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Luckin Coffee Q2 revenue up 648% YOY; BAT-Twisp deal gets regulatory approval

TOP NEWS

* Coffee chain Luckin Coffee Inc. posted a 648.2% year-over-year increase in total net revenue to 909.1 million Chinese yuan for the second quarter from 121.5 million yuan. This was attributable to a 410.6% surge in average monthly transacting customers to 6.2 million, compared to 1.2 million in the year-ago quarter. Net loss attributable to shareholders widened to 1.21 billion yuan from 1.13 billion yuan in the prior-year period. Total number of stores at the end of three months to June 30 was 2,963, a 374.8% increase from 624 stores a year ago.

* The Competition Tribunal of South Africa conditionally approved the merger between British American Tobacco PLC and e-cigarette maker Twisp (Pty.) Ltd. Under the conditions set by the regulator, the combined entity cannot retrench any employees for two years, effective from the date the transaction is complete.

FOOD RETAIL & DISTRIBUTION

* German retailer Metro AG has extended the bidding deadline for its Chinese operations until the week of Aug. 19, Reuters reported, citing three sources. A Metro spokeswoman declined to comment on the matter but said discussions are progressing as planned, the report added.

* Costco Wholesale Corp.'s board announced a quarterly cash dividend of 65 cents per share, payable Sept. 13 to shareholders of record as of Aug. 30.

BEVERAGES

* Mexican beverage retailer and bottler Fomento Economico Mexicano SAB de CV, as part of its joint venture with Raízen Combustíveis SA, will open 500 stores in Brazil under the OXXO and Select supermarket brands in the next three years, Reuters reported.

* Coca-Cola Co. will be introducing aluminum can packaging for its Dasani water brand in the northeastern U.S. this fall and across the country in 2020. The beverage giant also will roll out hybrid bottles made of 50% recycled plant-based renewable and recycled plastic material across the U.S. by mid-2020.

AGRICULTURAL PRODUCTS

* Agribusiness Wilmar International Ltd. reported a 52% year-over-year decline in second-quarter diluted EPS to 2.4 cents from 5 cents. The Singapore-based company's three-month revenue also dropped 9% year over year to $9.78 billion, primarily due to lower soybean crush margins and the impact of African swine fever outbreak on soybean meal demand.

* Singapore-based Olam International Ltd. reported a 34.5% year-over-year decline in second-quarter profit after tax and minority interest to S$61.5 million from S$94 million in the year-ago quarter due to higher depreciation and amortization.

* Agribusiness Bunge Ltd. said it will move its headquarters from New York to St. Louis. The relocation is expected to be completed by the end of the second quarter of 2020.

PACKAGED FOODS

* Brazilian meat processor BRF SA appointed Carlos Moura as CFO, effective Sept. 16.

* Mexican dairy-products maker Grupo Lala SAB de CV said it will pay an annual cash dividend of 61.5 Mexican pesos per share in four installments of 15.38 pesos each. The second installment will paid Aug. 21.

* Hong Kong-based meat and food processing company WH Group Ltd. is looking for new markets to import pork amid the African swine flu epidemic in China, the world's largest market for pork, and the ongoing U.S.-China trade war. For the first half of the year, the company recorded a 16.9% year-over-year drop in profit attributable to owners of the company to $463 million from $557 million.

* Swiss meat processor Bell Food Group AG reported sales revenue for the first half of CHF2 billion, which the company said was "on par" with the prior-year period. The company added that it plans to increase prices further in the second half of the year due to high raw material prices for pork. The group said it is setting its "strategic direction" following the divestment of its German sausage business.

RESTAURANTS

* Brinker International Inc. reported diluted EPS, excluding special items, of $1.36 for the fiscal fourth quarter, up 14.3% from $1.19 in the year-ago period. For fiscal 2020, the parent company of Chili's Grill & Bar expects diluted EPS, excluding special items, to be in the range of $4.15 to $4.35.

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The day ahead

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

In Asia, the Hang Seng ticked 0.08% higher to 25,302.28, while the Nikkei 225 gained 0.98% to 20,655.13.

In Europe, around midday, the FTSE 100 fell 0.97% to 7,180.47, and the Euronext 100 dropped 1.25% to 1,028.66.

On the macro front

The U.S. import and export prices report, the Atlanta Fed business inflation expectations report, and the U.S. Energy Information Administration petroleum status report 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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