TOP NEWS
* Wesfarmers Ltd.'s fiscal year 2019 adjusted profit missed expectations despite a 13.5% jump following a disappointing performance by its Kmart retail chain. Profit from continuing operations excluding an A$300 million impairment from retail unit Target came in at A$1.94 billion, up from A$1.71 billion a year ago but below S&P Global Market Intelligence mean consensus estimate of A$2.02 billion.
* Discount retailers Dollar General Corp., Dollar Tree Inc. and Family Dollar Inc. will pay a total of $1.2 million in damages for selling expired products, according to an announcement from the New York State Office of the Attorney General. The settlements mark an end to a multimonth undercover probe over the companies' sale of expired over-the-counter medicines, Dollar General's sale of out-of-date motor oils, and Dollar Tree and Family Dollar's failure to comply with the state's bottle deposit law.
TEXTILES, APPAREL AND LUXURY GOODS
* Cole Haan LLC is preparing for an IPO amid strong sales and earnings growth, Bloomberg News reported, citing sources familiar with the matter. The footwear producer and retailer did not immediately respond to S&P Global Market Intelligence's request for comment.
* Western and work-related footwear and apparel distributor Boot Barn Holdings Inc. has acquired certain assets of workwear retailer G. & L. Clothing Inc. Financial terms of the deal were not disclosed, but Boot Barn said it funded the transaction with cash on hand.
* Anta Sports Products Ltd. reported that revenue for the first half of 2019 jumped 40.3% year over year to 14.81 billion Chinese yuan, while profit attributable to equity shareholders grew 27.7% year over year to 2.48 billion yuan. The company said it has maintained nearly 20% profit growth for six consecutive years.
* LVMH Moët Hennessy Louis Vuitton SE unit DFS Group Ltd. is pulling out of the liquor and tobacco business at the Changi Airport in Singapore after nearly 40 years amid recent regulatory changes and geopolitical uncertainty, The Straits Times reported. Hotel Shilla Co.Ltd., Hotel Lotte Co. and Germany's Gebr Heinemann submitted their bids for the contract, which includes selling rights for all four Changi terminals, starting mid-2020.
* Brent Hyder, Gap Inc.'s executive vice president and chief people officer, resigned from his role to pursue an external opportunity.
* Barneys New York Inc., which filed for Chapter 11 protection in early August, is in advanced talks for a potential sale of its business to Farfetch Ltd., the New York Post reported, citing sources. Barneys reportedly declined to comment on its discussions with Farfetch. Farfetch said in a statement that the "story is incorrect," adding that it is not acquiring the company.
* Arcadia Group Ltd. said two of its U.S. landlords have agreed to withdraw their challenge to the group's company voluntary arrangement. "With these legal challenges now withdrawn all the components of the CVAs can now be implemented," CEO Ian Grabiner said.
MULTILINE RETAIL
* Woolworths Holdings Ltd.-owned David Jones Ltd. signed a deal with BP PLC's Australian unit that will see department store chain offer its ready-made meals and other products at 10 BP stations in Melbourne and Sydney over the next six months.
E-COMMERCE
* Amazon.com Inc.'s global treasurer, Kurt Zumwalt, has left the e-commerce giant after serving the company for 15 years, the latest high-profile executive to depart in recent months, CNBC reported, citing a person familiar with the matter. Zumwalt reportedly left in the week of Aug. 19. The news outlet said Zumwalt did not respond to inquiries.
* Chinese online retailer Alibaba Group Holding Ltd. and Compagnie Financière Richemont SA named Yating Wu as CEO of their joint venture. Wu, who was tapped to head Fengmao in July, previously held several senior positions at The Unilever Group.
* Walmart Inc.-owned Flipkart Online Services Pvt. Ltd. signed a strategic partnership deal with ixigo that will see the online retailer offer the Indian company's travel services on Flipkart's mobile app.
HYPERMARKETS AND SUPERCENTERS
* Walmart Canada Corp. appointed Horacio Barbeito president and CEO, replacing Lee Tappenden. Barbeito, who is president and CEO of Walmart Argentina and Chile, will join Walmart Inc.'s Canadian unit in October.
* U.S. membership warehouse operator Costco Wholesale Corp. was forced to close early during its opening day in Shanghai after large crowds of bargain-hunting customers swamped the store, the Financial Times reported. The company also said it sent a message to its members in China through its app, informing them that the shop closed earlier than expected.
HOUSEHOLD DURABLES AND SPECIALTY RETAIL
* Sports Direct International PLC is facing a potential shareholder revolt at the company's annual meeting in September as it struggles to appoint an auditor, the Financial Times reported. Pensions & Investment Research Consultants has urged investors to vote against the re-election of CEO Mike Ashley, chairman David Daly and three of its four directors, the report said. The shareholder advisory group reportedly cited concerns over the delayed publication of its annual results, the disclosure of its Belgian tax bill and a weakening share price. Sports Direct did not respond to the newspaper's request for comment.
* U.K.-based home improvement retailer Carpetright PLC announced that its £40.7 million revolving credit facility will be bought by its shareholder Meditor European Master Fund Ltd. from its current lending banks, NatWest and AIB. The facility's terms remain unchanged.
EDUCATION SERVICES
* Adtalem Global Education Inc. appointed former Groupon Inc. CFO Mike Randolfi as senior vice president and CFO, succeeding Patrick Unzicker, effective immediately.
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The day ahead
Early morning futures indicators pointed to a higher opening for the U.S. market.
In Asia, the Hang Seng fell 0.06% to 25,664.07, and the Nikkei 225 rose 0.96% to 20,456.08.
In Europe, around midday, the FTSE 100 was down 0.19% to 7,081.68, and the Euronext 100 was up 0.20% to 1,039.93.
On the macro front
The Redbook Index for retail sales, S&P Corelogic Case-Shiller home price index, the Federal Housing Finance Agency house price index, the consumer confidence index and the Richmond Fed Manufacturing Index 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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