I Bytes Retail & Consumer Goods industry

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I-Bytes
Retail & Consumer Goods
October Edition 2020
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Table of Contents
1. Financial, M & A Updates...................................................................................................................................1
2. Solution Updates.................................................................................................................................................30
3. Rewards and Recognition Updates...................................................................................................................45
4. Customer Success Updates................................................................................................................................57
5. Partnership Ecosystem Updates.......................................................................................................................60
6. Environment & Social.......................................................................................................................................82
7. Miscellaneous Updates.....................................................................................................................................106

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Financial, M & A Updates
Retail & Consumer Goods Industry

Financial, M&A Updates
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AutoZone 4th Quarter Same Store Sales Increase 21.8%
• Net income for the quarter increased $175.2 million, or 31.0% over last year’s quarter to $740.5 million,
while diluted earnings per share increased 36.9% to $30.93 per share from $22.59 per share in the year-ago
quarter. Operating profit increased 30.4% to $1.0 billion. Excluding the additional week in the fourth
quarter of 2019, adjusted net income for the quarter increased 41.2% over the previous year, adjusted
diluted earnings per share increased 47.6% and adjusted operating profit increased 40.4%.
• For the quarter, gross profit, as a percentage of sales, was 53.1% (versus 53.4% for last year’s quarter).
The decrease in gross margin was attributable to lower merchandise margins driven primarily by a shift in
mix. Operating expenses, as a percentage of sales, were 30.7% (versus 33.8% for last year’s quarter), with
leverage primarily due to higher sales volumes.
• For the fiscal year ended August 29, 2020, sales were $12.6 billion, an increase of 6.5% from the prior
year, while domestic same store sales were up 7.4% for the year. Same store sales are computed on a
52-week basis. Gross profit, as a percentage of sales, was 53.6% versus 53.7%. The decrease in gross
margin was primarily attributable to lower merchandise margins driven primarily by a shift in mix.
Operating expenses, as a percentage of sales, were 34.5% versus 35.0%. The reduction in expenses as a
percent of sales was primarily due to leverage from higher sales growth, partially offset by $83.9 million
of costs incurred in response to COVID-19. For fiscal 2020, net income increased 7.2% to $1.7 billion and
diluted earnings per share increased 13.4% to $71.93 from $63.43. Last year’s net income and diluted
earnings per share benefitted from an additional week of sales. Return on invested capital net of average
excess cash, which ended the year at $1.6 billion, finished at 38.1%.
• Due to the uncertainty caused by the COVID-19 global pandemic, AutoZone did not repurchase any
shares during the quarter. For the fiscal year, the Company repurchased 826 thousand shares of its common
stock for $930.9 million, at an average price of $1,127 per share. At year end, the Company had $796
million remaining under its current share repurchase authorization.
• The Company’s inventory increased 3.6% over last year’s quarter, driven by increased product placement
and new stores. Inventory per store was $683 thousand versus $674 thousand last year and $685 thousand
last quarter. Net inventory, defined as merchandise inventories less accounts payable, on a per location
basis, was a negative $104 thousand versus negative $85 thousand last year and negative $56 thousand last
quarter.
Executive Commentary
“As a result of the COVID-19 global pandemic, our primary focus has been and continues to be to
protect the health and wellness of our customers and AutoZoners. I’m very proud of the steps our team
has taken in this regard and I’m very appreciative of the phenomenal efforts of our AutoZoners who
have continued to provide exceptional service to our customers throughout this entire extraordinary
season! In recognition of their exceptional efforts and to provide them with much needed flexibility,
we provided additional paid-time off for all eligible full and part-time hourly AutoZoners at the
beginning of the pandemic. This quarter, we extended the same benefit to our Store Managers and
distribution center Advisors, each of whom have been on the front line, supporting their teams and
managing through an enormous amount of change. While we are very pleased with our performance,
we know that the safety of our customers and AutoZoners along with our strong performance would
not have been possible without the tremendous efforts of all AutoZoners across the organization,” said
Chairman, President and Chief Executive Officer.
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Key Financial Highlights

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Bed Bath & Beyond Inc. Reports Results For Fiscal 2020 Second Quarter
• Comparable sales increased approximately 6%, the Company's first comparable sales growth since
the fiscal 2016 fourth quarter. Second quarter comparable sales benefited from significantly strong
growth in digital channels of approximately 89%, partially offset by an approximately 12% decline
in comparable store sales.
• Net sales were approximately $2.7 billion, a decrease of approximately 1% compared to the prior
year period, partially due to the divestiture of One Kings Lane. Net sales from digital channels grew
approximately 88%, while net sales from stores declined approximately 18%, compared to the prior
year.
• Gross margin increased approximately 1,000 basis points to 36.7% compared to the prior year
period, driven primarily by a favorable adjustment to the incremental inventory reserve for future
markdowns in the fiscal 2020 second quarter and an inventory writedown in the prior year period.
Excluding these items from both periods, adjusted gross margin increased approximately 200 basis
points to 35.9% and was driven primarily by favorable product mix, including lower coupon
expense and better optimization of promotion and markdowns; and leverage of distribution and
fulfillment costs; partially offset by higher digital channel mix, including higher
net-direct-to-customer shipping expense.
• SG&A expenses decreased approximately $31 million or 3.5% compared to the prior year period,
driven primarily by lower payroll and payroll-related expenses and advertising, which were partially
offset by an increase in professional fees within other expenses, mainly consulting costs related to
the Company's transformation initiatives. Excluding charges related to severance costs from the
prior year period, adjusted SG&A expenses decreased approximately $12 million or 1.4% compared
to adjusted SG&A in the prior year period.
• Net earnings per diluted share of $1.75 includes approximately $156 million from special items
including favorable impacts from a gain on the sale of PersonalizationMall.com and a gain on the
extinguishment of debt, partially offset by unfavorable impacts from special items including
non-cash charges related to impairments of tradenames, and certain store-level assets, and the
restructuring and transformation initiative costs. This compares with a net loss of $(1.12) per
diluted share for the fiscal 2019 second quarter.
Bed Bath & Beyond's President and CEO said, "Our growth strategy is unlocking improved
financial performance, and the marked improvement in our second quarter financial results
reflects the potential of our digital-first, omni-always transformation and our efforts to build a
modern, durable platform for success. We've taken direct action to stabilize our business,
including reducing our cost structure, enhancing our financial flexibility, and investing where it
matters most to our customers. At the same time, we have assembled a world-class and
experienced leadership team to rebuild our authority in Home and modernize our operations to
deliver a truly customer-inspired and omni-always shopping experience. During this
unprecedented time when our homes have become the center of our lives, our Company
continues to respond with agility to the changing needs of our customers. We are delighted by
the continued strong response to our BOPIS and contactless Curbside Pickup service offerings,
and we believe the recent launch of our new Same Day Delivery service will make it even easier
to shop with us, as we help families across North America unlock the magic of holidays at home."
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Brown-Forman Reports Solid First Quarter Results amidst Continued Uncertainty
• Brown-Forman reported net sales1 down 2% to $753 million (+3% on an underlying
basis2) compared to the same prior-year period.
• Further, reported operating income increased 56% to $387 million (+15% on an
underlying basis) and diluted earnings per share grew 73% to $0.67.
• The United States and developed international markets grew underlying net sales 9%
(+3% reported) and 12% (+13% reported), respectively, while underlying net sales in
emerging markets declined 3% (-20% reported)
• Jack Daniel’s family of brands underlying net sales grew 3% (-2% 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 18% (+15% reported) driven by Woodford
Reserve’s 14% underlying net sales growth (+11% reported) and sustained high
double-digit underlying net sales growth from Old Forester
• The tequila portfolio grew underlying net sales 16% (flat reported) led by strong
volume-driven underlying net sales growth from New Mix in Mexico and double-digit
underlying net sales growth from el Jimador. Herradura’s underlying net sales declined
16% (-25% reported) as double-digit growth in the United States was more than offset by
declines in Mexico
• Non-branded and bulk underlying net sales declined 32% (-31% reported) primarily
reflecting lower demand and pricing for used barrels
“I am very pleased with our performance at the start of this fiscal year and thankful to
our 4,800 employees worldwide who made these results possible,” said, President and
Chief Executive Officer. He added, “Despite being faced with significant ongoing
challenges, our business performed well during the quarter though much uncertainty
remains in the current environment. We believe we are well positioned to navigate the
headwinds we face and emerge from the COVID-19 environment in a stronger
position.”
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Campbell Reports Fourth-Quarter And Full-Year Fiscal 2020 Results
• Net sales increased 18% to $2.11 billion. Organic net sales, which exclude the impact from the additional
week in the quarter and the impact from the sale of the European chips business, increased 12% from the prior
year driven by favorable volume in both Meals & Beverages and Snacks reflecting a continued increase in
demand as at-home food consumption remained elevated.
• Gross margin increased from 34.0% to 35.4%. Excluding items impacting comparability, adjusted gross
margin increased 190 basis points to 35.6% driven by the benefits of supply chain productivity improvements
and cost savings initiatives, as well as mark-to-market gains on outstanding commodity hedges, improved
operating leverage and favorable product mix, offset partly by higher supply chain costs related to COVID-19
and cost inflation.
• Marketing and selling expenses increased 36% to $265 million. Excluding items impacting comparability in
the prior year, adjusted marketing and selling expenses increased 37% driven primarily by increased
investments in advertising and consumer promotion expenses across both segments. Administrative expenses
increased 12% to $186 million. Excluding items impacting comparability, adjusted administrative expenses
increased by $30 million, or 22%, with approximately one half of the increase driven by the estimated impact
of the additional week in the quarter on general administrative costs. The balance of the increase reflects
increases in charitable contributions, higher incentive compensation accruals, and higher benefit costs, offset
partly by the benefits from cost savings initiatives.
• Other expenses were $106 million compared to $128 million in the prior year. Excluding items impacting
comparability, adjusted other income was $15 million compared to $10 million in the prior year.
• As reported EBIT increased 101% to $167 million. Excluding items impacting comparability, adjusted EBIT
increased 22% to $307 million as higher sales volumes, including the benefit of the additional week in the
quarter, and improved gross margin performance, were offset partly by increased marketing investment and
higher adjusted administrative expenses.
• Net interest expense was $60 million compared to $84 million in the prior year reflecting lower levels of debt.
Taxes increased to $21 million, compared to $4 million in the prior year. Excluding items impacting
comparability, the adjusted tax rate decreased 330 basis points to 22.3% from 25.6%.
• The company reported EPS of $0.28 per share. Excluding items impacting comparability, adjusted EPS
increased 50% to $0.63 per share, reflecting an increase in adjusted EBIT, as well as lower net interest expense
and a lower adjusted effective tax rate.
Campbell’s President and CEO, stated, “Our strong fourth-quarter and full-year fiscal 2020 performance
was enabled by the extraordinary work of our teams who remained agile and resilient in a challenging
operating environment. We continued to invest in our businesses during the quarter as we experienced
unprecedented demand for our products and welcomed millions of new households to the Campbell
portfolio. This quarter concluded a year that furthered our strategic plan and solidified a significantly
strengthened foundation that we will build upon going forward as we begin fiscal 2021."
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Campbell Invests $40 Million In New Goldfish Line In Willard, Ohio
Campbell Soup Company announced that it has invested $40 million in its
Willard, Ohio, manufacturing facility to expand Goldfish production capacity
to meet the increased demand for the product across North America. The new
line, which features a new oven and additional packaging capabilities, is the
largest of its kind across the Campbell Snacks portfolio and can produce 11
million individual crackers per day, bringing the Willard bakery’s capacity up
to 50 million Goldfish crackers each day. The expansion also adds more than
40 new jobs at the facility. Installation for the new line was already underway
when the COVID-19 pandemic began impacting North America in March. The
project was temporarily paused as new protocols were put in place to ensure
the project teams’ safety, including requiring quarantines and testing for
out-of-state team members traveling to the site for installation and quality
testing. Where travel wasn’t possible, engineers used remote communications
tools to walk through assembly. The new line began operations in July, well
ahead of schedule.
“With this added capacity, we are better able to meet the ongoing consumer
demand for this beloved product, especially as we head into the key
back-to-school season,” said Executive Vice President and President
Campbell Snacks. “None of this would have been possible without the
team’s extraordinary efforts to safely and effectively complete this project
one month ahead of schedule, despite the challenges.”
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CarMax Reports Record Second Quarter Fiscal 2021 Results
• Total used vehicle unit sales increased 3.9%, including a 1.2% increase in comparable store
used unit sales compared with the prior year’s second quarter. Positive comparable used unit
sales in both July and August more than offset the high single digit negative comps
experienced in June.
• Total gross profit increased 8.5% versus last year’s second quarter to $752.1 million. Used
vehicle gross profit rose 5.4%, reflecting the increase in total used unit sales and strong
execution, which contributed to used vehicle gross profit per unit of $2,214 compared with
$2,183 in the prior year’s quarter.
• Compared with the second quarter of fiscal 2020, SG&A expenses increased 2.0% to
$490.2 million. SG&A per used unit was $2,256, down $44 year-over-year. Factors leading
to the increase included (i) the 7% increase in our store base since the beginning of last year’s
second quarter (representing the addition of 14 stores); (ii) a $12.4 million increase in
stock-based compensation expense; (iii) a 7.7% increase in advertising expenses; and (iv)
continued spend in omni-channel and core strategic initiatives. SG&A leverage in the quarter
was primarily due to the actions taken during the early stages of the Coronavirus pandemic,
including aligning staffing and other overhead costs to the business and pausing our store
expansion.
• Compared with last year’s second quarter, CAF income increased 29.0% to $147.2 million,
primarily reflecting a decrease in the provision for loan losses to $26.0 million from $45.5
million in the prior year quarter, plus an increase in net interest margin and average managed
receivables.
“We are very pleased to report record revenues and profitability this quarter,” said,
president and chief executive officer. “The talent and commitment of our associates as
well as the diversity of our business model allowed us to capitalize on the improved
market environment to deliver a record quarter. In addition to our strong financial
performance, we also completed the roll out of our omni-channel offerings. Consumers
want to customize their own journey, and CarMax gives its customers the option to
seamlessly do as much, or as little, online and in-person as they want. No other used car
retailer is in the position to deliver this iconic experience the way CarMax can. I am
confident our omni-channel experience, which gives us the largest addressable market
within the used car industry, and our diversified business model will drive profitable
sales growth and market share gains for years to come.”
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CPF proposes to integrate swine business in China CTI, its subsidiary, to acquire pig farms in
China Profit jumps abruptly in line with business expansion plan to further growth
The Board of Directors of Charoen Pokphand Foods PCL (CPF) agreed last Friday to propose for shareholders’ approval for its subsidiary in China to acquire 43
companies in swine business through new shares allocation as payment to seller. This propose aims to integrate business as one of a leading swine producer in
China, which is the world’s largest pig market worth 200 billion dollars. According to China’s National Statistical Office reported that Chinese pork consumption
grows by an average of 8.3% per year during 2010 to 2019. Chia Tai Investment Co., Ltd (CTI), which its main business involving feed manufacturing and
distribution in China and also an indirect subsidiary of CPF via C.P. Pokphand Co., Ltd (CPP), a listed company in Hong Kong Stock Exchange. The proposal
will facilitate the integration of its feed production in China with the swine business which now manages by Chia Tai Animal Husbandry Investment (Beijing)
Co., Ltd. (Seller), a subsidiary of Charoen Pokphand Group. This proposed deal draws to acquire 43 companies of Chia Tai Animal Husbandry Investment
(Beijing) worth 28.14 billion RMB (4.109 billion US dollars or 131.287 billion baht). CTI will allocate new shares as payment to Seller without financial burdens.
Entering into this business will create business opportunity to CTI by penetrating more swine business with high growth potential like China. It is also a vertical
integration of CTI to achieve integrated swine business from feed, farm and slaughter, throughout processing. This strategy will encourage the company better
address market changes as well as to combine expertise across the value chain and further its business expansion in the future. If successful, it will allow CTI to
gain higher profits from the swine business expansion thanks to the lucrative pork price. Moreover, the deal will encourage the company to have higher efficiency
cost and business management to benefit its further investment in the long run.
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Coca-Cola European Partners funds dispensed delivery innovation with investment in
self-pour, self-pay drink dispense technology leaders Innovative Tap Solutions
CCEP Ventures, the investment arm of Coca-Cola European Partners, has acquired a
25% stake in ITS – the creators of technology that enables consumers to pour their
own beverages and increase efficiencies for the hospitality industry. Branded
Strategic Hospitality, an investment & solutions platform headquartered in New York
City, also participated in the investment in ITS alongside CCEP. The investment will
see CCEP work with ITS to introduce self-pour dispense technology to CCEP’s
customers in Western Europe, beginning with a trial in Spain. ITS’s technology
allows consumers to pour and pay for drinks themselves – cutting down queues,
reducing the need for unnecessary contact and wait times and freeing up serving
staff. The partnership also represents a further step forward for CCEP’s Action on
Packaging strategy, launched in 2017. CCEP is committed to investing and
innovating in refillable and dispensed delivery models to eliminate packaging waste
and lower its carbon footprint. CCEP is looking at developing suitable dispensed
solution for different environments, and the partnership with ITS is a key part of this.
This agreement forms part of the wider CCEP Ventures programme – which aims to
find, fund and nurture new technology and innovation.
Chief Financial Officer at CCEP, said: “We are committed to supporting
package-free technology and finding new ways to help our customers increase
value and provide a better experience to consumers. ITS is an exciting and
ambitious business. We are confident we can help them expand successfully into
the soft drinks category and grow their presence in Western Europe.”
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Conagra Brands Reports Strong First Quarter Results
• First quarter net sales increased 12.1%, and organic net sales increased 15.0%,
with significant growth in each of the Company's three retail segments on both a
reported and an organic basis.
• All four of the Company's segments reported margin expansion in the quarter.
Total Company operating margin increased 800 basis points to 19.0%, and adjusted
operating margin increased 450 basis points to 20.2%.
• Diluted earnings per share from continuing operations (EPS) for the first quarter
grew 86.1% to $0.67, and adjusted EPS grew 62.8% to $0.70.
• Subsequent to quarter-end, the Company's board of directors approved a 29%
increase in the quarterly dividend to $0.275 per share, or $1.10 per share on an
annualized basis. The increase was enabled by the Company's de-leveraging
progress, which is ahead of its expected cadence, and reflects management's
ongoing confidence in the long-term strength of the business.
• The Company is providing guidance for the second quarter of fiscal 2021:
Organic net sales growth is expected in the range of +6% to +8%, Adjusted
operating margin is expected in the range of 18.0% to 18.5%, Adjusted EPS is
expected in the range of $0.70 to $0.74
• The Company expects to reach its net leverage ratio target of 3.5x to 3.6x by the
third quarter of fiscal 2021.
• The Company is reaffirming its fiscal 2022 algorithm.
President and chief executive officer of Conagra Brands, commented, "Fiscal
2021 is off to a strong start. Our first quarter results demonstrate that our
business is healthy, our products are relevant, and our capabilities are strong. We
exceeded our expectations on net sales, profitability, and de-leveraging, and
continued to make investments to ensure the physical availability of our
products, maintain momentum with consumers, and build brand health. Now
that customers have begun rebuilding inventories and we have increased
production capacity in certain areas of our business, we are selectively increasing
our marketing support for the businesses where capacity permits. These
investments are intended to help sustain brand momentum and maximize the
long-term value of our consumer base. Our execution of the Conagra Way for the
past five years has positioned us very well to capture the benefits of the recent
consumer behavior shifts, many of which we believe will continue well into the
future. Our decision to increase the dividend, coupled with our commitment to
continue to invest in the business, reflects our confidence in Conagra Brands and
in our ability to create long-term value for our shareholders."
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Constellation Brands Acquires Kentucky-Based Craft Spirits Producer Copper & Kings
Constellation Brands, Inc., a leading beverage alcohol company, announced that it
has acquired the Copper & Kings American Brandy Company, a cutting-edge
distillery that produces highly differentiated American Brandy, absinthe, gin, and
Destillaré liqueurs, with a tasting room and restaurant located in the heart of Bourbon
Country in Louisville, Ky. This move aligns with Constellation’s wine and spirits
vision to be a bold and innovative, high-end portfolio of distinctive brands and
products that deliver exceptional consumer experiences. Terms of the agreement
were not disclosed. Copper & Kings American Brandy was initially a minority
investment through Constellation’s venture capital group. Since 2017, Constellation
and Copper & Kings have been working to gain a deeper knowledge of the American
Craft Brandy category and increase awareness and distribution of the Copper &
Kings brand. Copper & Kings American Brandy was founded in 2014 by beverage
industry entrepreneurs Joe and Lesley Heron, and uses small batch copper
pot-distillation and unconventional methods, like sonic aging and solera blending, to
craft a variety of non-traditional and highly innovative spirits.
” As an innovative distillery regarded for its experimental attitude and highly
rated craft spirits, Copper & Kings American Brandy represents a significant
growth opportunity for us and reinforces our continued commitment to premium
spirits,” said President and chief executive officer, Constellation Brands.
“American Craft Brandy is a fast-growing category that resonates with
consumers, specifically among whiskey drinkers, and provides an excellent
bridge between fine wine and craft bourbon. Copper & Kings’ prime location in
Bourbon Country also presents an opportunity for Constellation to drive brand
awareness and further expand the brand’s direct-to-consumer and retail routes to
market.”
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Costco Wholesale Corporation Reports Fourth Quarter And Fiscal Year 2020 Operating Results
• Net sales for the quarter increased 12.5 percent, to $52.28 billion from $46.45 billion last year. Net sales for the fiscal year increased 9.3
percent, to $163.22 billion from $149.35 billion last year.
• Net income for the fourth quarter was $1.389 billion, or $3.13 per diluted share, compared to $1.097 billion, or $2.47 per diluted share last
year. This year’s fourth quarter was negatively impacted by incremental expense related to COVID-19 premium wages and sanitation costs of
$281 million pretax ($0.47 per diluted share) and a $36 million pretax charge ($0.06 per diluted share) related to the prepayment of $1.5
billion of debt. These items were partially offset by an $84 million pretax benefit ($0.15 per diluted share) for the partial reversal of a reserve
of $123 million pretax ($0.22 cents per diluted share), related to a product tax assessment taken in the fourth quarter of last year.
• Net income for the fiscal year was $4.00 billion, or $9.02 per diluted share, compared to $3.66 billion, or $8.26 per diluted share in the prior
year.
• Costco currently operates 795 warehouses, including 552 in the United States and Puerto Rico, 101 in Canada, 39 in Mexico, 29 in the
United Kingdom, 27 in Japan, 16 in Korea, 13 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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General Mills Reports Strong Fiscal 2021 First-Quarter Results and Announces
Dividend Increase
• Net sales increased 9 percent to $4.4 billion and organic net sales were up 10 percent, reflecting
increased pound volume due to elevated at-home food demand resulting from the COVID-19
pandemic, as well as positive net price realization and mix.
• Gross margin increased 170 basis points to 36.4 percent of net sales and adjusted gross margin
increased 100 basis points to 36.2 percent of net sales, driven by the benefit of fixed cost leverage in
the supply chain, partially offset by COVID-related costs, including costs related to health and
safety and costs to secure incremental capacity.
• Operating profit of $854 million was up 29 percent, primarily driven by higher net sales, higher
gross margin as a percent of net sales, and lower mark-to-market and restructuring charges, partially
offset by higher selling, general, and administrative (SG&A) expenses, including higher media
investment. Operating profit margin of 19.6 percent increased 310 basis points. Constant-currency
adjusted operating profit increased 22 percent, driven by higher net sales and higher adjusted gross
margin as a percent of net sales, partially offset by higher SG&A expenses. Adjusted operating
profit margin increased 210 basis points to 19.1 percent.
• Net earnings attributable to General Mills increased 23 percent to $639 million and diluted EPS
increased 21 percent to $1.03, primarily reflecting higher operating profit 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 totaled $1.00, up 27 percent in constant currency,
primarily driven by higher adjusted operating profit and higher after-tax earnings from joint
ventures, partially offset by a higher adjusted effective tax rate and higher average diluted shares
outstanding.
“We continued to drive exceptional results this quarter, highlighted by broad-based market share
gains amid elevated at-home food demand due to the COVID-19 pandemic,” said General Mills
Chairman and Chief Executive Officer. “The fundamentals of our business are strong. We’re
investing in our brands, executing with speed and agility, and maintaining our focus on the health
and safety of our employees and our consumers. And, importantly, we’re resuming dividend
growth sooner than initially planned. I’m more confident than ever that General Mills is poised
to emerge from the pandemic a stronger company and in a position to generate consistent,
profitable growth and top-tier returns for our shareholders.”
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Givaudan divests pectin business to Herbstreith & Fox
Givaudan announced that it has divested its pectin business, part of the Naturex
portfolio, to Herbstreith & Fox (H&F Group), a leading family-owned producer of
pectin based in Neuenbürg, Germany. The pectin business, acquired from Naturex,
contributed CHF 23.2 million to Givaudan’s Flavour Division sales in 2019. The
terms of the transaction will not be disclosed. Givaudan is a global leading company
in taste and wellbeing, and fragrance and beauty. With its heritage stretching back
over 250 years, the Company has a long history of innovating scents and tastes. From
a favourite drink to your daily meal, from prestige perfumes to cosmetics and laundry
care, its creations inspire emotions and delight millions of consumers the world over.
The Company is committed to driving purpose-led, long-term growth while leading
the way to improve happiness and health for people and nature. In the fiscal year
2019, the Company employed over 14,900 people worldwide and achieved sales of
CHF 6.2 billion and a free cash flow of 12.7% of sales.
Executive Director of H&F Group, said: “Acquiring Givaudan’s pectin business
will enable us to further expand in our core markets across Europe, North Africa
and the Middle East, while gaining a stronger foothold in Poland. We look
forward to offering our customers a strong network of manufacturing facilities
across Germany, Poland and Switzerland, while ensuring the highest levels of
service and reliability.”
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Inditex returns to profitability and generates €734 million net cash in the second
quarter
• Strong online sales growth of 74% in first half
• Inditex Group net profit reached €214 million in its second quarter (1st May to 31st July)
compared with the €409 million loss recorded in the first quarter, due to the Covid-19 pandemic
• As a result, the Group reported a net loss of €195 million in the first-half; it would have reported a
first-half net profit of €39 million when excluding the previously announced €308 million provision
for the advanced store digitalisation programme.
• The company increases by €734 million its net cash position in the second quarter, leaving its net
financial position at €6.5 billion.
• Second-quarter EBITDA topped the one billion mark to put first-half consolidated EBITDA at
€1.5 billion.
• Sales recovered from -44% in the first quarter to -31% in the second quarter, despite as many as
87% of the Group’s stores still being closed in May, 98% of Inditex’s stores are open, with
restrictions still in place in some specific markets.
• Growth in online sales remained very high, averaging 74% year on year in the first half. One
million orders received in a day for the first time.
• The sharply improving trend is also evident in sales in local-currencies between 1 August and 6
September, which were 11% below the same period of 2019 and against a tough comparable (+8%).
Online sales continue growing at a remarkable pace and store sales are recovering progessively.
• Two important social projects have been fostered: the donation of clothing through UNHCR to
refugees in Rwanda as part of the humanitarian relief effort there; and the donation of machines for
the mass manufacture of masks to Galicia’s association for the disabled, COGAMI.
Inditex’s Executive Chairman, stressed that” the recovery and strong performance are due to the
hard work, engagement and creativity of everyone in Inditex. I am particularly pleased with our
online sales growth, which demonstrates the critical importance of our strategy to integrate store
and online. This is a cornerstone of our unique business model”.
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JCPenney Reaches Agreement in Principle with Brookfield Property Group and
Simon Property Group to Acquire Retail and Operating Assets
J. C. Penney Company, Inc. announced that it has reached an agreement in
principle to sell JCPenney through a court-supervised sale process. The Company
plans to seek approval of a disclosure statement and, ultimately, confirmation of a
plan of reorganization in parallel with the sale process. Related to the sale process,
JCPenney expects to execute a “stalking horse” asset purchase agreement (“APA”),
which will track an executed letter of intent, outlining the following:
• Brookfield Property Group (“Brookfield”) and Simon Property Group (“Simon”)
intend to acquire substantially all of JCPenney’s retail and operating assets
(“OpCo”) for $1.75 billion, which includes a combination of cash and new term
loan debt.
• The agreement contemplates the formation of a separate real estate investment
trust and a property holding company (“PropCos”), which will include 161 of the
Company’s real estate assets and all of its owned distribution centers. The PropCos
will be owned by the Company’s Ad Hoc Group of First Lien Lenders (“First Lien
Lenders”).
• The OpCo and PropCos will enter into a master lease with respect to the
properties and distribution centers moved into the PropCos.
“We have determined that an agreement with Brookfield and Simon, as well as
the formation of separate real estate investment trusts owned by our First Lien
Lenders, is the best path forward to maximize value for our stakeholders, ensure
we keep the most stores open and associates employed, and position JCPenney
to build on our over 100-year history,” said Chief executive officer of JCPenney.
“The interest in our operations reflects our Company’s strength and our loyal
customer base. It is a testament to the hard work and dedication of our talented
associates and the progress we have made in implementing our Plan for Renewal
to Offer Compelling Merchandise, Drive Traffic, Deliver an Engaging
Experience, Fuel Growth, and Build a Results-Minded Culture.”
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Kesko Continues The Implementation Of Its Growth Strategy In Sweden By Acquiring Bygg
& Interiör Stores For Professional Builders
Kesko has acquired the Swedish Bygg & Interiör building and home improvement trade
companies from Katrineholm Fastighets AB. Kesko will obtain three stores that
currently operate in Katrineholm, Flen and Vingåker under the Woody brand. The
companies employ some 50 people and serve mainly B2B customers. The acquired
operations recorded net sales of €13.9 million and an EBITDA of €0.9 million in the last
financial year. The parties do not disclose the transaction price. Kesko’s strategic
objective in the building and technical trade division is to improve profitability and
strengthen its market position in Northern Europe. In Sweden, the division comprises the
K-Rauta and K-Bygg building and home improvement store chains, and Onninen’s
technical wholesale operations, which focus on the growing infrastructure construction
business. K-Rauta’s 17 stores and online store serve primarily consumers, while
K-Bygg’s 34 stores serve the growing professional builder segment. The acquired
operations will become part of K-Bygg.
“Bygg & Interiör complements excellently our building and home improvement
trade operations and further strengthens our market position in Sweden, where we
have been able to significantly improve our profitability. We will continue to develop
building and home improvement trade and technical wholesale in Sweden, which is
an important growth area for us also going forward,” says President of the building
and technical trade division and Deputy to Kesko’s President and CEO.
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Kimberly-Clark to Acquire Softex Indonesia, Significantly Expanding Presence in Southeast Asia
Kimberly-Clark Corporation announced that it has entered into a definitive agreement to
acquire Softex Indonesia, a leader in the fast-growing Indonesian personal care market, in an
all-cash transaction for approximately $1.2 billion from a group of shareholders including
CVC Capital Partners Asia Pacific IV. Indonesia is a large, growing market with attractive
future prospects, and the acquisition immediately improves Kimberly-Clark's currently
limited position in the country to one with strong market share in key personal care
categories across Southeast Asia's largest economy. The diaper market in Indonesia is
currently estimated at $1.6 billion, the sixth largest in the world, with approximately five
million annual births. Approximately 80 percent of Softex Indonesia sales come from
diapers, and it currently holds the number two market share position with the Sweety® and
Happy Nappy® brands while continuing to grow its market presence. The remaining Softex
Indonesia sales are mostly in the feminine care and adult care categories. In feminine care,
the company holds the number three market share position with the Softex® brand. In adult
care, it holds the number two market share position with the Confidence® brand.
"This acquisition represents a compelling strategic fit and demonstrates our commitment
to accelerate growth in developing and emerging markets," said Chairman and CEO,
Kimberly-Clark. "Moreover, adding Softex Indonesia and its brands to Kimberly-Clark
will enhance our company's underlying growth prospects and help us create even more
long-term shareholder value."
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Kraft Heinz Announces Agreement to Sell Its Natural Cheese Business to Groupe Lactalis
The Kraft Heinz Company announced that it has entered into a definitive
agreement to sell its Natural, Grated, Cultured and Specialty cheese businesses to
a U.S. affiliate of Groupe Lactalis for a purchase price of $3.2 billion USD. The
proposed transaction is expected to close in the first half of 2021, subject to
regulatory review and approval. The transaction includes Kraft Heinz’s Natural,
Grated, Cultured and Specialty cheese businesses in the U.S., Grated cheese
business in Canada, and the entire International Cheese business outside these
two countries, including the following brands: Breakstone’s, Knudsen, Polly-O,
Athenos, Hoffman’s, Cracker Barrelin the U.S. only, and outside the U.S. and
Canada only, Cheez Whiz. In addition, Kraft Heinz will partner with Groupe
Lactalis on a perpetual license for Kraftin Natural, Grated and International
cheeses and Velveeta in Shredded and International cheeses. Kraft Heinz will
retain the PhiladelphiaCream Cheese, KraftSingles, VelveetaProcessed Cheese
and Cheez WhizProcessed Cheese businesses in the U.S. and Canada, the Kraft,
Velveeta and Cracker Barrel Mac & Cheese businesses worldwide, and the Kraft
Sauces business worldwide.
“We believe these cheese and dairy businesses will thrive in the hands of a
global dairy company like Groupe Lactalis,” said Kraft Heinz CEO. “At the
same time, the transaction will enable us to build sustainable competitive
advantage in businesses where we have stronger brand equity, greater growth
prospects and can use our manufacturing scale and consumer-based platforms
approach. This is a great example of agile portfolio management at work.”
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Kroger Reports Second Quarter 2020 Results and Updates Full-Year 2020 Guidance
• Total company sales were $30.5 billion in the second quarter, compared to $28.2 billion for
the same period last year. Excluding fuel, sales grew 13.9%.
• Gross margin was 22.8% of sales for the second quarter. The FIFO gross margin rate,
excluding fuel, increased 5 basis points primarily driven by sourcing efficiencies, sales
leverage and growth in alternative profit streams. This was partially offset by price investments
and mix changes.
• LIFO charge for the quarter was $23 million, compared to $30 million for the same period
last year.
• The Operating, General & Administrative rate decreased 61 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 support and safeguard its associates,
customers and communities.
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 1.70, compared to 2.46 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 $2.4 billion as of the end of the quarter,
reflecting improved operating performance and significant improvement in working capital.
• During the quarter, Kroger repurchased $211 million shares under its $1 billion board
authorization announced on November 5, 2019. On September 11, 2020, the Board of Directors
authorized a $1 billion share repurchase program, replacing the prior authorization.
• Earlier this year, Kroger increased the dividend by 13 percent, marking the 14th consecutive
year of dividend increases.
Comments from Chairman and CEO "Each day I'm inspired by the work our incredible
associates do to bring to life our purpose, to Feed the Human Spirit. I am proud of our
dedicated associates who are serving our customers when they need us most. Our top priority
is to provide a safe environment for associates and customers and as the pandemic continues,
we will continue to rise to meet the challenge. Customers are at the center of everything we
do and, as a result, we are growing market share. Kroger's strong digital business is a key
contributor to this growth, as the investments made to expand our digital ecosystem are
resonating with customers. Our results continue to show that Kroger is a trusted brand and
our customers choose to shop with us because they value the product quality and freshness,
convenience, and digital offerings that we provide. We delivered extremely strong results in
the second quarter and expect to deliver consistently attractive total shareholder returns. We
are more certain than ever that the strategic choices and investments made through Restock
Kroger to execute against our competitive moats - Fresh, Our Brands, Personalization and
Seamless - have positioned Kroger to meet the moment, especially as customers are
rediscovering their passion for food at home."
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Macy’s, Inc. Reports Second Quarter 2020 Results
• Comparable sales were down 34.7% on an owned basis and down 35.1% on an owned plus
licensed basis, due to faster paced store recovery than originally modeled and better than
expected growth of digital business.
• Digital sales remained strong, growing 53% over second quarter 2019. Digital sales
penetrated at 54% of total owned comparable sales.
• Delivered gross margin of 23.6%, an improvement of approximately 650 basis points from
first quarter 2020 due to improved retail margins from mix and better sell through of clearance
merchandise.
• Inventory was down 29% from a year ago, allowing the company to exit second quarter in a
clean inventory position.
• Selling, general and administrative (“SG&A”) expense of $1.4 billion, down $779 million
from second quarter last year, illustrating efficient expense management associated with the
swift actions undertaken in response to the COVID-19 pandemic as well as execution against
our Polaris strategy. SG&A expense rate of 39.2%, was relatively consistent with prior year.
• Diluted loss per share of $(1.39) and Adjusted diluted loss per share of $(0.81).
• Finished the quarter in a strong liquidity position with approximately $1.4 billion in cash and
approximately $3 billion of untapped capacity in the company’s new asset-based credit facility.
“Macy’s, Inc. performance for the quarter was stronger than anticipated across all three
brands: Macy’s, Bloomingdale’s and Bluemercury, driven largely by the sales recovery of
our stores. Restarting our stores’ business was our top priority, and we successfully
accomplished that while also ensuring that our digital business remained strong. Going into
this crisis, we had a well-developed digital business and we’re seeing that thrive as we attract
new and welcome existing customers back to our brands,” said Chairman and chief
executive officer of Macy’s, Inc. “We’ve put significant focus on enhanced health and safety
standards which has allowed our customers and colleagues to feel safe in our stores and
facilities. I want to thank our colleagues for the tremendous effort that has been put into
recovering our business.We are encouraged by our second quarter performance; however,
we continue to approach the back half of the year conservatively. Our immediate priority is
successfully executing Holiday 2020. We are also focused on laying the groundwork for
2021 and beyond. We plan to invest in fashion, digital and omnichannel, work with agility,
and galvanize the resources of the company to serve our customers and move the Macy’s,
Inc. business forward,”
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NIKE, Inc. (USA) Reports Fiscal 2021 First Quarter Results
• Revenues for NIKE, Inc. decreased 1 percent to $10.6 billion, and were flat to prior year on a
currency-neutral basis. Revenues for the NIKE Brand were $10.0 billion, flat to prior year on a
currency-neutral basis driven by double-digit growth in NIKE Direct, as well as growth in Sportswear and the
Jordan Brand, offset by declines in our wholesale business. Revenues for Converse were $563 million, up 2
percent on a currency-neutral basis, mainly driven by strong demand in Europe and in digital, globally.
• Gross margin decreased 90 basis points to 44.8 percent primarily as a result of impacts from COVID-19,
including higher promotions to reduce excess inventory across the marketplace and higher supply chain costs.
These factors were offset slightly by favorable full price product margins and the reversal of certain prior
quarter reserve accruals associated with purchase order cancellation costs due to higher than anticipated
consumer demand.
• Selling and administrative expense decreased 11 percent to $3.0 billion.
• Demand creation expense was $677 million, down 33 percent due primarily to lower marketing spend as live
sporting events were predominately postponed or cancelled, slightly offset by continued investments in digital
marketing to support heightened digital demand.
• Operating overhead expense decreased 1 percent to $2.3 billion as lower travel and related expenses were
slightly offset by restructuring costs and continued investments in digital capabilities, both of which are
associated with the Consumer Direct Acceleration, the next digitally empowered phase of our strategy.
• The effective tax rate was 11.5 percent compared to 12.4 percent for the same period last year, primarily due
to benefits from stock-based compensation offset by a reserve for a discrete tax matter.
• Net income was $1.5 billion, up 11 percent as lower selling and administrative expense more than offset
lower gross margin and revenue and diluted earnings per share was $0.95, increasing 10 percent.
“Our results this quarter continue to demonstrate NIKE’s full competitive advantage, as we strengthen our
position in the midst of disruption,” said President and CEO, NIKE, Inc. “In this dynamic environment, no
one can match our pace of launching innovative product and our Brand’s deep connection to consumers.
These strengths, coupled with our digital acceleration, are unlocking NIKE’s long-term market potential.”
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Olam (Singapore) successfully refinances flagship US$1,675 million debt facility
Leading global food and agri-business Olam International Limited continues to maintain its
strong financial position as it successfully secures a multi-tranche revolving credit facility
aggregating US$1,675 million. The Facility has Olam’s wholly owned subsidiary, Olam
Treasury Pte. Ltd. (“OTPL”), as a coborrower and consists of three tranches – a 364-day
revolving credit facility of US$670 million, a 2-year revolving credit facility of US$670
million and a 3-year revolving credit facility of US$335 million. The Facility saw
participation from a large and diverse group of 21 lenders that comprised nine Senior
Mandated Lead Arrangers – BNS Asia Limited, Commonwealth Bank of Australia, Credit
Suisse AG, DBS Bank Ltd., The Hongkong And Shanghai Banking Corporation Limited, JP
Morgan Chase Bank N.A., Mizuho Bank, Ltd., National Australia Bank Limited, Natixis;
seven Mandated Lead Arrangers – Australia And New Zealand Banking Group Limited,
BNP Paribas, Hang Seng Bank Limited, ING Bank N.V., MUFG Bank Ltd., Standard
Chartered Bank, Sumitomo Mitsui Banking Corporation and five Lead Arrangers – Banco
Bilbao Vizcaya Argentaria S.A., Banco Santander S.A., Barclays Bank Plc., Citibank N.A.,
First Abu Dhabi Bank P.J.S.C.
Managing Director and Group CFO of Olam said: “I am pleased with the strong
endorsement we have received from the market for the refinancing of our flagship
US$1.67 billion revolving credit facility, which included the support from a large and
diverse group of banks. The proactive management and strengthening of our balance
sheet enables us to continue executing our strategy while supporting our customers,
farmer-suppliers and other stakeholders as we navigate through the impact of
COVID-19. I would like to thank our banking partners for their participation and
support.”
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Snap-on (USA) Acquires AutoCrib, Inc.
Snap-on Incorporated, a leading global innovator, manufacturer and marketer of tools, equipment, diagnostics, repair information and systems solutions for professional
users performing critical tasks, announced that it acquired the assets of AutoCrib, Inc. (“AutoCrib”) for approximately $36 million in cash on September 28, 2020.
Based in Tustin, California, with 2019 sales of approximately $30 million, AutoCrib is a leading designer, manufacturer and marketer of tool and asset control solutions.
The company’s diverse product line, in combination with its flexible asset tracking software, authors customized systems that ensure accountability, control and
accuracy for a wide range of critical industries. AutoCrib will be part of the company’s Commercial & Industrial Group, effective with Snap-on’s 2020 fiscal fourth
quarter. The acquisition complements and expands Snap-on’s existing tool control offering to customers in a variety of industrial applications, including aerospace,
automotive, military, natural resources and general industry. Snap-on Incorporated is a leading global innovator, manufacturer and marketer of tools, equipment,
diagnostics, repair information and systems solutions for professional users performing critical tasks. Products and services include hand and power tools, tool storage,
diagnostics software, information and management systems, shop equipment and other solutions for vehicle dealerships and repair centers, as well as for customers in
industries, including aviation and aerospace, agriculture, construction, government and military, mining, natural resources, power generation and technical education.
Snap-on also derives income from various financing programs to facilitate the sales of its products and support its franchise business. Products and services are sold
through the company’s franchisee, company-direct, distributor and internet channels.
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Sojitz (Japan) Makes Additional Investment in XTIA, a Solution Provider of 3D Optical
Measurement Instruments
Sojitz Corporation (“Sojitz”) has made an additional investment in XTIA Ltd, the only tech development venture in the world to successfully harness the Nobel
Prize-winning optical comb technology for industry application. Acquiring additional stake in the company through third party allotment of shares, Sojitz aims to jointly
pursue the development of an inspection platform that utilizes data obtained from XTIA’s inspection apparatus. The obtainment and utilization of effective measurement
data from manufactured products is imperative to the realization of Industry 4.0 factory automation. Up until now, XTIA has installed non-contact 3D profilometers
using optic comb technology for clients seeking to automate their inspection processes. The company has subsequently been consulted many times by those clients for
a solution to solve their challenges in acquiring capable personnel to monitor and utilize the data and information obtained through XTIA’s inspection apparatus. In
order to provide a solution, Sojitz and XTIA have decided to jointly develop a new and original inspection platform that makes data obtained more accessible to all
users, so even those inexperienced with data analysis can easily monitor and make use of data obtained from measurement instruments. Through this additional funding,
Sojitz will invest in the establishment of a software development team to speed the creation of this inspection platform, which will not only resolve the manufacturing
industry’s staffing shortages, but also provide comprehensive support for fully-automated inspection processes as part of a total solution. In addition, Sojitz will further
strengthen its partnership with XTIA through this investment. Combining Sojitz’s quality inspection business with XTIA’s optical comb technology, Sojitz and XTIA
aim to realize Industry 4.0, make automated inspection processes widespread, and further the creation of new services.
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United Natural Foods, Inc. Reports Record Fourth Quarter and Strong Full
Year Fiscal 2020 Results
Fiscal 2020 Full Year Highlights
• Net sales increased to $26.5 billion
• Net loss of $(274) million, including $425 million pre-tax goodwill and asset
impairment charges recorded in the first quarter of fiscal 2020
• Adjusted EBITDA increased to $673 million
• Loss per diluted share (EPS) improved to $(5.10)
• Adjusted EPS increased to $2.72
• Reduced outstanding debt, net of cash, by $388 million; year-end adjusted
EBITDA leverage ratio of 4.0x
Fourth Quarter Fiscal 2020 Highlights
• Net sales increased 0.4% to $6.75 billion, an 8.0% increase on a comparable basis
• Net income increased 173.7% to $52 million, a 207.1% increase on a comparable
basis
• Adjusted EBITDA increased 19.3% to $198 million, a 27.9% increase on a
comparable basis
• Earnings per diluted share (EPS) increased 147.2% to $0.89, a 177.9% increase
on a comparable basis
• Adjusted EPS increased 202.9% to $1.06, a 205.2% increase on a comparable
basis
“Fiscal 2020 was a monumental year for UNFI as the demonstrated flexibility
and strength of our supply chain network led to full year results that exceeded our
expectations,” said Chairman and Chief Executive Officer. “At the same time,
we’re focused on keeping our associates safe and maintaining the food supply
chain for communities across North America through the unprecedented events
of 2020, including the pandemic, civil unrest, and natural disasters. We’re
continuing to execute with passion and purpose on our strategy and expect
further growth in fiscal 2021.”
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Toyota Tsusho (Japan) Invests in Aurora Labs Ltd. Which Offers Tools for Analyzing
Software Architecture at the Line-of-Code Behavior Level
Toyota Tsusho Corporation announces that it has participated in a B-round investment and invested approximately USD 1.5 million in Aurora Labs Ltd. through the
allocated third-party shares. The investment aims for commercializing services that support the analysis and management of source code for automotive software, and
that support software programming of automotive device-related manufacturers. Aurora Labs, which is based in Israel, offers tools that support automotive software
development. The more multi-functions are adapted to vehicles, the more essential roles the control software plays for the automotive electronic control unit (ECU). In
addition, such software tends to become larger-scaled and more complicated. It is also crucial for the connected-cars, the market of which is expected to grow, to have
higher-levelled software management and updating technology than ever before. This stems from a fact that the updating and overwriting control software is processed
through the over-the-air (OTA)* system, in which the functionality to send and receive wireless communication data is managed remotely for improving marketability
by adding functions after sales and for responding to defects. Aurora Labs’ technology has moved the industry from analysing binary code to analyzing the behavior of
the software architecture at the line-of-code level automatically to detect faults and vulnerabilities, to validate compatibility, and to carry out version management
(visualization of differences) with the smallest possible OTA updates. This technology not only requires less man-hours for development of automotive control software
and less amount of data needed for software updates, but allows rollbacks (reverting to the software version prior to an update) to be carried out easily, should there be
faults after software updates.
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Investment into Tugende - a technology enabled finance company for income generating
assets in East Africa.
Toyota Tsusho Corporation and its group company CFAO SAS have invested 4mil USD through Mobility 54 Investment SAS - established in October 2019 as a group
joint venture between Toyota Tsusho and CFAO - into Tugende ("Tugende"), a company that operates asset finance business for motorcycles, automobiles and other
income generating assets in East Africa, of its Series A fund-raising round. In Sub-Saharan Africa, Micro-SMEs (“MSME”) account for 90% of total employment and
are significantly contributing to economic growth. However due to a lack of well-developed social infrastructure and credit scoring capabilities, MSMEs struggle to get
their credibility properly evaluated in the financial markets. This in turn constrains their access to finance and limits their capacity to grow their business. Tugende
currently provides more than 22,000 customers who operate taxi or motorcycle taxi business with lease-to-own finance services mainly in Uganda. Taking advantage
of its physical network (17 branches in Uganda and 1 branch in Kenya), Tugende also provides its customers with financial literacy education as well as safety driving
trainings, and all clients receive medical and life insurance coverage as well as additional safety gear. Tugende is aiming to develop a safe transport infrastructure at
each community level and to establish a working environment where MSMEs can grow their business with proper access to finance. This investment is based upon the
MOU between Toyota Tsusho and Tugende signed at TICAD7 which was held on August 2019. Through the Toyota Tsuho and CFAO network Mobility54 will provide
mobility products and services which meet Tugende customers’ needs and will support Tugende’s acceleration of digital credit analysis process and operations.
Furthermore, through the support of Tugende’s business expansion to other countries and regions in Africa, Toyota Tsusho Group aims to create synergies in mobility
businesses in Africa.
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Morrisons announces acquisition of Lincolnshire outdoor plant business Lansen Nurseries
Morrisons announces it is acquiring Lansen Nursery, a leading supplier of outdoor
plants. The acquisition means that Morrisons will offer more locally sourced and
homegrown British horticulture whilst becoming more competitive for customers.
Lansen Nursery has been a long-standing supplier to Morrisons with over 20 years
trading experience together. It is based in Spalding, Lincolnshire, the home for many
leading outdoor plant businesses. The acquisition will enable Morrisons to develop its
garden centres further, widening the range of outdoor plants available for customers. All
25 staff employed at the site at Spalding in Lincolnshire will become Morrisons staff in
a growing manufacturing business. The acquisition broadens Morrisons Horticulture
business, complementing its existing Flowerworld business in Derby which packs the
majority of all the fresh cut flowers and bouquets that are sold in Morrisons stores.
Morrisons is already the largest supermarket customer for British farmers and makes
most of its own fresh food in 18 manufacturing sites and 497 stores, including bakery,
seafood, meat, fruit and vegetables, flowers and chilled processed products.
Morrisons’ manufacturing director, said: “We’re already the single biggest customer
for British farmers and the addition of Lansen Nursery to our manufacturing business
will give us a strong position in horticulture. Uniquely, we will be able to control the
quality and cost of plants that are grown for sale in our supermarkets.”
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Morrisons invests to further increase instore hygiene standards
Morrisons is investing even more to increase its hygiene standards - as part of a new
programme that will see every one of its 494 stores receive a three-week deep-clean, brand
new equipment, and additional cleaning staff. The latest investment is to make customers
feel even safer in store. It follows the supermarket already spending £25 million to
implement store safety measures - such as Perspex screens, PPE for colleagues and floor
markings and visible signage during lockdown. From Monday 14th September, 2,240 brand
new cleaning roles will be created, including a new Market Street Hygiene Assistant in all
stores - to clean food preparation areas across Market Street. This will ensure Morrisons
foodmakers can concentrate on making fresh quality products for its butcher, baker,
fishmonger, deli, greengrocer and florist departments. Morrisons is unique in preparing and
making more than half of the fresh food sold in its stores. Additionally, nearly 30,000 more
hours each week will be put into Morrisons existing Housekeepers and Core Cleaning roles.
This will see more areas across its stores - such as toilets, shelving and ‘high touch’ areas -
being cleaned even more frequently to protect colleagues and customers. New Welcome
Cleaning Stations are also being fitted at all store entrances providing antibacterial wipes for
baskets and trolleys, as well as hand sanitiser.
Operations Director at Morrisons said: “The hygiene within our stores has become more
important than ever due to the impact of Covid-19. We want to make sure our customers
feel as safe as possible when doing their grocery shopping with us. So we’ve made this
multi-million-pound investment to introduce first class hygiene procedures.”
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Solutions Updates
Retail & Consumer Goods Industry

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Alibaba Unveils New Manufacturing Digital Factory
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Solution Description
Alibaba Group Holding Limited revealed its New Manufacturing model for the first time with the unveiling of Xunxi Digital Factory (“Xunxi”). Powered by Alibaba’s cloud
computing infrastructure and IoT, the Hangzhou-based factory offers SMEs a digitalized end-to-end manufacturing supply chain that allows for fully customized,
demand-driven production. This gives smaller businesses and manufacturers in particular the ability to benefit from the digitalization of China’s over RMB30 trillion (over
USD4 trillion) manufacturing market1 through being able to respond better and quicker to customers’ changing needs. The introduction of New Manufacturing is another
milestone in the implementation of Alibaba’s “Five New” strategy which was first introduced by founder Jack Ma in 2016, and comprises New Retail, New Manufacturing,
New Finance, New Technology and New Energy. At an early stage, apparel was identified as the starting point for Xunxi – a sector in which the lengthy production cycles and
high inventory levels have long been a problem for small and large players alike. Powered by new technologies such as real-time resourcing, process and cost planning,
automated in-house logistics and Xunxi’s manufacturing operating system, the factory is able to produce small-batch orders at reasonable costs and with shorter delivery times,
consequently increasing manufacturing efficiency from 25% to an average of 55%. Xunxi’s trend and sales forecast model alongside its own artificial intelligence-aided
integrated product design platform gives manufacturers insights into consumer preferences. This enhanced information flow can reduce research and development costs and
enable businesses to capture the fast-evolving opportunities for consumer personalization. Apparel has consistently been one of the biggest categories on Alibaba’s retail
marketplaces in China, which has given the company an unparalleled advantage in gathering customer insights. In the past, excess inventory has led to a 30% loss in revenue
across the industry. The Xunxi pilot demonstrates Alibaba’s commitment to make it easy to do business anywhere. Leveraging this ‘made-in-cloud’ production, small and
medium sized businesses can stay competitive in the fast-moving fashion market.

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Alibaba Debuts Cloud Computer, Delivery Robots at Cloud Computing Conference
31
Alibaba Cloud, the digital technologies and intelligence backbone of Alibaba Group, unveiled a series of innovative products at its 12th annual Apsara Conference, highlighting
the technology pioneer’s commitment in helping people adapt to the more digitized world and accelerate customers’ digital transformation during and after the pandemic. A
highlight is Alibaba Cloud’s first cloud computer, a palm-sized personal computer which, despite being just about 60 grams and as light as an egg, offers high-performance
computing, thanks to robust back-end cloud resources. By simply connecting the cloud computer with a normal computer screen, a user can access almost unlimited computing
resources anytime, anywhere, while paying on a subscription model or for the actual cloud consumption. With robust computing power, the cloud computer can reduce the
rendering time of one frame high-resolution animation from 90 minutes using a traditional PC, down to only 10 minutes. In addition, the cloud computer’s system upgrades are
conducted online, saving a big chunk of the normally heavy cost of PC machine upgrades and maintenance in traditional office settings. Through Alibaba Cloud's self-developed
app-streaming protocol, which is designed for synergy between the cloud and the device, users can also purchase and access licensed apps and programs such Linux and
Windows as well as various office applications. All user data will be stored on cloud for datacenter-grade security and protection measures. Available initially for enterprise
customers, the cloud computers will be also available for purchase by individual consumers in the near future. Alibaba Cloud also unveiled its autonomous logistics robot for
last-mile deliveries. Developed by the Alibaba DAMO Academy, the global research initiative by Alibaba Group, the delivery robot can carry 50 packages at one time and cover
62 miles (or 100 kilometres) on a single charge. It is estimated the mobile robot should be able to deliver as many as 500 packages a day to one designated community or
campus, meeting the rising demand for speedy last-mile delivery in China. Online shopping is booming there, with 200 million packages delivered daily and expectations that
will rise to 1 billion packages per day in the coming years.

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Alibaba Cloud Digitalizes Sports Events with More AI Solutions
32
During Apsara Conference 2020, the digital technology and intelligence backbone of Alibaba Group, unveiled a series of artificial intelligence (AI) powered solutions which
are set to transform and digitalize the way sports entertainment was traditionally organized, broadcast and consumed. The solutions are designed to bring spectators closer to
the events’ center stage for more personalized and interactive engagement, while helping organizers and broadcasters operate more efficiently, effectively and securely. Event
organizers are set to benefit considerably from Alibaba Cloud’s Event Simulation Services (ESS). Running on cloud and powered by elastic compute, ESS can help organizers
plan the layout of indoor venues virtually, optimizing the position of equipment and facilities, without having to move or commission a single piece of physical kit. With the
ability to create a digital twin, ESS negates the time, expense and risk of physical tests and run-throughs, providing a comprehensive digital examination of a venue for all key
stakeholders. When it comes to event broadcasting planning, ESS enables broadcasters to simulate and test different camera positions before installing camera tracks, thereby
offering audiences the best point of view. Furthermore, ESS provides organizers with a wealth of insights for post-event analysis for more effective future planning. For
large-scale events, crowd management and access control could be time-consuming and cumbersome to coordinate. The typical paper-based accreditation system is not effective
enough, especially at a time when venue coordinators are working hard to maintain social distancing measures. Alibaba Cloud has developed a Digital Badge System which
embeds access control and essential event information with digital accreditation. Developed to be simple to use, the digital badge system negates the need to print a paper ticket,
not only being more environmentally friendly, but also reducing the risk of access pass counterfeiting. When using the digital badge, cards that carry important information such
as maps, event times and organizer contact details, can be issued within seconds and on demand, removing the inventory problems often associated with paper-based systems.
Card holders can also receive card expiration notices and other important notifications in real-time. In addition, event organizers have the option to embed health advisory
information in the event of COVID-19 outbreaks.

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NIVEA MEN and Google Lens create a new brand experience
33
NIVEA MEN “Active Energy Wake-Up Instant Effect Gel” now offers three unique, digitally retrievable experiences via a new type of product
packaging. Scanning the product packaging with Google Lens activates application tips, extensive product information and an interactive
encounter with actor and Grimme Prize winner Edin Hasanović, the shooting star of the young Netflix generation in Germany. These experiences
were developed especially for the exclusive partnership with Google. This special edition of the face care product, limited to 1,000 pieces,
combines Beiersdorf’s over 135 years of experience in skin care and the powerful technology of Google Lens. Google Lens is an image recognition
technology developed by Google. It is designed to gather relevant information about objects by pointing the camera of a phone at the object. The
Google Lens is integrated into the standard Android camera app and can be accessed by iOS users via the Google app. In a close cooperation
between Google and Beiersdorf, the three different Lens Experiences were realized together and now examined in a “Learn and Improve” approach
for their everyday use and application potential.

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Amazon Customers in Mexico Can Now Pay their Products in Cash at OXXO Stores
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Amazon México and OXXO announce a new form of payment for purchasers. This new service allows customers to choose in Amazon.com.mx
the option of “cash payment” and complete their order by paying the exact quantity in any of the 19 thousand OXXO stores available in the
country. This benefit offers users that do not have a credit or debit card another option to access millions of products in Amazon.com.mx. When
selecting the cash payment method, customers receive a barcode that they must use to pay – in the next 2 subsequent days – in any of the 19
thousand OXXO stores in Mexico. The package will be processed and sent one the correspondent payment is made, which is reflected
instantaneously. The new payment experience gives customers the flexibility to carry out transactions for specific items when buying in
Amazon.com.mx. For the users who want to contribute with an additional sum of money to their Amazon balance to use it in future acquisitions,
they can use Amazon Cash as a payment method. Amazon Cash is also available in the OXXO stores of the entire country.

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General Mills launches :ratio, company’s first-ever keto* friendly line of products
35
General Mills is launching :ratio– an entirely new keto* friendly product line that marks the food company’s first keto-focused product. As
consumers continue to look for ways to cut back on sugar and carbs through better-for-you alternatives to existing preferences, the ketogenic
products category is predicted to grow 5.5% through 2027. The newly launched product portfolio features yogurt cultured dairy snacks and
crunchy bars that deliver on protein, rich flavor, texture and convenience. Using carefully selected ingredients, :ratio’s keto* friendly snacks make
it possible to have macros conveniently your way with 2g of net carbs*** and 1g of sugar per serving. Among the first in the yogurt aisle, :ratio
dairy snacks bring an indulgent creaminess with five fruit-forward flavor options: Strawberry, Coconut, Vanilla, Mango and Black Cherry. The
crunchy bars are available in Lemon Almond and Toasted Almond and use ingredients like real almonds and pumpkin seeds. The :ratio dairy
snacks and crunchy bars are currently available at select retail locations across the U.S. or online, for a suggested retail price of $1.49 per cup of
dairy snacks and $7.99 per four-count box of crunchy bars.

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Givaudan introduces its Naturality Platform™, a major step towards nature-conscious
fragrances creation
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Givaudan, the global leader in flavours and fragrances is pleased to launch its Naturality Platform™, reinforcing its capabilities and commitment to
nature-conscious fragrances, and advancing the Company purpose of “Creating for happier, healthier lives with love for nature”. Initiated three years ago, the
Naturality Platform™ embraces the consumer aspiration for fragrances designed with a conscious, authentic and responsible approach. It is defining new and
holistic ways to create delightful yet responsible fragrances that correspond to the Company’s purpose of creating with love for nature. It encompasses natural
ingredients, ingredients from renewable sources, as well as biodegradable ingredients.
The purpose of the Naturality Platform™ is to enable the design of fragrances in a nature conscious way. It is based on three pillars:
• A robust series of consumer study programmes which identifies consumer expectations in the shift towards responsible products.
• The Naturality Guide™ which provides a clear segmentation and understanding of the market. It defines new rules of formulations and supports our customers
in the choices and parameters required to develop nature-conscious fragrances.
• The Naturality Index™ which supports perfumers in their choices of ingredients to design fragrances which are respectful to nature while creative and unique. It
is built on a deep understanding of the sustainability criteria relevant to fragrance creation which comprise ecotoxicity, biodegradability, renewability, energy
efficiency and sourcing.

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ITOCHU Introduces New Digital Technology Solutions for Medical and Healthcare
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ITOCHU Corporation announced the formation of a capital alliance with medical marketing company PHASE ONE Inc. Increase medical care expenses for the
aging society in Japan is a serious issue that requires improvement and efficiency in the medical industry. The expanding spread of Coronavirus (COVID-19) has
caused a rapid rise in demand for new digital technology. Medical institutions are now required to restrict contact with hospitalized patients and clients in an effort
to prevent the spread of infections inside hospitals. Amid these developments, the market size for digital solutions for medical and nursing industry is predicted to
grow to 47.2 billion yen in 2017 and about 190 billion yen in 2030. PHASE ONE is a pioneer of digital solutions provider for the medical and healthcare industry.
The company operates on a philosophy of invigorating medical industry, including the development and operation of digital solution products and services. One
of PHASE ONE’s assets include a network of university medical professors and directors. This network was cultivated over many years with strategic relationships
with practicing medical professionals providing guidance and supervision on products and services. This ensures provisioning of high quality products and highly
credible services in the medical field. ITOCHU has formed a capital alliance with PHASE ONE to develop digital technology solutions for medical institutions in
Japan and international markets. The following two services will be introduced.

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Makita Launches New LXT® Brushless 9” Power Cutter
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Makita U.S.A., Inc., manufacturer of high-quality professional power tools and accessories, is pleased to announce the 18V X2 (36V) LXT® Brushless 9” Power Cutter. It has the power to
cut through concrete, masonry, and metal materials with all the benefits and convenience of cordless operation. The power cutter is available as both a bare tool (XEC01Z) and a kit
(XEC01PT1). The XEC01 has a maximum cutting depth of 3-1/2”, which allows for single-pass cuts in many common materials, including standard residential 4” concrete slabs (actual
3-1/2”), common 3-1/2” paver/blocks, 3” SCH40 pipe (3-1/2” OD), and 3” conduit (3-1/2” OD). It is an ideal cordless solution for masons, roofers, plumbers, remodelers, general contractors,
landscape and hardscape workers, metal fabricators, commercial framers, pipe fitters, vehicle mechanics, firefighters, and more.
Cordless Convenience
The benefits of a cordless power cutter over a gas power cutter include no oil/gas mixing, no emissions, no pull starts, no engine maintenance, and lighter weight. This means reduced operator
fatigue for use on vertical walls, as well as instant starts and cost savings. With zero emissions it can be used indoors and in tight spaces.
18V LXT® System
The Makita® LXT Cordless System, the world’s largest cordless tool system powered by 18V lithium-ion slide-style batteries, provides users with the most advanced, durable, and dependable
18V products. Four key components work together to create the LXT Advantage: fast-charging LXT Batteries, a Rapid Optimum Charger, industry-leading brushless motors, and Star
Protection Computer Controls™.
Technologically Advanced
Active Feedback-sensing Technology (AFT®) turns the motor off if rotation of the wheel is suddenly forced to stop. An electric brake stops the wheel in 4 seconds or less allowing for faster
re-positioning. And Makita's Extreme Protection Technology (XPT™) is designed to improve a tool’s operation in harsh conditions by channeling water and dust from key internal
components.

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Rakuten (Japan) Mobile Releases New 5G-Compatible Smartphone: Rakuten BIG
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Rakuten Mobile, Inc. announced the release of the “Rakuten BIG,” a new original 5G-compatible smartphone available for purchase starting. The Rakuten BIG is a Rakuten
Mobile original 5G-compatible smartphone equipped with a supersize 6.9-inch OLED display. This new device is the world’s first Mobile FeliCa-equipped smartphone with a
front camera embedded in the display. The smartphone is equipped with an eSIM, and like other Rakuten Mobile smartphones, is SIM lock free. With the Rakuten BIG,
customers will be able to use Rakuten Mobile’s 5G service in 5G service areas. The supersize 6.9-inch OLED display on the Rakuten BIG is completely notch-less, made
possible by embedding the front camera inside the display itself, offering an immersive full-screen display that delivers vivid clarity. The Rakuten BIG also features a 4-lens AI
camera, made up of a wide-angle camera, an ultra wide-angle camera, a macro camera and a depth sensing camera that specializes in capturing moments with just the right
amount of background blur. With a maximum resolution of approximately 64 megapixels, the Rakuten BIG’s AI camera and wide range of photography modes provide the user
with the toolset they need to take exactly the kind of photos they want. The new smartphone from Rakuten Mobile also includes an in-display fingerprint sensor, an IP68 rating
for water and dust resistance, and an approximately 4,000mAh large-capacity battery, making it ideally suited for every aspect of daily life.

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Rakuten Mobile (Japan) Launches 5G Service with New Plan, Same Monthly Fee: Rakuten
UN-LIMIT V
40
Rakuten Mobile, Inc. announced the launch of its 5th generation mobile communications system (5G) service and a new and enhanced “Rakuten UN-LIMIT V*1” service plan
which offers customers access to 5G services for the same 2,980 yen monthly fee as the previous “Rakuten UN-LIMIT 2.0” plan. From, existing subscribers of the Rakuten
UN-LIMIT 2.0 service plan will be able to use 5G services for no additional cost, in 5G service areas*2 with a 5G-compatible device. Rakuten Mobile built the world’s first*3
end-to-end fully virtualized cloud-native mobile network and launched full-scale commercial carrier services on the network in April 2020. The network architecture allows for
substantial reductions in capital investment and operating costs, enabling the operator to offer the Rakuten UN-LIMIT V service plan, which includes both 4th generation mobile
communications system (4G) and 5G services, for the same monthly fee of 2,980 yen. By leveraging the synergies between 5G and various offerings from the broad portfolio
of Rakuten Group businesses to develop engaging new content and services, Rakuten Mobile aims to provide customers with a next-generation mobile experience. With
Rakuten UN-LIMIT, Rakuten Mobile’s aim is to offer a service plan without complex terms and conditions – a plan that is simple, intuitive and easy-to-use for all customers,
whether they are in Japan or traveling internationally. For 5G, Rakuten Mobile will continue its one service plan strategy by updating its Rakuten UN-LIMIT 2.0 service plan,
which launched in April 2020 and offers subscribers unlimited data and calls for a monthly fee of 2,980 yen, to Rakuten UN-LIMIT V, which offers 5G services in addition to
4G. Starting, the one plan offered to customers will be Rakuten UN-LIMIT V.

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Sumitomo Corporation (Japan): Commencement of Local 5G Pilot Experiment at Production Site
41
Sumitomo Corporation will commence in January 2021 a pilot experiment on local fifth-generation mobile communication system (5G) at the Osaka Factory of Summit Steel Co.,
Ltd., which is a subsidiary of the Company’s wholly-owned subsidiary, Sumitomo Corporation Global Metals Co., Ltd. The Pilot Experiment was selected on September 16, 2020 by
the Ministry of Internal Affairs and Communications (MIC) as a consignment project involving the investigation/examination of technological conditions for local 5G at manufacturing
plants (automation of visual inspections and remote verification of quality) in connection with its FY2020 Development Demonstrations for Realizing Local 5G to Solve Local Issues.
5G is a next-generation telecommunications technology that enables ultra-high-speed and ultra-low-latency simultaneous connections with massive numbers of devices. Local 5G is
an area-limited 5G wireless communication system operated by a local government, a company, or other bodies. Allowing systems to be built flexibly in line with the diverse needs of
a specific area or industry, local 5G is anticipated to solve a wide range of industrial and regional problems. MIC formulated the guidelines for the establishment of local 5G systems
in December 2019, and the spectrum for local 5G is slated to be expanded to new bands such as 4.6 to 4.9 GHz. Production sites in Japan have been faced with a range of issues in
recent years, including shortages of general workforce and skilled engineers resulting from the nation’s population ageing and low birth rate and work environment risks that need to
be rectified. Local 5G is drawing increasing attention as an essential infrastructure for solving such issues by automating and enhancing the efficiency of operations. Under this Pilot
Experiment to be implemented in a local 5G environment built at the Osaka Factory of Summit Steel, an automated visual inspection based on AI analysis and remote quality
verification based on high-definition video transmission will be tested. A validity verification of the results and a performance assessment of the local 5G will be performed, after which
issues will be identified and solutions will be discussed. The experiment results will also be analyzed with the aim of spreading the use of local 5G for similar purposes.

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Sysco (USA) Launches Foodie Solutions™ to Equip Customers with Innovative Tools to
Navigate Pandemic
42
Sysco Corporation announced the launch of Foodie Solutions, an innovative platform created to support foodservice operators in today’s rapidly changing business climate. With its
broad-based perspective from supporting restaurants and other foodservice operators across the country, Sysco identified the most essential tools to help customers respond quickly to
shifting business requirements and trends resulting from the COVID-19 pandemic. Foodie Solutions’ comprehensive suite of toolkits is designed to help operators drive traffic,
generate revenue and grow their business as they navigate the current environment. Foodie Solutions features carefully curated toolkits focused on safely implementing vital strategies
for meeting increased demand for delivery and alternative dining options. These toolkits include:
• Virtual Kitchens – Recommendations for serving customers solely through online and phone orders without a brick and mortar concept or dining room;
• Grab & Go Foods - A guide to offering pre-made meals and signature dishes;
• Family Style Meal Kits – Solutions to help customers save time and enjoy an at home experience; and
• Patio Dining – Strategies to revamp customers’ outdoor dining experiences.
By deploying these tools within their existing operations, restaurateurs can chart new, innovative courses to drive traffic and optimize profitability. Foodie Solutions also supports
customers beyond the day-to-day needs of running the business, providing resources focused on long-term operational strategies with scalable tools that help operators succeed in the
“new normal.”

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