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P&G Q1'20 EPS grows 22% YOY; Reckitt Benckiser cuts FY'19 revenue outlook

TOP NEWS

* The Procter & Gamble Co. raised its fiscal 2020 core EPS growth outlook to a range of 5% to 10% and revenue guidance to between 3% and 5% after posting first-quarter core EPS of $1.37, a 22% jump from a year ago. The S&P Global Market Intelligence consensus normalized EPS estimate for the period was $1.24. Net sales rose 7% year over year to $17.80 billion.

* Reckitt Benckiser Group PLC's shares fell 4% on Oct. 22 after the company reported a weak sales performance for the third quarter of 2019 and lowered its revenue and margin forecast for the full year. The maker of Lysol disinfectant and Durex condoms said like-for-like sales in the three months to Sept. 30 grew 1.6% to £3.29 billion, compared to an expected increase of 3.2% based on analysts' consensus forecasts provided by Reckitt Benckiser. The British company reduced its like-for-like net revenue growth target for the full year to zero percent to 2% and said it expects to see a modest decline in full-year adjusted operating margins compared with previous expectations of flat margins.

TEXTILES, APPAREL AND LUXURY GOODS

* Apparel retailer PVH Corp. appointed Michael Scheiner as chief marketing officer of Tommy Hilfiger Global, effective Oct. 28. Scheiner was formerly senior vice president of global marketing at Abercrombie & Fitch Co.-owned Hollister Co.

* Under Armour Inc. named President and COO Patrik Frisk its new CEO, effective Jan. 1, 2020, replacing founder Kevin Plank, who will become executive chairman and brand chief.

* Shares of Destination Maternity Corp. sank 47% on Oct. 21 after it filed for Chapter 11 bankruptcy protection and announced plans to shut down 213 underperforming stores as it continues the sale process for its remaining assets.

MULTILINE RETAIL

* Macy's Inc. will close its Fur Vaults and fur salons as part of its move to phase out sales of fur by the end of fiscal 2020. The U.S. department store operator said fur will no longer be sold across its retail chains, including Macy's off-price stores such as Macy's Backstage and Bloomingdale's The Outlet.

* Hudson's Bay Co. agreed to a revised take-private deal proposed by a group of its shareholders, who own a total of 57% of the company. The Ontario-based department store chain said the shareholder group includes Governor and Executive Chairman Richard Baker, Rhone Capital LLC, WeWork Property Advisors LLC, Hanover Investments (Luxembourg) SA and Abrams Capital Management LP. The group raised its offer price to C$10.30 per share from the C$9.45 per share offered June 10.

E-COMMERCE

* Alibaba Group Holding Ltd. expects more than 500 million consumers to shop during its annual Singles' Day event Nov. 11, about 100 million more than in 2018. The online giant said over 200,000 brands will participate.

* JD.com Inc.'s logistics arm joined the Science Based Targets initiative, which mobilizes companies to set greenhouse gas emission reduction targets that are in line with the scientific requirement to limit global warming rise within 2 degrees Celsius.

HOUSEHOLD AND PERSONAL PRODUCTS

* The Unilever Group said its Dove beauty brand will use 100% recycled plastic bottles in North America and Europe by the end of 2019 and plastic-free packaging for its beauty bar in 2020. Dove will also launch a trial of its Minim refillable deodorant, which comes in a recyclable stainless steel container, on its Loop circular shopping platform.

* Coty Inc. is exploring the sale of its professional hair and nail products business in a bid to reduce debt and streamline its structure. The division, which is expected to record $2.7 billion in revenue this year, includes hair care products like Wella, Clairol and Good Hair, as well as OPI nail care products.

* L'Oréal SA agreed to acquire Mugler SA, Thierry Mugler SAS, Clarins Fragrance Group, CFG France, Cosmeurop SAS and CFG UK from Groupe Clarins SA for an undisclosed amount. The two companies began exclusive negotiations in July. The acquisition of the fragrance brands, subject to standard conditions precedent and customary regulatory approvals, is expected to be completed in the first quarter of 2020.

FOOD AND STAPLES RETAILING

* Koninklijke Ahold Delhaize NV appointed Arla Foods CFO Natalie Knight as executive vice president of finance and executive committee member, effective March 1, 2020. Knight is expected to be nominated as the Dutch retailer's CFO and management board member in April 2020, succeeding Jeff Carr, who will leave the company for Reckitt Benckiser Group PLC.

HOUSEHOLD DURABLES AND SPECIALTY RETAIL

* Sports Direct International PLC said it does not intend to make an offer to buy Goals Soccer Centres PLC. The British retailer, which owns 18.92% of Goals Soccer, said it could not complete the due diligence to take the offer forward as the company had "limited" and "fitful" access and cooperation from the Goals Soccer board to support a possible offer.

HOTELS, RESORTS AND CRUISE LINES

* Whitbread PLC's half-year adjusted basic EPS rose 5.4% to 113 pence from 107.2 pence in the year-ago period, while adjusted revenue slid 0.1% year over year to £1.08 billion. The hotelier reported that accommodation sales in the U.K. declined 0.6% due to continued weak regional market conditions.

LEISURE PRODUCTS AND FACILITIES

* SeaWorld Entertainment Inc. partnered with nonprofit media and educational organization Sesame Workshop to launch a Sesame Place theme park in San Diego in the spring of 2021 for Sesame Street's 50th anniversary.

* Hasbro Inc.'s third-quarter adjusted diluted EPS came in at $1.84, down from $1.93 in the year-ago period and below the S&P Global Market Intelligence consensus normalized EPS estimate $2.20. Net revenue totaled $1.58 billion. Excluding the negative impact of $20.5 million from foreign exchange, net revenue rose 2% year over year.

EDUCATION SERVICES

* Adtalem Global Education Inc. agreed to sell its Brazilian business unit to higher education company Estácio Participações SA, or Yduqs, for 1.92 billion reais. Adtalem aims to streamline its portfolio and focus as a workforce solutions provider. The deal, subject to certain terms and conditions, is expected to complete in the first half of fiscal 2021.

* Barnes & Noble Education Inc. named Gary June as vice president and head of institutional services and digital student solutions, effective immediately.

* New Oriental Education & Technology Group Inc. said non-GAAP net income per American depositary share for the fiscal first quarter jumped 24.6% to $1.44 from $1.16 in the year-ago period, above the S&P Global Market Intelligence consensus normalized EPS estimate $1.38. Net revenue rose 24.6% year over year to $1.07 billion from $859.8 million.

The day ahead

Early morning futures indicators pointed to a mixed opening for the U.S. market.

In Asia, the Hang Seng gained 0.23% to 26,786.20.

In Europe, around midday, the FTSE 100 lifted 0.37% to 7,189.91, and the Euronext 100 fell 0.11% to 1,091.46.

On the macro front

The Redbook Index for retail sales, the existing homes sales report and the Richmond Fed manufacturing index are due out today.

Click here to read about today's financial markets, setting out the factors driving stocks, bonds and currencies around the world ahead of the New York open.

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