I-Bytes Retail & consumer good Industry

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I-Bytes
Retail & Consumer good
August Edition 2020
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Table of Contents
1. Financial, M & A Updates...................................................................................................................................1
2. Solution Updates................................................................................................................................................48
3. Rewards and Recognition Updates..................................................................................................................64
4. Customer Success Updates...............................................................................................................................74
5. Partnership Ecosystem Updates......................................................................................................................79
6. Miscellaneous Updates....................................................................................................................................102

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Financial, M & A
Retail & Consumer good Industry

Financial, M&A Updates
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Altria (USA) Reports 2020 Second Quarter and First-Half Results
Second Quarter
• Net revenues decreased 3.8% to $6.4 billion, primarily due to lower net revenues in the smokable products
segment. Revenues net of excise taxes decreased 2.5% to $5.1 billion.
• Reported diluted EPS decreased 2.8% to $1.04, primarily driven by losses from Altria’s equity investment in
ABI and higher losses in the all other category (primarily driven by the reduction of the estimated residual
value of an asset at PMCC in 2020). These factors were partially offset by favorable Cronos-related special
items, higher reported operating companies’ incomein the smokable products and oral tobacco products
segments and fewer shares outstanding.
• Adjusted diluted EPS increased 0.9% to $1.09, primarily driven by higher adjusted OCI in the smokable
products and oral tobacco products segments and fewer shares outstanding, partially offset by lower adjusted
earnings from Altria’s equity investment in ABI and higher losses in the all other category.
First Half
• Net revenues increased 3.9% to $12.7 billion, primarily due to higher net revenues in the smokable products
and oral tobacco products segments. Revenues net of excise taxes increased 5.5% to $10.1 billion.
• Reported diluted EPS increased 13.3% to $1.88, primarily driven by higher reported operating companies
income in the smokable products and oral tobacco products segments, 2019 Cronos-related special items, 2019
acquisition-related costs associated with the JUUL and Cronos transactions and fewer shares outstanding,
partially offset by inventory-related charges in the wine segment and lower reported earnings from Altria’s
equity investment in ABI.
Executive Commentary
“Despite the challenges of the COVID-19 pandemic in the U.S., our employees continue to execute against
our 10-year Vision with strong focus and commitment. Over the first-half of 2020, we believe Altria showed
resilience in volatile market conditions, growing adjusted diluted earnings per share by 8.5%, driven by the
outstanding financial performance of our core tobacco businesses. We’ve also hit key milestones and made
steady progress behind our noncombustible product portfolio.With a better understanding of COVID-19
impacts on adult tobacco consumer purchasing behavior and an additional quarter of ABI earnings
contributions, we’re reestablishing full-year 2020 adjusted diluted EPS guidance,” said Altria’s Chief
Executive Officer.
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Key Financial Highlights

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Amazon.com (USA) Announces Second Quarter Results
Highlights
• Operating cash flow increased 42% to $51.2 billion for the trailing twelve months, compared with $36.0
billion for the trailing twelve months ended June 30, 2019.
• Free cash flow increased to $31.9 billion for the trailing twelve months, compared with $25.0 billion for
the trailing twelve months ended June 30, 2019.
• Free cash flow fewer principal repayments of finance leases and financing obligations increased to
$21.3 billion for the trailing twelve months, compared with $16.1 billion for the trailing twelve months
ended June 30, 2019.
• Free cash flow less equipment finance leases and principal repayments of all other finance leases and
financing obligations increased to $19.4 billion for the trailing twelve months, compared with $13.0
billion for the trailing twelve months ended June 30, 2019.
• Common shares outstanding plus shares underlying stock-based awards totaled 517 million on June 30,
2020, compared with 510 million one year ago.
• Net sales increased 40% to $88.9 billion in the second quarter, compared with $63.4 billion in second
quarter 2019. Excluding the $582 million unfavorable impact from year-over-year changes in foreign
exchange rates throughout the quarter, net sales increased 41% compared with second quarter 2019.
• Operating income increased to $5.8 billion in the second quarter, compared with operating income of
$3.1 billion in second quarter 2019.
• Net income increased to $5.2 billion in the second quarter, or $10.30 per diluted share, compared with
net income of $2.6 billion, or $5.22 per diluted share, in second quarter 2019.
“This was another highly unusual quarter, and I couldn’t be prouder of and grateful to our employees
around the globe, said Amazon founder and CEO. As expected, we spent over $4 billion on
incremental COVID-19-related costs in the quarter to help keep employees safe and deliver products
to customers in this time of high demand—purchasing personal protective equipment, increasing
cleaning of our facilities, following new safety process paths, adding new backup family care benefits,
and paying a special thank you bonus of over $500 million to front-line employees and delivery
partners. We’ve created over 175,000 new jobs since March and are in the process of bringing 125,000
of these employees into regular, full-time positions. And third-party sales again grew faster this quarter
than Amazon’s first-party sales. Lastly, even in this unpredictable time, we injected significant money
into the economy this quarter, investing over $9 billion in capital projects, including fulfillment,
transportation, and AWS.”
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Bed Bath & Beyond Inc. (USA) Completes Sale of PersonalizationMall.com
Bed Bath & Beyond Inc. announced the completion of the sale of
PersonalizationMall.com to 1-800-FLOWERS.COM, Inc. for $245 million, subject
to certain customary post-closing adjustments. PMall will continue to provide
product and personalization services to the Company's Bed Bath & Beyond and
buybuy BABY retail concepts.The cash proceeds from this transaction further
strengthen the Company's liquidity and financial flexibility as it continues to build a
balanced, durable financial model. With respect to capital allocation strategies, in
March 2020 the Company postponed its plans for share repurchase and suspended
dividends and planned debt reductions in light of the COVID-19 pandemic. Bed
Bath & Beyond is committed to a balanced capital return program over the
mid-to-long term and will re-evaluate when appropriate.The Company continues to
review its non-core assets for opportunities to further simplify its portfolio.In
connection with the previously executed settlement agreement, the parties' counsel
have executed a Stipulation and Proposed Order of Dismissal, which is expected to
be filed one business day after closing and will result in the voluntary dismissal with
prejudice of the litigation relating to the transaction.
President & CEO, said, "The completion of this transaction is an important
milestone in our plan to simplify our portfolio and rebuild authority in our core
market. Since announcing our intention to divest PMall back in February 2020,
we have made significant progress in our efforts to optimize growth within
Home, Baby, Beauty and Wellness, assembling a world class leadership team,
restructuring our operations and introducing new services like
Buy-Online-Pickup-In-Store and contactless Curbside Pickup."
Description
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Bed Bath & Beyond Inc. (USA) Reports Results for Fiscal 2020 First Quarter
Highlights
• The Company's fiscal first quarter spanned the most critical months to date of the COVID-19
pandemic – March, April and May. Net sales were approximately $1.3 billion, a decrease of 49%
compared to the prior year period due to temporary store closures.
• Net sales from digital channels grew 82%, including sales growth in excess of 100% during April
and May 2020, while net sales from stores, of which 90% of the Company's total fleet were closed
during the majority of the quarter, declined approximately 77%.
• Net sales from digital channels represented nearly two-thirds of the Company's fiscal 2020 first
quarter total net sales.
• Gross margin decreased 780 basis points to 26.7%, unfavorably impacted by channel and product
mix related to the substantial shift in sales to digital channels, including higher fulfillment costs,
lower margin, COVID-essential products sold during the quarter, and the deleverage of fixed
expenses.
• SG&A expenses decreased $169 million or 19% compared to the prior year period, driven by cost
reduction interventions and COVID-19 impacts. Excluding charges related to severance costs,
adjusted SG&A expenses decreased $123 million or 15% compared to adjusted SG&A in the prior
year period.
• Net loss per diluted share of $(2.44) included an unfavorable impact of approximately $0.48 from
special items including non-cash charges related to impairments of certain store-level assets and
tradenames and severance costs.
Bed Bath &Beyond's President and CEO said, "The impact of the COVID-19 situation was felt
across our business during our fiscal first quarter, including loss of sales due to temporary store
closures and margin pressure from the substantial channel shift to digital. From the beginning of
this crisis, we have taken measured, purposeful steps to help keep our people safe and our
customers serviced, and we are proud of the way our teams have navigated this unprecedented
challenge with speed and agility. At the same time, our actions to strengthen our financial
position and liquidity are enhancing our flexibility and capacity to invest and rebuild our business
for long-term success.”
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Bunge (USA) Reports Second Quarter 2020 Results
Highlights
• Q2 GAAP EPS of $3.47 vs. $1.43 in the prior year; $3.88 vs. $1.52 on
an adjusted basis
• Core Agribusiness and Food & Ingredients businesses generated strong
results
• Agribusiness earnings improved on excellent execution; results also
benefited from ~$380 million of timing differences related to expected Q1
reversals and new mark-to-market gains
• Edible Oils performed better than expected
• Increasing full-year earnings outlook to reflect better than expected Q2
Bunge's Chief Executive Officer, commented, "Bunge had an
outstanding secondquarter, with strong performance across all of our
core businesses while maintaining a sharp focus on thesafety of our
team. Our execution against committed crush capacity and coordination
of trade flows wasexceptional. We realized the benefit from our risk
management decisions in the first half of this year andearned new
business with our focus on innovation and our collaborative approach
with customers. Wegenerated strong cash flow while being disciplined
in our approach to capital allocation, and continued toexecute on our
key priorities. These results would be strong in any environment, let
alone a pandemic,and we couldn’t be prouder of the resilience and
commitment of our team.”
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Church & Dwight (USA) Reports Q2 Results
2020 Second Quarter Results
• Sales growth +10.6%: Dom. +13.6%; Int’l +0.5%; SPD +3.0%
• Organic sales +8.4%: Dom. +10.7%; Int’l +0.6%; SPD +3.0%
• Gross Margin +220 bps. to 46.8%
• EPS +36.4%; Adjusted EPS +35.1%
• YTD Cash from Operations +70%; Ex tax deferral +47%
2020 Full Year Outlook Raised from Original Outlook
• Reported Sales growth raised to 9-10%
• Organic Sales growth raised to 7-8%
• Adjusted EPS growth raised to 13%
• Cash from Operations raised to $960MM
Chief Executive Officer, commented, “Q2 was an extraordinarily strong quarter
for Church & Dwight. Both our household and personal care businesses
delivered higher growth as consumers and retailers focused on core essentials.
We experienced strong consumption in Q2 and continue to see similar strength in
July. The pandemic drove double digit consumption growth in several domestic
categories, especially gummy vitamins, women’s hair removal, cleaners, and
baking soda while restrictions on consumer mobility drove double-digit declines
in other domestic categories, notably condoms, dry shampoo, and water flossers.
Year-to-date shipments and consumption are in balance for our brands. However,
retailer in-stocks lag normal levels for some brands, including gummy vitamins,
baking soda, and cleaners. Online sales as a percentage of total sales continued
to grow rapidly and reached 13% of sales in Q2. The International business grew
slightly despite the global COVID-19 pandemic. SPD recorded its third
consecutive quarter of organic growth as demand for our non-dairy products
grew in both domestic and international markets.”
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CCEP (UK) invests in creation of circular economy for PET in Western Europe
Coca-Cola European Partners, the world’s largest independent Coca-Cola bottler, has taken an
important step on its journey towards 100% rPET for its plastic bottles by funding CuRe
Technology – a recycling start-up which seeks to provide a new lease of life for difficult to
recycle plastic polyester waste.The funding from CCEP, through its innovation investment fund,
CCEP Ventures, will enable CuRe to accelerate its ‘polyester rejuvenation’ technology from pilot
plant to commercial readiness. Once the technology is commercialised, CCEP will receive the
majority of the output from a CuRe-licensed, new-build plant.Once operational, CuRe has the
potential to support CCEP’s ambition, in partnership with The Coca-Cola Company in Western
Europe, to eliminate virgin oil-based PET from its PET bottles within the next decade. This will
contribute to removing of a total of over 200,000* tonnes of virgin oil-based PET from CCEP’s
packaging portfolio a year and support the transition to a circular economy for PET
packaging.CuRe Technology – a start-up, created and led by a consortium of world-leading
recycling innovators and experts led by the Morssinkhof Group and the Cumapol/DuFor Group,
with strategic partners DSM-Niaga and NHL Stenden University of Applied Science – will
initially apply its end-to-end partial depolymerisation recycling process to transform opaque and
difficult to recycle food grade PET to high quality recycled PET that can be used again for food
and drink packaging in one continuous process on the same site.
Vice President, Sustainability at Coca-Cola European Partners said: “CuRe is an exciting
technology start-up with transformational potential developed by an experienced
consortium, making it an ideal investment for CCEP Ventures. Our investment in CuRe
underlines our commitment to supporting innovations that have the potential to drive growth
in our business and our sustainable packaging goals. It also offers us the potential to access
vital rPET volume that will help to accelerate delivery of our 100% rPET ambition for our
PET bottles.”
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Constellation Brands (USA) Acquires Minority Stake in Paso Robles-Based Booker
Vineyard Portfolio
Constellation Brands, Inc., a leading beverage alcohol company, announced that it has acquired a stake in
Booker Vineyard’s super-luxury, direct-to-consumer focused portfolio of Paso Robles, California wines.
The agreement consists of a minority stake with the potential for majority ownership in the future. As part
of the agreement, Constellation’s wine and spirits team will support Booker Vineyard’s growth objectives
to expand distribution for its wholesale, Cabernet Sauvignon-based My FavoriteNeighbor and Harvey &
Harriet wines, within the United States.The investment complements Constellation’s TRU Fine Wine
portfolio, which includes Schrader Cellars, Robert Mondavi Winery, The Prisoner Wine Company, Mount
Veeder Winery, To Kalon Vineyard Company, and Ruffino Estates, among others.Constellation Brands has
always highly regarded the Paso Robles community and its significant contributions to the wine industry.
Constellation is proud to partner with Booker Vineyard in support of the Paso Robles Chamber of
Commerce for their Downtown City Park initiative, helping local restaurants adapt to COVID-19 related
operating guidelines while still offering their guests high quality food and wine experiences. Additionally,
Constellation has made a donation to Must! Charities to help support the Paso Robles community's most
pressing needs including homelessness and poverty prevention and support.Constellation’s Wine & Spirits
portfolio premiumization strategy is gaining traction in the marketplace as the company’s Power Brands
continue to outpace competitors and take market share at the $11 and above price point. The company
achieved depletion growth for its wine and spirits Power Brands of 5% and consumer takeaway trends over
25% in IRI channels during the company’s first quarter, driven by Kim Crawford, Meiomi, and The
Prisoner Wine Company, among others.
“We are pleased to partner with Booker Vineyard as we continue to drive our vision to be a bold and
innovative, high-end wine and spirits portfolio that delivers exceptional consumer experiences, said
President of wine and spirits at Constellation Brands. “Eric Jensen and the Booker Vineyards team
have built an exceptionally high-quality collection of Rhône-varietal wines from the Paso Robles AVA.
They have done so while building an impressive DTC business with an exciting runway for growth,
which aligns with our long-term aspirations to lead the category in DTC and 3-tier eCommerce. We
will also look to gain insight from Eric’s farming and winemaking approach, along with the expertise
of Constellation’s acclaimed master winemakers, as we continue to strengthen our fine wine portfolio.
We look forward to working closely with the Booker Vineyard team to help them strategically expand
their distribution and build their My FavoriteNeighbor and Harvey & Harriet brands with consumers,
while leveraging their unique expertise and capabilities to accelerate our leadership.”
Description
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Core-Mark (USA) Announces Second Quarter 2020 Financial Results
Highlights
• Second Quarter Net Sales decreased 1.7% to $4.26 Billion
• Reduced operating expenses by 10.8% to $187.7 Million
• Net Income of $16.9 Million, Diluted EPS at $0.38 per share
• Adjusted EBITDA of $52.5 Millionversus $53.5 Million Last Year
• Announced $0.12 Dividend Payable September 18, 2020
• Provides Updated Guidance for Full Year 2020
“I want to thank our employees, our customers and our vendors for
their continued commitment, cooperation and support in what
remains a very dynamic environment,” said President and Chief
Executive Officer. I am proud of what the Company has
accomplished this quarter of largely offsetting the impact of sales and
margin declines resulting from COVID-19 through operational
efficiency, cost saving initiatives and strategic execution. While the
duration of the impact of the pandemic on our sales and margins is
uncertain, our results in the second quarter demonstrate our ability to
successfully navigate the challenges ahead. We finished the quarter
with strong free cash flow, low debt leverage and solid momentum
focused on moving the business forward and positioning the
Company to thrive as we emerge from the pandemic.”
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George Weston Limited (Canada) Reports Second Quarter 2020 Results
Highlights
• George Weston Limited's net loss available to common shareholders of the
Company in the second quarter of 2020 was $255 million compared to net earnings
available to common shareholders of the Company of $184 million in the same
period in 2019.
• Adjusted net earnings available to common shareholders of the Company in the
second quarter of 2020 were $142 million. In comparison to the same period in
2019, this represented a decrease of $121 million, or 46.0%, due to the decline in
the underlying operating performance of the Company resulting from the impact of
COVID-19 and related costs, and higher net interest expense and other financing
charges.
• The unfavourable year-over-year impact of the fair value adjustment of the Trust
Unit Liability of $255 million;
• the unfavourable year-over-year impact of the fair value adjustment on investment
properties of $77 million;
• the unfavourable impact of a prior year remeasurement of deferred tax balances of
$15 million;
• the unfavourable year-over-year impact of restructuring and other related costs of
$12 million
"In a challenging environment, the fundamental strength of our market-leading
businesses was evident in the quarter, said Chairman and Chief Executive
Officer, George Weston Limited. Our businesses in retail, real estate and
consumer goods continued to take thoughtful and deliberate actions in response
to the COVID-19 pandemic, delivered essential goods and services to customers,
tenants and communities, all while remaining committed to our longer-term
strategic priorities."
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Givaudan (Switzerland) completes the acquisition of Alderys
Givaudan announced that it has closed the acquisition of Alderys.Founded in 2009,
Alderys is an innovative French biotechnology company headquartered in Orsay, France,
employing 30 employees. Alderys develops innovative approaches to the biological
engineering of valuable compounds from renewable feedstock. The projects developed
by Alderys are aimed at the chemical and cosmetic industry sectors as well as nutrition.
They are recognised for offering innovative technological industrial solutions with high
sustainability standards.Givaudan is the global leader in the creation of flavours and
fragrances, 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.Givaudan is passionate about perfumery and is dedicated to combining creativity
and innovation to design beautiful fragrances. With the industry’s largest perfumery
team, Givaudan contributes to making life delightful and memorable through unique
scent experiences for customers around the world.
President of Givaudan’s Fragrance Division said: “Today is an exciting day as we
welcome the Alderys employees within the Givaudan family. This acquisition aligns
with our company purpose and long-term strategy whilst their expertise in
biotechnology is fully complementary to our Fragrance and Active Beauty
businesses. In fact, it will allow us to expand our portfolio of natural and bio-sourced
products, thanks to their strong research and development bio-engineering platform.
It will be an additional tool to drive our future development and innovation in the
active cosmetic ingredients space and beyond. It will also reinforce Givaudan’s
capabilities to support our customers in developing sustainable, performant and safe
products.”
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Givaudan(Switzerland) 2020 Half year results
Highlights
• Sales of CHF 3,221 million, up 4.0% on a like-for-like1 basis and 4.1%
in Swiss francs
• Excellent performance of those parts of the portfolio which are not
impacted by the COVID-19 pandemic
• Strong performance of high growth markets with like-for-like growth of
9.0%
• EBITDA2 of CHF 734 million in 2020, an increase of 11.3% compared
to 2019
• Comparable EBITDA3 margin of 23.7% compared to 22.3% in 2019
• Net income of CHF 413 million, up by 8.8% year-on-year
• Operating cash flow after net investments of CHF 220 million, an
increase of 24.3% over 2019
• Free cash flow4 of 5.5% of sales or CHF 178 million, an increase of
20.3% compared to 2019
• Delivery of 2020 guidance is fully on track
“Our strong performance in the first half of 2020 demonstrates our
market leadership and the important role that we play in sustaining the
global supply chain in food and beverage as well as in household, health
and personal care products,said CEO. I am very proud of the entire
Givaudan organisation for their dedication during this challenging
period and for enabling us to continue to support our customers to keep
critical products available to consumers throughout the COVID-19
crisis.”
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Group 1 Automotive (USA) Announces Second Quarter 2020 Financial Results
Highlights
• Total revenue decreased 29.1 percent, to $2.1 billion.
• Total gross profit decreased 21.0 percent, to $358.8 million.
• New vehicle revenues decreased 32.1 percent on a 37.1 percent decrease in unit sales.
• Retail used vehicle revenues decreased 23.6 percent on 23.2 percent lower unit sales.
• Parts and service gross profit decreased 26.5 percent on revenue decrease of 25.4
percent.
• Finance and Insurance gross profit per retail unit increased 9.1 percent, to $1,697.
• Selling, General and Administrative expenses as a percent of gross profit decreased
850.0 basis points, to 66.1 percent. Adjusted SG&A as a percent of gross profit
decreased 1,100 basis points, to 62.8 percent.
"Our ability to react quickly to uncertain, dramatically lower levels of business
activity resulting from the pandemic was completely due to the hard work and
commitment of our employees and I must sincerely thank them for that. Rapid and
deep cost cuts, combined with a quicker-than-expected U.S. auto market recovery,
enabled us to achieve very strong operating results in the second quarter, said Group
1's President and Chief Executive Officer. Beginning in late March, we experienced
sudden and dramatic shutdowns in all three of our markets. By early April, our U.S.
sales and service business had dropped by 50% and we were completely closed in
the U.K., except for a small volume of emergency service work. Due to this severe
decline in customer traffic, we had no choice but to execute a comprehensive cost
reduction plan across our entire company that touched all areas of the business. Our
U.S. business recovered steadily in May and June led by our used vehicle and
service businesses. We benefited greatly during this time period from the
effectiveness of our online vehicle purchasing platform, Acceleride, as online
shopping increased in popularity. As business improved, we began to call back some
of our furloughed employees and have currently returned to approximately 70% of
our Pre-COVID employment levels in both the U.S. and U.K. Our U.S. and U.K.
businesses are operating at their highest efficiency levels ever and we expect this to
carry forward."
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Hershey (USA) Reports Second-quarter 2020 Financial Results
Second-Quarter 2020 Financial Results Summary
• Consolidated net sales of $1,707.3 million, a decrease of 3.4%.
• Organic, constant currency net sales decreased 3.5%.
• The net impact of acquisitions and divestitures on net sales was a
0.8-point benefit, while foreign currency exchange was a 0.7-point
headwind.
• Reported net income of $268.9 million, or $1.29 per share-diluted, a
decrease of 12.8%.
• Adjusted earnings per share-diluted of $1.31, flat versus the same
period a year ago.
• 1 All comparisons for the second quarter of 2020 are with respect to
the second quarter ended June 30, 2019
“We delivered profitable sales growth in North America in the second
quarter despite the increased complexities presented by the
COVID-19 pandemic. Our iconic brands and great execution enabled
us to gain 225 basis points of confectionery market share. In
addition, strong cost management enabled us to offset many of the
COVID-19 related financial pressures and deliver adjusted earnings
per share in line with last year, said The Hershey Company President
and Chief Executive Officer. I could not be prouder of how the
company focused its time and resources on our employees’ physical,
emotional and economic well-being while serving the needs of our
customers, consumers and communities during this difficult time.
We are encouraged by the improvements in our business performance
and the momentum we have exiting the second quarter. We believe
our great brands, advantaged margin structure, strong supply chain,
and agile investment mindset will enable us to deliver solid
stockholder returns going forward.”
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Ingredion Incorporated (USA) Reports Second Quarter 2020 Results
Highlights
• Second quarter 2020 reported and adjusted EPS* were $0.98
and $1.12, respectively, compared with $1.56 and $1.66 in the
second quarter 2019, respectively
• Year-to-date 2020 reported and adjusted EPS were $2.08 and
$2.72, respectively, compared with $3.04 and $3.19 in the
year-ago period, respectively
• Completion of PureCircle acquisition on July 1 expands the
Company’s on-trend and sustainable solutions in sugar reduction
with stevia sweeteners and natural flavors
• Continued strong progress on Cost Smart program enables
Company to increase run-rate savings target by $20 million to
$170 million by 2021
“As an essential business in the food supply chain, we quickly
adapted to meet the changing needs of our customers due to
fluctuations in consumer demand resulting from COVID-19
lockdowns and restrictions around the globe, stated
Ingredion’s president and chief executive officer. During the
quarter, we experienced the significant decline in
away-from-home consumption that impacted global demand
for ingredients, primarily in April and May. Since then, we
have seen sequential improvement in June and July as the
restrictions ease and consumer mobility increases.”
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JBS USA and Pilgrim’s to Invest $6.5 Million in Texas to Support Local Communities
as Part of New Hometown Strong Initiative
JBS USA and Pilgrim’s, American-based food companies, announced plans to invest
$6.5 million in Texas to help local communities respond to coronavirus and invest in the
future. The investment is part of a new, national $50 million initiative called Hometown
Strong that adds to commitments JBS USA and Pilgrims have made this year to protect
employees and ensure their job security amid the global pandemic. JBS USA and
Pilgrim’s will partner with local officials and community leaders in Cactus, Lukfin, Mt.
Pleasant, Nacogdoches and Waco to identify investment projects that strengthen these
hometowns where the company’s team members live and work. JBS USA and Pilgrims
have a significant presence in the state of Texas, employing nearly 10,000 people and
paying producers and growers more than $2.1 billion each year to support the area
facilities, including a beef production facility in Cactus and chicken production and
prepared foods facilities in Lufkin, Mt. Pleasant, Nacogdoches and Waco. An important
contributor to the Texas economy, JBS USA and Pilgrims have an annual payroll in
Texas of more than $372 million and have contributed more than $326 million in capital
investments over the last five years.
“It’s very important to us that we make lasting investments to benefit our team
members and our neighbors, said Tim President of JBS USA Fed Beef, which
includes the beef production facility in Cactus. “We are humbled to partner with
community leaders to ensure our contributions will make a difference now and in the
future.”
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PLUMROSE (USA) to Invest $400,000 in Booneville, Miss., to Support Local Community
as Part of Hometown Strong Initiative
Plumrose USA announced plans to donate $400,000 to help Booneville, Miss., respond
to needs resulting from the coronavirus pandemic and invest in the community’s future.
Plumrose USA is working with local leaders to identify where the funds can best help
meet immediate and longer-term community needs in three key areas: food insecurity,
community infrastructure and well-being, and COVID-19 emergency response and relief
efforts. All projects will be determined by the end of the year. The Plumrose USA
Booneville facility employs more than 360 people with an annual payroll of more than
$16 million. Consistent with its long-term commitment to the local economy, Plumrose
USA Booneville has invested nearly $5 million in capital improvements over the last
three years. Hometown Strong is a national $50 million initiative that adds to
commitments JBS USA, of which Plumrose USA is a subsidiary, has made this year to
protect employees and ensure their job security amid the global pandemic. Hometown
Strong is one of the largest community investment programs of its kind in the country.
“We are proud members of the Booneville community, and we look forward to
supporting our hometown in a meaningful way, said PLUMROSE Booneville Plant
Manager. The past few months have been challenging, and we believe this
investment will positively benefit our team members and our neighbors.”
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JBS USA to Invest $5 Million in Greeley to Support Local Community as Part of New
Hometown Strong Initiative
JBS USA announced plans to invest $5 million to help Greeley respond to needs
resulting from the coronavirus pandemic and invest in the community’s future. The
investment in Greeley is part of a new, national $50 million initiative called Hometown
Strong that adds to commitments JBS USA has made this year to protect employees and
ensure their job security amid the global health crisis. JBS USA is partnering with local
officials and community leaders in Greeley to determine what is needed most.
Hometown Strong is one of the largest community investment programs of its kind in the
country. JBS USA anchors dozens of rural communities – operating more than 60 meat,
poultry and prepared foods plants and employing 62,000-plus people. Funds will be
directed to every community JBS USA call home. A long-standing community partner,
JBS USA has responded to previous community challenges, donating more than
$500,000 to Weld County flood relief in 2013 and donating more than $1.8 million to the
United Way of Weld County over the past five years. The company has been recognized
as ‘Company of the Year’ by the United Way of Weld County twice in recent years,
including in 2019 when the company and its team members raised more than $406,000
for the non-profit, charitable organization.
“We take great pride in feeding millions of American families every day, said JBS
USA CEO. We play an essential role in our local community and in maintaining the
nation’s food supply, but we also embrace the important role we have to be a good
neighbor. Colorado has faced a tremendous challenge during this pandemic, and we
hope our investment can help ensure that our hometown remains strong.”
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JBS USA to Invest $1 Million in Green Bay to Support Local Community as Part of
JBS USA announced plans to donate $1 million to help Green Bay respond to needs
resulting from the coronavirus pandemic and invest in the community’s future. JBS USA
is working with local leaders to identify where the funds can best help meet immediate
and longer-term community needs in three key areas: food insecurity, community
infrastructure and well-being, and COVID-19 emergency response and relief efforts. All
projects will be determined by the end of the year. The JBS USA Green Bay beef
production facility employs more than 1,200 people with an annual payroll of more than
$65 million. The facility supports 1,100 producers, paying them more than $700 million
per year for their livestock. Consistent with its long-term commitment to the local
economy, JBS USA Green Bay has invested more than $25 million in capital
improvements over the last six years. Hometown Strong is a national $50 million
initiative that adds to commitments JBS USA has made this year to protect employees
and ensure their job security amid the global pandemic. Hometown Strong is one of the
largest community investment programs of its kind in the country.
“Being a good neighbor and providing support to the Green Bay community is an
obligation I take very seriously, said JBS Green Bay Plant Manager. Our focus
during the past few months has been on keeping our team members safe and healthy,
and we remain committed to keeping COVID-19 out of our facility. I am humbled to
now have the opportunity to partner with community leaders to determine how best
to invest this money, and I believe this initiative will help ensure a positive future for
our hometown.”
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JBS USA to Invest $1.2 Million in Louisville to Support Local Community as Part of
JBS USA announced plans to donate $1.2 million to help Louisville respond to needs
resulting from the coronavirus pandemic and invest in the community’s future. JBS USA
is working with local leaders to identify where the funds can best help meet immediate
and longer-term community needs in three key areas: food insecurity, community
infrastructure and well-being, which includes initiatives that improve social justice, and
COVID-19 emergency response and relief efforts. All projects will be determined by the
end of the year. The JBS USA Louisville pork production facility employs nearly 1,200
people with an annual payroll of more than $60 million. The facility supports more than
275 local producers, paying them more than $360 million per year for their livestock.
Consistent with its long-term commitment to the local economy, JBS USA Louisville has
invested more than $64 million in capital improvements over the last six years.
Hometown Strong is a national $50 million initiative that adds to commitments JBS USA
has made this year to protect employees and ensure their job security amid the global
pandemic. Hometown Strong is one of the largest community investment programs of its
kind in the country.
“We are proud members of the Louisville community, and we want to step up and
invest in projects that will have a lasting impact for our hometown during a
challenging time,” said JBS Louisville General Manager. As we’ve collectively
navigated the coronavirus pandemic, we have been focused on keeping our team
members and our community safe. We believe the Hometown Strong initiative gives
us the opportunity to do more than produce food, and we’re grateful to partner with
local leaders to determine how best to give back.”
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JBS USA to Invest $3.5 Million in Grand Island to Support Local Community as Part of
JBS USA announced plans to donate $3.5 million to help Grand Island
respond to needs resulting from the coronavirus pandemic and invest
in the community’s future. JBS USA is working with local leaders to
identify where the funds can best help meet immediate and
longer-term community needs in three key areas: food insecurity,
community infrastructure and well-being, and COVID-19 emergency
response and relief efforts. All projects will be determined by the end
of the year. Hometown Strong is a national $50 million initiative that
adds to commitments JBS USA has made this year to protect
employees and ensure their job security amid the global pandemic.
Hometown Strong is one of the largest community investment
programs of its kind in the country.
“The JBS Grand Island beef production facility is one of the
premier plants in the country, and we recognize both the
opportunity and responsibility of being a large business and
employer in our community, said JBS Grand Island General
Manager. Our focus during the past few months has been to protect
our team members, and we are grateful to now invest in the place
we call home in a meaningful way that benefits our workforce and
community now and in the future.”
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JBS USA to Invest $2.6 Million in Worthington to Support Local Community as Part of
JBS USA announced plans to donate $2.6 million to help Worthington respond to needs
resulting from the coronavirus pandemic and invest in the community’s future.JBS USA is
working with local leaders to identify where the funds can best help meet immediate and
longer-term community needs in three key areas: food insecurity, community infrastructure
and well-being, and COVID-19 emergency response and relief efforts. All projects will be
determined by the end of the yearJBS USA Worthington has already committed to provide
$1 million in support of the soon-to-be renovated, $3.5 million Worthington Field House,
which will be named the JBS Field House and Recreation Center. This indoor,
state-of-the-art facility will accommodate year-round sports and other recreational activities
for community members. The JBS USA Worthington pork production facility employs more
than 2,000 people with an annual payroll of more than $120 million. The facility supports
more than 275 local producers, paying them more than $900 million per year for their
livestock. Consistent with its long-term commitment to the local economy, JBS USA
Worthington has invested more than $47 million in capital improvements over the last five
years. Hometown Strong is a national $50 million initiative that adds to commitments JBS
USA has made this year to protect employees and ensure their job security amid the global
pandemic. Hometown Strong is one of the largest community investment programs of its
kind in the country.
“Worthington is home to one of the nation’s signature pork production plants, supporting
more than 275 local hog producers and producing nearly 11.7 million 4 oz. servings per
day, said JBS Worthington General Manager. Throughout this pandemic, we have tried
to do our part to help our community and safely preserve the important jobs the facility
provides. We are humbled to provide this multimillion-dollar donation to our community
and help Worthington remain hometown strong.”
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JBS USA and Pilgrim’s to Invest $3.5 Million in Minnesota to Support Local Communities
as Part of New Hometown Strong Initiative
JBS USA and Pilgrim’s, American-based food companies, announced plans to invest $3.5
million in Minnesota to help local communities respond to coronavirus and invest in the
future.The investment is part of a new, national $50 million initiative called Hometown
Strong that adds to commitments JBS USA and Pilgrims have made this year to protect
employees and ensure their job security amid the global pandemic. JBS USA and Pilgrim’s
will partner with local officials and community leaders in Worthington, Pipestone and Cold
Spring to identify investment projects that strengthen these hometowns where the company’s
team members live and work. JBS USA and Pilgrims have a significant presence in the state
of Minnesota, employing more than 3,400 people and paying producers nearly $920 million
each year to support the area facilities, including pork facilities in Worthington and
Pipestone, and a chicken facility in Cold Spring. An important contributor to the Minnesota
economy, JBS USA and Pilgrims have an annual payroll in Minnesota of more than $196
million and have contributed nearly $60 million in capital investments over the last five
years. Nationally, the $50 million investment – one of the largest of its kind being made –
will include donations to alleviate food insecurity, strengthen long-term community
infrastructure and well-being, and support COVID-19 emergency response and relief efforts.
All funds will be committed by the end of the year.
“The rural towns and communities where we live and work are the key to our success,
and we are proud of our role as a large employer in Worthington and Pipestone, said
President of JBS USA Pork, which includes the pork facilities in Worthington and
Pipestone. “We are grateful to work with local producers, local businesses and our
communities to deliver high-quality pork to Americans across the country.”
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Keurig Dr Pepper (USA) Reports Strong Q2 2020 Results
Second Quarter Consolidated Results
• Net sales for the second quarter of 2020 increased 1.8% to $2.86 billion, compared to $2.81 billion
in the year-ago period. On a constant currency basis, net sales advanced 2.9%, reflecting strong
volume/mix growth of 4.3%, partially offset by lower net price realization of 1.4%.
• GAAP operating income decreased 4.4% to $561 million in the second quarter of 2020, compared
to $587 million in the year-ago period, including the unfavorable year-over-year impact of items
affecting comparability, which include certain COVID-19 related expenses, as well as lower pricing,
inflation in input costs and logistics and higher operating costs associated with increased consumer
demand.
• Adjusted operating income increased 10.4% to $775 million, compared to $702 million in the
year-ago period, and Adjusted operating margin advanced 210 basis points to 27.1%. On a constant
currency basis, adjusted operating income grew 11.1%.
• The COVID-19 related operating costs incurred in the second quarter of 2020 totaled $75 million,
of which $63 million were recognized as items affecting comparability and consisted of temporary
compensation increases and incentives for front-line employees, as well as incremental safety and
sanitation expenses.
• GAAP net income in the second quarter of 2020 decreased 5.1% to $298 million, or $0.21 per
diluted share, compared to GAAP net income of $314 million, or $0.22 per diluted share, in the
year-ago period, reflecting the decline in GAAP operating income, a higher effective tax rate
resulting from the comparison to favorable discrete tax items and valuation adjustments in the prior
year period and higher interest expense, as well as the unfavorable year-over-year impact of items
affecting comparability, partially offset by an increase in non-operating income.
• The Company generated strong free cash flow totaling $524 million in the second quarter of 2020,
enabling KDP to reduce bank debt by approximately $274 million.
Chairman and CEO stated, "Since its formation in 2018, KDP has delivered strong and balanced
financial performance. Our second quarter results demonstrated the ability of our broad beverage
portfolio, unique routes to market and culture of execution to deliver growth in the most
challenging of environments. I am proud of and grateful for our 26,000 employees who have
stepped up in the face of adversity to deliver for our customers, consumers and communities,
while supporting each other during this uncertain time. Despite the expectation for significant
volatility ahead, we remain confident in both our business model and organization to continue to
execute well to deliver on the guidance we reaffirmed today."
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Keurig Dr Pepper (USA) Advances Sustainable Packaging Commitments with New $10 Million
Investment to Improve Polypropylene Recycling in the U.S.
Keurig Dr Pepper announced its founding sponsorship of The Recycling Partnership's
Polypropylene Recycling Coalition. The Company has committed $10 million over the next
five years, alongside investments from industry peers, to increase and improve the recovery
and recycling of polypropylene plastic in the U.S. The Coalition will work to solidify
polypropylene's status as a standard curbside recycling material through projects that
enhance collection, sortation and processing in recycling facilities which, in turn, will
increase the value and supply of recycled polypropylene and reduce the need for virgin
plastic used in packaging. This sponsorship supports KDP's broader efforts to reduce its
plastic footprint through circular solutions and collaborations. The Company is on track to
meet its commitments of making 100% of its packaging recyclable or compostable and
incorporating 30% post-consumer recycled content in its packaging by 2025. With this
investment, Keurig Dr Pepper has committed to providing over $30 million in collaborative
projects and partnerships across North America to encourage the circular economy. Other
projects in which KDP has invested include the American Beverage Association's Every
Bottle Back initiative, the Closed Loop Fund and several initiatives led by The Recycling
Partnership, Keep America Beautiful and the World Wildlife Fund.
"Along with advancing our own sustainable packaging commitments, Keurig Dr Pepper
is also focused on driving meaningful change in the nearly 20,000 complex recycling
systems currently found across the United States through targeted investments and
collaborations like the Polypropylene Recycling Coalition, said Chief Sustainability
Officer, Keurig Dr Pepper. Investing in partnerships that amplify our individual actions
will enable us to truly drive progress in eliminating packaging waste by improving
recycling infrastructure and enhancing consumer education efforts, both of which will
increase the recovery of valuable plastics."
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Kimberly-Clark (USA) Announces Second Quarter 2020 Results
Highlights
• Second quarter 2020 net sales of $4.6 billion increased slightly compared to the year-ago
period, including organic sales growth of 4 percent.
• Diluted net income per share for the second quarter was $1.99 in 2020 and $1.40 in 2019.
• Second quarter adjusted earnings per share were $2.20 in 2020, up 32 percent compared
to $1.67 in 2019. Adjusted earnings per share exclude certain items described later in this
news release.
• Second quarter cash provided by operations was $1,579 million in 2020 and $609 million
in 2019.
• The company is restoring financial guidance for full-year 2020 and restarting its share
repurchase program after temporarily suspending both in April due to the uncertainty
related to the COVID-19 pandemic.
• Net sales in 2020 are expected to increase 1 to 2 percent year-on-year, including organic
sales growth of 4 to 5 percent. Diluted net income per share for 2020 is anticipated to be
$6.35 to $6.90. Adjusted earnings per share in 2020 are expected to be $7.40 to $7.60. The
company's outlook in January was for organic sales growth of 2 percent and adjusted
earnings per share of $7.10 to $7.35.
Chairman and Chief Executive Officersaid, "We continue to focus on protecting the
health and safety of our employees and consumers and operating our supply chain with
excellence to meet the needs of our consumers and customers during this unprecedented
time period. I am extremely proud of how our teams are managing these near-term
operating priorities. At the same time, our underlying business momentum is good, our
market share positions are healthy overall and we are delivering excellent financial
results."
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Kraft Heinz (USA) Reports Second Quarter 2020 Results
Highlights
• Net sales increased 3.8 percent versus the year-ago period to $6.6 billion, despite a negative 2.1
percentage point impact from divestitures and an unfavorable 1.5 percentage point impact from
currency. Organic Net Sales increased 7.4 percent, driven by increased retail demand that more than
offset lower foodservice-related sales, each stimulated by the COVID-19 pandemic.
• Adjusted EBITDA in the second quarter increased 12.4 percent versus the year-ago period to $1.8
billion, despite a negative 2.3 percentage point impact from divestitures and an unfavorable 1.2
percentage point impact from currency.
• Adjusted EPS increased 2.6 percent to $0.80, mainly reflecting growth in Adjusted EBITDA that
was partially offset by lower other income versus the prior year period, higher taxes on adjusted
earnings, and higher equity award compensation versus the year-ago period.
• The Company recorded non-cash goodwill impairment losses of approximately $1.8 billion in
certain reporting units and non-cash intangible asset impairment losses of approximately $1.1
billion in certain intangible assets. These impairment charges caused the Company to report a net
loss attributable to common shareholders of $1.7 billion and a diluted loss per share of $1.35.
• Volume/mix grew 5.2 percentage points compared to the prior year period, as strong consumer
demand in retail, together with a partial recovery in retail inventory levels from the end of the first
quarter, more than offset significant declines in foodservice-related sales.
“Our response to the ongoing COVID-19 pandemic reflects the hard work and dedication of our
remarkable employees around the world,” said Kraft Heinz CEO. We are now starting to realize
the benefits of agility and scale, while implementing changes across the Company to further drive
agility, both internally and how we go to market. We believe this will be the key to returning the
Company to sustainable long-term growth and profitability, and we look forward to providing
greater details on these initiatives during our Investor Day in September.”
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Capri Holdings Limited (USA) Announces First Quarter Fiscal 2021 Results
First Quarter Fiscal 2021 Highlights
• First quarter revenue decline of 66.5%, better than the company's initial
expectation
• First quarter adjusted gross margin expansion of 480 basis points versus
prior year
• First quarter adjusted loss per share of $1.04
• Ended the first quarter with approximately $1.1 billion of liquidity
The Company’s Chairman and Chief Executive Officer, said, "The
COVID-19 pandemic continues to profoundly impact the entire world.
My thoughts and prayers go out to all those who have been affected by
the virus and to everyone on the front lines who are tirelessly helping
combat this pandemic. At Capri Holdings, we are prioritizing the health
and safety of our employees, customers and communities as our stores
continue to reopen around the globe. I want to thank our teams around
the world for the hard work and dedication they demonstrate every day
to support each other and their communities during this unprecedented
time."
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Molson Coors (USA) Reports 2020 Second Quarter Results
Quarterly Highlights
• Revenue: Net sales decreased 15.1% on a reported basis, and 14.3% in constant currency driven by financial volume declines
related to on-premise closures resulting from the coronavirus pandemic across all of our major markets, as well as unfavorable global
mix, partially offset by higher net pricing in the U.S. and Canada.
• Cost of goods sold per hectoliter: decreased 5.4%on a reported basis primarily driven by changes to our unrealized mark-to-market
commodity positions, cost savings and a favorable resolution of our property tax appeal for our Golden, Colorado brewery, partially
offset by volume deleverage and temporary "thank you" pay for certain essential North America brewery employees.
• Marketing, general & administrative: decreased 31.9%on a reported basis. Underlying MG&A: decreased 30.8% in constant
currency largely driven by the prioritization, shifting and reductions in marketing as discussed above and cost savings related to the
revitalization plan.
• U.S. GAAP pretax income: increased 0.3% driven by lower MG&A, an approximate $106 million year-over-year variance resulting
from favorable unrealized mark-to-market changes on our commodity positions and HEXO warrants, and cost savings, partially
offset by an increase in special charges of approximately $114 million driven by special items associated with the revitalization plan,
the Irwindale brewery closure and cycling the gain on the sale of the Montreal brewery, lower financial volume and unfavorable mix.
• Underlying EBITDA: increased 2.2% in constant currency, driven by the same factors as pretax income with the exception of
changes in our unrealized market-to market commodity positions and HEXO warrants and special items which were excluded as
non-GAAP adjustments for underlying results.
• U.S. GAAP cash from operations: net cash provided by operating activitieswas $1,059.9 million for the six months ended June 30,
2020 compared to $828.0 million in the prior year.
• Underlying free cash flow: cash received of $796.4 million for the six months ended June 30, 2020, which represents an increase in
cash received of $235.7 million from the prior year, primarily due to favorable timing of working capital and lower cash paid for
taxes, as discussed above, and lower cash paid for interest, partially offset by lower underlying EBITDA and higher cash paid for
capital expenditures.
• Debt: Total debt at the end of the second quarter 2020 was $8.7 billion, and cash and cash equivalents totaled $780.8 million,
resulting in net debt of $7.9 billion.
"Last quarter we told you that our overarching focus as the whole world deals with the coronavirus pandemic was centered on two
objectives: navigating the short term to protect our employees and to mitigate short-term business challenges of the coronavirus,
and positioning our business for long-term success. That’s just what we’ve done. Through sound management and incredible
work by our teams, we had a strong second quarter executing well against these two objectives and beating expectations for both
top and bottom-line performance in the second quarter. We did it while delivering an improved cash position and preserving the
biggest firepower in our marketing budgets so they can be ramped up in the back half of the year when we expect they will be
most effective.” Said Molson Coors president and chief executive officer.
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Mondelēz International (USA) Reports Q2 2020 Results
Second Quarter Commentary
• Net revenues decreased 2.5 percent driven by unfavorable currency and the impact of a prior-year divestiture, with
underlying Organic Net Revenue growth of 0.7 percent and the positive impact of acquisitions.
• Gross profit decreased $138 million and margin declined 130 basis points to 39.4 percent. Both were due to
unfavorable currency, unfavorable year-over-year mark-to-market impacts from currency and commodity derivatives,
and marginally lower Adjusted Gross Profit.
• Operating income decreased $312 million and margin was 12.1 percent, down 480 basis points primarily due to
intangible asset impairment charges, costs associated with the JDE Peet's transaction, lower Adjusted Operating
Income1, lapping a prior-year gain on a divestiture, lapping the benefit from prior-year pension participation changes
and the year-over-year unfavorable change in mark-to-market gains/(losses) from currency and commodity hedging
activities.
• Adjusted Operating Income decreased $38 million at constant currency, and margin decreased 80 basis points to
15.9 percent driven primarily by the decline in Adjusted Gross Profit margin, the impact of acquisitions and
unfavorable volume/mix, partially offset by lower advertising and promotion costs.
• Diluted EPS was $0.38, down 30.9%, primarily due to costs associated with the JDE Peet's transaction, intangible
asset impairment charges, lapping a prior-year net gain on divestiture, lapping a prior-year impact from pension
participation changes, unfavorable year-over-year mark-to-market impacts from currency and commodity derivatives,
a decline from operating activities as a result of COVID-19 related disruption and unfavorable currency translation,
partially offset by a gain on equity method investment transactions, lower taxes and an increase in equity method
investment earnings.
• Adjusted EPS was $0.63, up 16.1% on a constant-currency basis driven by lower taxes, an increase in equity method
investment earnings, an increase in benefit plan non-service income, lower interest and other expense, net, and lower
shares outstanding, partially offset by a decline from operating activities.
• Capital Return: The company returned $410 million to shareholders in cash dividends.
"We remain focused on the safety and well-being of our colleagues and communities at this time, while continuing to serve our
customers in the exceptional circumstances caused by COVID-19. I am proud of how our teams have demonstrated their
commitment to our customers and consumers by safely and efficiently maintaining business continuity. I am pleased with our
second quarter performance given the challenging environment, with top-line performance driven by Developed Markets and
strong share gains in all key markets. Our Emerging Markets performance improved throughout the quarter as store closures
eased and consumers in many markets were increasingly able to access our products. While we expect continued volatility and
uncertainty from COVID-19, I am confident that our strategy, investments, category fundamentals and execution will enable us
to successfully navigate this crisis and emerge stronger," said Chairman and Chief Executive Officer.
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Murphy USA Inc. Reports Second Quarter 2020 Results
Key Highlights:
• Net income was $168.9 million, or $5.73 per diluted share, in Q2 2020 compared to net income of
$32.7 million, or $1.01 per diluted share, in Q2 2019
• Total fuel contribution for Q2 2020 was 38.3 cpg compared to 14.7 cpg in Q2 2019
• Total retail gallons decreased 25.7% in Q2 2020 compared to Q2 2019, while volumes on a same store
sale basis decreased 27.4%
• Merchandise contribution dollars grew 12.2% to $118.4 million compared to the prior-year quarter, on
average unit margins of 15.4% in the current quarter
• During Q2 2020, 3 new stores opened and 8 raze-and-rebuild sites were re-opened. In addition, the
Company divested all 9 Minnesota stores to a private company for an immaterial gain; there are 11 new
sites and 6 raze-and-rebuild sites currently under construction
• Total merchandise contribution increased 12.2% to $118.4 million in the second quarter 2020 from
$105.5 million in the second quarter 2019, due to higher sales across the chain. Q2 2020 total
merchandise contribution dollars per store on a SSS basis increased 11.9% when compared to Q2 2019.
• Total fuel contribution dollars increased 93.6%, or $156.9 million, in the second quarter of 2020
compared to the second quarter of 2019. Retail fuel margins of 31.7 cpg were 136.6% higher than the
second quarter 2019, which helped increase total retail fuel contribution dollars by $116.4 million to
$268.8 million.
• Station OPEX excluding payment fees and rent, decreased 1.8% from the same period of 2019, on an
APSM basis and was primarily attributable to lower maintenance expense.
• Long-term debt consisted of approximately $493 million in carrying value of 4.75% senior notes due in
2029, $297 million in carrying value of 5.625% senior notes due in 2027 and $238 million of term debt
less $50 million of current maturities, which is reflected in current liabilities.
“Murphy USA’s record second quarter performance once again demonstrated the competitive
advantages of our distinctive business model and customer positioning, said President and CEO
Andrew Clyde. Fuel margins significantly outpaced volume declines due to COVID-19 related
demand destruction even as commodity prices rose sharply in May and June. As volume recovers in
July to over 90-percent of prior year levels reflecting our every-day low price positioning and more
favorable geographies and locations, robust fuel margins continue to generate higher than normal fuel
contribution for Murphy USA. Merchandise sales and margins have kept record pace as prior and
current investments in tobacco categories led to further acceleration of additional market share gains
while innovation in general merchandise and recovering traffic boosted non-tobacco categories. Our
outlook for the remainder of 2020 and 2021 remains very positive as the underlying structural basis
for these trends further solidifies. With a strong cash position and flexible balance sheet, Murphy USA
remains well positioned to accelerate its balanced strategic capital allocation priorities over the next
few years, including the previously announced growth in new-to-industry sites and front-loaded share
repurchase program.”
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Newell Brands (USA) Announces Second Quarter 2020 Results
Second Quarter 2020
• Net sales were $2.1 billion, a decline of 14.9 percent compared with the prior year period.
• Core sales declined 12.6 percent compared with the prior year period. Three of eight business units
delivered core sales growth.
• Reported operating margin was 7.7 percent compared with 9.3 percent in the prior year period.
• Normalized operating margin was 10.2 percent compared with 12.2 percent in the prior year
period.
• Reported diluted earnings per share were $0.18 compared with $0.21 per share in the prior year
period.
• Normalized diluted earnings per share were $0.30 compared with $0.43 per share in the prior year
period.
• Year to date operating cash flow was $132 million compared with an operating cash outflow of $9
million in the prior year period, reflecting strong working capital progress.
• The company raised $500 million through the issuance of 4.875 percent senior notes maturing in
June 2025.
• The company initiated a restructuring program to streamline business operations and reduce
overhead costs.
• Beginning in the second quarter of 2020, the company realigned its management and segment
reporting as a result of changes in its organizational structure. The company now reports financial
information in five operating segments: Appliances &Cookware, Commercial Solutions, Home
Solutions, Learning & Development and Outdoor & Recreation.
"We are encouraged by the current trends of our business, including top line improvement
throughout the quarter, very strong consumption patterns in a number of our categories, and the
progress we are making against key tenets of our turnaround plan, despite the challenging
operating and economic environment caused by the global coronavirus pandemic, said Newell
Brands President and CEO. Three of eight business units delivered core growth in the second
quarter, eCommerce sales continued to accelerate and the company as a whole delivered modest
core sales growth in the month of June. While the macros remain uncertain and difficult, we
continue to expect results in the back half of the year to improve relative to the second quarter.
We remain confident in our liquidity position and our ability to successfully navigate during these
unprecedented times."
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Philip Morris International Inc. (USA) Reports 2020 Second-Quarter
2020 Second-Quarter
• Reported diluted EPS of $1.25, down by 16.1%; down by 12.1%, excluding
currency
• Adjusted diluted EPS of $1.29, down by 11.6%; down by 7.5%, excluding
currency
• Cigarette and heated tobacco unit shipment volume down by 14.5% (reflecting
cigarette shipment volume down by 17.6%, and heated tobacco unit shipment
volume up by 24.3% to 18.7 billion units)
• Market share for heated tobacco units in IQOS markets, excluding the U.S., up by
1.8 points to 6.3%
• Net revenues down by 13.6%; down by 9.5%, excluding currency
• Operating income down by 14.3%; down by 11.0%, excluding currency
• Adjusted operating income down by 9.5%, excluding currency
• Adjusted operating income margin flat at 41.7%, excluding currency
• Total IQOS users at quarter-end estimated at approximately 15.4 million, of
which approximately 11.2 million have stopped smoking and switched to IQOS
• During the quarter, PMI declared a regular quarterly dividend of $1.17 per
common share, representing an annualized rate of $4.68
"Despite a very challenging quarter due to the pandemic, we delivered results
above our previously communicated expectations for both net revenues and
reported diluted EPS. This primarily reflected favorable sequential performance
in June, with a strong industry volume recovery notably in the higher margin EU
Region -- and substantial IQOS user acquisition growth, as well as the benefit of
certain non-underlying factors, some of which we expect to reverse in the third
quarter. We are particularly pleased by the excellent performance of IQOS, for
which we continued to grow share across a broad range of markets. This is
testament to the strength and agility of our commercial model, which
increasingly leverages our digital assets." said Chief Executive Officer.
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P&G (USA) Announces Fourth Quarter and Fiscal Year 2020 Results
Highlights
• Net sales of $71 billion, an increase of five percent versus the prior year. Excluding the
impacts of foreign exchange, acquisitions and divestitures, organic sales increased six
percent, driven by a four percent increase in organic volume.
• Diluted net earnings per share were $4.96, an increase of 247% versus the prior year, due
primarily to the non-cash impairment charge for the Gillette Shave Care business in the
base year.
• Core earnings per share increased 13% to $5.12. The Company generated $17.4 billion of
operating cash flow in fiscal 2020 with adjusted free cash flow productivity of 114%.
• The Company returned $15.2 billion of value to shareholders in fiscal 2020 through $7.8
billion in dividend payments and $7.4 billion of share repurchases.
• The Company reported fourth quarter fiscal year 2020 net sales of $17.7 billion, an
increase of four percent versus the prior year. Excluding the impacts of foreign exchange,
acquisitions and divestitures, organic sales increased six percent, driven by a three percent
increase in organic volume.
• Diluted net earnings per share were $1.07, an increase of $3.19 versus the prior year, due
primarily to the impairment charge for the Gillette Shave Care business in the base year.
Core earnings per share increased five percent to $1.16.
• Operating cash flow was $4.8 billion for the quarter. Adjusted free cash flow productivity
was 161%.
“We are prioritizing employee health and safety, maximizing availability of P&G
products, which play an essential role in meeting the daily health, hygiene and cleaning
needs of consumers around the world, and helping society meet the challenges of the
COVID crisis. We expect to grow through this crisis and come out even stronger on the
other side, said President and Chief Executive Officer. We delivered strong, balanced
sales and profit results in fiscal 2020, both pre-COVID and through the balance of the
year, meeting or exceeding each of our going-in targets, demonstrating the commitment
and agility of P&G people and the robustness of our strategy.”
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RB (UK) announces $25 million investment in a new Reckitt Global Hygiene Institute
to strengthen scientific evidence and achieve behavior change
RB announces the launch of a global initiative to generate high-quality scientific
research-based evidence to inform public health recommendations and promote
behaviors that improve global hygiene. The Reckitt Global Hygiene Institute is a
public health research and innovation hub that will bridge epidemiology, public health,
and behavioral insights to generate practical, high-quality scientific research that leads
to enduring behavior change. Through the establishment of a fellowship program with
leading universities, RGHI will generate practical, informed public health research and
recommendations that champion global hygiene as the foundation of health. RB’s
commitment to global hygiene research and education includes:
• A multi-year, $25 million investment in research aimed at filling the gaps in our
understanding of the science-based evidence around hygiene and the behaviors and
solutions necessary to sustain it.
• The formation of an Expert Panel—comprised of cross-discipline luminaries—to
guide these research efforts at leading academic institutions around the world.
• The creation of a Global Hygiene Institute with a Governing Board supported by
full-time staff, ongoing research, and education programming driven by expert
researchers and educators.
“The COVID-19 pandemic has pushed public health to the top of the global agenda.
At RB, we see the need for a new paradigm that brings together the highest quality
scientific based evidence and informed public health recommendations to generate
large-scale behavior change for a cleaner, healthier world, said CEO of RB. Today
we’re announcing our commitment to convene a group of multi-disciplinary experts
who, like us, believe real change on a global scale is within reach if we translate
science-based evidence and consumer behavioral insights into sustainable hygienic
practices that can be adopted globally. This ambitious goal is the result of our belief
that the highest quality hygiene is a right and not a privilege.”
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Ahold Delhaize (Netherlands) reports strong Q2 results that continue to be impacted
by COVID-19
Highlights
• Net sales were €19.1 billion, up 17.1%, or 15.9% at constant exchange rates
• In the U.S. and Europe, comp sales growth excluding gas was up 20.6% and 10.2%,
respectively
• Net consumer online sales grew 77.6% at constant exchange rates; Ahold Delhaize will
reach €7 billion net consumer online sales goal in 2020, one year ahead of plan
• COVID-19-related costs were approximately €330 million in the first half of the year,
and approximately €260 million in Q2, including safety measures and enhanced associate
pay
• Operating income was €1,004 million, increasing 78.0% at constant exchange rates
• Underlying operating margin was 5.3%, up 1.7% points from the prior year at constant
exchange rates
• Diluted EPS was €0.65; diluted underlying EPS was €0.65, increasing 87.9%
• 2020 outlook raised, with underlying EPS growth in the low-to-mid-20% range; free cash
flow expected to be at least €1.7 billion, net of paying the majority of a tentative U.S.
pension plan withdrawal agreement
• 2020 interim dividend is €0.50, up 67% and based on 40% of first half 2020 underlying
income per share
President and CEO of Ahold Delhaize said, "COVID-19 has presented adversity across
society and business. It has impacted our communities, associates, customers, and their
families. I would like to thank associates across all our local brands and support offices
for their outstanding service during this crisis. Their agility and dedication have ensured
the safety of our stores and distribution centers, sustained the strength of our supply
chains, and helped nourish families and local communities. I am grateful for the
commitment they have shown and continue to show. I am also pleased that we were able
to make important investments in additional safety measures, enhanced associate pays
and benefits, and significant charitable donations, including to several local food banks.
Additionally, our brands hired more than 45,000 associates globally in Q2.”
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Snap-on (USA) Announces Second Quarter 2020 Results
Highlights
• Net sales of $724.3 million in the second quarter of 2020 decreased $227.0 million, or 23.9% from 2019
levels, reflecting a $214.9 million, or 22.9%, organic sales decline, $14.4 million of unfavorable foreign
currency translation, and $2.3 million of acquisition-related sales. The lower sales volume is primarily due to
the impact of the COVID-19 pandemic.
• Operating earnings before financial services for the quarter of $91.1 million, or 12.6% of sales, including $5.8
million of direct costs associated with COVID-19, $4.0 million of exit and disposal costs for actions outside of
the United States and $3.8 million of unfavorable foreign currency effects, compared to $189.9 million, or
20.0% of sales last year.
• Excluding the restructuring charges in 2020, operating earnings before financial services, as adjusted, of
$95.1 million, or 13.1% of sales, decreased $94.8 million, or 49.9%, from 2019 levels.
• Financial services revenue in the quarter of $84.6 million increased $0.5 million from 2019 levels; financial
services operating earnings of $57.6 million compared to $60.6 million last year.
• Consolidated operating earnings for the quarter of $148.7 million, including $5.8 million of direct
COVID-19-related costs, $4.0 million of restructuring charges and $4.1 million of unfavorable currency
effects, compared to $250.5 million last year. As a percentage of revenues, consolidated operating earnings
were 18.4% and 24.2% in the second quarters of 2020 and 2019, respectively.
• Excluding the restructuring charges in 2020, consolidated operating earnings, as adjusted, of $152.7 million,
or 18.9% of revenues, decreased $97.8 million, or 39.0%, from 2019 levels.
• The second quarter effective income tax rate of 24.1% in 2020 was increased by 20 basis points as a result of
the restructuring charges. The second quarter effective income tax rate was 23.6% in 2019.
• Reported net earnings in the second quarter of 2020 of $101.2 million, or $1.85 per diluted share, compared
to $180.4 million, or $3.22 per diluted share, a year ago. Excluding the restructuring charges, net earnings, as
adjusted, were $104.5 million in 2020, or $1.91 per diluted share.
“Throughout the second quarter, our sales and earnings were adversely impacted by the COVID-19
pandemic, said Snap-on chairman and chief executive officer. We believe the effects of the virus can be
represented in three phases: shock, or the significant stress associated with the early days; accommodation,
or the gradual improvement reflecting the development of tactics to proceed safely in the COVID-19
environment; and finally, psychological recovery, or the restoration of confidence in the future. In fact, we
encountered that trend as we moved from the shock of April to the accommodation reflected by the
narrowing sales declines of May and June. During these times of turbulence, we continue to prioritize the
health, safety and well-being of our associates, franchisees, customers and communities as we engage in our
essential work. At the same time, we endeavor to strengthen our powerful product lines, reinforce our
extraordinary brands, and maintain our capable team, preserving these advantages to pursue the abundant
opportunities we believe will be available as the virus clears. Finally, and especially in the current situation,
I want to thank our franchisees and associates worldwide for their many contributions, continued dedication,
and belief in our future.”
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Stanley Black & Decker (USA) Reports 2Q 2020 Results
Highlights
• Net sales for the quarter were $3.1 billion, down 16% versus prior year, as acquisitions
(+2%) and price (+1%) were more than offset by volume (-17%) and currency (-2%).
• Gross margin rate for the quarter was 32.2%. Excluding charges, the rate was 33.5%,
down 130 basis points versus prior year as the impacts from lower volume as well as
currency and carryover tariff headwinds were partially offset by price, productivity and
strong cost management.
• SG&A expenses were 23.3% of sales. Excluding charges, SG&A expenses were 20.7% of
sales compared to 20.1% in 2Q'19, reflecting previously announced cost controls partially
offsetting the impact from lower volume.
• The tax rate was (105.6%) which included a $119 million one-time benefit associated
with a supply chain reorganization. Excluding charges and one-time benefit, the tax rate
was 15.0% versus 11.6% in 2Q'19.
• Working capital turns for the quarter were 5.6, down 1.1 turns from prior year due to
maintaining relatively consistent inventory levels to serve a potential second half demand
improvement on a lower revenue base.
Stanley Black & Decker's President and CEO, commented, "We effectively managed
through a multitude of challenges during the second quarter to finish with a strong
outcome given the environment. Our team demonstrated agility in the face of changing
demand, swiftly implementing appropriate cost reduction actions while also responding
to serve a rapidly improving demand picture in Tools & Storage and Security.
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Sysco (USA) Reports Fourth Quarter and Full Year 2020 Results
Fourth Quarter Fiscal 2020 Highlights
• Sales decreased 42.7% to $8.9 billion
• Gross profit decreased 47.4% to $1.6 billion; gross margin decreased 159 basis points
• Operating income decreased 173.8% to $(531.6) million; adjusted¹ operating income
decreased 104.1% to $(33.9) million
• Earnings per share (“EPS”) decreased $2.25 to $(1.22); adjusted¹ EPS decreased
$1.39 to $(0.29)
Fiscal 2020 Highlights
• Sales decreased 12.0% to $52.9 billion
• Gross profit decreased 13.2% to $9.9 billion; gross margin decreased 26 basis points
• Operating income decreased 67.8% to $749.5 million; adjusted¹ operating income
decreased 37.4% to $1.7 billion
• EPS decreased $2.78 to $0.42; adjusted¹ EPS decreased $1.54 to $2.01
“I am immensely proud of the actions taken by the Sysco team to manage our
business during this time of crisis, specifically led by our associates’ focus and
agility when launching strategic transformational initiatives, said Sysco’s president
and chief executive officer. While our fourth quarter and fiscal 2020 results were
significantly impacted by the COVID-19 pandemic, we quickly responded by
strengthening our balance sheet, adding new and different types of customers, and
strategically committing resources to plan for the eventual return of demand. Our
quarterly results came in notably better than we anticipated. More importantly, we
are confident that the transformational steps we are taking better position Sysco to
meet the evolving needs of our customers and the marketplace as we emerge from
this crisis.”
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Tapestry, Inc. (USA) Reports Fiscal 2020 Fourth Quarter and Full Year Results
Highlights
• Net sales totaled $715 million for the fiscal fourth quarter as compared to $1.51 billion in the prior
year.
• Gross profit totaled $499 million on a reported basis, while gross margin for the quarter was
69.8% compared to $999 million and 66.0%, respectively, in the prior year. On a non-GAAP basis,
gross profit totaled $507 million, while gross margin was 71.0% as compared to $1.02 billion and
67.3%, respectively, in the prior year.
• SG&A expenses totaled $779 million on a reported basis and represented 109.0% of sales
compared to $828 million and 54.7%, respectively, in the year ago quarter. On a non-GAAP basis,
SG&A expenses were $577 million and represented 80.8% of sales as compared to $796 million and
52.6%, respectively, in the year ago period.
• Operating loss was approximately $280 million on a reported basis, while operating margin was
(39.2) % versus operating income of $171 million and an operating margin of 11.3% in the prior
year. On a non-GAAP basis, operating loss was $70 million, while operating margin was (9.8) %
versus operating income of $222 million and an operating margin of 14.7% in the prior year.
• Net interest expense was approximately $20 million in the quarter as compared to $11 million in
the year ago period.
• Other expense was negligible versus $1 million in the prior year.
• Net loss for the quarter was $294 million on a reported basis, with earnings per diluted share of
($1.06). This compared to net income of $149 million with earnings per diluted share of $0.51 in the
prior year period.
• Inventory was $737 million at the end of quarter versus ending inventory of $778 million in the
year ago period.
Interim Chief Executive Officer of Tapestry, Inc., said, “Our fourth quarter results reflected our
effective and values-led approach to navigating the Covid-19 pandemic. This performance
exceeded internal expectations, demonstrating the power of our unique brands and the decisive
actions taken to adapt our business to the rapidly evolving environment and enhance financial
flexibility. I am incredibly proud of our global teams for the resilience, passion and commitment
they have shown during these unprecedented times. Looking forward, Tapestry’s next chapter of
growth is ours to write. While the backdrop remains volatile, it has not changed our long-term
objectives. Rather, it has been a catalyst to accelerate our strategic agenda. Through our
Acceleration Program, we are transforming into a world-class consumer centric organization that
is more agile and data-driven with a digital-first mindset. We believe these initiatives will create
stronger connections with our customers, fueling accelerated growth and profitability for
Tapestry and each of our brands."
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Tractor Supply Company Foundation (USA) Makes Investments in Organizations Advancing Opportunities
for Minorities
The Tractor Supply Company Foundation has committed $125,000 to organizations advancing
opportunities for minorities in the agriculture, education and civic fields. The donation comes as
part of Tractor Supply Company’s ongoing commitment to promoting diversity and inclusion in
its workforce and the communities it serves.Earlier this year, the rural lifestyle retailer launched
the African Americans on the R.I.S.E. Team Member Engagement Group. The group’s mission is
to engage, empower and facilitate the growth of African American Team Members; provide
visibility to and address issues and challenges which impact African Americans; and support
causes of importance to the broader African American community. In light of the recent national
focus on racial and social justice, the Tractor Supply Company Foundation worked with the
R.I.S.E. group to identify organizations that are uniquely working to achieve these goals.Under
Lawton’s leadership, the Company launched a Diversity and Inclusion Council at the beginning
of the year to promote programs focused on Team Members, welcoming environments,
customers and communities. In June, the Company published its first-ever Environmental, Social
and Governance Report which provided transparency around its diversity and inclusion program,
pay equity and more.
“At Tractor Supply, we are committed to being a champion for equality and respect,” said
Tractor Supply’s President and Chief Executive Officer. By way of the Tractor Supply
Company Foundation and with the direction of our African Americans on the R.I.S.E. group,
we are proud to support these organizations that are doing important work to advance
opportunities for African Americans and other minorities in our schools, our communities
and in the field of agriculture.”
Description
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Tyson Foods (USA) Reports Third Quarter 2020 Results.
First Nine Months Highlights
• GAAP EPS of $3.96, down 12% from prior year; Adjusted EPS of $3.83, down 10%
from prior year
• GAAP operating income of $2,102 million; Adjusted operating income of $2,155
million
• Total Company GAAP operating margin of 6.6% and Adjusted operating margin of
6.8%
• Generated $2.7 billion of operating cash flows
• Results negatively impacted by approximately $340 million of direct incremental
expenses related to COVID-19
Third Quarter Highlights
• GAAP EPS of $1.44, down 22% from prior year; Adjusted EPS of $1.40, down 5%
from prior year
• GAAP operating income of $775 million and Adjusted operating income of $760
million
• Total Company GAAP operating margin of 7.7% and adjusted operating margin of
7.6%
• Liquidity of $3.1 billion at June 27, 2020
• Results negatively impacted by approximately $340 million of direct incremental
expenses related to COVID-19
“Without a doubt, our third fiscal quarter was one of the most volatile and uncertain
periods I’ve seen during my time in the industry, said Tyson Foods’ CEO. However,
our commitment to team member health and safety and investments in operations
and portfolio strategy effectively positioned us to weather unprecedented
COVID-19 marketplace volatility while allowing us to support our farmers, ranchers
and producers and meet our customers’ needs.”
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The VF Foundation (USA) Announces $7.3 Million in Community Investments
The VF Foundation, the private grantmaking organization funded by VF Corporation, one of the world's
largest apparel, footwear, and accessories companies, recently announced the recipients of its gifting
cycle totaling $7.3 million in investments to 80 organizations around the world. The investments include
$5 million in support of environmental justice and protection, social and economic equity, and
community impact grants, and more than $2 million for disaster relief and global COVID-19 support.
The VF Foundation is committed to removing barriers to outdoor accessibility and promoting
environmental justice and stewardship. Conservation and community organizations receiving grants
within this focus area include:The Nature Conservancy:
• The VF Foundation is partnering with The Nature Conservancy on conservation projects, including
innovative planning activities for Fishers Peak, which is set to become Colorado’s 42nd state park, to
create economic development opportunities for the surrounding community.
• The Trust for Public Land: The VF Foundation’s investment with The Trust for Public Land will
directly support equitable access to parks and open space in underserved communities that have been
heavily impacted by both COVID-19 and ongoing disinvestment.
• Impact Farming Foundation: The Foundation’s support of the Impact Farming Foundation’s work will
build economic resilience among small cotton farming communities in Haiti through regenerative
agriculture methods to restore land health and reduce environmental impacts.
"These investments represent our core values while also allowing us to scale our impact globally. We
are proud that our grantees fully embody all that we believe in – protecting outdoor spaces, promoting
the value of trade work, and contributing to a world that prioritizes equity and belonging for all people,
stated Director of The VF Foundation. We believe these are vital issues where we can have significant
positive impacts. These grants will help our valued partners advance their efforts while also creating
movements that drive meaningful change."
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