TOP NEWS
* L Brands Inc.'s second quarter adjusted EPS was 24 cents, down from 36 cents in the year-ago period but above the S&P Global Market Intelligence consensus normalized EPS estimate of 20 cents. Net sales went down year over year to $2.90 billion from $2.98 billion. The company reiterated its full-year adjusted EPS outlook of $2.30 to $2.60.
* Nordstrom Inc. shares surged more than 11% in New York premarket trading after it posted second quarter diluted EPS of 90 cents, down from 95 cents a year ago but beating the S&P Global Market Intelligence consensus normalized EPS estimate of 77 cents. Net sales slid 5.1% year over year to $3.78 billion from $3.98 billion. The company also narrowed its EPS outlook for the full year to a range of $3.25 to $3.50, versus its previous range of $3.25 to $3.65.
TEXTILES, APPAREL AND LUXURY GOODS
* Chinese apparel retailer JNBY Design Ltd. launched its first store in Australia, tapping into its "strong fan base of Chinese nationals" living in the country, Women's Wear Daily reported, citing Lijie Fu, the company's Australian spokesperson.
* Mulberry Group PLC named former Ted Baker PLC finance director Charles Anderson as its group finance director, effective early October. Anderson will succeed Neil Ritchie, who stepped down from the board on June 30.
MULTILINE RETAIL
* Pan Pacific International Holdings Corp., which operates as discount chain Don Quijote Co. Ltd., will develop a new store format that caters to U.S. shoppers, the Nikkei Asian Review reported, citing CEO Koji Ohara. Ohara will also transition as head of the retailer's U.S. unit, Pan Pacific Retail Management, and be succeeded by the company's representative director Naoki Yoshida, beginning Sept. 25.
* Wesfarmers Ltd. will no longer pursue its proposed acquisition of Lynas Corp. Ltd. for A$2.25 per share. "Wesfarmers remains focused on delivering value to its shareholders through disciplined capital allocation within our divisions and when considering new investments," Managing Director Rob Scott said.
E-COMMERCE
* Amazon.com Inc. launched a Hebrew-language website to recruit sellers in Israel to its platform, Reuters reported, citing a company statement. Amazon reportedly said it is working with Israeli retailers to provide customers more local product options and faster delivery service. The company, which did not disclose how many local vendors have registered on the platform, only said it plans to fully launch its business in Israel "soon," the report added.
* Amazon.com Inc. is expanding its Portland Tech Hub with a new 84,000-square-foot office that is expected to add 400 new positions in fields such as software development, operations, IT, support engineering, solutions architects and product management.
* Amazon.com Inc. launched its campus building, its largest globally, in Hyderabad, India. The site, which is the online retailer's first owned office building outside of the U.S., will be built on a construction area of 3 million square feet and will house more than 15,000 employees.
* ThredUp Inc. raised $100 million in a funding round co-led by new investors Irving Investors LLC and Park West Asset Management LLC, bringing the company's total funding to more than $300 million. The company will use the proceeds to expand its resale platform, build its technology and operations, establish new distribution centers and fuel growth.
* Online fashion retailer Boohoo Group PLC have placed the Karen Millen and Coast brands into consultancy after buying them out of administration at the beginning of August, Drapers reported. Boohoo reportedly declined to comment on the redundancies. Karen Millen and Coast CEO Beth Butterwick is understood to have left the company, the magazine added.
* Ocado Group PLC said its picking operations were disrupted and some customer orders were canceled due to a small fire at its customer fulfillment center in Erith, London. A hopper container for waste packaging caught fire and was later extinguished. No part of its material handling equipment was involved.
* Jumia Technologies AG fired several employees and sales agents after investigations showed improper sales practices, The Wall Street Journal reported, citing a company statement. The online retailer reportedly also removed sellers who worked with employees to gain profit from fees to access the platform and from sales agent commissions, while staff involved in transactions, wherein orders were placed and then canceled later on, were suspended. A spokesman declined to disclose how many employees were fired or suspended, the newspaper added.
FOOD AND STAPLES RETAILING
* Tesco PLC intends to ban products that have too much nonrecyclable packaging from its stores beginning in 2020, The Guardian reported, citing CEO Dave Lewis. Tesco reportedly would "reserve the right not to list" items that have too much nonrecyclable packaging after giving suppliers a list of its preferred materials in May 2018.
HYPERMARKETS AND SUPERCENTERS
* Coles Group Ltd. reported that group EBIT, excluding hotels and significant items, for fiscal 2019 declined 8.1% year over year to A$1.33 billion from A$1.44 billion. Group sales revenue, excluding fuel sales and hotels, rose 3.1% to A$35 billion from A$33.96 billion in the year-ago period. Its board declared a dividend of 35.5 Australian cents per share, comprising a final dividend of 24 cents per share and a special dividend of 11.5 cents per share.
HOUSEHOLD DURABLES AND SPECIALTY RETAIL
* At Home Group Inc. launched three new home decor stores in August in Riverside, Calif.; Tempe, Ariz.; and Grand Chute, Wis. At Home now operates more than 200 locations across 39 states.
CASINOS AND GAMING
* Las Vegas Sands Corp. will not pursue its plans for an integrated resort in Osaka, Japan, and instead focus on development opportunities in Tokyo and Yokohama.
* Playtech PLC's half-year adjusted diluted EPS dropped 14% to 20.5 euro cents from 23.9 euro cents in the year-ago period, while revenue jumped 69% in reported terms, or 68% at constant currency, to €736.1 million. The company also announced a total dividend per share of 6.1 euro cents for the period and reiterated its adjusted EBITDA outlook of €390 million to €415 million for the full year.
* Rank Group PLC posted adjusted EPS of 14.8 pence for fiscal 2018/19, down 1% from 15 pence in the previous year. Group like-for-like revenue growth was flat at £729.5 million.
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The day ahead
Early morning futures indicators pointed to a lower opening for the U.S. market.
In Asia, Hang Seng dropped 0.84% to 26,048.72, while the Nikkei 225 gained 0.05% to 20,628.01.
In Europe, around midday, the FTSE 100 fell 0.59% to 7,161.28, and the Euronext 100 was down 0.39% to 1,050.52.
On the macro front
The jobless claims report, the PMI composite FLASH report, the leading indicators 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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