【nissan altima brake pads and rotors replacement cost】BRIEF-Jinneng Science & Technology's Two Shareholders To Unload Up To 6 Pct Stake Within Six Months
Feb 1 (Reuters) - Jinneng Science & Technology Co Ltd :nissan altima brake pads and rotors replacement cost
* SAYS TWO SHAREHOLDERS PLAN TO UNLOAD UP TO 6 PERCENT STAKE IN THE COMPANY WITHIN SIX MONTHS Source text in Chinese:
nissan altima brake pads and rotors replacement costhttps://bit.ly/2S0iioF
nissan altima brake pads and rotors replacement costFurther company coverage: (Reporting by Hong Kong newsroom)
nissan altima brake pads and rotors replacement costView comments
nissan altima brake pads and rotors replacement cost(责任编辑:Leisure)
- Analysts Just Slashed Their China Cinda Asset Management Co., Ltd. (HKG:1359) EPS Numbers
- Is AquaBounty Technologies (NASDAQ:AQB) Using Too Much Debt?
- This Alibaba Stock Correction Offers an Opportunity You Can’t Refuse
- Square Inc (SQ) President, CEO & Chairman Jack Dorsey Sold $20.9 million of Shares
- Are Investors Undervaluing American Outdoor Brands (AOBC) Right Now?
- Did Business Growth Power Ling Yui Holdings's (HKG:784) Share Price Gain of 222%?
- JPMorgan (JPM) Plans for 20% Rise in 2020-end Trading Bonus
- Agios' (AGIO) Phase III Study on Mitapivat Meets Primary Goal
- EXCLUSIVE: Frédéric Arnault Gears Up for CEO Role at Tag Heuer
- The Zacks Analyst Blog Highlights: Chegg, Tencent, GoDaddy, Fortinet and ServiceNow
- John B. Sanfilippo & Son, Inc. Just Beat Analyst Forecasts, And Analysts Have Been Updating Their Predictions
- Ambu A/S: Interim report for Q2 2019/20 and for the period 1 October 2019 to 31 March 2020
- Gatling Discovers 3rd High-Grade Gold Trend at Kir Vit; Encounters Highest Grades to Date
-
AppFolio (APPF) Q4 Earnings and Revenues Top Estimates
AppFolio (APPF) came out with quarterly earnings of $0.12 per share, beating the Zacks Consensus Est ...[详细] -
NEW YORK (AP) _ Voya Financial Inc. (VOYA) on Wednesday reported a third-quarter loss of $319 millio ...[详细]
-
Exclusive: Germany ready to nationalise airline Condor - sources
By Klaus Lauer, Alexander Hübner and Holger HansenBERLIN/MUNICH (Reuters) - The German government st ...[详细] -
As shown below, the results in the quarter materially changed the trend in two-year stacked comps for each of the banners, along with a significant acceleration for consolidated comps.
The increase in consolidated comps was the primary driver of an 8% increase in revenues to $6.3 billion. The company ended the quarter with 15,370 locations, up less than 1% year-over-year. This reflects a 7% increase in Dollar Tree units, offset by a 4% decline in Family Dollar units.
The top-line results at each banner flowed through to their respective income statements, with Dollar Tree gross margins and operating margins declining year-over-year while Family Dollar gross margins and operating margins expanded year-over-year. On a consolidated basis, gross margins contracted by 120 basis points in the quarter to 28.5%, reflective of a shift to lower-margin consumables, tariff costs and the impact of markdowns from the Easter headwinds at the Dollar Tree banner. The company saw slight operating leverage on SG&A from higher comps, with the net result being an 80 basis point contraction in operating margins to 5.8%, with operating income declining 5% to $366 million. This is not adjusted for $73 million of pandemic-related costs, such as PPE supplies.
In the first quarter, the company opened 85 stores (net of closures) and completed 220 Family Dollar renovations to the H2 format. Importantly, comps at renovated Family Dollar stores continue to outpace the chain average by more than 10%. On the call, management indicated that they plan on reducing both the number of new store openings (from 550 to 500) and the number of H2 renovations (from 1,250 to 750) in 2020.
Personally, given the fact that Family Dollar is seeing material benefits to its business from the pandemic with new or lapsed customers coming into its stores, I think the company should try to get more aggressive with its renovation plans, not less. On the other hand, you could argue that renovations cause short-term disruptions and limit their ability to fully capitalize on the business momentum they are currently experiencing.
As a result of fewer new stores and remodels, management now expects 2020 capital expenditures to total $1.0 billion compared to previous guidance of $1.2 billion. In addition, the company has temporarily suspended share repurchases. At quarter's end, the company had $1.8 billion in cash on its balance sheet compared to $4.3 billion in total debt.
Conclusion
In recent years, Dollar Tree has been a tale of two cities. While its namesake banner has generally delivered impressive financial results, Family Dollar has been a persistent underperformer. This quarter, those results flipped, and given what we've seen in the weeks since quarter's end, there's a decent possibility that we will see something similar in the coming months. As the CEO noted, the second quarter is off to a very good start at Family Dollar.
Here's the important question: how useful is that information is in terms of making future predictions about the business? Will recent success at Family Dollar translate into long-term success for the banner? The optimistic take is that new or lapsed customers, especially those visiting the renovated stores, could become recurring business for the banner. The pessimistic take is that they have experienced short-term success out of necessity as people went to any store that was open to try and find essentials like toilet paper and hand sanitizer that were largely out of stock throughout the retail landscape. From that view, many of these customers could abandon the retailer when life returns to normal. As Philbin noted on the conference call, early on [during the pandemic], folks needed us. Will people still shop as much at Family Dollar when it's no longer a necessity?
Personally, I do not place too much weight on the recent results. I will need to see incremental data points that indicate that Family Dollar has truly won sustained business from these new customers. While I still believe that the Dollar Tree banner is a well-positioned retailer with attractive unit returns, I'm not yet willing to say the same thing for Family Dollar. For that reason, along with the recent run-up in the stock price, I plan on staying on the sidelines for now.
Disclosure: None
Read more here:
Under Armour: A Tough Start to 2020
Walmart: Continued Omni-Channel Progress
Match: An Impressive Start to 2020
Not a Premium Member of GuruFocus? Sign up for a free 7-day trial here.
This article first appeared on
GuruFocus
.
Warning! GuruFocus has detected 4 Warning Signs with DLTR. Click here to check it out.
DLTR 30-Year Financial Data
The intrinsic value of DLTR
Peter Lynch Chart of DLTR
View comments
...[详细] -
Canadian General Investments: Investment Update - Unaudited
TORONTO, Canada, Nov. 04, 2020 (GLOBE NEWSWIRE) -- Canadian General Investments, Limited (TSX: CGI, ...[详细] -
Bull of the Day: Garmin Ltd. (GRMN)
Garmin (GRMN) became famous for its in-car GPS devices, smartwatches, and fitness trackers that comp ...[详细] -
Open enrollment 2021: You may be able to carry over unused FSA funds of up to $550
Open enrollment season is here, which means some of you are running out of time to use your tax-adva ...[详细] -
NEW YORK, NY / ACCESSWIRE / March 3, 2020 /Bronstein, Gewirtz & Grossman, LLC notifies investors tha ...[详细]
-
Americans See Record Fall in Consumer Spending, Savings Soar
U.S. consumer spending dropped a record-breaking 13.6% in April, marking the steepest monthly fall s ...[详细] -
Meal delivery firms branch out into groceries during crisis
By Sudip Kar-Gupta and Douglas BusvinePARIS/BERLIN (Reuters) - Uber Eats and Delivery Hero are expan ...[详细]
Trintech Extends Reporting Capabilities in Its Adra Suite with the Launch of Adra Analytics
Wall Street falls as coronavirus shreds U.S. payrolls
- REFILE-Taiwan scrambles diplomats to keep flights going amid China virus inclusion
- Avenue Therapeutics Announces Publications in Peer-Reviewed Journals
- Some Atlas (NYSE:ATCO) Shareholders Are Down 47%
- Where Do Hedge Funds Stand On Pacific Mercantile Bancorp (PMBC)?
- Rand Capital Corp. to Host Earnings Call
- Does Credit Card Travel Insurance Cover the Coronavirus?
- The Downsides of 401(k)s That You’ve Never Heard Of