to detect, for example, whether water was added to a food product such as chicken. With this system,
Colruyt Group has been able to measure 100 times more samples during the test period and save a considerable amount of money. Via machine learning and
artificial intelligence, the retailer could immediately see whether something was wrong with the food product when scanned with the ‘spectrometer’. In the
food chain, the quality and authenticity of products must be guaranteed. There is, however, always a slight chance that low quality food is (unintentionally)
delivered by a supplier or that, in certain cases, deliberate food fraud is committed. Very comprehensive quality management systems are in place to take
different aspects into account. However, we often rely on certificates and agreed specifications and/or just a few not very extensive (specific) tests are carried
out on, for example, fraudulent herbs, olive oil, meat and fish. Xpectrum is an innovative tool, developed by the Belgian startup with the same name, which
uses an easy-to-use, fast and reliable spectroscopy technology to improve the safety, quality and authenticity of food quality testing. The aim is to further
relieve retailers in this area. Xpectrum works with NIR (Near Infrared) Spectroscopy: by means of light and its reflection, the composition and texture of a
food product can be measured, while it also allows you to detect, for example, whether water was added to a food product such as chicken, what type it
concerns, but also whether a product has the predefined quality characteristics.

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First-ever Anti-bacterial toothbrush launched by Colgate (USA)
26
Colgate-Palmolive (India) Limited, the market leader in Oral Care in the country, announced the launch of the all-new Colgate Zig
Zag Anti-Bacterial Toothbrush, a first of its kind in the Zig Zag portfolio. The brand has signed the inspirational Ayushmann Khurrana
as the brand ambassador for the launch. Equipped with 100% silver-ion anti-bacterial bristles, Colgate India’s latest Zig Zag
Anti-Bacterial Toothbrush repels bacteria from the bristle surface by disrupting their ability to form colonies. When our toothbrushes
are stored, bacteria are known to form colonies and spread diseases by attaching themselves to the toothbrush bristles and eventually
ending up in our mouths while brushing. Any disruption in this ability prevents the growth of bacteria and stops the spread of
environmental bacteria. In addition, Zig Zag's multi-angled bristles remove germs in between teeth and comes along with a soft
tongue cleaner that gently removes odour causing germs for fresher breath. Its flexible handle reduces pressure on the wrist while
brushing and softly massages gums, offering superior benefits for overall protection. The Zig Zag Anti-bacterial toothbrush is
available at offline and e-commerce stores and is sold in singles and multipacks which start at the price of ₹30.

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Colgate-Palmolive (USA) launches Vedshakti Oil Pulling, expanding its
Ayurvedic oral health segment
27
Colgate-Palmolive (India) Limited, the market leader in oral care in the country, has expanded its Naturals portfolio, with the launch
of Vedshakti Oil Pulling—a centuries-old practice in Ayurveda combined with Colgate India’s oral care expertise, known to offer
benefits in oral health and beyond. Oil Pulling is an ancient oral ‘kriya’ recommended in Ayurvedic scriptures as an essential part of
daily morning health rituals or ‘dinacharya’. Incorporating Oil Pulling to your existing oral regimen helps remove impurities and
promote Oral Health, keeping Oral diseases at bay. Oil Pulling is a simple method of swishing oil in the mouth for a few minutes upon
waking up. Researched and designed in India, Colgate Vedshakti Oil Pulling is an antioxidant rich Sesame Oil blend of Eucalyptus,
Basil, Clove and Lemon oils, to detoxify your mouth of overnight impurities. Colgate Vedshakti Oil Pulling, revival of an age-old
remedy in the naturals segment, is the latest Ayurvedic innovation from Vedshakti, after the success of Colgate Vedshakti toothpaste
and Colgate Vedshakti Mouth Protect Spray. The 200 ml bottle of Colgate Vedshakti Oil Pulling will be available at retail stores
online and offline. The package comes with an information leaflet specifying benefits and answering FAQs and also a metallic
measuring spoon to help dose correctly.

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Magnit (Russia) has launched Magnit Pay
28
PJSC "Magnit", one of the leading Russian retailers has begun to create a super-application that, based on the loyalty program, will combine the possibilities
of ordering goods online, payment and credit services, lifestyle and other non-financial services for buyers, as well as privileges from partners of the retailer.
The first stage was the launch of the Magnit Pay payment service, developed jointly with VTB Group. Magnit Pay will allow you to pay for purchases in any
store, including online. After registering in the application, the buyer will receive advanced features - the issuance of a digital card on which it will be possible
to hold up to 60 thousand rubles and spend up to 200 thousand rubles of personal funds monthly, as well as make transfers to other Russian cards. You can
top it up for free from any other cards, you can also add it to Pay services. Loyalty program members will receive an additional 0.5% of the purchase amount
using Magnit Pay as a bonus, and the first 30 days will be twice as much. In the first half of 2021, the functionality of Magnit Pay will be significantly
expanded. There will be an opportunity to pay for services of third parties (housing and communal services, communications, fines), contactless payments
for phones that do not support NFC will be implemented, money transfers between participants of the “Magnet” loyalty program by phone number will be
launched. Retail customers will be able to withdraw cash from VTB ATMs using only a QR code. In the future, the superapp can include non-financial
services for paying and ordering a taxi, tickets to cinema and theaters, the ability to book restaurants and order food delivery, as well as subscription to other
resources. In the future, the super-application will integrate its own service for the delivery of goods from all formats "Magnet".

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Perekrestok Vprok starts Click & Collect service in Rostov-on-Don
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X5 Retail Group, a leading Russian food retailer, announces that its online hypermarket Perekrestok Vprok is expanding its regional
delivery network as part of its marketplace development strategy. The online hypermarket will deliver orders to Pyaterochka checkout
counters as well as 5Post parcel lockers located in the chain's stores. To date, 30 stores and 7 parcel lockers across Rostov-on-Don
are participating in this pilot project. The project has seen Perekrestok Vprok put together a range of products that can be delivered
over long distances from the online hypermarket's existing dark stores. The assortment includes over 20,000 SKUs, including both
food and non-food items with long shelf lives (dry baby milk, dry foods, canned foods, pet food). After an order is placed, deliveries
to Pyaterochka stores and 5Post parcel lockers in Rostov-on-Don take 2–3 days to arrive from the online hypermarket's dark store in
Vidnoye (Moscow region). The minimum order amount is RUB 1,000 but delivery is free. The maximum order weight is 15 kg and
orders will remain at the counter or in the parcel locker for no more than seven days. Previously, Perekrestok Vprok launched a test
delivery service to parcel lockers in Perekrestok and Pyaterochka stores. Customers can now collect orders from 65 parcel lockers in
Moscow and the greater Moscow region.

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Altria (USA) Recognized with Double ‘A’ Score for Global Climate and
Water Stewardship
30
Altria Group, Inc. (“Altria”) announces that it has been awarded a double ‘A’ rating for tackling climate change and protecting water security by CDP, a
non-profit that runs a global disclosure system on managing environmental impact. Altria ranks among the one percent of companies that achieved a double
‘A’ out of 5,800+ businesses scored by CDP in 2020. Earlier this year, Altria announced that its greenhouse gas emissions reduction targets were approved
for the first time by the Science Based Targets initiative (SBTi). The Scope 1 and 2 target covering greenhouse gas emissions from Altria’s operations is
consistent with reductions required to keep warming to 1.5°C, a goal that the latest climate science says is needed to prevent the most damaging effects of
climate change. The Scope 3 target meets the criteria for ambitious value chain goals and current best practice. CDP’s annual environmental disclosure and
scoring process is widely recognized as the gold standard of corporate environmental transparency. A detailed and independent methodology is used,
allocating a score of A to D- based on the comprehensiveness of disclosure, awareness and management of environmental risks and demonstration of best
practices associated with environmental leadership, such as setting ambitious and meaningful targets. Those that don’t disclose or provided insufficient
information are marked with an F. “We recognize the critical importance of addressing environmental challenges and have set a high bar for ourselves,” said
Senior Vice President, Corporate Citizenship. “In pursuit of our 10-year Vision, we established ambitious goals to address climate change and water security,
like achieving 100% renewable electricity by 2030, 100% water neutrality annually, and aligning our business with the most ambitious greenhouse gas
emissions reduction targets.”
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Altria (USA) Becomes a Certified Great Place to Work
31
Altria Group, Inc. (Altria) announces that it has been certified a Great Place to Work by Great Place to Work®, the global
authority on workplace culture, employee experience and the leadership behaviors proven to deliver market-leading
revenue and increased innovation. According to a survey fielded by Great Place to Work®, of the employees who took the
survey, 94 percent believe that Altria promotes flexibility, has ethical leadership, provides a good working environment,
and supports its communities. 2020 was the first year that Altria participated in the Great Place to Work certification
process. “We are thrilled to be Great Place to Work-Certified™ and particularly pleased that more than 90 percent of
employees who participated in the survey said that Altria is a great place to work,” said Altria’s Senior Vice President,
Chief Human Resources Officer and Chief Compliance Officer. “Engaged, empowered and appreciated employees are
critical to achieving our ten-year Vision to responsibly lead the transition of adult smokers to a non-combustible future.”
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UN Women Recognizes Arca Continental Argentina
32
Arca Continental Argentina was recognized by UN Women for its work to promote gender equality through internal initiatives
and with the communities where it operates. The recognition was given for the fulfillment of the Gender Equality Action Plan
and the alignment of the company's initiatives to the “Win-Win: Gender equality is good business” program implemented by
UN Women, ILO and funded by the European Union, focused on generating greater female economic empowerment through
joint actions with the private sector. Among the actions of female empowerment undertaken by Arca Continental Argentina,
the module on tools for the prevention of gender violence included in the 2020 edition of the "Potenciá tu Negocios" program
and the realization of a mapping of all the suppliers of the bottling company. to know the percentage of women in charge of
these businesses. With these actions, Arca Continental reaffirms its commitment to equality and advances with new initiatives
focused on eradicating any type of gender violence within the company, while strengthening its empowerment programs
throughout its entire value chain in all the communities where it operates.
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BAT awarded A-score and named in top 200 ‘A List’ companies for
climate change action
33
The BAT Group (BAT) has announced it has been given an ‘A’ score for climate change and has been included as an ‘A List Company’
by the Carbon Disclosure Project (CDP). BAT is one of only 200 organisations selected from nearly 6,000 applicants for inclusion in the
prestigious listing. The CDP’s annual ‘A List’ names the world's leading organisations on environmental transparency and performance.
BAT’s inclusion is recognition of the Group’s commitments and actions to address environmental risks and to build a sustainable
economy. ESG is a key driver of BAT’s transformational journey to build A Better Tomorrow by reducing the health impact of its business
through providing consumers with a wide range of enjoyable and less risky products. BAT continues to be clear that combustible
cigarettes pose serious health risks, and the only way to avoid these risks is not to start or to quit. BAT encourages those who otherwise
continue to smoke, to switch completely to scientifically-substantiated, reduced-risk alternatives. In support of this purpose, BAT
announced a number of stretching sustainability targets including becoming carbon neutral in its operations by 2030. BAT is making good
progress towards this ambition by reducing impacts across its operations and supply chain, including eliminating unnecessary single-use
plastics, improving the energy efficiency of its factories and increasing the use of renewable energy.
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CarMax (USA) Named Official Auto Retailer Of The NBAAnd WNBA
34
CarMax, Inc. the nation’s largest retailer of used cars, announced a new partnership with the NBA, WNBA and Turner Sports. As part of the multiyear agreement, CarMax is now the official
auto retailer of the NBA and WNBA – the first automotive retail partnership in WNBA history – as well as the presenting partner of NBA Tip-Off on TNT. CarMax’s inaugural season as an
NBA partner will premiere on Tuesday, Dec. 22 with TNT’s NBA Tip-Off presented by CarMax — featuring the Emmy®-Award winning studio team of host Ernie Johnson and analysts Hall
of Famer Charles Barkley, two-time NBA champion Kenny Smith, and four-time NBA champion Shaquille O’Neal — followed by a doubleheader on TNT starting at 7 p.m. ET to tip off the
2020-21 NBA season. CarMax will also see in-game exposure across TNT’s 66-game NBA regular-season broadcasts, and on NBA TV broadcasts and digital platforms, as well as on TNT’s
NBA Playoff games, which culminate with the network’s exclusive presentation of the 2021 NBA Eastern Conference Finals. The league partnership expands upon CarMax’s long-standing
history of NBA team relationships, including the designation of official auto retailer sponsor of the LA Clippers, Portland Trail Blazers and Golden State Warriors. In CarMax’s upcoming
“Call Your Shot” campaign, the company is debuting partnerships with four-time WNBA champion Sue Bird and three-time NBA champion Stephen Curry, as well as bringing back two-time
AT&T NBA Slam Dunk Contest champion Zach LaVine, and newly acquired Golden State Warrior Kelly Oubre, Jr., for the second year of the content series. The “Call Your Shot” campaign
highlights the parallels of players’ on-court confidence with the confidence CarMax instills in its customers. Award-winning journalist Adrian Wojnarowski is also featured in the series. In
addition to CarMax’s NBA, WNBA, TNT, and talent partnerships, The CarMax Foundation is also partnering with Stephen and Ayesha Curry’s co-founded Eat. Learn. Play. Foundation,
KABOOM!, and the Oakland Unified School District to build a new schoolyard at Franklin Elementary School in Oakland, California. Students at Franklin Elementary will have the
opportunity to provide input for the design of the playspace, which will include a new playground, multi-sport court, and garden. The project is estimated to be completed in early 2021 and
in anticipation for students’ return to in-person learning. The isolation brought on by the COVID-19 pandemic demonstrates in dramatic effect how valuable playspaces are for children and
this project is an example of what’s possible when partners and communities come together to address the needs of kids, especially in times of crisis.
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CP Foods (Thailand) ranked top in Thailand on Forbes’ World's Best
Employer 2020
35
Charoen Pokphand Foods PCL (CP Foods) was ranked Thailand’s best employer according to Forbes’World's Best Employer 2020, reflecting its standout performance in making a world class
work environment. Forbes in collaboration with Statista, a leading market research firm, surveyed 160,000 full-time and part-time workers across 58 countries in an effort to rank the world’s
best corporations. In this year, four Thai companies were listed, including CP Foods (Ranked No. 248, highest in Thailand), HANA Microelectronics (Ranked No. 263), PTT (Ranked No. 476)
and Thai Airways (Ranked No. 673). The criteria included, willing to recommend the company to friends and family, public image, economic footprint, talent development, gender equality
as well as Covid-19 response. CP Foods strives to be “Home for Happiness for its employees. As a result, it has continuously developed and retain its “Talents” by promoting leadership skills
and career enhancement of all employees throughout their time of employment. The company ensures workplace safety and promoting employee well-being, in accordance with the Safety,
Health, Environment and Energy Policy, and review the performance every year to improve emergency management. Benefits and welfare are also being reviewed by both the company and
welfare committee that represented by employees annually. To cultivate innovation in workplace, the company has developed employees to be innovators according to the TRIZ approach. At
present, the company has around 1,020 innovators throughout the organization. During Covid-19 outbreak, CP Foods is the very first company in Thailand to announce health and safety
measures against COVID-19 outbreak throughout the supply chain to ensure the wellbeing of all workers and food safety. The measures focused on implementing social and physical
distancing at workplace, starting from increasing number of employee shuttle service, sanitation schedule, a walk-through body temperature scanner, and automation in an effort to reduce
human contact. Also, CP Foods initiated a delivery service for the employees returning from abroad to home quarantine as well as providing up-to-date consulting for all employees, including
migrant workers. As a good corporate citizen, the company made multiple covid-19 relief efforts such as “Food from the heart against COVID-19” project to support frontline staffs as well
as “Safe Food from heart to community”, delivered free ready-to-eat meals to people in need.
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CP Vietnam (Thailand) ranked among top 10 sustainable companies in
Vietnam
36
The Vietnam Business Council for Sustainable Development (VBCSD) has named CP Vietnam Corporation (CP
Vietnam) among Top 10 sustainable companies in the manufacturing sector, demonstrating the company’s outstanding
performance in the area of Economy, Society and Environment. The company has been listed among 100 sustainable
companies company in Vietnam for the third consecutive year. The CSI 100 is initiated to honor and award sustainable
businesses, promoting business towards sustainability in line with UN’s Sustainable Development Goals and,
subsequently, supporting Vietnamese companies to learn experiences through good global practices of sustainable
development and economic integration.
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CP Foods (Thailand) received the ASEAN Asset Class PLCs award
37
Charoen Pokphand Foods PCL (CP Foods) is among 42 listed companies that received the ASEAN Asset Class PLCs Award from
the 2019 ASEAN CG Scorecard Project. The project is hosted by the Securities and Exchange Commission (SEC) and Thai
Institute of Directors Association in collaboration with capital market organizations in 6 ASEAN countries to help raise the
quality of supervision of business operations of listed companies in ASEAN to meet international standards. The company,
therefore, adheres to and continually develops corporate governance for good performance in the long term and create sustainable
business value. The ASEAN CG Scorecard is a project sponsored by the ASEAN Capital Markets Forum (ACMF) and the Asian
Development Bank (ADB) to recognize and honor the listed companies in ASEAN that operated their businesses based on good
corporate governance principles. CP Foods’ Chief Executive Officer, said receiving the reflected the company's commitment to
developing good corporate governance. CP Foods firmly believes that it is an essential part of achieving corporate sustainability
while creating economic growth that maintains a social and environmental equilibrium.
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Guanghui Auto won the China Top 100 Enterprise Award for four
consecutive years
38
The "20th China Top 100 Listed Companies Summit Forum and the 6th China Top 100 Cities Comprehensive Development Forum" sponsored by the Organizing Committee of China Top 100 Listed
Companies Summit Forum and Wharton Economic Research Institute Grandly held in Beijing, more than 400 people including leaders of top 100 companies, leaders of top 100 cities, and famous
experts and scholars gathered at the forum to discuss exchanges and cooperation and seek coordinated development. This year marks the 20th year of the establishment of the China Top 100 Summit
Forum. The forum grandly held the "2020 China Top 100 Forum Twenty Years Award Ceremony" to commend companies that have made outstanding contributions to China’s economic development.
Guanghui Auto has won the title of China for four consecutive years. Top 100 Enterprise Award. After nearly 15 years of rapid development, Guanghui Automobile has become the absolute leader of
domestic auto dealers, gathering unparalleled advantages of scale and a large number of diversified high-quality resources. On the basis of consolidating the main business, the company is focusing
on improving customer service to create a comprehensive service capability that meets all aspects of customers' consumer needs; continuously inspire the company's innovative genes, connect with
historically accumulated big data and superior resources, and use digital means , To promote the efficiency, quality and innovation of enterprise operation and management; fully release the vitality of
capital, integrate industry and finance, and coordinate response to promote the improvement of business level, provide strong guarantee for the company's overall development strategy, and enhance
the company's core competitiveness. With the gradual development of the national "14th Five-Year" plan, Guanghui Automobile is fully thinking and boldly innovating in accordance with the national
development strategic plan, policy adjustments, and market and industry changes. By using its existing resources and advantages, Reshape the business model of the traditional industrial chain, open
up new business formats and markets, and start a new journey of high-quality development. As the absolute leader in the automotive distribution and service industry, Guanghui Automobile has carried
out a strategic forward-looking layout in the field of new energy, and its business scale and level are rapidly improving. Guanghui Automobile and State Grid Electric Vehicle Service Co., Ltd. jointly
established State Grid Guanghui in November 2019, aiming to actively expand the new energy vehicle charging and replacement service and other new energy vehicle after-service markets, and create
new energy vehicle charging and travel , Energy integration service chain.
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CJ Logistics’ (South Korea) efforts to lead eco-friendly logistics…now
recognized by the UN as well
39
CJ Logistics' efforts to lead eco-friendly logistics, including the introduction of electric and hydrogen trucks and the development of plastic upcycling uniforms, have been recognized by the
UN. CJ Logistics announced on December 21 that CJ Logisgtics’ eco-friendly logistics was introduced as a representative ESG best practice on December 18 at the 'International Webinar on
Sustainable Private Sector (SPS): Green and Responsible Practices' organized by the United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP). This
‘International Seminar on a Sustainable Private Sector’ was held online in Bangkok, Thailand, and was jointly sponsored by the UN SDGs Association and the International Climate Bond
Initiative (CBI) at which they also gave presentations. The UN SDGs Association introduced major domestic companies' climate response, low-carbon cases, and plastic and petroleum
material reduction cases, and announced CJ Logistics' eco-friendly logistics business for reducing carbon and plastics as a major ESG case to be noted in each country. With the Paris Climate
Change Agreement planned for January 2021, a number of ESG experts participated in the meeting. In particular, the results of this meeting are planned to be the main source of data for the
UN Department of Economic and Social Affairs' announcement of best practices planned for next year CJ Logistics introduced 1t electric trucks for the first time in the parcel delivery industry
in November. A total of four electric trucks were allocated to Gunpo, Gyeonggi-do and Ulsan, and EV charging stations were also installed. In May, CJ Logistics signed a business agreement
with the Ministry of Trade, Industry and Energy, the Ministry of Environment, and the Ministry of Land, Infrastructure and Transport at the Okcheon Hub Terminal in Chungcheongbuk-do
for a pilot project to supply hydrogen trucks. Starting in 2023, the courier trunk line vehicles and transport vehicles are set to be replaced with hydrogen trucks. Recently, CJ Logistics started
developing eco-friendly products through R&D with Art Impact, a social enterprise. It is striving to take the lead in protecting the global environment by developing uniforms and items made
of new materials using high-strength functional fibers recycled from plastics and upcycling materials. The UN ESCAP mentioned that if the private sector saves 1% of energy in the
Asia-Pacific region, up to 576.7 million tons of resources can be saved. It then emphasized that its value reached $269 billion (approximately KRW291,6975 trillion), and that global leading
ESG companies can take the lead in economic recovery after COVID-19.
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CJ Olive Young is introduced as a 'Global ESG Best Practice' in an
international webinar hosted by the United Nations
40
CJ Olive Young's case of clean beauty and a biodegradable plastics-reducing environment-friendly model attracted a great deal of attention at the 'International Webinar
on Sustainable Private Sector (SPS): Green and Responsible Practices' organized by the United Nations Economic and Social Commission for Asia and the Pacific
(UNESCAP). The UN SDGs (UN Sustainable Development Goals) Association, which participated as a major speaker and sponsor of the seminar, introduced the climate
response and low carbon cases, as well as the plastic and petroleum materials reduction cases of major domestic companies, and announced CJ Olive Young's clean
beauty campaign and eco-friendly materials project as a major ESG case to be noted in each country. A splendid achievement following the acquisition of an excellent
grade in international eco-friendly certification and selection in the outstanding group of the UN Sustainable Development Goals Management Index this year. Since last
June, CJ Olive Young has been introducing cosmetics brands and products that strive to coexist with the Earth along with healthy ingredients through its own standard
called “Olive Young Clean Beauty”. It is leading the growth of the domestic clean beauty market by excluding suspected harmful ingredients and giving a selection mark
(emblem) to brands that practice eco-friendliness or animal protection. In addition, CJ Olive Young is changing the packaging material of “Same Day Delivery,” an
immediate cosmetic delivery service, from existing PVC vinyl materials to recyclable kraft paper in an effort to protect the environment. In 2015, instead of paper
receipts, it introduced “smart receipts,” and by March earlier this year, the cumulative number of smart receipts issued exceeded 100 million, saving more than 100
million paper receipts. Thanks to these efforts, CJ Olive Young obtained an excellent grade (AA) in an international eco-friendly certification GRP (Guidelines for
Reducing Plastic Waste) selected by the UN this year, followed by its selection as '2020 Global Sustainable Brand' and in the outstanding group of the ‘Sustainable
Development Goals Business Index (SDGBI)'.
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Coca-Cola European Partners (UK) included on the Carbon Disclosures
Project’s A List for climate change and water security
41
Coca-Cola European Partners (CCEP) has been included on the Carbon Disclosures Project’s (CDP) prestigious A List for climate change
and water security, for the fifth consecutive year. CDP’s annual environmental disclosure and scoring process is widely recognised as the
gold standard of corporate environmental transparency. Inclusion on CDP’s A list comes as CCEP announces an accelerated climate
ambition to reach Net Zero by 2040. CCEP is one of 63 companies globally to be listed double CDPA List position for both Climate and
Water in 2020 and demonstrates the strong results driven by CCEP’s This is Forward sustainability action plan. “With the threshold for A
List membership continuing to increase in 2020 and only 63 companies joining both the climate and water CDP A Lists this year,
achieving this milestone for the fifth year running is an honour. Our work to understand our climate and water-related risks together with
our ongoing work to reduce our greenhouse gas emissions and adopt sustainable water management practices have been critical in
implementing our sustainability strategy. But there is much more for us to do. We are delighted therefore that this listing comes in the
same week that we announce our ambition to reach Net Zero by 2040, and our new absolute greenhouse gas emissions reduction target
to reduce emissions across our value chain by 30% by 2030, in line with a 1.5˚C reduction pathway.” Says VP Sustainability
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Coca-Cola HBC (Switzerland) Recognised With Double ‘A’ Score For
Climate Action And Water Stewardship
42
Coca-Cola HBC’s leadership in sustainability has again been recognised via an ‘A List’ ranking from CDP for its actions relating to
tackling climate change and preserving water security. This is the 5th year in succession that Coca-Cola HBC has received this rating
for climate and the 4th in a row for water. This follows last month’s news that Coca-Cola HBC has been rated Europe’s most
sustainable beverage company for the 7th time in 8 years by the 2020 Dow Jones Sustainability Index, with its highest ever score.
Only 1% of the more than 5,800 companies that submitted data to CDP in 2020 achieved a double ‘A’ score. This result and the Dow
Jones Sustainability ranking build on the recognition for Coca-Cola HBC’s performance from other respected sustainability surveys
and indexes such as MSCI ESG, FTSE Russell ESG and ISS-Oekom. Group Supply Chain Director, said: “Being recognised as a
CDP ‘A List’ member reflects the significant and demonstrable action we are taking to tackle climate change and safeguard access to
water, especially in water risk areas. We believe that building a more positive environmental impact is integral to our future growth
and although there is more to do, this recognition tells us that we are heading in the right direction.”
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Essity (Sweden) recognized by CDP with prestigious ‘A’ score for
sustainability
43
Hygiene and health company Essity has been recognized for its leadership in corporate sustainability by global
environmental non-profit CDP, securing a place on its prestigious ‘A List’for tackling deforestation. Essity is one of a very
small number of high-performing companies out of 5,800+ that were scored. Through significant demonstrable action to
tackle deforestation in its supply chain and source more sustainable commodities, Essity is leading on corporate
environmental ambition, action and transparency worldwide. Essity is also taking a leading role in management of carbon
and climate change risk, which is reflected in an A- score by CDP. CDP’s annual environmental disclosure and scoring
process is widely recognized as the gold standard of corporate environmental transparency. In 2020, over 515 investors
with over US$106 trillion in assets and 150+ major purchasers with US$4 trillion in procurement spend requested
companies to disclose data on environmental impacts, risks and opportunities through CDP’s platform.
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Solistica was granted the National Road Safety Award, Given by ANTP,
for its Strong Culture of Accident Prevention
44
For the 15th consecutive time, Solistica received the National Road Safety Award in the category of Primary Distribution Operation, as well as in the category of
Secondary Distribution for the 7th consecutive year, awarded by the National Association of Private Transportation (ANTP). 121 company operators were also
recognized for their excellence in road safety, currently adding more than 831 awarded collaborators since 2005. In this edition, Solistica also received the Health
and Hygiene Recognition, a new category that awards the best sanitary practices to protect hygiene in the health of employees and the environment, as well as the
inclusion of technology in the units to reduce risk. The company also participated in the Road Safety tests that were carried out at the Mexican Transportation
Institute (IMT in Spanish) in Querétaro, with a unit articulated in doble measure, showing the brake with a self-adjusting ratchet. This test demonstrated that double
articulated vehicles have the appropriate technology for a safe operation. In the twenty-first edition of the delivery of the National Road Safety Award, the operators
and companies that promote the culture of accident prevention were publicly recognized for using the best practices for the benefit of road safety in cargo transport
both in the city as on the road. The 121 winning operators of Solistica are from all the operations in Mexico, both Primary Distribution and Secondary Distribution.
Each of them underwent an examination and it was also taken into account that they had no road accident, any disabling factor or indicator of unjustified
absenteeism and that they were safety promoters. The evaluation to be considered for the award was carried out by a third company who was in charge of collecting
and analyzing the documentation, visiting the facilities of the participating companies to certify the degree of compliance with the application of the Road Safety
Management Manual prepared by ANTP in adherence to the international standards of ISO-39001, and the practical training of drivers on the road.
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General Mills (USA) on CDP’s ‘A List’ for Climate and Water Stewardship
for Third Consecutive Year
45
General Mills announced it has been recognized for leadership in corporate sustainability by global environmental impact nonprofit CDP,
achieving a prestigious double ‘A’ score for tackling both climate change and water security. This year, General Mills is one of few North
American companies in the Food & Beverage sector to attain a double ‘A’ score and was recognized for its actions to cut emissions, mitigate
climate risks and practice sustainable management of water resources. General Mills is focused on accelerating sustainability efforts, including
combating climate change across its value chain and advancing the sustainability of water use for farmers and operations. Key 2030 goals include
reducing absolute greenhouse gas emissions across the value chain by 30 percent and advancing regenerative agriculture on one million acres.
CDP’s annual environmental disclosure and scoring process is widely recognized as the gold standard of corporate environmental transparency. In
2020, over 515 investors with over $106 trillion in assets and 150+ major purchasers with $4 trillion in procurement spend requested companies
to disclose data on environmental impacts, risks and opportunities through CDP’s platform. Over 9,600 responded – the highest ever. A detailed
and independent methodology is used by CDP to assess these companies, allocating a score of A to D- based on the comprehensiveness of
disclosure, awareness and management of environmental risks, and demonstration of best practices associated with environmental leadership, such
as setting ambitious and meaningful targets. Those that don’t disclose or provided insufficient information are marked with an F.
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Givaudan (Switzerland) recognised for second year running in prestigious CDP
A List for leading the way on global climate action and water stewardship
46
Givaudan’s leading work on climate action and water stewardship has once again been recognised with a CDP double A rating.
CDP’s annual environmental disclosure and scoring process is widely recognised as the gold standard of corporate environmental
transparency. Givaudan’s most recent A ratings place it in the best performing businesses out of 5,800+ businesses that were
scored, when it comes to leadership on climate and water, as the organisation strives to use its business as a force for good. The
rating follows a series of high profile accolades in 2020 recognising Givaudan’s leading work on sustainability and responsible
business. These include a platinum EcoVadis rating in November as well as Givaudan’s inclusion for the fifth year running in the
prestigious FTSE4Good Index Series earlier this year. In July 2020 Givaudan announced its journey towards B Corp certification
and in August 2020 the company became a founding member of B Movement Builders. B Movement Builders is a coalition of
publicly-traded companies working together to drive a global movement of business as a force for good, helping to accelerate
change to our global economic system and spearheading the changing role of business in society.
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Hormel Foods (USA) Named one of America’s Most Responsible Companies
by Newsweek for the Second Year in a Row
47
Hormel Foods Corporation a global branded food company, was recently named of one America’s Most Responsible Companies by Newsweek
magazine for the second year in a row. Hormel Foods has continued to lead the food industry by putting team member safety first and supporting
important causes throughout the pandemic. It has donated millions of meals to help others and supported numerous organizations with donations,
including Feeding America, Conscious Alliance, Convoy of Hope and No Kid Hungry. To help restaurants and senior citizens in Austin, Minn.,
home to the company’s world headquarters and flagship plant, the company has purchased approximately 50,000 meals and donated them to
seniors in the community. Given its focus on environmental stewardship, Hormel Foods has committed to being powered by 50 percent renewable
energy and has achieved its goals to reduce product packaging by 25 million pounds and to reduce nonrenewable energy use, water use and solid
waste sent to landfills by 10 percent. The company will be announcing its new set of corporate responsibility goals in the near future. America’s
Most Responsible Companies were selected based on publicly available key performance indicators derived from corporate responsibility reports
as well as an independent survey. The key performance indicators focused on company performance in the environmental, social and corporate
governance areas, while the independent survey asked U.S. citizens about their perception of company activities related to corporate responsibility.
The final list recognizes the top 400 most responsible companies in the United States, spanning 14 industries.
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