TOP NEWS
* The European Union could weigh tariffs of 25% on roughly $3.5 billion worth of U.S. exports like orange juice, Harley-Davidson Inc. motorcycles, dairy products and bourbon whiskey if U.S. President Trump pushes forward with his proposed tariffs on steel and aluminum imports, Reuters reported. In response, Trump threatened to extend the new tariffs to European cars. Meanwhile, speaking on the proposed tariff plan, White House National Trade Council Director Peter Navarro told CNN that "there will be an exemption procedure for particular cases" but added that at "this point in time, there will be no country exclusions."
* Walmart Inc. rolled out readymade meals for the first time at 250 outlets and plans to expand it across 2,000 stores by 2018-end, Bloomberg reports, citing an interview with the U.S. big-box retailer's executives. Prices of the prepared meals, which took the company about two months to develop, reportedly range from $8 to $10. Walmart reportedly also is launching a meal-kit product at stores that will be available in four varieties for $15 each.
TEXTILES, APPAREL AND LUXURY GOODS
Japanese cosmetics company Shiseido Co. Ltd. detailed its new three-year strategy and issued a net EPS guidance of ¥135.16 for fiscal 2018, compared to ¥56.95 in the prior year. The new plan will focus on accelerating digital growth through steps like striking partnerships with major e-commerce platforms and expanding international market share, including the launch of its key brands in China and other Asian markets.
MULTILINE RETAIL
* J.C. Penney Co. Inc. eliminated about 360 positions and announced a "strategic realignment" of its senior leadership. Under the leadership change, the department store operator appointed Therace Risch as chief information officer and chief digital officer to lead its omnichannel retail efforts and Joe McFarland executive vice president and chief customer officer to lead merchandising and store operations. The company also issued a fiscal 2018 outlook of an adjusted EPS of 5 cents to 25 cents, compared to a consensus normalized EPS estimate of 23 cents for the fiscal year as per S&P Capital IQ.
E-COMMERCE
* Amazon.com Inc. could foray into food delivery service in France but a launch date is yet to be scheduled, Reuters reported, citing comments by Amazon France General Manager Frederic Duval in an interview with French newspaper Journal du Dimanche. French Finance Minister Bruno Le Maire was quoted by the publication in a separate interview saying Amazon is in talks with other French groups, particularly in the food products sector, the Reuters report added.
* JD.com Inc.'s CFO Sidney Huang told analysts that the company's investments in its logistics business will impact its margin in fiscal 2018. The e-commerce giant's shares fell March 2 after it missed expectations for the fiscal fourth quarter ended Dec. 31. The Chinese e-commerce giant said it expects to post a non-GAAP net margin between 1% and 2% for fiscal 2018.
FOOD AND STAPLES RETAILING
* South African packaged foods companies Tiger Brands Ltd. and RCL Foods Ltd. suspended processed meat production after health authorities ordered a recall of cold meats made by Tiger unit Enterprise Foods linked to a deadly listeria outbreak, which claimed 180 lives, Reuters reports. Tiger Brands said it is cooperating with the authorities.
* Tesco PLC completed its £4 billion purchase of wholesaler Booker Group PLC, issuing new shares to Booker shareholders that were due to be listed on the London Stock Exchange's main market at 8 a.m. local time on March 5. The U.K. grocer said Charles Wilson, a former director and CEO at Booker, assumed his new role as CEO of Tesco's retail and wholesale operations in the U.K. and Ireland, while Booker Chairman Stewart Gilliland joined Tesco's board as a nonexecutive director.
* The U.K.'s Serious Fraud Office is seeking a retrial of three former Tesco executives accused of fraud. A date for the hearing will be announced in due course. The first trial was abandoned Feb. 6, 2018, after Tesco former U.K. finance director Carl Rogberg, one of the defendants, suffered a heart attack.
* Indian online grocery delivery company BigBasket aims to open "thousands of" physical outlets selling fresh produce and fast-moving consumer goods, a pilot of which is already underway, The Economic Times (India) reported, quoting the startup's founder and CEO Hari Menon. BigBasket, which reportedly raise $300 million led by Chinese e-commerce giant Alibaba Group, could also start a subscription service for milk, bread, eggs and other items.
INDUSTRY NEWS
* A number of consumer companies, including Campbell Soup Co. and Anheuser-Busch Inbev SA/NV, have opposed President Trump's intention to impose tariffs on steel and aluminum imports, citing additional cost burden on their industries, Bloomberg News reported. Meanwhile, Swedish home appliances manufacturer AB Electrolux delayed a planned $250 million investment to modernize its Springfield, Tenn., plant over the potential new tariff.
