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McDonald’s August sales miss; Japan drags

admin — Thu, 08 Sep 2011 17:18:53 +0000

CHICAGO | Fri Sep 9, 2011 10:50am EDT

CHICAGO (Reuters) – McDonald’s Corp (MCD.N) reported a lower-than-expected rise in global August sales at established restaurants on Friday on a steep drop in Japan and a lull in new product launches in the United States.

The world’s largest hamburger chain, whose shares fell more than 4 percent, said sales at restaurants open at least 13 months rose 3.5 percent worldwide. Analysts polled by Thomson Reuters were looking for an increase of 4.3 percent.

Same-restaurant sales rose 3.9 percent in the United States, while analysts had expected a 4.0 percent gain. In Europe — McDonald’s largest market — the company reported an increase of 2.7 percent, missing analysts’ expectations of a 4.7 percent increase.

To help increase sales, McDonald’s has relied on new products like breakfast oatmeal and a beverage overhaul that has included the introduction of fruit smoothies and other drinks.

In August 2010, demand for smoothies helped drive up U.S. same-restaurant sales by 4.6 percent.

This year “new product launches were really weighted toward the front half of the summer,” Morningstar analyst R.J. Hottovy said.

But he noted the company was still doing better than its competitors in terms of same-restaurant sales.

“It’s still comping positive while a lot of their competitors are still squarely in negative territory,” Hottovy said.

McDonald’s sales and profits for months have been the envy of the global fast-food industry, which means that the company is punished when results meet or miss expectations.

The company has been outpacing rivals like Wendy’s Co (WEN.N), Burger King Corp BKCBK.UL and Yum Brands Inc’s (YUM.N) KFC by attracting a broader range of diners than fast-food’s typical young adult males.

McDonald’s reported a 0.3 percent decline in Asia/Pacific, Middle East and Africa, while Wall Street had forecast a rise of 3.5 percent.

Asia was dragged down by a sharp decline in comparable sales in Japan, where consumers are still adjusting to the aftermath of the March earthquake and tsunami.

Earlier this week, Red Lobster and Olive Garden parent Darden Restaurants Inc (DRI.N) warned that Hurricane Irene had dented its quarterly earnings by 2 cents per share.

But Irene had only minimal impact on McDonald’s sales, a company spokeswoman said.

Oak Brook, Illinois-based McDonald’s shares were down 4.2 percent at $84.90 in early New York Stock Exchange trading.

(Additional reporting Lisa Baertlein in Los Angeles; Editing by Lisa Von Ahn)

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U.S. Pending Home Sales and Factory Orders Show Stable U.S. Economy

admin — Tue, 05 Oct 2010 19:43:36 +0000

U.S. Pending Home Sales and Factory Orders Show Stable U.S. Economy

The following is a summary of the main economic events of October 4th, 2010:

U.S. pending home sales climb 4.3% in August, better than the +2.5% expected. The July reading is revised lower to +4.5% from 5.2%. USD gains.
U.S. factory orders fall 0.5% in August compared to -0.4% in July. Prior revised to +0.5% from +0.1%.
USD/CHF falls to fresh record low of 0.9705.
CHF and GBP are top performing majors while EUR and AUD lag
EUR falls due to warnings of terror attacks in continental Europe.
Chinese Premier Wen Jiabao tells reporters “I have made clear that China supports a stable euro…We will not reduce the holdings of European bonds in our foreign exchange portfolio,” he said, adding that the nation will buy Greek debt.

The Day Ahead- Asia/ Pacific

It’s a big day in the Asia-Pacific region due to central bank decision in Australia and Japan.
Australia’s trade balance data is the first release at 8:30 p.m. ET. Economists expected a surplus of A$2.3 billion in August after a $1.888 billion surplus a year earlier.
Australian retail sales data will also be released at 8:30 p.m. and economists expect a 0.4% month-over-month rise after a 0.7% increase in July. A weak reading could spook AUD traders just a few hours before the RBA decision but we don’t expect this figure to affect policymakers.
At 11:30 p.m. ET the Reserve Bank of Australia is expected to hike interest rates to 4.75% from 4.50%. OIS traders are pricing in an 80% chance of an increase. Expect the AUD to rally 30 pips on the hike but to fall more than 100 pips if there is no hike.
The outlook from the RBA will also be important. Any indication that rate hikes have come to an end will hurt AUD. The market is pricing in two more rate hikes in the coming year.
The focus shifts north to the Bank of Japan’s rate decision. There is no set time
for the release but it’s generally between 11 p.m. and midnight. No change in the 0.10% target rate is expected but some action to weaken the yen or embark on further quantitative easing is probable.

The Day Ahead- Europe

At 3:15 p.m. ET European Central Bank President Jean-Claude Trichet speaks on EU-China talks. FX levels may be a topic of conversation.
At the same time, Swiss CPI for September is expected at +0.3% year-over-year, the same as the month before. This release will prompt fears of FX intervention if the release falls toward zero and will see the CHF slump.
At 4:30 a.m. ET, Eurozone retail sales for August are expected to rise 0.2% in August after a 0.1% rise in July. This isn’t typically a market mover.
At 6 a.m. there will be comments from the ECB’s Ordonez and Kranjec.

The Day Ahead- North America

At 10 a.m. ET, the U.S. ISM non-manufacturing survey for September is expected at 52 after a 51.5 reading in August. A fall to 50 or lower will prompt a sharp sell-off in USD. A rise above 54 will spark a rally, especially against EUR and JPY.
At 1 p.m. ET, Bank of Canada Deputy Governor Tiff Macklem speaks in Montreal. Macklem may dampen hopes for further rate hikes and that could hurt CAD.

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Published on Mon, Oct 4 2010, 22:09 GMT

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McDonald’s April same-store sales up

admin — Mon, 10 May 2010 01:13:13 +0000

NEW YORK (Reuters) – McDonald’s Corp (MCD.N) reported a higher-than-expected 4.9 percent rise in April sales at established restaurants, sending its shares up.

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The world’s biggest fast-food chain has been outperforming its U.S. rivals with help from its coffee business and its discount “Dollar Menu.”

Sales at restaurants open at least 13 months rose 3.8 percent in the United States, 5.3 percent in Europe and 3.9 percent in the Asia/Pacific, Middle East and Africa region.

Strong demand for beverages, including new McCafe offerings like Frappes, and older items like Chicken McNuggets boosted April sales, the company said in a statement on Monday.

Jefferies & Co analyst Jeff Farmer said in a recent client note that he was looking for global same-restaurant sales to rise 4.9 percent, slightly above Wall Street’s call for growth of 4.5 percent.

Farmer’s forecast included a 3.8 percent rise in the United States — below the Street’s call for a 4.1 percent increase — and gains of 4 percent in Europe and 5 percent in Asia/Pacific, Middle East and Africa.

The pace of sales in the United States and Europe, its largest markets, however slowed from March levels.

In March, global same-store sales jump 5.2 percent. That included gains of 4.2 percent in the United States, 5.9 percent in Europe and 2.8 percent in Asia/Pacific, Middle East and Africa.

Shares of McDonald’s were up about 2.5 percent at $69.70 in trading before the market opened.

(Reporting by Lisa Baertlein and Dhanya Skariachan; Editing by Lisa Von Ahn and Derek Caney)

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US: Retail sales beat expectations led by autos

admin — Wed, 14 Apr 2010 17:46:39 +0000

In March, US retail sales rose by 1.6% M/M, beating the market consensus of 1.2% M/M. Also the previous figure was upwardly revised. The breakdown shows that the increase was led by motor vehicles and parts (6.7% M/M), but also core retail sales (excluding autos & gas) rose significantly (0.7% M/M). Only sales of electronics (1.3% M/M) and gasoline (-0.4% M/M) fell, while sales of building materials (3.1% M/M), clothing (2.3% M/M), furniture (1.5% M/M) and sporting goods (1.0% M/M) were the main drivers pushing core retail sales up. In March, retail sales rose for the third consecutive month, which raises expectations that consumers might have played a bigger role in the economic recovery in the first quarter of 2010 and indicates that consumers are gaining confidence and more willing to spend.

Consumer prices rose by 0.1% M/M in March, in line with expectations. On a yearly basis, CPI inflation rose from 2.1% Y/Y to 2.3% Y/Y, slightly below the consensus estimate (2.4% M/M). Looking at the details, prices of food & energy (0.2% M/M), medical care (0.3% M/M) and education (0.3% M/M) rose in March, while prices of apparel (-0.4% M/M), transportation (-0.1% M/M) and recreation (-0.1% M/M) dropped. Core CPI, excluding food & energy, surprised again on the downside of expectations dropping from 1.3% Y/Y to 1.1% Y/Y, the smallest annual increase since January 2004. The low core CPI reading is recently increasing deflationary fears, but part of it might be due to huge declines in rents, housing prices and housing costs.

EMU: industrial production extends rebound

In February, euro zone industrial production extended its rebound, rising for the ninth consecutive month. On a monthly basis, industrial production rose by 0.9% M/M, while the consensus was looking for only a marginal increase (0.1% M/M). The details show an increase in both intermediate (1.5% M/M) and capital (0.9% M/M) goods, while energy (-0.4% M/M), durable consumer (-0.6% M/M) and non-durable consumer (-0.2% M/M) dropped. After the euro zone recovery stalled in the final quarter of 2009, the production data raise expectations that the euro zone economy will expand again in the first quarter of 2010.

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Published on Thu, Apr 15 2010, 07:57 GMT

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GM and Ford March auto sales jump

admin — Thu, 01 Apr 2010 13:17:58 +0000

DETROIT (Reuters) – Automakers posted sharp jumps in U.S. sales in March helped by incentives as General Motors GM.UL and Ford Motor Co (F.N) both reported 43 percent increases from a year earlier in their key brands.

Ford, which plans to sell its Swedish brand Volvo to China’s Geely, trailed GM in overall sales in March after leading the U.S. in sales in February. Ford said it gained U.S. retail market share for the 17th time in the past 18 months.

Toyota Motor Corp (7203.T) expects its March U.S. sales to be up as much as 40 percent from a year earlier as it digs out from a drop in sales that followed its massive vehicle recalls.

Toyota and other automakers will report U.S. sales later on Thursday. Last month, Ford overtook GM to be the No. 1 seller in the United States for the first time since 1998.

Toyota launched unprecedented discounts in March to try to win back customers including zero-percent financing for five years on top models such as the Camry sedan.

Chrysler, now under the management control of Italy’s Fiat SpA (FIA.MI), posted an 8.3 percent drop in sales in March. It is the only large automaker expected to post a U.S. sales decline in March from a year earlier.

In March 2009, heavy incentives supported Chrysler sales in the weeks before a U.S. autos task force report that ultimately rejected a turnaround plan and set the stage for the bankruptcy cases of Chrysler and GM.

“Retail sales were really artificially inflated by huge incentives going on in the marketplace and did not reflect true demand. April will be a good indicator of real consumer demand,” Edmunds.com director of industry analysis Jessica Caldwell said.

GM said March U.S. sales jumped across all of its core four brands, including 40.6 percent for Chevrolet. Including its discontinuing brands, GM sales rose 20.6 percent.

Newer GM models like the Chevrolet Equinox, GMC Terrain and Buick Lacrosse continued to see strong sales, GM said.

GM Vice President of Marketing Susan Docherty said GM incentives for all of its brands averaged $2,800 in March, falling below the industry average for the first time.

Docherty said GM was not interested in buying market share and said incentives were down $200 from February 2010, and $2,000 from a year earlier in J.D. Power PIN data.

“We have been down that road before and know it’s a dead end,” Docherty said of using high incentives to drive sales.

J.D. POWER RAISES FULL YEAR SALES FORECAST

AutoNation Inc (AN.N) Chief Executive Mike Jackson, head of the largest U.S. dealership network, said in an interview with CNBC on Thursday that he expected the industry to break the 12 million vehicle mark for an annualized rate in March.

U.S. auto sales ran at a 10.8 million vehicle annualized rate in January and at about 10.4 million in February.

Influential tracking service J.D. Power and Associates has raised its outlook for full year U.S. auto industry sales to 11.7 million vehicles, from 11.5 million vehicles.

Toyota Motor Sales USA President Jim Lentz said earlier this week that industrywide auto sales could be about 11.5 million vehicles in the seasonally adjusted annualized rate followed by economists and industry followers.

In remarks on Wednesday at the New York auto show, Toyota executives said the automaker’s March U.S. sales could be up as much as 40 percent from a year earlier, which it believed would be stronger than the industry overall.

The automaker offered broad incentives to jump-start sales in March after the massive safety recalls in January and February that also led to production halts for a week on some of Toyota’s best-selling cars and trucks.

Toyota’s U.S. market share fell to 13.4 percent in the first two months of 2010 from nearly 17 percent for 2009.

Toyota traditionally has spurned steep discounts to protect resale values and has said that it would announce its plans for incentives in April next week while executives hinted that they were likely to continue.

Nissan Motor Co (7201.T) on Wednesday said its March US sales could be up 35 percent from the prior year. Nissan said it would not resort to incentives to drive share gains.

Hyundai Motor Co’s (005380.KS) U.S. sales rose 15.4 percent in March from a year earlier, in line with a forecast that Hyundai USA President John Krafcik gave at the New York auto show earlier this week.

French and Japanese car sales rose in March, as government incentives boosted demand, while South Korea’s Hyundai Motor racked up impressive sales growth despite the end of subsidies in its home market.

Carmakers have benefited from government scrapping incentives in major markets across Europe, but industry experts predict a dip in sales as the programs come to an end in some countries.

French car sales rose 12.8 percent in March, French carmakers’ association CCFA said on Thursday, while Japanese sales jumped by a quarter to cap a business year that relied heavily on government incentives.

(Additional reporting by James Kelleher, Soyoung Kim, Helen Massy-Beresford and Chang-Ran Kim, editing by Dave Zimmerman)

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Existing Home Sales in February 2010

admin — Tue, 30 Mar 2010 01:05:15 +0000

MOODY’S INVESTORS SERVICE MAINTAINS A “STABLE” OUTLOOK FOR LEBANESE BANKS

Moody’s Investors Service, the international rating agency, and during it latest report on the Lebanese banking sector maintained a “Stable” outlook assessment for five Lebanese banks.

CONSOLIDATED BALANCE SHEET OF FINANCIAL INSTITUTIONS IN JANUARY 2010

The consolidated balance sheet of financial institutions in Lebanon rose by 2.90% on a monthly basis to LBP 1,489 billion ($987.41 million) in January 2010.

INDUSTRIAL EXPORTS AND IMPORTS OF EQUIPMENT & MACHINERY THROUGH FEBRUARY 2010

The Ministry of Industry conveyed a 10.65% annual expansion in Lebanon’s industrial exports to $530 million through February 2010.

SGBL ISSUES PREFERRED SHARES

SGBL’s (Société Générale de Banque au Liban) has successfully closed a new $100 million Preferred Shares’ issue.

MIDDLE EAST AIRLINES FACES SLOWDOWN DUE TO UNFAIR COMPETITION

Lebanon’s national airliner, has revealed a significant deceleration in the company’s profits at a rate of $6 million per month since October 2009.

THE EGYPTIAN STOCK EXCHANGE

The Cairo Stock Exchange Index ended the week on a positive note, gaining 4.53% to close at 1,541.73.

EXISTING HOME SALES IN FEBRUARY 2010

The National Association of Realtors posted a 0.6% drop in existing home sales in February 2010 to a seasonally adjusted annual rate of 5.02 million units.

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Published on Mon, Mar 29 2010, 06:58 GMT

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Boston Scientific suspends ICD sales; shares slump

admin — Sun, 14 Mar 2010 15:05:42 +0000

(Reuters) – Boston Scientific Corp said it has suspended sales of its implantable heart defibrillators after failing to notify regulators of changes in how it manufactures the devices. It said patient safety was not at risk.
The company’s shares fell 16.45 percent to $6.50 in midday trading on the New York Stock Exchange.
Boston Scientific said it had voluntarily stopped shipments and was retrieving all inventory of its implantable cardioverter defibrillators (ICDs) and cardiac resynchronization therapy defibrillators (CRT-Ds). The devices coordinate heart pumping through electrical pulses.
“We are acting voluntarily and expeditiously to resolve this situation, and we have seen no evidence of any risk to patient safety,” Boston Scientific Chief Executive Ray Elliott said in a statement.
The company said it found two errors in its filing procedures with the U.S. Food and Drug Administration for changes made to its manufacturing processes.
In the first instance, the company’s regulatory department did not see the need for a supplemental filing, said Boston Scientific spokesman Paul Donovan. In the second error, a filing was incomplete, he said.
The company has informed the FDA of the errors and plans to work closely with the agency to quickly resolve the situation.
Analysts said the suspension of sales of ICDs and CRT-Ds, which generate about 15 percent of Boston Scientific’s revenue, is a blow to the company’s attempts to regain momentum as it works to pay down debt, settle costly legal issues and accelerate growth.
Last month, the company announced a restructuring of its cardiovascular and cardiac rhythm management divisions and said it would cut its work force by as much as 10 percent.
“We believe today’s announcement will have a longer-term effect on the company’s ability to drive market share gains and brand loyalty among the physician community,” Goldman Sachs analyst David Roman said in a note to clients.
Products affected by the sales suspension include the Cognis, Confient, Livian, Prizm, Renewal, Teligen and Vitality device brands. Pacemakers are not affected, and the company is not recommending removal of any of the devices.
The actions could have a material impact on the company’s previously issued guidance, including revenue, operating profit and cash flow for the first quarter and full year 2010, Boston Scientific said.
Donovan declined to elaborate on how long the sales suspension would last or how removing the products from the market may impact the company’s earnings.
Yields on Boston Scientific bonds widened sharply as their prices fell. Yields on its 4.5 percent notes due in 2015 rose to 280 basis points over U.S. Treasuries from 230 basis points at Friday’s close, according to MarketAxess. The bonds were some of the day’s worst performers.
Shares of rival heart device makers St Jude Medical and Medtronic Inc rose amid speculation that those companies stand to pick up market share from Boston Scientific. St Jude stock was up 6.85 percent to $40.07, while Medtronic rose 4.19 percent to $45.78.
(Reporting by Susan Kelly, additional reporting by Dena Aubin, Debra Sherman and
, Maureen Bavdek and John Wallace)

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Retail sales rise brightens recovery picture

admin — Thu, 11 Feb 2010 23:06:40 +0000

Sales at retailers were unexpectedly strong last month, suggesting consumers were feeling a little more comfortable to spend and improving prospects for first-quarter economic growth.
Retail sales rose 0.5 percent as consumers stepped up spending not only on essential goods but luxury items as well, the Commerce Department said on Friday.
Optimism over the increase was tempered by a separate report showing that consumer sentiment ebbed slightly early this month. But analysts dismissed the slip as insignificant and focused on the gain in sales as a hopeful economic sign.
“After considerable hand-wringing about the underlying strength of retail sales in the past few months, this is a solid report. It indicates the recovery is on track,” said Brian Bethune, chief U.S. financial economist at IHS Global Insight in Lexington, Massachusetts.
Retail sales are being closely watched to determine whether consumers can sustain the economy’s recovery once government stimulus and the boost from restocking by businesses wanes.
Not only did the January sales increase come in above the 0.3 percent economists had forecast, sales data for December and November were revised upward as well. Compared to January last year, sales increased 4.7 percent.
While the report on consumer confidence showed worries over unemployment were weighing on sentiment, the slight slip left intact a longer-term trend toward improvement.
The Reuters/University of Michigan Surveys of Consumers’ preliminary index of sentiment came in at 73.7 for February, down from 74.4 in late January but up from 56.3 a year ago. Analysts had expected a rise to 75.0.
“February’s retracement does not seem to signal a fundamental shift in sentiment and is not likely to mean much for spending patterns in the months ahead,” said Stephen Stanley, chief economist at RBS in Stamford, Connecticut.
Worries that a surprise move by China to raise bank reserve requirements could hurt the global recovery, overshadowed the retail sales report, hurting U.S. stocks. The dollar neared a nine-month high against the euro, helped by skepticism over a proposed rescue deal for debt-stricken Greece.
The U.S. economy has grown for two straight quarters following the worst downturn since the Great Depression of the 1930s. Growth in the fourth quarter came in at a 5.7 percent annual rate, the fastest in six years.
Analysts, who are also tracking the impact of recent severe winter weather on the economy, said the year’s strong start to sales bodes well for first-quarter spending and growth.
“Even folding in potentially weak February consumption as a result of severe weather and automaker difficulties, it appears that real consumer spending is on a 2.5-3 percent quarterly trajectory,” said Steven Wieting, an economist at Citigroup in New York.
Core retail sales, which correspond most closely with the consumer spending component of the government’s gross domestic product, rose 0.8 percent after falling 0.3 percent in December. Consumer spending rose at a 2 percent annual rate in the fourth quarter.
While the U.S. recovery is gaining momentum, Europe has faltered. GDP in the 16-country euro-currency zone rose only 0.1 percent in the fourth quarter from the prior quarter, well short of the 0.4 percent rise that lifted it from recession in the third quarter.
A second report from the Commerce Department showed U.S. business inventories slipped 0.2 percent in December after rising 0.5 percent in November.
Analysts said the decline was smaller than the government had estimated when it released figures on fourth-quarter economic growth last month and, together with upward revisions to retail sales, would offset the negative impact on fourth-quarter GDP from a bigger than expected trade deficit.
Motor vehicle and parts purchases were flat last month, after rising 0.1 percent in December. Excluding motor vehicles and parts, retail sales rose 0.6 percent in January after slipping 0.2 percent the prior month.
Electronics and appliance stores saw a rebound in sales and consumers continued to splurge on sporting goods, hobby-related items, books and music last month. Sales at general merchandise stores rose 1.5 percent in January, the biggest gain since February 2009.
For a graphic comparing retail sales and consumer sentiment, see:

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Retail sales in Australia declined for the first time in five months

admin — Thu, 04 Feb 2010 02:05:54 +0000

Thu, Feb 4 2010, 03:27 GMT
by ecPulse.com analysis team
A report today showed retail sales in Australia unexpectedly dropped for the first time in five months as loan repayments increased after the Reserve Bank raised interest rates three straight meetings in October, November and December. Policy makers may decide keeping borrowing costs unchanged next month to avoid more pressures on household spending that was the main pillar for recovery last year.
Retail sales in Australia dropped 0.7% in December after it gained a revised 1.5% from 1.4%, while it was projected to gain 0.2%. Retail sales excluding inflation jumped 1.1% in the fourth quarter following a drop by 0.4% that was revised to -0.7%, and it came inline with forecasts.
However, the drop in retail trade followed the reserve bank’s decision to raise interest rates by 25 basis points in December to 3.75% that came after two similar decisions in October and November. Higher borrowing costs raised the average mortgage repayments that caused a pressure on households to delay purchases and cut spending.
Household spending that account for 60% of the Australian economy was the main pillar for economic recovery last year and it supported the economy to skirt technical recession when it expanded 0.4% in the first three months of last year. Economic growth slowed to 0.5% in the third quarter from a year earlier after the GDP grew a previous 0.6%.
Raising interest rates is affecting spending levels negatively and the impact of the government’s stimulus measures faded which is making it worse for the household sector. Yet, households are founding support from Australian companies that turned to higher more workers in the second half of 2009 helping to ease deteriorations in the labor market.
Moreover, unemployment rate unexpectedly declined to 5.5% in December and employers added 35.2 thousand jobs, higher than the forecasted 10.0 thousand, as signs of improvements in consumer demand and exports are encouraging companies to raise their forecasts concerning earnings and sales this year.
Consumer confidence rose the most in six months in January alongside better conditions in the labor market and all economic sectors. Retail sales may show further improvements in case the jobless rate continued to decline, but spending levels may drop if the central bank raised interest rates next month which is not highly anticipated.
A separated report released today showed building approvals jumped 2.2% in December less than the revised 10.4% from 5.9%, but it came better than analysts’ estimates of 0.0%. Building approvals gained 53.3% in December from a year earlier after climbing a revised 40.5%.
The housing sector is performing well at the current stage especially that the government’s grants helped to spur demand in the properties market, despite borrowing costs increased. However, we are having fears about a housing boom this year that may accelerate inflation and force monetary policy makers to raise interest rates.

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Pending Home Sales come in as expected. USDJPY dips to key support target

admin — Tue, 02 Feb 2010 19:58:47 +0000

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