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EBay Q3 earnings beats estimates; Hermès 9-month sales up 16% YOY


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EBay Q3 earnings beats estimates; Hermès 9-month sales up 16% YOY


* E-commerce giant eBay Inc. reported third-quarter non-GAAP EPS from continuing operations of 67 cents, surpassing the S&P Global Market Intelligence mean consensus estimate for normalized EPS of 64 cents. The California-based company now expects its full-year non-GAAP EPS to range between $2.75 and $2.78, up from its previous guidance of $2.70 to $2.75.

* Hermès International SCA's sales for the nine-month period ended September rose 16% year over year, or 13% at constant currency, to €5.01 billion, driven by growth across all geographies and business segments. "In the medium term, despite growing economic, geopolitical and monetary uncertainties around the world, the group confirms an ambitious goal for revenue growth at constant exchange rates," the French fashion house said.


* Puma SE reported that third-quarter earnings rose 29.7% to €100.5 million, or 67 euro cents per share, from €77.5 million, or 52 euro cents per share, a year ago. Sales jumped 19% year over year, or 17% at constant currency, to €1.48 billion. The company said it now expects currency-adjusted sales to increase about 15% from the previous guidance of approximately 13% and for net earnings to "improve significantly in 2019."

* Israeli investor Sam Ben-Avraham submitted a bid for Barneys New York Inc., rivaling the approximately $271.4 million offer for the bankrupt fashion retailer's assets from Authentic Brands Group LLC and investment firm B. Riley Financial Inc., Reuters reported. Sources reportedly said it was not clear if Barneys considered the offer as a qualified bid that met requirements for the bankruptcy court auction. Barneys and Authentic Brands did not immediately respond to requests for comment, the news agency said.

* Shoe Zone PLC reported that revenue for the year ended Oct. 5 totaled £161.9 million, compared to £160.6 million in 2018, despite challenging conditions in the second half of the year.


* Target Corp. will add $50 million in its payroll and double the number of employees dedicated to fulfillment and same-day services to make sure that customers will be properly assisted for the holidays. In addition, Target Circle members will be given early access to select Black Friday products and offered special discounts throughout the season.

* Marks & Spencer Group PLC's would-be stores director, David Lepley, decided to remain with British grocer Wm Morrison Supermarkets PLC, nearly a month after it was reported that the executive was poached by the department store operator, Retail Week reported. M&S reportedly is already talking to other candidates for the role.

* British variety store chain Poundland, owned by South Africa's Steinhoff International Holdings NV, will expand its multi-price program in November across all of its 840 stores in the U.K. after a successful trial that began in August, Retail Gazette reported.

* Debenhams PLC's holding company could name former House of Fraser Group Ltd. CFO Mark Gifford as its chairman as soon as the week of Oct. 21, Sky News reported, citing insiders. Prior to his potential role in Celine Holdings, Gifford has also been Game Digital PLC's CFO since 2015 after leaving House of Fraser.

* Nordstrom Inc. expanded in New York City with the launch of its flagship location at 225 West 57th St. The site spans 320,000 square feet and has seven floors.


* Inc. announced three new renewable energy projects in the U.S. and the U.K. to help it reach its goal of reaching 80% renewable energy by 2024 and becoming completely carbon neutral by 2040. The e-commerce giant is setting up a wind farm on the Kintyre Peninsula in Scotland, which is expected to generate 168,000-MWh of clean energy every year. In the U.S., Amazon will invest in solar projects in Warren County, N.C., and Prince George County, Va.

*'s private skin care brand Belei launched in Italy, Spain, France, Germany and the U.K. after its European debut was postponed over adjustments on the products' formulations, Women's Wear Daily reported. Belei offers a range of skin care items that do not contain parabens, phthalates or sulfates and are not tested on animals.

* Shop Direct booked a full-year statutory loss before tax of £185.5 million, compared with £24.7 million a year ago, driven by £310.2 million in exceptional items, which includes a £241 million provision for payment protection insurance following an expected increase in claims. "The company is currently evaluating a number of funding options to meet this additional liability," the British e-commerce company said. Revenue for the year ended June 30 grew 1.8% year over year to £1.99 billion.


* L'Oréal SA invested an undisclosed amount in venture capital fund Cathay Innovation, which specializes in developing beauty tech startups in China. "[The partnership] will enable us to connect to the dynamic ecosystem of disruptive beauty tech startups in China," L'Oréal China President Fabrice Megarbane said in a statement.

* Reckitt Benckiser Group PLC settled opioid cases with attorneys general from the states of New York, California, Indiana, Ohio, Virginia and Washington for $700 million. The company faced litigation claiming it improperly marketed the opioid addiction drug Suboxone.


* Walmart Inc. will launch a holiday savings program Oct. 25, offering discounts on its top products ahead of Thanksgiving and Christmas. It will also expand its shopping services to include a gift finder on its online platform, a scannable toy catalog and free next-day delivery.

* German hypermarket operator Metro AG confirmed its EBITDA outlook for the fiscal year 2018-2019 after reporting that sales grew 3.9% year over year, with like-for-like sales rising 2.5%.

* Wal-Mart de México SAB de CV posted EPS for the third quarter of 2019 of 53 Mexican centavos, up 6.6% from 50 centavos a year ago and above the S&P Global Market Intelligence GAAP estimate of 52 centavos. Total revenue grew 4.9% year over year to 155.02 billion pesos.


* Sports Direct International PLC appointed RSM UK Group LLP as its auditors, effective immediately. The news comes months after the British retailer said its former auditor, Grant Thornton UK LLP, will cease to hold office, beginning Sept. 11.


* Oyo Hotels plans to roll out more than 100 sites in Japan through a joint venture with majority investor SoftBank Group Corp., Reuters reported, citing a company statement. Oyo Hotels Japan reportedly will open hotels in more than 50 Japanese cities. A source close to the matter reportedly added the SoftBank and its Vision Fund will own 50% of the JV.


* Hotel and casino operator Las Vegas Sands Corp. reported that adjusted earnings per diluted share in the quarter came in at 75 cents, similar to S&P Global Market Intelligence's normalized consensus mean estimate. The company also announced expansion plans for its Asian businesses in Macao, Singapore and Japan.

The day ahead

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

In Asia, the Hang Seng jumped 0.87% to 26,797.95, while the Nikkei 225 was up 0.55% to 22,750.60.

In Europe, around midday, the FTSE 100 increased 0.69% to 1,099.00, and the Euronext 100 increased 0.68% to 1,098.98.

On the macro front

The durable goods orders report, the jobless claims report, the PMI composite FLASH report, the new home sales report, the EIA natural gas report, the Kansas City Fed manufacturing index, the Fed balance sheet and the money supply 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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