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Seven & i H1'20 net income grows 9%; Costco September net sales up 5.6% YOY

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Seven & i H1'20 net income grows 9%; Costco September net sales up 5.6% YOY

TOP NEWS

* Seven & i Holdings Co. Ltd. reported its results for the fiscal first half of 2020 and announced a number of structural changes for its Seven-Eleven Japan Co., Ito-Yokado Co. Ltd., and Sogo & Seibu Co. Ltd. units. For the six months ended Aug. 31, the food retailer said attributable net income jumped 9.2% to ¥110.65 billion, or ¥125.04 per share, from ¥101.36 billion, or ¥114.50 per share, in the year-ago period. The company added that it will close and relocate 1,000 unprofitable Seven-Eleven Japan stores, starting in the second half of 2020.

* Costco Wholesale Corp.'s net sales for September increased 5.6% year over year to $14.41 billion from $13.64 billion.

FOOD RETAIL & DISTRIBUTION

* Carrefour SA's Brazilian arm and grocery chain Super Nosso entered into a commercial partnership agreement, wherein 17 Carrefour Bairro supermarkets in the city of Belo Horizonte will operate under the Super Nosso banner within a year. Carrefour Brazil added that the Bairro stores will still be a part of its store network, but Super Nosso will be in charge of the stores' management.

* Seven & i reported that Seven-Eleven Japan sales in September remained flat year over year, while same-store sales fell 1.5%.

* U.K. supermarket operator Asda Group Ltd. is scrapping plastic bags in its fruit and vegetable sections and rolling out reusable bags, made from 100% recycled plastic bottles, at all its stores nationwide. The company also completely removed plastic from its herbs range, replacing the packaging with a soil plug and paper sleeve.

* Japanese convenience store chain operator Lawson Inc. said it will close about 100 of its more than 14,000 stores on Jan. 1, 2020, amid the country's labor shortage, The Japan Times reported, citing President and CEO Sadanobu Takemasu. The executive added that the move is based on a request from owners of franchised stores.

BEVERAGES

* French distiller Pernod Ricard SA closed its previously announced acquisition of New York-based liquor maker Castle Brands Inc. for $1.27 per share, or about $223 million.

* Davide Campari-Milano SpA, better known as the Campari Group, acquired a 51% controlling interest in Licorera Ancho Reyes y CIA SAPI de CV and Casa Montelobos SAPI de CV for an overall consideration of $35.7 million, or about €32.7 million. Ancho Reyes and Casa Montelobos own the Ancho Reyes spicy liqueur and Montelobos mezcal brands, respectively.

* French luxury-goods maker LVMH Moët Hennessy - Louis Vuitton SE said revenue for the third quarter increased 17% to €13.32 billion from €11.38 billion in the year-ago period. The company's wine and spirits business reported 8% organic revenue growth in the quarter.

TOBACCO & SMOKING PRODUCTS

* Philip Morris International Inc. unveiled its plan for all its factories to become carbon neutral by 2030. The cigarette maker also said it is working with tobacco farmers and suppliers to reduce greenhouse gas emissions in the tobacco curing process by 70% by 2020, as well as to achieve zero net deforestation of natural forest by 2025.

PACKAGED FOODS

* Private equity firm VMG Partners acquired snack maker Popchips inc. from investment firm Verlinvest SA and others for an undisclosed amount.

* U.K.-based milk and dairy ingredients supplier Meadow Foods Ltd. said it acquired bakery ingredients producer Nimbus Foods Ltd. from Irish consumer foods company Valeo Foods Ltd. for an undisclosed sum.

* Nestlé SA unveiled its PB Triple Play plant-based bacon cheeseburger, which is made with its vegan burger patty and newly developed vegan alternatives to cheese and bacon. The burger will be first offered to restaurant and food service operators.

* Chocolate and confectionery company Ferrero International SA unveiled plans to make all its packaging 100% reusable, recyclable or compostable by 2025.

* German sugar producer Südzucker AG reported a 54.8% year-over-year drop in its second-quarter operating profit to €28 million, mostly due to the impact of low sugar prices and reduced 2018 harvest. Revenue for the quarter fell to €1.64 billion from €1.73 billion.

* Spreads manufacturer Upfield Foods, owned by private equity firm KKR, is in advanced talks to buy Greece-based vegan-cheese maker Violife Foods, Sky News reported, citing sources. Details of the deal are still unclear, but one unnamed source reportedly said it will cost Upfield about €500 million. Upfield declined to comment on the matter, while Violife could not be reached for comment, the report added.

INDUSTRY NEWS

* Singapore will implement a total ban on advertisements of packaged drinks with very high sugar content, The Straits Times reported, citing Senior Minister of State for Health Edwin Tong. Further details of the ban will be released in 2020, while implementation is expected to take one to four years, the report added.

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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 jumped 0.10% to 25,707.93, while the Nikkei 225 jumped 0.45% to 21,551.98.

In Europe, around midday, the FTSE 100 increased 0.04% to 7,169.18, and the Euronext 100 dropped 0.06% to 1,065.92.

On the macro front

The consumer price index, the jobless claims report, the EIA natural gas report, the Treasury budget, 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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