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H&M Q3'19 sales jump 12% YOY; Third Point calls for change at EssilorLuxottica

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H&M Q3'19 sales jump 12% YOY; Third Point calls for change at EssilorLuxottica

TOP NEWS

* Fast fashion retailer H & M Hennes & Mauritz AB's net sales for the fiscal third quarter of 2019 jumped 12% to 62.57 billion Swedish kronor from 55.82 billion kronor in 2018, driven by well-received summer collections and increased market share.

* Activist hedge fund Third Point LLC plans to push for governance changes at eyewear producer EssilorLuxottica SA, Bloomberg News reported, citing sources familiar with the matter. The company in May said it agreed to resolve internal disputes that stemmed from the merger of Essilor and Luxottica in 2017.

TEXTILES, APPAREL AND LUXURY GOODS

* J.Crew Group Inc. filed for an IPO of its denim brand Madewell, according to a U.S. SEC filing. The apparel retailer intends to list the women's apparel unit on the NYSE or the Nasdaq stock market. J.Crew announced its IPO plans in April as part of its restructuring efforts.

E-COMMERCE

* Thailand-based online retailer Pomelo Fashion Co. Ltd. raised $52 million in series C funding from investors including Provident Growth Fund, The Central Group and InterVest Star SEA Growth Fund. The fashion retailer has so far raised a total of $83 million in funding.

* The Confederation of All India Traders is urging the government to enforce a ban on Amazon.com Inc.'s and Flipkart Online Services Pvt. Ltd.'s upcoming festive season sales, saying they violate India's new foreign investment rules due to their deep discounting practices that hurt small traders, Reuters reported, citing the trader's body's letter to Minister of Commerce and Industry Piyush Goyal.

FOOD AND STAPLES RETAILING

* Aldi Einkauf GmbH & Co. oHG's British unit plans to open about 360 stores by the end of 2025, Reuters reported. The supermarket chain will invest £1 billion in stores and distribution centers over the next two years.

* J Sainsbury PLC is considering a sale of its mortgage unit in a bid to improve finances following its failed merger with Walmart Inc.'s Asda Stores Ltd. A deal could reportedly fetch the British retailer about £1.3 billion.

HYPERMARKETS AND SUPERCENTERS

* Metro AG launched a business-to-business online marketplace in Germany for the hospitality sector. The German grocer is likely to launch more online platforms in European countries, depending on the success of the pilot program.

* Shares of Spanish hypermarket operator Distribuidora Internacional de Alimentación SA fell 3.4% in early morning trading after it reported a net loss of €418.7 million for the first half of 2019, compared to a loss of €29.6 million in the year-ago period, driven by one-off impacts including layoffs in Spain and Brazil and the closure of 663 loss making stores.

HOUSEHOLD DURABLES AND SPECIALTY RETAIL

* Philippine home furnishings retailer AllHome Corp. launched an IPO that values the company at between $827 million and $1 billion, Reuters reported, citing a term sheet.

* Lumber Liquidators Holdings Inc. founder Thomas Sullivan will no longer push through with his plan to take the business private, Bloomberg News reported. Sullivan reportedly said in an interview that the company's stock price had risen too high and that it had declined to engage in discussions with him.

HOTELS, RESORTS AND CRUISE LINES

* Thomas Cook Group PLC is likely to delay a meeting with its bondholders in order to finalize the terms of its £900 million restructuring with Fosun Tourism Group, the Financial Times reported. The deal requires the support of 75% of bondholders.

LEISURE PRODUCTS AND FACILITIES

* SeaWorld Entertainment Inc. will add the Impossible Burger to menus at all SeaWorld, Busch Gardens, Sesame Place and Water Parks across the U.S.

SPECIALIZED CONSUMER SERVICES

* New York-based Weight Watchers International Inc. said it will change its legal name to WW International Inc., effective Sept. 29, in a move to reflect the company's focus on overall health and wellness.

INDUSTRY NEWS

* U.S. retail and food services sales in August increased an estimated 0.4% from the previous month to $526.1 billion on a seasonally adjusted basis, and 4.1% year over year, according to the U.S. Census Bureau.

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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 slipped 0.83% to 27,124.55.

In Europe, around midday, the FTSE 100 shed 0.24% to 7,349.78, and the Euronext 100 dropped 0.59% to 1,087.19.

On the macro front

The Empire State Manufacturing Survey is 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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