I-Bytes Retail & consumer Goods Industry

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I-Bytes
Retail & Consumer Goods
January Edition 2020
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Table of Contents
1. Financial, M & A Updates...................................................................................................................................1
2. Solution Updates................................................................................................................................................24
3. Rewards and Recognition Updates..................................................................................................................31
4. Partnership Ecosystem Updates.......................................................................................................................48
5. Miscellaneous Updates.......................................................................................................................................63
6. Event Updates.....................................................................................................................................................70

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Financial, M & A Updates
Retail & Consumer Goods Industry

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Financial, M&A Updates
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Advance Auto Parts (USA) Announces Purchase Of The Diehard Brand
From Transformco
Advance Auto Parts, Inc. has acquired the DieHard brand from Transform Holdco
LLC, for $200 million utilizing cash on hand.This asset acquisition will give
Advance the right to sell DieHard batteries, the most trusted brand in the automotive
battery category, and enables Advance to extend the DieHard brand into other
automotive and vehicular categories. In addition, the deal allows Transformco to sell
DieHard brand batteries through its existing channels pursuant to a supply agreement
with Advance. Advance is also granting Transformco an exclusive royalty-free,
perpetual license to develop, market, and sell DieHard branded products in
non-automotive categories.Advance Auto Parts, Inc. is a leading automotive
aftermarket parts provider that serves both professional installer and do-it-yourself
customers. As of October 5, 2019, Advance operated 4,891 stores and 152 Worldpac
branches in the United States, Canada, Puerto Rico and the U.S. Virgin Islands. The
Company also serves 1,260 independently owned Carquest branded stores across
these locations in addition to Mexico, the Bahamas, Turks and Caicos and British
Virgin Islands.
Executive Commentary
“We are excited to acquire global ownership of an iconic American brand.
DieHard will help differentiate Advance, drive increased DIY customer traffic
and build a unique value proposition for our Professional customers and
Independent Carquest partners. DieHard has the highest brand awareness and
regard of any automotive battery brand in North America and will enable
Advance to build a leadership position within the critical battery category,” said
President and CEO, Advance Auto Parts. “DieHard stands for durability and
reliability and we will strengthen and leverage the brand in other battery
categories, such as marine and recreational vehicles. We also see opportunities to
extend DieHard in other automotive categories. We remain committed to
providing our customers with high-quality products and excellent service. The
addition of DieHard to our industry leading assortment of national brands, OE
parts and owned brands will enable us to differentiate Advance and drive
significant long-term shareholder value.”
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Beiersdorf (Germany) invests in K-beauty startup LYCL Inc.
Beiersdorf has acquired a significant stake in Seoul-based LYCL Inc., thus
becoming the second largest shareholder of the rapidly growing skin care
and tech start-up. This investment out of Beiersdorf’s venture fund is a
natural fit with the C.A.R.E.+ strategy to win in skin care and drive
consumer centricity through digitalization. Moreover, it further strengthens
Beiersdorf’s footprint in Korea and the region.LYCL Inc. is a Korean skin
care and tech startup established in 2013. The company combines three
different business models: unpa.me, a review and content platform for
K-Beauty products, palett.me, an influencer network platform, and
unpa.Cosmetics, the startup’s own skin care brand. This setup leads to a fast
development of data-driven, consumer-centric and highly innovative skin
care products. LYCL Inc. already has a strong footprint in South Korea with
the majority ofproduct sales generated through a direct-to-consumer (DTC)
business model via LYCL’s own website.
“We see great potential in LYCL’s disruptive business model and its
high degree of digital consumer connection,” Chief Financial Officer of
Beiersdorf said. With its two beauty platforms, LYCL already has access
to more than 1.2 million consumers. Based on their insights, the
company has implemented a disruptive data-driven innovation process
to develop and market skin care products under the “unpa.Cosmetics”
brand. “The digital innovation capabilities and strong consumer
centricity of LYCL have resulted in triple-digit growth rates over recent
years, and we believe the business model is geographically scalable,”.
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Bunge (USA) signs agreement to sell its margarine and mayonnaise assets
in Brazil
Bunge Limited announced that it has entered into an agreement to sell its
margarine and mayonnaise assets in Brazil to Seara Alimentos S.A. The
transaction includes three production plants and the brands used for these two
products. The completion of the sale is subject to regulatory approval.As part of
this deal, the companies have also negotiated supply, toll manufacturing and
brand license agreements. Other branded products including packaged oils,
shortenings and specialty oils will remain in Bunge’s portfolio.Bunge is a world
leader in sourcing, processing and supplying oilseed and grain products and
ingredients. Founded in 1818, Bunge's expansive network feeds and fuels a
growing world, creating sustainable products and opportunities for more than
70,000 farmers and the consumers they serve across the globe. The company is
headquartered in New York and has 25,000 employees worldwide who stand
behind more than 360 port terminals, oilseed processing plants, grain silos, and
food and ingredient production and packaging facilities around the world.
“This transaction further streamlines our operations in Brazil around our core
capabilities, while providing good value for a solid business. It also
represents another incremental step in executing a key priority of optimizing
our overall portfolio,” said Bunge’s Chief Executive Officer.
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CarMax (USA) Reports Third Quarter Results
• Net sales and operating revenues increased 11.5% to $4.79 billion.
• Used unit sales in comparable stores increased 7.5%.
• Total used unit sales rose 11.0%.
• Total wholesale unit sales increased 3.3%.
• CarMax Auto Finance (CAF) income increased 3.9% to $114.0
million.
• Net earnings declined 9.0% to $173.2 million and net earnings per
diluted share declined 4.6% to $1.04.
• Omni-channel experience remains on track to be available to the
majority of customers by the end of fiscal 2020, and we plan to complete
the roll out in fiscal 2021.
“We are pleased with our strong unit sales growth this quarter,” said
President and chief executive officer. “Our retail sales strength was a
direct result of our ability to execute well, with solid performance in
operations, financing, customer progression, and marketing all
contributing to our growth. In addition, we benefited from a
favorable underlying used car sales environment.We remain excited
about the unique and powerful experience we are providing through
omni-channel, which is empowering customers to shop on their
terms, whenever and wherever it is most convenient for them,”. “Our
ability to seamlessly integrate our physical and digital experiences
while continuing to drive comparable store sales growth, maintain an
attractive used vehicle gross profit per unit, and deliver our
exceptional customer service is a key differentiator.”
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Key Financial Highlights

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Conagra Brands (USA) Reports Solid Second Quarter Results
• Second quarter net sales increased 18.3%; organic net sales increased 1.6%, with positive organic
net sales growth in each reporting segment.
• Diluted earnings per share from continuing operations (EPS) was $0.53 in the quarter; adjusted EPS
was $0.63, with high single-digit growth in adjusted net income.
• The Company's integration of Pinnacle remained on-track in the quarter, with approximately $42
million of incremental cost synergies realized in the quarter, bringing total cumulative cost synergy
realization to $112 million from the closing of the acquisition through the end of the second quarter.
• The Company is updating its total targeted annual cost synergies for the Pinnacle acquisition from
$285 million by the end of fiscal 2022 to $305 million by the end of fiscal 2022. The Company
expects the additional $20 million of cost synergies to be fully realized in fiscal 2020 and plans to
reinvest the additional savings this fiscal year into longer-term sales-driving investments.
• During the quarter, the Company continued to reshape its portfolio by divesting its Direct Store
Delivery (DSD) snacks business. Subsequent to quarter end, the Company sold a peanut butter
manufacturing facility and began the process of exiting the manufacture and sale of private label
peanut butter. The Company is updating its fiscal 2020 guidance primarily to reflect the impacts of
these portfolio initiatives.
President and chief executive officer of Conagra Brands, commented, "Our second quarter results
reflect solid execution in applying the Conagra Way playbook across our portfolio. We
maintained our strong momentum in frozen and snacks. We also made good progress on our large
grocery brands, Hunt's and Chef Boyardee, both of which made sequential improvements. We
also continued to make very good progress on the Pinnacle integration, and we remain squarely
on-track with our plans to improve key Pinnacle brands.Our expectation for fiscal 2020 remains
that first-half investments will result in strong second-half performance. The second-half is when
we expect to see the greatest impact from new frozen and snacks innovation, continued smart
promotional support in key grocery brands, the ongoing implementation of our Pinnacle action
plan, and synergy capture."
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Dollar General Corporation (USA) Reports Strong Third Quarter
2019 Financial Results
• Net sales increased 8.9% to $7.0 billion in the third quarter of 2019 compared to $6.4 billion in the third quarter of 2018. This net sales
increase included positive sales contributions from new stores and growth in same-store sales, modestly offset by the impact of store
closures. Same-store sales increased 4.6% compared to the third quarter of 2018, driven by increases in both average transaction amount
and customer traffic. Same-store sales in the third quarter of 2019 included growth in the consumables, seasonal, home, and apparel
categories.
• Gross profit as a percentage of net sales was 29.5% in the third quarter of 2019 compared to 29.5% in the third quarter of 2018, an
increase of one basis point. This gross profit rate increase was primarily attributable to higher initial markups on inventory purchases,
a reduction in markdowns as a percentage of net sales, and a lower LIFO provision. These factors were partially offset by increased
transportation and distribution costs, higher shrink, a greater proportion of sales coming from the consumables category, which
generally has a lower gross profit rate than other product categories, and sales of lower margin products comprising a higher proportion
of sales within the consumables category.
• Selling, general and administrative expenses (“SG&A”) as a percentage of net sales were 22.5% in the third quarter of 2019 compared
to 22.6% in the third quarter of 2018, a decrease of 13 basis points. The third quarter of 2018 included $14.1 million of hurricane-related
expenses, which were significantly greater than such expenses incurred in the 2019 period. The results also reflect a reduction in
expenses for store supplies and lower retail labor costs as a percentage of sales. These items were partially offset by an increase in
utilities costs.
• Operating profit for the third quarter of 2019 grew 11.1% to $491.4 million compared to $442.1 million in the third quarter of 2018.
• The effective income tax rate in the third quarter of 2019 was 21.7% compared to 20.0% in the third quarter of 2018. This higher
effective income tax rate was primarily due to changes in state income tax laws and a federal income tax benefit arising from the Tax
Cuts and Jobs Act (“TCJA”) in the 2018 period that did not reoccur in the 2019 period.
• The Company reported net income of $365.6 million for the third quarter of 2019 compared to $334.1 million in the third quarter of
2018. Diluted EPS increased 12.7% to $1.42 for the third quarter of 2019 compared to diluted EPS of $1.26 in the third quarter of 2018.
Diluted EPS for the third quarter of 2018 included an approximate $0.05 net negative impact from Disaster-Related Expenses.
“We are pleased with another quarter of strong performance across the business,” said Dollar General’s chief executive officer.
“The quarter was highlighted by our best customer traffic and same-store sales increases in nearly five years, as well as
double-digit growth in both operating profit and diluted EPS. We continue to execute well on many fronts, while maintaining our
focus on delivering value and convenience for our customers. As a result of our performance through the first three quarters of
2019 and outlook for the fourth quarter, we are raising our full-year financial guidance as we work to finish a strong year.”
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General Mills (USA) Reports Fiscal 2020 Second-Quarter Results
and Reaffirms Full-Year Guidance
• Net sales of $4.4 billion were flat to last year. Organic net sales increased 1 percent, driven primarily
by strong growth for the Pet segment. Organic volume was up 1 percent and organic net price
realization and mix was in line with last year.
• Gross margin increased 130 basis points to 35.5 percent of net sales. Adjusted gross margin of 35.3
percent was 80 basis points above the prior year, driven by Holistic Margin Management (HMM) cost
savings and favorable manufacturing leverage, partially offset by input cost inflation.
• Operating profit totaled $811 million, up 48 percent from year-ago results that included higher
restructuring, impairment, and other exit costs. Operating profit margin of 18.3 percent increased 590
basis points. Adjusted operating profit of $813 million increased 7 percent in constant currency,
primarily driven by higher adjusted gross margin and lower consumer promotional expense, partially
offset by higher media expense. Adjusted operating profit margin increased 110 basis points to 18.4
percent.
• Net earnings attributable to General Mills totaled $581 million, up 69 percent from a year ago,
primarily reflecting higher operating profit and lower net interest expense, partially offset by higher
tax expense.
• Diluted EPS of $0.95 increased 67 percent from the prior year. Adjusted diluted EPS also totaled
$0.95 in the second quarter, up 11 percent from the prior year in constant currency, driven primarily
by higher adjusted operating profit, lower net interest expense, a lower adjusted effective tax rate, and
higher non-service benefit plan income, partially offset by higher average diluted shares outstanding.
“I’m encouraged by our second-quarter performance, including the broad-based improvement in
our organic sales trends and positive results on the bottom line,” said General Mills Chairman and
Chief Executive Officer. “We will build on our topline momentum in the second half, fueled by
increased investment in our brands. Based on our first-half results, and with confidence in our
back-half plans, we are reaffirming our full-year fiscal 2020 guidance for sales, profit, and EPS
and raising our guidance for free cash flow conversion.”
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Group 1 Automotive (USA) Acquires Two Lexus Dealerships in New
Mexico
Group 1 Automotive, Inc., an international, Fortune 500 automotive
retailer, announced the expansion of its business presence in the New
Mexico market with the acquisition of two Lexus dealerships. The
dealerships are located in Albuquerque and Santa Fe. These stores are
the only Lexus franchises in the state of New Mexico and are expected
to generate approximately $90 million in annualized revenues.Group
1 owns and operates 186 automotive dealerships, 242 franchises, and
49 collision centers in the United States, the United Kingdom and
Brazil that offer 31 brands of automobiles. Through its dealerships, the
Company sells new and used cars and light trucks; arranges related
vehicle financing; sells service contracts; provides automotive
maintenance and repair services; and sells vehicle parts.
"We are pleased to broaden our dealership footprint in the
fast-growing New Mexico market and expand our long-standing
partnership with Lexus," said Group 1's president and chief
executive officer.
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Inditex’s (Spain) net sales climb 7.5% to €19.8 billion
• Especially remarkable is the positive increase in the gross margin to 58.2% of sales, and the strong net cash
position, up +17% to reach €7.7 billion, underpinned by strong operating performance.
• Net profit increased by 12% to €2.72 billion.
• The executive chairman, Pablo Isla, highlighted that the quarterly figures confirm the Company’s strategy and
once again demonstrate the “solid growth being delivered by our integrated stores and online model, thanks to
our focus on the highest -quality locations, store environments, products and customer experience both in stores
and online. Crucially, this is coupled with strategic investments in technology and sustainability”.
• The reach of the integrated platform of stores and online continued to expand. Zara launched online in South
Africa, Ukraine, Philippines and Colombia; Massimo Dutti’s and Zara Home’s online platform went live in the
United Arab Emirates, Saudi Arabia, Lebanon and Morocco; and Stradivarius, Oysho and Uterqüe launched their
online platforms in the United States. In addition, all of the Group’s brands are now operating worldwide online
stores, which reach more than 200 markets across the globe.
• In October, the company marked the X Anniversary of the Framework Agreement between Inditex and UNI
Global, a union federation for retail and distribution that represents more than 20 million workers. November saw
the creation of the Global Union Committee between Inditex and IndustriALL, which represents more than 50
million global garment industry workers, building on the longstanding partnership between the two
organisations.
• The Group opened its first for&from store outside Spain, in Como (Italy).
• Management estimates like-for-like sales growth of 4% - 6% in 2019.
Inditex’s Executive Chairmanunderlined that these figures confirm the strategy of the Company and
highlighted “the excellent performance of the entire Inditex team, whose commitment is enabling the
delivery of continued sustained growth in our integrated stores and online model. Thanks to selected
locations, store environments, products and customer experience of the highest quality, underpinned by a
significant investment in technology and focus on leading and embracing the best sustainability practices”.
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Intact Financial Corporation (Canada) helping new Canadians restart
their careers
Intact Financial Corporation has invested $200,000 in Windmill
Microlending's Community Bond Program to help skilled immigrants
get the Canadian credentials they need to work in their field. This is
Intact's first investment in the social ventures space aligned with its
child poverty social responsibility focus. To help find new and creative
solutions, Intact is investing in social ventures that target the root
causes of child poverty in a non-traditional philanthropic way. Intact's
employees are also participating in windmill's mentorship program.
They are sharing their valuable experience and expertise with
newcomers in several fields, such as law and data science. Through
the program, Intact lawyer Victor Cheng is mentoring a lawyer from
Zambia.
"Our social ventures investments will enable us to deepen our
commitment to addressing the root causes of child poverty while
challenging the status quo of philanthropy,'' said Vice President of
Corporate Affairs and Communications, Intact Financial
Corporation. ''Many skilled immigrants and refugees are
under-employed, putting them and their families at risk of falling
under the poverty line. We invested in Windmill because it helps
keep children out of poverty by helping parents gain stable
employment, which leads to stable housing, food and education for
children."
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ITOCHU (Japan) Announces Investment in North Central Resources,
LLC and its Longview Coking Coal Mine
ITOCHU Corporation announced that it has concluded a definitive agreement with US-based American Metals & Coal International, Inc., South
Korea-based POSCO, and US-based JAZ Ventures, L.P. for the purpose of acquiring a 25% membership interest in North Central Resources,
LLC, owner of the Longview coking coal mine under development in West Virginia, USA. AMCI, POSCO and JAZ are existing members of
NCR. The Longview coking coal mine is currently being developed towards the commencement of full-scale production at the end of 2022. The
total development cost is estimated at approximately 450 million U.S. dollars (approx. 49.5 billion yen). ITOCHU and other members will fund
this cost as development progresses in proportion to its interests. The mine is expected to have an average annual production capacity of 4 million
tons, and will be one of the largest coking coal mines in USA. It will produce high-quality coking coal with world-class cost competitiveness. For
the purpose of marketing products, AMCI, JAZ and ITOCHU will establish a new company that will exclusively conduct worldwide sales and
marketing activities. Amid firm growth in global steel production, coking coal demand is expected to continue to increase in the future. With the
new development of the Longview mine and its involvement in the marketing JV, ITOCHU will be contributing a stable supply of high quality
metallurgical coal to global customers, particularly in Japan and Asia.
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Kroger (USA) Reports Third Quarter 2019 Results
• Total company sales were $28.0 billion in the third quarter, compared to $27.8 billion for the same period
last year. Excluding fuel and dispositions, sales grew 2.7%.
• Gross margin was 22.1% of sales for the third quarter. The FIFO gross margin rate excluding fuel
decreased 24 basis points, primarily driven by industry-wide lower gross margin rates in pharmacy and
continued growth in the specialty pharmacy business. Gross margin rate excluding fuel and pharmacy
improved slightly.
• LIFO charge for the quarter was $23 million, compared to $12 million for the same period last year,
driven by higher inflation in dry grocery, pharmacy and dairy.
• The Operating, General & Administrative rate decrease of 15 basis points is due to broad based
improvement of Restock Kroger cost savings initiatives.
• Third quarter results include an out-of-period charge of $29 million related to an adjustment for a
provision of a pharmacy contract. This amount reduced third quarter adjusted net earnings per diluted share
by $0.03. There is no effect on earnings guidance as a result of this contract going forward.
• As a result of a portfolio review, Kroger has decided to divest its interest in Lucky's Market and
recognized a non-cash impairment charge of $238 million in the third quarter, and the portion of this charge
attributable to Kroger is $131 million.
• The income tax rate for the third quarter was 35.6%. The income tax rate is higher than the adjusted
income tax rate because a portion of the non-cash impairment charge related to Lucky's Market is not
attributable to Kroger
Comments from Chairman and CEO: "Kroger's customer obsession and focus on operational
excellence continued to generate positive results in the third quarter. Identical sales were the strongest
since we started Restock Kroger and gross margin rate, excluding fuel and pharmacy, improved
slightly in the quarter. At the same time, we continued to reduce costs as a percentage of sales.We are
using the power of Kroger's stable and growing supermarket business to create meaningful
incremental operating profit through the alternative profit stream businesses, which adds up to a
business built for long-term growth that generates consistently attractive total shareholder returns.
Kroger continues to generate strong and durable free cash flow as reflected by the fact that the
company has reduced debt by $1.5 billion over the prior four quarters and continues to increase its
dividend to create shareholder value.Restock Kroger is the right framework to reposition our business
to create value for all of our stakeholders, both today and in the future."
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Newell Brands (USA) Completes Divestiture of The United States
Playing Card Company
Newell Brands Inc. announced that it has completed the sale of The United States Playing Card Company (“USPC”)
to Cartamundi Group. USPC, based in Erlanger, KY is the leader in the production and distribution of premier brands
of playing cards, including BICYCLE®, BEE®, AVIATOR®, HOYLE®, and FOURNIER®. This transaction marks
the conclusion of the Accelerated Transformation Plan that the company had initiated in January 2018.Newell Brands
is a leading global consumer goods company with a strong portfolio of well-known brands, including Paper Mate®,
Sharpie®, Dymo®, EXPO®, Parker®, Elmer’s®, Coleman®, Marmot®, Oster®, Sunbeam®, FoodSaver®, Mr.
Coffee®, Rubbermaid Commercial Products®, Graco®, Baby Jogger®, NUK®, Calphalon®, Rubbermaid®,
Contigo®, First Alert®, and Yankee Candle®. For hundreds of millions of consumers, Newell Brands makes life
better every day, where they live, learn, work and play.
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NIKE, Inc. (USA) Reports Fiscal 2020 Second Quarter Results
• Revenues for NIKE, Inc. increased 10 percent to $10.3 billion, up 13 percent on a currency- neutral basis.
• Revenues for the NIKE Brand were $9.8 billion, up 12 percent on a currency-neutral basis driven by growth
across wholesale and NIKE Direct; key categories including Sportswear, the Jordan Brand and Running, and
continued growth across footwear and apparel.
• Revenues for Converse were $480 million, up 15 percent on a currency-neutral basis, mainly driven by
double-digit growth in Asia and Europe, as well as through digital globally.
• Gross margin increased 20 basis points to 44.0 percent primarily due to higher average selling prices and margin
expansion in NIKE Direct and Converse, partially offset by impacts from higher product costs, primarily due to
incremental tariffs in North America.
• Selling and administrative expense increased 6 percent to $3.3 billion. Demand creation expense was $881
million, down 3 percent due primarily to a timing shift of investment in certain brand campaigns. Operating
overhead expense increased 9 percent to $2.4 billion driven by continued investments in transformational
capabilities, particularly in NIKE Direct and global operations.
• The effective tax rate was 10.7 percent, compared to 15 percent for the same period last year, primarily due to
a more favorable impact from stock-based compensation.
• Net income increased 32 percent to $1.1 billion driven primarily by strong revenue growth, gross margin
expansion, selling and administrative expense leverage and a lower tax rate, while diluted earnings per share
increased 35 percent to $0.70 reflecting a nearly 2 percent decline in the weighted average diluted common
shares outstanding.
“In Q2, NIKE has proven again that innovation is our greatest competitive edge – turning athlete insights
into breakthrough product and digital services, as we offer more choice to more consumers at an accelerated
pace,” said Chairman, President and CEO, NIKE, Inc. “Our entire NIKE team is fueling our current
momentum, and I’ve never been more optimistic about the future of this company.”
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Capri Holdings Limited To Acquire Italian Shoe Manufacturer
Capri Holdings Limited, a global fashion luxury group, is pleased to announce that it
has signed a definitive agreement to acquire Italian atelier and shoe manufacturer
Alberto GozziS.r.L. in Pistoia, Tuscany. The transaction is expected to close in the
Company’s fourth fiscal quarter, subject to specified closing conditions.The factory,
owned and operated by the Gozzi family since its founding in 1974, has produced
high-end shoes for many of the world’s top luxury brands over the years. In the
immediate future, the factory will develop and produce shoes for Jimmy Choo and
Versace. The production of Michael Kors Collection shoes will be added at a later
date.Capri Holdings Limited is a global fashion luxury group, consisting of iconic
brands that are industry leaders in design, style and craftsmanship. Its brands cover
the full spectrum of fashion luxury categories including women’s and men’s
accessories, footwear and ready-to-wear as well as wearable technology, watches,
jewelry, eyewear and a full line of fragrance products. The company’s goal is to
continue to extend the global reach of its brands while ensuring that they maintain
their independence and exclusive DNA. Capri Holdings Limited is publicly listed on
the New York Stock Exchange under the ticker CPRI.
“We are excited to welcome all of Gozzi’s talented craftsmen to the Capri
Holdings Group,” says Chairman and CEO of Capri Holdings Limited. “This
acquisition allows us to further align with the industry’s best practices and to
strengthen our technical competencies while cementing our position in the global
luxury market.”
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Performance Food Group Company (USA) Completes the Acquisition of
Reinhart Foodservice
Performance Food Group Company announced that it has completed the acquisition of Reinhart
Foodservice, L.L.C. (Reinhart). With the close of the transaction, PFG is now positioned as one
of the largest distributors in the U.S., with approximately $30 billion in annual net revenue and
nearly 25,000 talented associates. PFG continues to expect to generate approximately $50 million
of annual run-rate cost synergies in the third full fiscal year following today’s close. This is
anticipated to result in low single-digit Adjusted Diluted EPS accretion in the first full fiscal year
and low double-digit accretion expected in the third full fiscal year.Built on the many proud
histories of our family of companies, Performance Food Group is a customer-centric foodservice
distribution leader headquartered in Richmond, Virginia. Grounded by roots that date back to a
grocery peddler in 1885, PFG today has a nationwide network of over 100 distribution centers,
nearly 25,000 talented associates and thousands of valued suppliers across the country. With the
goal of helping our customers thrive, we market and deliver quality food and related products to
over 200,000 locations including independent and chain restaurants, schools, business and
industry locations, healthcare facilities, vending distributors, office coffee service distributors,
big box retailers, theaters and convenience stores. Building strong relationships is core to PFG’s
success – from connecting associates with great career opportunities to connecting valued
suppliers and quality products with PFG’s broad and diverse customer base.
“We are excited to close the acquisition and welcome Reinhart’s many talented associates to
the PFG family of companies,” saidPFG Chairman, President & CEO. “The Reyes family
has built a strong business and this transaction expands PFG’s platform to help our diverse
customer base thrive. We are honored to add Reinhart’s proud history to PFG and look
forward to creating shared success in the future."
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Ahold Delhaize (Netherlands) to invest $480 million in U.S. supply chain to
create a fully integrated, self-distribution model
Ahold Delhaize USA announced that it is investing $480 million to transform and
expand its supply chain operations on the U.S. East Coast. This investment supports the
new three-year strategy to move the U.S. supply chain into a fully integrated,
self-distribution model. The Ahold Delhaize USA announcement is attached to this
release. The $480 million capital outlay will cover a three-year transition period, which
will support the acquisition of three distribution facilities by Ahold Delhaize USA from
C&S Wholesale Grocers and leases on two additional facilities. In addition, it includes
investment in two new fully automated Ahold Delhaize USA frozen facilities to be
constructed in the Northeast and Mid-Atlantic of the U.S.The new self-distribution U.S.
supply chain will enable the U.S. businesses to reduce costs, improve speed to shelf,
enhance relationships with vendors, and improve product availability and freshness for
customers.Excluding the transition expenses, the impact on Ahold Delhaize USA
underlying operating income will be neutral in 2020 and 2021 and favorable in 2022 by
$60 million. The ongoing annual benefit on underlying operating income will be more
than $100 million. During the first three years, there will be transition expenses of $160
million, impacting underlying operating income ($50 million in 2020; $50 million in
2021; $60 million in 2022).
“The announcement is another example of how Ahold Delhaize USA is transforming
our infrastructure to support the next generation of grocery retail,” said Chief
Executive Officer, Ahold Delhaize USA and Ahold Delhaize Management Board
Member. “Through this initiative, we will modernize our supply chain distribution,
transportation and procurement through a fully-integrated, self-distribution model,
that will be managed by our companies directly and locally. This will result in
efficiencies and most importantly product availability and freshness for customers of
our local brands, now and in the future, whenever, wherever however they choose to
shop.”
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Advance Auto Parts Announces Purchase of the DieHard Brand from
Transformco
Advance Auto Parts, Inc.has acquired the DieHard brand from Transform Holdco
LLC (“Transformco”), for $200 million utilizing cash on hand. This asset
acquisition will give Advance the right to sell DieHard batteries, the most trusted
brand in the automotive battery category, and enables Advance to extend the
DieHard brand into other automotive and vehicular categories. In addition, the
deal allows Transformco to sell DieHard brand batteries through its existing
channels pursuant to a supply agreement with Advance. Advance is also granting
Transformco an exclusive royalty-free, perpetual license to develop, market, and
sell DieHard branded products in non-automotive categories.Advance Auto Parts,
Inc. is a leading automotive aftermarket parts provider that serves both
professional installer and do-it-yourself customers. As of October 5, 2019,
Advance operated 4,891 stores and 152 Worldpac branches in the United States,
Canada, Puerto Rico and the U.S. Virgin Islands. The Company also serves 1,260
independently owned Carquest branded stores across these locations in addition
to Mexico, the Bahamas, Turks and Caicos and British Virgin Islands.
“We are excited to acquire global ownership of an iconic American brand.
DieHard will help differentiate Advance, drive increased DIY customer traffic
and build a unique value proposition for our Professional customers and
Independent Carquest partners. DieHard has the highest brand awareness and
regard of any automotive battery brand in North America and will enable
Advance to build a leadership position within the critical battery category,”
said President and CEO, Advance Auto Parts. “DieHard stands for durability
and reliability and we will strengthen and leverage the brand in other battery
categories, such as marine and recreational vehicles. We also see opportunities
to extend DieHard in other automotive categories. We remain committed to
providing our customers with high-quality products and excellent service. The
addition of DieHard to our industry leading assortment of national brands, OE
parts and owned brands will enable us to differentiate Advance and drive
significant long-term shareholder value.”
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Sojitz(Japan) Invests in Japanese Radiation Sensitizer Developer
Sojitz Corporation has invested in KORTUC Inc., a startup pursuing the clinical and product development of KORTUC,*1 a novel radiation
sensitizer, to improve the effectiveness of cancer radiation therapy. This investment is via Sojitz’s corporate venture capital fund established in
the U.S. in January 2019.Roughly 60% of cancer patients around the world receive radiation therapy. As cancerous tumorsgrow in size, the
efficacy of radiation therapy often is diminished by the low levels of oxygen and abundance of antioxidants inside large tumors. However,
injecting the radiation sensitizer, KORTUC, into tumors prior to radiotherapy is expected to greatly increase the effectiveness of radiation
treatment.Over 1,000 patients in multiple hospitals in Japan have received KORTUC in combination with radiotherapy to effectively control the
radiated tumors. Many of these patients have had breast cancer, but many other solid tumors have been successfully treated. Formal clinical trials
of KORTUC to treat locally advanced breast cancer are being conducted at The Royal Marsden Hospital (RMH) in London. A Phase I trial
concluded this year and confirmed the safety of KORTUC. Early in 2020, KORTUC Inc. will begin a Phase II trial in cooperation with RMH
thanks to funding provided by Sojitz.KORTUC Inc. aims to obtain global regulatory approval for its sensitizer treatments and spread the use of
sensitizers to improve the efficacy of cancer radiation therapy. With this provision of support for KORTUC Inc.’s clinical and business expansion,
Sojitz will contribute to the advancement of cancer therapies worldwide.
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UNFI Reaches Definitive Agreements to Sell 13 Shoppers Food Stores
United Natural Foods, Inc., announced it has entered into definitive
agreements to sell 13 of its 43 Shoppers Food & Pharmacy ("Shoppers") stores
to three separate grocery operators. Each of the transactions is expected to
close between mid-December and the end of February 2020, subject to
customary closing conditions. In connection with the sale transactions,
Shoppers intends to wind down operations at these locations, including the
sale of any remaining inventory and closure of the stores prior to reopening
under other banners. UNFI will also close four additional Shoppers stores,
which are expected to cease operations by the end of January 2020. UNFI
made the decision to not renew the lease at three of these locations and the
fourth is being cancelled pursuant to agreement with the landlord.A complete
list of stores to be closed or sold under these agreements is included in the
addendum to this press release. Shoppers locations not specifically identified
in this announcement will remain open while UNFI continues to market for
sale and operate these remaining stores.
"The announcement reflects progress on our commitment to reduce UNFI's
retail footprint and marks another step toward transforming UNFI into
North America's premier food wholesaler," saidUNFI Chairman and Chief
Executive Officer. "We believe that exiting the retail business will further
accelerate our business transformation and allow us to more appropriately
allocate resources toward long-term growth initiatives."
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United Natural Foods, Inc. Reports First Quarter Fiscal 2020 Results
• Gross margin for the first quarter of fiscal 2020 was 12.81% of net sales compared to 14.38% of net sales for the first quarter of fiscal 2019, which included
a $1.8 million, or 0.06% of net sales, inventory fair value adjustment related to the Supervalu acquisition. The decline in the gross margin rate was primarily
driven by the addition of SUPERVALU at a lower gross profit rate.
• Operating expenses in the first quarter of fiscal 2020 were $775.4 million and included charges of $12.5 million related to customer notes receivable,
surplus property expense of $3.6 million, and legal reserve charge of $1.9 million.
• Goodwill and asset impairment charges were $425.4 million in the first quarter of fiscal 2020 primarily reflecting the remaining goodwill attributable to
the U.S. Wholesale reporting unit.
• Restructuring, acquisition and integration related expenses in the first quarter of fiscal 2020 were $14.3 million, including costs and charges related to the
disposal of surplus real estate, distribution network consolidation, and employee-related costs.
• Operating (loss) income was $(444.0) million in the first quarter of fiscal 2020 and included goodwill and asset impairment charges of $425.4 million;
restructuring, acquisition and integration related expenses of $14.3 million; customer notes receivable charges of $12.5 million; closed property expense of
$3.6 million, and legal reserve charge of $1.9 million. When excluding these items, operating income was $13.6 million, or 0.23% of net sales, in the first
quarter of fiscal 2020. Operating loss in the first quarter of fiscal 2019 was $(18.8) million and included restructuring, acquisition and integration related
expenses of $68.0 million and a fair value inventory adjustment charge associated with the purchase of SUPERVALU of $1.8 million.
• Interest expense, net for the first quarter of fiscal 2020 was $49.5 million. Interest expense for the first quarter of fiscal 2019 was $7.5 million. The increase
in interest expense, net was driven by an increase in debt outstanding due to the SUPERVALU acquisition financing.
• Effective tax rate for continuing operations for the first quarter of fiscal 2020 was 15.3% compared to 16.6% for the first quarter of fiscal 2019. The first
quarter effective tax rate for both fiscal years reflects a tax benefit based on consolidated pre-tax loss from continuing operations. The change in the effective
tax rate for the quarter was primarily driven by the impact of the goodwill impairment charge.
• Net loss for the first quarter of fiscal 2020 was $(383.9) million, including $25.0 million of income related to discontinued operations, compared to $(19.3)
million for the first quarter of fiscal 2019. The decrease in net income was primarily the result of the goodwill and asset impairment charges, higher
depreciation and amortization expense, and higher interest expense, partially offset by lower restructuring, acquisition, and integration expenses and the
benefit of higher net income from discontinued operations.
• Net Loss Per Diluted Share (EPS) was $(7.21) for the first quarter of fiscal 2020 compared to $(0.38) for the first quarter of fiscal 2019. Adjusted EPS was
$0.12 for the first quarter of fiscal 2020 compared to adjusted EPS of $0.59 in the first quarter of fiscal 2019, reflecting higher interest expense and lower
operating income, offset in part by net income from discontinued operations.
• Adjusted EBITDA for the first quarter of fiscal 2020 was $121.7 million compared to $86.2 million for the first quarter of fiscal 2019. The increase was
predominantly driven by the addition of SUPERVALU.
"We entered the new fiscal year operating with an unmatched geographic footprint, the largest variety of products and services in the industry and the
critical scale needed to succeed over the long term. We delivered first quarter results in-line with our expectations and are pleased to reaffirm our
fiscal 2020 outlook for net sales, Adjusted EBITDAand Adjusted EPS," said Chairman and Chief Executive Officer. "We remain confident that UNFI
is well-positioned today and for the future to deliver an industry-leading and sustainable supply chain platform for all customer channels. As we look
to the remainder of fiscal 2020, we are committed to converting our sales momentum into improved earnings and cash flow."
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The Estée Lauder Companies (USA)Completes Its Acquisition of Dr.Jart+
The Estée Lauder Companies Inc. announced that it has completed its acquisition of Have & Be Co. Ltd., the Seoul-based,
global skin care company behind Dr.Jart+ and men’s grooming brand Do The Right Thing. Founded in 2005 by ChinWook Lee
in Seoul, South Korea, Dr.Jart+ is a high-growth, global skin care brand fueled by cutting-edge innovation that offers a wide
variety of high-performing skin care products. With a unique combination of dermatological science and art – as is reflected in
the brand name, which is inspired by the phrase “Doctor Joins Art” – Dr.Jart+ appeals to a broad range of consumers and has a
devoted following among millennials in Asia and the United States. Best known for its high-quality, on-trend skin care
collections such as Cicapair and Ceramidin, the brand is renowned for its outstanding and fast-moving innovation pipeline and
rapid speed-to-market capabilities. Sold through specialty-multi channels, travel retail, freestanding stores, high-end department
stores and e-commerce sites in more than 35 countries globally, the brand offers a wide range of high-quality moisturizers,
masks, cleansers and serums that are beloved for their innovative, breakthrough formulations.
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Ulta Beauty (USA) Announces Third Quarter Fiscal 2019 Results
• Net sales increased 7.9% to $1,682.5 million compared to $1,560.0 million in the third quarter of fiscal 2018;
• Comparable sales (sales for stores open at least 14 months and e-commerce sales) increased 3.2% compared to
an increase of 7.8% in the third quarter of fiscal 2018. The 3.2% comparable sales increase was driven by 2.3%
transaction growth and 0.9% growth in average ticket;
• Gross profit as a percentage of net sales increased 40 basis points to 37.1% compared to 36.7% in the third
quarter of fiscal 2018, primarily due to improvement in merchandise margins driven by marketing and
merchandising strategies and leverage of fixed store costs, partially offset by investments in salon services;
• Selling, general and administrative (SG&A) expenses as a percentage of net sales increased 140 basis points to
26.7% compared to 25.3% in the third quarter of fiscal 2018, primarily due to deleverage of corporate overhead
related to investments in growth initiatives and store labor, partially offset by lower incentive compensation
expense and leverage in marketing expense;
• Pre-opening expenses decreased to $6.5 million compared to $7.6 million in the third quarter of fiscal 2018.
Real estate activity in the third quarter of fiscal 2019 included 31 new stores, three remodels, and two relocations,
compared to 42 new stores, four remodels, and one relocation in the third quarter of fiscal 2018;
• Operating income was $167.8 million, or 10.0% of net sales, compared to $169.2 million, or 10.8% of net sales,
in the third quarter of fiscal 2018;
• Tax rate was 23.1%, flat as compared to the third quarter of fiscal 2018;
• Net income was $129.7 million compared to $131.2 million in the third quarter of fiscal 2018; and
• Diluted earnings per share increased 3.2% to $2.25, which included a $0.02 per share benefit primarily due to
an increase in federal income tax credits, compared to $2.18 in the third quarter of fiscal 2018, which included a
$0.02 per share benefit due to income tax accounting for share-based compensation.
“Our differentiated model is winning in the marketplace,” saidChief Executive Officer. “The Ulta Beauty
team delivered another quarter of solid top-line performance, gross margin expansion, and EPS growth,
despite the current challenges facing the U.S. cosmetics category. We continue to gain market share across
all major beauty categories, and we are extending our leadership position by creating stronger connections
with our guests and engaging with them in better and more exciting ways.”
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ADM (USA) Introduces Texture Solutions to Canadian Market
24
Solution Description
Archer Daniels Midland Company will expand the reach of its starch portfolio to the Canadian market through a partnership with
IMCD, a leading distributor of specialty chemicals and food ingredients, effective immediately. ADM texture solutions available to
buyers in the Canadian market will include tapioca starch, corn starch and tapioca maltodextrin in addition to a range of other ADM
solutions.ADM’s clean tasting starch solutions improve texture and tenderness in a variety of foods and play a critical role in helping
formulators satisfy growing consumer demand for clean label, gluten-free and plant-based offerings.IMCD is a market-leader in the
sales, marketing and distribution of speciality chemicals and food ingredients. Its result-driven professionals provide market-focused
solutions to suppliers and customers across EMEA, Asia-Pacific and Americas, offering a range of comprehensive product portfolios,
including innovative formulations that embrace industry trends.Listed at Euronext, Amsterdam (IMCD), IMCD realised revenues of
EUR 2,379 million in 2018 with nearly 2,800 employees in over 47 countries on 6 continents. IMCD's dedicated team of technical
and commercial experts work in close partnership to tailor best in class solutions and provide value through expertise for about
43,000 customers and a diverse range of world-class suppliers.

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Dollar General (USA) Announces Availability of CBD Products in Select
States
25
Dollar General announced the availability of approximately 20 CBD product SKUs in approximately 1,100 stores
in Tennessee and Kentucky. The Company also plans to expand the products’ availability to seven more states by
spring 2020.Dollar General’s CBD assortment is limited to topical cosmetic products including creams, ointments,
bath bombs, bath salts and face masks. The Company does not have current plans to provide ingestible or edible
CBD merchandise.Dollar General Corporation has been delivering value to shoppers for 80 years. Dollar General
helps shoppers Save time. Save money. Every day!® by offering products that are frequently used and replenished,
such as food, snacks, health and beauty aids, cleaning supplies, basic apparel, housewares and seasonal items at
everyday low prices in convenient neighborhood locations. Dollar General operated 16,094 stores in 44 states as of
November 1, 2019.

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H&M (Sweden) Introduces Delivery By Bicycle In The Netherlands
26
H&M has teamed up with Fietskoeriers.nl which covers about 30 cities in the country. To keep CO2-emissions to a
minimum, Fietskoeriers.nl picks up the parcels at H&M’s warehouse with biogas vehicles and then deliver the
parcels by bicycles from local hubs. The new service is a next-day delivery option and priced as our regular
next-day delivery.“We are happy to see an increasing interest for sustainability among our customers and hope they
will love this new climate-smart way of getting their fashion finds delivered to their homes. We look forward to
evaluating this pilot project and to reveal new exciting projects when it comes to climate-smart transports”,says
Head of Sustainability at H&M.

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ITOCHU (Japan) Announces Launch of Next-Generation Retail Solution
for Delivering Smart Stores
27
ITOCHU Corporation announced that ITOCHU and Itochu Techno-Solutions Co., Ltd. are launching CTC DX Solution for Retail, a next-generation retail
solution that comprehensively supports the delivery of smart stores utilizing new technologies such as AI and IoT. The environment surrounding the retail
and distribution industry has changed dramatically, with labor shortages due to a low birth rate and rapidly aging society, growth in the number of foreign
visitors to Japan, and the widespread adoption of cashless payments. Against this background, there is a growing need for “smart stores” which use various
tools such as AI, cameras and electronic tags to digitalize distribution and aim to create new value through the improvement of business efficiency and
utilization of data. Japan’s digital transformation*1 (hereinafter “DX”) market in retail/distribution including the creation of smart stores reached 40 billion
yen in FY2019 and is expected to exceed 250 billion yen in FY2030*2. However, smart store operation involves many challenges, such as the costs of
adoption of new technology borne by the retailers and a shortage of engineers to maintain smart stores. CTC DX Solution for Retail provides integrated
services to support all types of retailers in creating smart stores every step of the way, from the installation of in-store sensors and cameras to data marketing
and the linkage of retail and manufacturing data. The main services provided are consultancy services for the creation of smart stores and the utilization of
IoT data, the provision of instore devices such as AI cameras and sensors, the provision of smartphone applications for self-checkout and payment, and the
construction of a platform for cloud computing services such as data analysis using AI and the linkage of data between companies.

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Magnit (Russia) Launches Russia's First Open Digital Advertising
Management Platform
28
Magnit Launches Russia's First Open Digital Advertising Management Platform. Also, the solution will measure the effectiveness of advertising based on customer
purchases. The Magnet project will provide an opportunity to significantly increase the effectiveness of marketing and advertising of FMCG brands. An open digital
marketing management platform was created by the Magnet network in partnership with Aggregion with technological support from Microsoft and the participation of
major Russian media agencies. The solution is a distributed platform (DMP), which in self-service mode provides marketers with access to anonymized structured data
from retail network audiences and platform partners. Users can create customer segments by more than 100 behavioral attributes and several thousand product categories,
as well as upload audiences directly to popular advertising platforms (Mail.ru, Yandex, Facebook, GPMD and others). The users of the Magnit platform will be large and
regional media agencies, as well as global and local brands that can not only more accurately customize advertising on the Internet, but also trace the customer journey
from the moment of an advertising contact to the purchase.FMCG brands manage digital advertising, relying mainly on fairly general socio-demographic parameters of
the audience (age, gender, income, etc.). Such advertising is often irrelevant to customers and not effective enough. At the same time, attempts to target it according to
the purchasing data of individual retailers significantly narrow the selection, which makes this tool uninteresting for large brands. The marketing platform of Magnit is
devoid of these shortcomings. According to the results of pilot campaigns with leading FMCG brands, the conversion, that is, the number of clicks to sites, increased one
and a half to two times, the accuracy of "getting" into the target audience increased five to ten times depending on the specifics of the advertised product.

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Rakuten (Japan) Launches Mobile Pre-Ordering and Payment Service
“Rakuten Ready” in Japan
29
Rakuten, Inc. announced that its mobile ordering and payment service Rakuten Ready has launched in Japan. Rakuten Ready is a solution designed for
companies with brick and mortar shops, such as restaurants, supermarkets, convenience stores, cafes and retail stores, that allows client companies to easily
integrate pre-ordering and payment services compatible with Rakuten ID on their websites and mobile apps.By using Rakuten Ready, companies with brick
and mortar stores can easily provide online and mobile pre-ordering and transaction options to customers, offering an attractive alternative to the high cost
of developing a proprietary in-house system. Rakuten Ready empowers companies to build pre-ordering and payment systems that offer a more pleasant
shopping experience to customers by reducing in-store wait times and providing greater levels of convenience for product pick-up. In addition to giving
customers the ability to make cashless purchases by using their Rakuten ID when pre-ordering and paying, customers can also receive Rakuten Super Points,
which can be used to make payments*1. With more than 100 million Rakuten members in Japan, Rakuten Ready also opens up the possibility of using these
points in marketing campaigns and other innovative methods.As an additional option for integration with mobile apps, Rakuten Ready provides functionality
that sends notifications to stores using location data from customers who have agreed in advance to provide this information to accurately predict when they
will arrive. This feature allows businesses providing pre-ordering and payment services to deliver a smoother product pick-up experience for customers, as
well as increase efficiency for in-store operations.

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Rakuten (Japan) Wallet Launches Service for Exchanging Rakuten Super
Points for Crypto Assets
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Rakuten Wallet Inc., a consolidated subsidiary of Rakuten Group and operator of a crypto asset (virtual currency) exchange business, announced that it
has launched a service that enables users to convert Rakuten Super Points from Rakuten Group’s loyalty points program to crypto assets through the
Rakuten Wallet app, which offers crypto asset spot trading services. This new service allows Rakuten users in Japan who have a Rakuten Wallet account
and have earned Rakuten Super Points to convert their loyalty points to crypto assets available on Rakuten Wallet: Bitcoin (BTC), Ethereum (ETH),
and Bitcoin Cash (BCH)*1. Rakuten Super Points can be exchanged from amounts of 100 Rakuten Super Points and above*2. To use this service,
customers can log in to the app, and, after choosing “Points Exchange,” select the target exchange currency and amount. One Rakuten Super Point is
equivalent to one yen when converted to crypto assets, and when the exchange is complete it will be reflected in the transaction history on the
customer’s smartphone app. Through the launch of the new service, Rakuten Wallet hopes to reduce the barriers of entry to crypto asset trading by
providing an easy and more accessible way for new users to start, including novice users who are interested in crypto asset trading with no prior
experience. In addition, the service also increases the range of uses for Rakuten Super Points across the Rakuten Group’s ecosystem of services, making
the Rakuten loyalty membership program even more attractive and convenient.

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ADM (USA) Finalist at Fi Innovation Awards in the Sustainability Category
31
Archer Daniels Midland Company was named a finalist in the Sustainability Champion category at the Food Ingredients
Innovation awards on December 3, 2019 in Paris, France. ADM was shortlisted for its efforts in promoting sustainable
agricultural practices among more than 12,000 smallholder farmers to support biodiversity conservation in three regions
of Brazil and Paraguay. In collaboration with local NGOs, the project generated significant social impact by connecting
directly with farmers and their communities to disseminate techniques that not only benefit the environment, but also the
people that form part of ADM’s supply chain. With the training drawing upon traditional agricultural knowledge and
modern biodiversity initiatives, thousands of farmers developed the know-how to improve sustainability management,
climate change resistance and overall crop yields. Guidelines were also developed for producers and agriculture schools
outlining best practices, and tools were identified to preserve native forests on farmland. Additional sustainability
initiatives were launched through hundreds of community-based micro-projects.
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British American Tobacco awarded leader status in Global Child Forum
report
32
British American Tobacco has been awarded ‘leader’ status in the Global Child Forum’s benchmarking report. This report assesses and
benchmarks 700 companies across nine industries and tracks the progress on how children’s rights are addressed within the corporate
sector.BAT received a score of 9.2 out of 10, compared to ‘industry’ (food, beverage and tobacco) and ‘all companies’ averages of just 5.6.
Leader status is awarded to those companies who have developed and implemented policies and practices that address the organisation’s
impact on children’s rights across a number of key areas, and have taken concrete steps to move beyond policies, embedding children’s rights
into company practice.BAT’s comprehensive approach to due diligence around child labour risk in its supply chain, its founding membership
of the Eliminating Child Labour in Tobacco-growing Foundation and its commitment to responsible product marketing that explicitly
prohibits advertising to anyone under the age of 18, contributed to its leadership status.This is the second Global Child Forum report; the first
was published in 2014. In determining each company’s score, organisations were assessed across three areas: Policies & Commitments (what
are the policies in place and are they publicly available?); Implementation (what are the responsibilities and procedures to implement the
policies?); and Reporting & Actions (how does the company address negative impacts and/or make positive contributions?).
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Coca‑Cola (Switzerland) HBC’s mentoring programme recognised as
industry best practice
33
Coca‑Cola HBC’s in-house mentoring programme has been given the seal of approval by Gartner CEB, who have
turned it into a best practice case study for the industry. The programme was singled out for several reasons, but
primarily because it empowers mentees to own the mentoring relationship. There was also praise for how line
managers are involved in the mentoring process and setting expectations, and how the programme takes care of both
mentor and mentee development. The latter, often referred to as “reverse mentoring”, supports the learning and
development of the mentors too and is recognised as highly motivational for participants. The case study, titled
Motivation-Informed Mentoring, has now been made available to Gartner CEB’s network of over 20,000 executives
to help companies improve the effectiveness of their HR function, create a high-performing culture and build strong
leadership.
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Coca‑Cola HBC (Switzerland) wins CIMA Employer Award for Best
practice Student Support
34
Coca‑Cola HBC Finance Community has been awarded the CIMA Employer Award in the category “Best
practice Student Support” at the CIMA 2019 Christmas and Awards Gala held in Warsaw, Poland.The award, a
result of the longstanding cooperation with CIMA is a great recognition of Coca‑Cola HBC’s commitment to
empower youth, in line with its sustainability commitments.CIMA, Chartered Institute of Management
Accountants, is the world's largest professional body of management accountants and its awards are a
recognition of excellence in the category.
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Hormel Foods (USA) Named One of America’s Most Responsible Companies
by Newsweek
35
Hormel Foods Corporation, a global branded food company, was named of one America’s Most Responsible Companies by
Newsweek magazine.Newsweek partnered with global data research firm Statista Inc. to publish the ranking of America’s Most
Responsible Companies. Statista worked from a universe of 2,000 public companies and analyzed them based on an independent
survey among 6,500 U.S. citizens and research based on publicly available key performance indicators derived from annual
reports and corporate responsibility reports. The analysis covered three important areas of corporate responsibility: environment,
social and corporate governance.“As a leading corporate citizen, we are honored to be recognized for the outstanding work we
are doing on Our Food Journey™,” said Chairman of the board, president and chief executive officer. “We have always believed
that building social value and creating economic value are not competing goals. We are proud to demonstrate this belief through
the positive impact we have on our team members, consumers, partners, communities where we live and work and our planet.”
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Hormel Foods (USA) Named one of the World’s Best Employers by
Forbes
36
Hormel Foods Corporation, a global branded food company, announced it has been recognized by Forbes on its 2019
World’s Best Employers list, coming in at No. 72. This is the third year in a row the company has received this
recognition.To create the ranking of the World’s Best Employers, Forbes partnered with Statista to cull its annual list
of the world’s 2,000 largest public companies based on 1.4 million employment recommendations sourced from a
global poll and regional surveys. Respondents around the world were asked to rate their own employer and the
likelihood that they would recommend this employer to a friend or family member. They also rated other employers
they admired.Hormel Foods was also recognized this year as one of the 50 Best Companies to Sell For by Selling
Power magazine and a Best for Vets Employer by Military Times.
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Hormel Foods (USA) Again Named to Drucker Institute Management
Top 250 List
37
Hormel Foods once again secured a spot on the Management Top 250 list, an annual ranking of America’s most effective
companies. Hormel Foods – No. 155 this year – has made the grade all three times since the Drucker Institute began evaluating
organizations and publishing its findings in The Wall Street Journal.According to the Journal, the study takes a holistic approach,
measuring customer satisfaction, employee engagement and development, innovation, social responsibility and financial
strength, and relies on 34 data points from 15 third-party sources. Hormel Foods received especially high marks in the categories
of customer satisfaction, employee engagement and development, and social responsibility.The Drucker Institute, named for the
late author, educator and management guru Peter Drucker, is part of Claremont Graduate University in Claremont, California.
The institute’s ranking spotlights U.S. publicly traded companies that are part of a specified index and meet or exceed at least one
of two financial thresholds. Eight hundred twenty companies were evaluated this year for their effectiveness – or as Drucker once
said, “doing the right things well.”
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Intact Financial Corporation (Canada) Named 2019 Best Employer in
Canada and the United States
38
Intact Financial Corporation is pleased to announce it has been certified as a Kincentric 2019 Best Employer in Canada and in the United States. This year, as a
result of being recognized in both countries, Intact also received the North America regional Best Employer certification. This is the fifth consecutive year that
Intact has been recognized as a Best Employer in Canada and the first certification in the U.S.Intact is a Best Employer because of its employees. Intact is
committed to maintaining the position as a Best Employer and will continue to live its values by striving for excellence, creating a workplace that supports personal
growth and development, and recognizing the valuable contributions made by teams across the organization.Kincentric's Best Employer awards recognize
employers by evaluating results from four indices linked to a committed workforce that delivers stronger business results. Best Employers must perform in the top
25% for employee engagement and in two of the three following indices: Agility, Engaging Leadership, and Talent Focus. Intact's employee survey responses are
confidentially scored by Kincentric and compared against each index in its regional database benchmark.Intact Financial Corporation (TSX: IFC) is the largest
provider of property and casualty (P&C) insurance in Canada and a leading provider of specialty insurance in North America, with over $10 billion in total annual
premiums. The Company has approximately 14,000 full- and part-time employees who serve more than five million personal, business and public sector clients
through offices in Canada and the U.S.In Canada, Intact distributes insurance under the Intact Insurance brand as well as The Guarantee Company of North
America brand, through a wide network of brokers, including its wholly-owned subsidiary BrokerLink, and directly to consumers through belairdirect. Intact also
provides specialized insurance programs to public entities through its wholly-owned subsidiary, Frank Cowan Company.
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Kao (Japan) Receives 2019 Environment Minister's Award for Global Warming Prevention
Activity in the Implementation and Dissemination of Countermeasures Category
39
Kao Corporation has received the 2019 Environment Minister's Award for Global Warming Prevention Activity, organized by the Ministry of the Environment, in the
Implementation and Dissemination of Countermeasures category.The Environment Minister's Award for Global Warming Prevention Activity is a commendation that has been
organized by the Ministry of the Environment since 1998 as a part of its promotion of global warming countermeasures. It is awarded to individuals and groups who have made
exceptional achievements in global warming prevention. This December, Kao received the award in the Implementation and Dissemination of Countermeasures category in
recognition of the Kao Eco-Lab Museum, located inside its Wakayama Plant in Japan.Kao released the Kao Environmental Statement in 2009, and is working to reduce
environmental impacts at all stages of its business activities as well as implementing projects with the goals of conserving the global environmental and realizing sustainability.
The Kao Eco-Lab Museum opened inside Wakayama Plant in 2011 with the mission of communicating the importance of "eco together" activities taken together with customers
and consumers to create a better world. The museum communicates the latest information on environmental topics and informs visitors about various environmental efforts Kao
is implementing at each stage of the product life cycle from raw materials through to disposal.A wide range of visitors numbering more than 10,000 from Japan and abroad
come to the museum annually, from specialists in environmental fields to business partners, members of the general public, and educators as well as students and small children.
The Kao Eco-Lab Museum provides opportunities for many different types of people to think about the environment, with interactive communication about exhibits tailored to
their purpose and preferences. Visitors such as members of the general public and educators learn about ways people can reduce their environmental impacts at home, while
business partners receive explanations about new technology developments with an eye to partnering on projects in the future.
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Kao (Japan) Received the EcoPro 2019 Executive Committee Chairman's
Award at the 2nd EcoPro Awards
40
Kao Corporation received the EcoPro 2019 Executive Committee Chairman's Award at the 2nd EcoPro Awards sponsored by the Japan
Environmental Management Association for Industry.The EcoPro Awards are bestowed in recognition of products, services, technologies,
solution business models and other projects, specifically those that incorporate outstanding eco-friendly features, and that take into account
shifts in socioeconomic conditions, including economic globalization, enactment of the Paris Agreement, and the establishment of the
sustainable development goals (SDGs), while being highly regarded by businesses, consumers, investors and market players in the Japanese
market. There were 50 projects submitted for consideration at this year's second annual awards, with Kao's RecyCreation initiative receiving
the EcoPro 2019 Executive Committee Chairman's Award, an award of excellence.Kao Corporation is offering new systems and fun and
creative experiences for consumers through RecyCreation to create circularity in society. One specific project is working with local
communities and partner companies to collect used detergent, shampoo, and other refill packs, and then processing them into recycled resin,
an activity Kao is promoting at five locations nationwide.Kao will continue to create new possibilities for RecyCreation, extending the circle
of co-creation while building trust and support with various communities and stakeholders.
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Kao (Japan) Receives the Best IR Award from the Japan Investor
Relations Association
41
Kao Corporation has been awarded the Best IR Award at the 2019 IR Award organized by the Japan Investor Relations Association (JIRA).The IR Award is
presented with the aim of identifying and commending companies that have achieved outstanding results in relation to IR, for example by demonstrating an
in-depth understanding of the purpose of IR, working proactively to implement IR activities, or being highly recognized by capital market participants. At
this year's IR Awards (which were being held for the 24th time), the Best IR Award was presented on the basis of assessment of 315 publicly-listed companies
that are members of the JIRA.The decision to present the Best IR Award to Kao Corporation this year was based on Kao's high performance in the following
areas:
• Kao's top management is spearheading efforts to enhance the level of IR.
• The President's sincere attitude in his dialogue is highly praised.
• Q&A information from presentations and meetings, attended by the top management, are made accessible at the company's website.
• In 2019 Kao announced its ESG strategy and clarified its policy to position ESG as a core issue of the management intended to enhance corporate value.
• By conducting dialogues with capital markets, the company is building its recognition.
• Kao is also proactively making efforts to make its corporate governance structure better understood through dialogues led by the executive officer in charge
of legal department.
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347 KT&G (South Korea) selected as Excellent Institution for sponsorship
of Culture and Arts sponsored
42
KT&G was certified as an excellent organization for cultural and arts sponsorship by the Ministry of Culture, Sports and Tourism
on 9th Dec. for the creation of a cultural ecosystem where artists and the public can freely interact and enjoy. Celebrating the
fourth time this year, the Certification of Outstanding Organizations for Culture and Arts Sponsorship is a system that examines
and certifies companies and organizations that have excellent expertise in the field of sponsoring culture and arts and have
produced sponsorship results. KT&G was selected as an excellent organization of cultural arts in 2016, the first year of the
system, and was recertified this year when certification expires. In this certification, KT&G was recognized for supporting artists'
creative activities and expanding opportunities to enjoy arts and culture by establishing Sangsang Madang Hongdae in 2007,
followed by Sangsang Madang Nonsan in 2011, Sangsang Madang Chuncheon in 2014, and Sangsang Madang Daechi in 2017.
In the first half of next year, Sangsangmadang will be opened in Seomyeon, Busan to expand the base of local cultural arts.In
November, KT&G Sangsang Madang was ranked first in the multicultural space category in the Consumer Satisfaction
Evaluation at the 24th Consumer Day Awards hosted by the Korea Consumer Council.
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Magnit(Russia) won the National Treasurer of the Year Award
43
The Association of Corporate Treasurers noted the company's achievements and announced the November deal to
place bonds at 6.9% per annum as the most successful in 2019. The rate at that time was the minimum in the
corporate bond market for a year and a half and became a guideline for other market participants. The prize was
awarded to the Director of the Treasury Department of the Magnit retail chain SamatSattarov by the President of the
Association Vladimir Kozinets.The Treasurer of the Year Award was established in 2014. It is a public award for
achievements in financial management and development. In 2018, the best was the Magnit project for the
introduction of online collection, which allowed to reduce costs in processing cash proceeds of stores, increase the
security of working with cash and make online payments to a current account.
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Magnet Beauty Bomb cosmetics ranked among the five best new brands
according to Forbes
44
Forbes presented the 10 best new Russian brands that have achieved the most impressive results in the Russian market over the past year. Beauty
Bomb cosmetics, exclusively presented at Magnit Cosmetics stores, took fourth place. The company's own brand was launched in August 2018.
The range includes decorative cosmetics and accessories at an affordable price - in the range of 400-600 rubles. Beauty Bomb is aimed at an
audience of 14-25 years. The face of Beauty Bomb is the blogger Katya Adushkina. In the development of the line, which is updated every three
months - to change the season, blogger Gevorg takes part. The Forbes rating compilers evaluated the brand’s success based on the ratio of its
revenue to the number of points where it is represented. The revenue of the brands was estimated for the nine months of 2019. It was taken into
account that brands belong to different categories, and in order to bring them to a common denominator, the brand performance was compared with
the performance of leaders in the corresponding category. Having received the final values, a 10-point scale was compiled - 10 points received the
most successful brand. The final rating list this year included not only new brands launched by large companies, but also young startup brands. In
September 2019, another Magnit brand of its own - Stellary - won the annual Cosmopolitan Beauty Awards 2019 in the Makeup category. Stellary
CC cream is recognized as the best, including among luxury brands. The Stellary brand of decorative cosmetics is exclusively represented in
Magnit Cosmetics and cosmetic departments in Magnit Family supermarkets.
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PVH Corp. (USA) Ranks on Fortune Magazine’s 100 Best Workplaces for
Diversity List
45
PVH Corp. is listed on 2019’s 100 Best Workplaces for Diversity list published by Fortune magazine. This is the first year PVH is
featured, fueled by our Great Place to Work® certification.Diversity is not only defined by ethnicity, gender, age, religion, sexual
orientation and physical ability but also by individuals’ unique perspectives, cultural traditions and personal journeys. As a company,
PVH strongly believes that everyone should be respected.The company has several programs and resources that demonstrate its
commitment to inclusion and diversity, such as a parental leave policy that covers birthing, non-birthing, adoptive and foster parents
alike, a flexible back-to-work program for new mothers and flexible work hours and work from home program. Our Business
Resource Groups (BRGs) are voluntary, associate-led groups in place around the world supporting women, LGBTQ+, African
Americans and working parents.Earlier this year, PVH co-authored an industry briefing with the CFDA to hold the apparel industry
accountable to be both inclusive and diverse. PVH also was recognized by Forbes magazine on the Best Employers for Diversity
2019 list and received a perfect score of 100 on the 2019 Corporate Equality Index (CEI), administered by the Human Rights
Campaign Foundation.
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CEW HonorsQurate Retail Group (USA) at Beauty of Giving Event
46
Qurate Retail Group was recognized for our commitment to philanthropy and corporate giving at the Cosmetic
Executive Women (CEW)’s Luncheon. For the past seven years, QVC, and now HSN, have teamed up with CEW
for “QVC and CEW Present Beauty with Benefits”, a month-long event that brings together the beauty industry to
raise funds for Cancer and Careers. Through these efforts, QVC, HSN and CEW have delivered more than $2.2
million to Cancer and Careers for 2019. Qurate Retail Group also supports the organization with our additional
cause marketing initiatives throughout the year, including QVC Partners in Giving, a team member giving program,
and Giving Tuesday. To date, Qurate Retail Group, its team members and vendor community have generated a total
of over $10 million to support Cancer and Careers and the survivors who count on it.President and CEO of Qurate
Retail, Inc. attended the event and accepted the award on behalf of the Qurate Retail Group team.
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Suning Technology (China) Awarded Pioneer of Digital Enterprise Transformation
for its Smart Retail Practice
47
Suning Technology, subsidiary of Suning Holdings Group, the commercial giant ranked top three in China's top non-state-owned enterprises and
owners of Suning.com, a Fortune Global 500 retail company, was awarded "Pioneer of Digital Enterprise Transformation" by Harvard Business
Review for its smart retail practice.Earlier this year at CES in Las Vegas, Suning officially unveiled its new 'Retail as a Service' ('RaaS' for short)
based on its Smart Retail strategy to empower the future development of the industry. Regarded as the 'Brain' of Smart Retail – the strategy is in
essence an open-platform model through which partners can access Suning's portfolio of long-term accumulated technology capabilities and
omni-channel operation experience.The strategy offers the industrial practitioners such as manufacturers, SME retailers and even tech developers
or service providers an integrated solution to enhance both operational efficiencies and costumer experience.After nearly 30 years of both online
and offline retail exploration, Suning now owns 10,000+ stores and 600 million + customers with full-scenario layout, and strong technology
capability as its empowerment. Suning will continues to combine its industry experience with its smart retail strategy to boost industry
digitalization. Adhering to the concepts of openness, collaboration and innovation, Suning is committed to reshaping the smart retail value chain
and driving the development of a new business ecosystem with its technology capability.
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Alibaba Group (China) Becomes Official Partner of Hangzhou 2022
Asian Games
48
The 19th Asian Games Hangzhou 2022 Organising Committee and Alibaba Group announced a partnership to create a first-of-its-kind “smart” regional
sports event. Hangzhou 2022 will strive to be the first “Asian Games on the cloud.” Alibaba Cloud’s data intelligent technologies will be applied to
Hangzhou 2022’s core systems, including competition results, event management and support. Nearly 10,000 athletes, hundreds of thousands of staff,
spectators and visitors from 45 countries and regions will participate in or enjoy the Asian Games, tapping Alibaba Cloud technologies, including cloud
computing, data intelligence, IoT (Internet of Things) and smart technology applications.The agreement was signed using the Blockchain Trusted
Depository Technology provided by Alipay, a payment and lifestyle platform operated by Alibaba Group’s affiliate Ant Financial Services Group. This
is the first time the technology is applied for the signing of such a large-scale international event. Alipay’s blockchain technologies will be further
applied in Hangzhou 2022, including transportation, agreement signing, IP (Intellectual Property) protection and ticketing.Guests from all over the
world will also enjoy a new digital experience at Hangzhou 2022, through a dedicated Alipay mini program. This will integrate the Alibaba Digital
Economy’s capabilities to streamline access to 18 services, including accommodation, transport, ticketing, and catering. For example, the mini program
will provide travel solutions between Shanghai, the international transport hub of Eastern China, and the six cities hosting Asian Games events:
Hangzhou, Ningbo, Wenzhou, Jinhua, Shaoxing and Deqing.
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ICBC, Alibaba (China) and Ant Financial Form Comprehensive Strategic
Partnership
49
Industrial and Commercial Bank of China, Alibaba Group and Ant Financial Services Group entered a comprehensive strategic partnership to
enhance the services available to users by deepening their level of cooperation in the key areas of fintech and financial services. Under the
partnership agreement, parties will work together more closely, improving the quality of fintech offerings by using smart technologies and
product innovation. To take financial services forward, the partners will use their collective experience and expertise to focus on areas that
include electronic payment settlement, cross-border finance, and scenario-based financial services.The collaboration started as early as March
2005 when Alipay and ICBC joined hands to offer online payment services to users. ICBC was the first bank in China to partner with Alipay
to deliver online payments, demonstrating the bank’s innovation and inclusivity.The partnership brings together parties with a common aim
of applying technology to make services more convenient and inclusive for users.ICBC, the world’s largest bank in terms of assets, is already
one of China’s leading banks in the use of information technology and has a proven track record in fintech innovation. Alibaba and its affiliate
Ant Financial are committed to promoting the wider use of digital technology to better support the growth of the real economy, particularly
by making a broader range of financial services more accessible to individuals and small or micro-enterprises.
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ITOCHU (Japan) Announces Development of Intellectual Education/Childcare
Business in China with Shufunotomo and PPW in Hong Kong
50
ITOCHU Corporation announced that it has concluded an agreement with Shufunotomo Co., Ltd. and PPW Sports & Entertainment (HK) Limited to
establish a joint venture company in Hong Kong and commence development of intellectual education/childcare-related business in the Chinese market.
Throughout its 100 years of operation, Shufunotomo has published a range of books and mooks for practical use in childcare, cookery, health, beauty and
interior design, and other genres, as well as women's magazines, including “Ray,” “GISELe” and “You You.” It also focuses on the development of content
distribution and other related businesses, with a view to boost the publication industry. Especially for the intellectual education/childcare category
Shufunotomo developed from “Baby-mo,” a successor to its groundbreaking childcare magazine in Japan, “Watashi no Aka-chan” (which means “my baby,”
first issue published in 1973), its publication of “Hajimete no Mama & Papa Series” (New Mamas & Papas Series) circulated over 820,000 copies, and
“Atama no Iiko wo Sodateru Series” (How to Raise a Smart Kid Series) published over 680,000 copies, highly rated by people raising children. PPW expands
its business for apparel and daily use products in the Chinese market and is also widely developing its licensing business for items from mascot characters to
content. Prior to this agreement, ITOCHU and PPW had already formed a brand license business relationship and were discussing the development of a new
business using Japanese content in the Chinese market. Recently, their vision matched Shufunotomo’s objectives for strengthening its online presence using
its own content as well as pursuing overseas business expansion, resulting in the conclusion of an agreement to establish a joint venture company.
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ITOCHU (Japan) Announces the Establishment of a joint venture company for
the Operation of Mutsu Ogawara Onshore Wind Farm Project in Aomori
51
ITOCHU Corporation announced that ITOCHU and Hitachi Zosen Corporation incorporated the limited liability
company Mutsu Ogawara Wind Power LLC. The joint venture company will be responsible for the establishment
and operation of an onshore wind farm in an area facing the Pacific Ocean in Rokkasho Village, Kamikita District,
Aomori Prefecture and for the wholesale supply of the electricity it produces, and will conduct activities aiming for
the start of operation from 2023 onwards.Establishing an energy source for local production and local consumption,
we will contribute to the creation of employment in local communities and the local economy in the construction
and operation phase of power generation facilities.This project is expected to reduce CO2 emissions by
approximately 72,000 tons. The volume is equivalent to the annual electricity consumed by about 43,000 ordinary
households.
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