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Sysco Q4'19 earnings beat Street estimates; Yum! Brands appoints CEO


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Sysco Q4'19 earnings beat Street estimates; Yum! Brands appoints CEO


* Sysco Corp.'s fiscal fourth-quarter and full-year 2019 results exceeded analysts' expectations as the company booked sales gains for both periods driven by increases in the U.S. The food service company's adjusted EPS for the 13 weeks to June 29 of $1.10 beat the S&P Global Market Intelligence mean consensus estimate for normalized EPS of $1.07. Separately, the Texas-based company agreed to purchase food distributor Jenkins Foodservice Professionals, CFO Joel Grade said.

* Yum! Brands Inc. promoted President and COO David Gibbs as its CEO, effective Jan. 1, 2020. Gibbs, who oversees the global KFC, Pizza Hut and Taco Bell divisions, will replace Greg Creed.


* Inc. has rolled out its Marketplace Appstore in India, The Economic Times (India) reported, citing Amazon India executive Gopal Pillai. The platform, which is accessible through Amazon Seller Central, will enable sellers to explore third-party applications to manage their business, the report said.

* Private equity firm Advent International Corp., the new owner of Walmart Inc.-branded supermarkets in Brazil, has decided to drop the U.S. retail giant's brand from its stores in the Latin American country and rename them Grupo BIG, Reuters reported, citing a company announcement.

* Food delivery company Roofoods Ltd., doing business as Deliveroo, is exiting Germany to focus on other European markets and the Asia-Pacific region, Reuters reported, citing a company spokesman. The Amazon-backed company reportedly said it would provide "appropriate compensation and goodwill packages" for riders, employees and restaurants affected by its decision.

* Japan's Seven & i Holdings Co. Ltd. reported that total sales at its convenience store chain Seven-Eleven Japan Co. Ltd. declined 1.2% year over year in July as same-store sales fell 3.4%.

* Discount retailer E-Mart Inc. plans to raise 1 trillion South Korean won through an asset sale by 2019-end and repurchase about 100 billion won worth of stock, The Korea Herald reported. The store chain reportedly said its net losses reached 26.6 billion won during the April to June period, compared with a net profit of 94.8 billion won in the year-ago period.

* Meal-kit delivery company HelloFresh SE narrowed its full-year revenue outlook to about 28% to 30% growth, the upper end of its previous guidance range. The German company reported second-quarter revenue of €436.7 million, up 31.5% on a constant currency basis from €319.7 million in the previous-year period.

* Amazon is in late-stage talks to acquire up to 10% of India's Future Retail Ltd., Bloomberg News reported, citing unnamed sources. Future Retail is reportedly seeking a valuation of about 20 billion Indian rupees from the deal. Future Group, Future Retail's parent company, and Amazon India said they do not comment on market speculation, the report added.


* New York-based brewer Constellation Brands Inc. will sell its Black Velvet Canadian Whisky brand and its associated production facility in Canada to Heaven Hill Brands for about $266 million.

* British alcoholic beverage brewer Diageo PLC said its European arm has formed a joint venture with Corporación Cuba Ron SA to market Cuban rum Santiago de Cuba globally. Diageo noted that rum will not be distributed in the U.S.


* Meat processor Tyson Foods Inc. said it will rebuild its beef plant in Kansas after it was partly destroyed in a fire accident Aug. 9. About 3,800 jobs are expected to be slashed at the plant.

* Packaged meat producer Smithfield Foods Inc., owned by Hong Kong-based pork giant WH Group Ltd., is entering the plant-based-meat segment with the launch of a new plant-based-protein portfolio under the company's Pure Farmland brand.

* Irish consumer foods company Valeo Foods Ltd. is in advanced talks to acquire the U.K. and Ireland operations of potato chips and snacks maker Kettle Foods Ltd., a Campbell Soup Co. unit, for about £50 million, Sky News reported, citing unnamed sources. A Valeo Foods spokesman reportedly ‎declined to comment.

* Israeli packaged food producer Strauss Group Ltd. reported an 8.8% year-over-year growth in second-quarter EPS to 1.06 Israeli shekels from 97 agorot in the year-ago period. For the three months ended June 30, net income attributable to the company's shareholders came in at 121 million shekels, up 9.5% from 112 million shekels in the prior-year period.


* Domino's Pizza Inc. has partnered with Rad Power Bikes LLC to launch pizza deliveries using custom e-bikes from its stores across the U.S. after conducting tests in Houston, Miami and New York earlier this year.

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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 dropped 2.10% to 25,281.30, while the Nikkei 225 shed 1.11 % to 20,455.44.

In Europe, around midday, the FTSE 100 fell 0.41% to 7,196.72, and the Euronext 100 dropped 0.54% to 1,029.18.

On the macro front

The consumer price index and the Redbook Index for retail sales 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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