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(Bloomberg) – Sales of cleaning products and takeaways increased in the last quarter of the coronavirus pandemic, while the luxury industry suffered from store closures and considerations of the economic outlook that is reducing customer spending on high-end products.
When the most active week for European profits began, Reckitt Benckiser Group Plc, the manufacturer of Dettol and Lysol, was propelled by the development of a call of disinfectants and wipes, while softening its prospects for the part of the year. Delivery Hero SE raised its forecast for the entire year as home food delivery orders increased.
French luxury LVMH, which owns the Louis Vuitton and Christian Dior brands, reported profits that did not reach analyst estimates, even as sales in China recovered. Moncler SpA, known for its swollen ski jackets, also did not meet the forecasts.
Defying the sadness of the automotive sector, Peugeot PSA Group met its monetary forecasts and exceeded revenue and profit estimates. Tiremaker de Michelin said that European sales were recovering now that the lockout measures had been lifted, but that the prospect remains “very uncertain”.
The earning season has been smart enough so far to help the uptick in European stocks after the lows reached in March after the effects of the pandemic have become apparent. Since then, the Stoxx 600 Europe index has risen 31%.
European profits are on a “good start,” Morgan Stanley strategists said in a report Monday, with the number of corporations exceeding estimates “very well” and suggesting that the consensus for the time of the quarter is likely to be too low. So far, however, analysts have not raised their estimates particularly, they said.
Key developments:
European stocks rose with the Stoxx 600 up 0.5%, driven by profits on genuine real estate and bank stocks that offset the miners’ falls. LVMH Profit Miss estimates as the virus erodes luxury. The DragSpain virus irritated by British brakes; Beijing Case Reports: Virus Update
Here are the main news about virus revenue for the entire industry.
Cars
FRENCH PSA, car manufacturer Peugeot, Citroen and Opel, reiterated its monetary outlook after generating a profit in the first part of the year, suggesting that the French automaker has weathered the coronavirus pandemic more than expected. The company reported a net profit of 595 million euros ($698 million) even when the closures blocked vehicle deliveries in some of its most important markets. The general manager, Carlos Tavares, said he expects a significant uptick in sales at this time of year. Peugeot’s inventory recovered to 5.6% and analysts said the functionality was “impressive.” The first part operating profit of the French shooter Michelin came here in the most sensitive of ratings, and the organization said its sales in Europe are “pretty good” now that the blocking measures have been eliminated, but the prospect remains “very uncertain”. Analysts said the cautious outlook eclipses a pace forged in profits. Inventory ranged from profit to loss, falling to 0.6%.
Consumer
Reckitt Benckiser, the manufacturer of wipes and surface disinfectants Dettol and Lysol, said his perspective had been driven by a strong call for his hygiene products, the profitability is expected to be in line with expectations due to most of the company’s investments at the time. of the year. Its hygiene department grew by 19% this quarter, far exceeding setbacks in its child nutrition and sexual fitness products. Morgan Stanley said the current quarter was “very strong,” but cut his estimates into a warm perspective. Inventory fell 1.8%.
Luxury
The benefit of the first part of LVMH fell more than expected, as consumers fled luxury smart shopping at a faster rate than Louis Vuitton’s owner can cut costs. Organic cash revenues minimized by 38% at the time of the quarter compared to 29% minimized in operating costs. Analysts described the effects as a “complex cocktail” of smart news and bad news, and inventories fell by 5.1%. Moncler’s first-part cash also failed to meet estimates, with a sharp drop in sales in Italy offset by an improvement in mainland China and online. Analysts said the timing is more applicable to the down jacket manufacturer and its inventory fell by 5.5%.
Technology
The delivery-line delivery platform Delivery Hero increased its year-round cash forecast as it announced that one-minute and one-quarter order volumes had nearly doubled. He said order expansion was back in place after an initial drop between March and May, and June orders exceeded their monthly record. The update showed that the strong expansion continued for the company, analysts said, and that their inventories increased by 4.9%. Chipmaker BE Semiconductor Industries NV said it was “cautiously optimistic” about the outlook for the time being, part of an improvement. expected in the first part of the year. Inventory rose 6.7% and Kempen said the numbers were “very solid.” The price comparison site Moneysupermarket.com Group Plc said the profit fell by 14% in the first half. The company said it is expected to face a greater strain on cash revenues at the time of the year, given the robust functionality in the first quarter and the price schedule for the year. The stocks rose 2.8% and overall were higher than expected, Peel Hunt said.
Retail
British bakery chain Greggs Plc suffered a pre-tax loss in the first part of the year after sales at the same store in the company fell 49% during the period. The sales trend has been encouraging since the reopening of the store, with the last week reaching 72% of the level of 2019, the corporate said. Analysts said recent sales trends looked better, but inventory had fallen by 3.6%. Miniatures Games Workshop Group Plc said its year-round tax benefit was 10% higher and that the maximum of its business was now recovering from the virus disruption. Inventory rose 9.8% to a new record and Peel Hunt said that while inventory valuation was “strong,” its momentum was transparent and very strong. Discount store B-M European Value Retail SA expects first-party profits. particularly exceed consensus estimates. Inventory rose by 8.5% in London, and analysts said the profits were much higher than expected and that it had benefited from its designation as a food store, allowing it to remain open during the closure.
Drinking food
Sales of the first half of the Italian spirits company Davide Campari-Milano NV exceeded the estimates, thanks to the strong demand of its brands Aperol and Campari. Inventory was recovered after the upgrade, expanding to 5.1%. He expects sales in the hotel and place-to-eat segments to decline as restrictions continue to decline. Inventory up 2.1%. with Liberum saying the update shows resilience.
Travel and leisure
Paris Airports, the operator of Paris airports, said that air traffic would not reach those centres until 2024 to 2027, and that foreign passengers are the ones who take the longest to return. Domestic traffic is expected to become widespread again next year, the company said. ADP will cut investment and suspend planned new projects, the company said, leading to a 47% drop in first-half earnings and a 95% drop in profits. Inventory fell 6.2%.
Banks
Dutch lender ING Groep NV has announced that it will record a depreciation of around three hundred million euros at its quarterly time with effects similar to Covid-19. He stated that the impairment will not affect its capital ratios. Its inventories fell by 0.9% in Amsterdam. Bankia SA in Spain said it would register a virus-like deterioration of 185 million euros at the time of the quarter, with its net profit for the era exceeding estimates. The general manager, José Sevilla, said he expects the mid-moment provisions to be similar to the first six months. Inventory up 3.9%. Virgin Money U.K. Plc said operations in the first nine months of its fiscal year were in line with its expectations and had not yet recorded significant credit losses. Shares rose 2.9% in London.
Financial
St James’s Place Plc said it expected a cash inflow for consumers in the fourth quarter, with “significant net entries” by 2020 as the UK economy recovers after the summer holiday season. The British asset manager said investors had added 4.5 billion pounds ($5.8 billion) to his budget in the first part of the year, ahead of the consensus analyst estimate. Stocks rose 2.4% and RBC said the functionality was impressive in a very challenging environment.
Industrial
Electrical appliance supplier Rexel SA continued to refuse guidance, saying visibility for the remainder of 2020 and 2021 remains low. He said sales fell by about 19% at the time of the quarter, seeing a slow improvement in trade. The stock fell by 6.2%. The packaging company SIG Combibloc Group AG has reduced its sales forecast for the whole year, saying that the first part of the year was aided by the creation of stocks in the source chain, which is expected to decline throughout the year. The stock fell by 5.2% and Citi said that while the first part was solid, the outlook was more cautious. Ahlstrom-Munksjo Oyj, the Finnish manufacturer of filtration fabrics and commercial paper, did not reach the lowest analyst estimate for quarter revenue. due to declining demand for home builders, furniture and transportation companies. This decline was not offset by the expansion of fitness products and life sciences, adding face masks. Stocks fell by 8%.
Construction
British builders travis perkins Plc said their second-quarter sales fell by about 35%, damaged by complicated situations in the final markets of new advertising structures and structures. He said he had noticed a recovery forged since June. Shares rose 5.2%. Analysts said recent industry trends were encouraging.
Chemical
Lubricant manufacturer Fuchs Petrolub SE said it expects its annual profits to fall by about a quarter. The company said it still cannot reliably estimate the full effect of the virus on source chains and demand. Inventory fell 5.2% and Commerzbank said the update was weaker than expected.
Metals and mines
London-listed Mining Company Fresnillo Plc cut its exploration and capital expenditure forecasts, while reiterating its revised production forecasts after the company’s open pit gold mines were closed for six weeks due to the coronavirus pandemic. However, higher steel costs and lower costs boosted the operating profit of the Mexican silver and gold miner’s first half. Inventory fell as low as 4.5%, below other gold miners.
Utilities
The profits of the first part of Endesa SA did not reach the estimates, however, the organization of the Spanish force maintained its prognosis, saying that most of the effects of the virus on the company would be in the first part of the year, with little effect in the part of the moment. Inventory increased by 2% in Madrid and RBC said the numbers looked false thanks to smart margins in its electric power and fuel businesses.
Real estate
London-based genuine real estate agent Foxtons Group Plc said loan rentals and the source of brokerage revenue fell in the first part of the year due to the closure of branches. The corporation has noticed a recovery since its sites reopened in June, commissions were still low compared to the same time in 2019. Inventory increased 4.6%.
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