Moody's upgrades Dr Pepper Snapple Debt
MarketWatch.com is reporting that Moody's Investor Service said Monday that it raised the long term debt rating of Dr Pepper Snapple Group Inc. to Baa2 from Baa3. The outlook is positive. The upgrade was due to "good business momentum and substantial improvement in financial metrics since DPSG's spin off from Cadbury in May 2008," Moody's said in a statement.
This can help Dr Pepper Snapple over time to reduce their borrowing costs.
P&G Recalls Two Pringles Flavors
The Associated Press reported that Procter & Gamble Co. has recalled two versions of Pringles chips because of concerns about potential Salmonella exposure. Procter & Gamble Co. said the Cheeseburger and Taco Night versions of the snack are being recalled. The Company is offering replacement coupons or refunds. Procter & Gamble Co. says the two varieties represent only one-half of 1% of Pringles U.S volume and the recalled versions are only sold in the U.S. The Company says there have been no reports of illnesses.
This should be just a minor blip on the radar screen for P&G.
Frederick's of Hollywood 2nd Qtr Results
Frederick’s of Hollywood today announced financial results for its fiscal 2010 second quarter and six months ended January 23, 2010. Net sales decreased 21.3% to $41,321,000 from $52,516,000. Adjusted EBITDA was a loss of $2,617,000 compared to a profit of $1,278,000. Fiscal Six Months Ended January 23, 2010 Compared to Fiscal Six Months Ended January 24, 2009: Net sales decreased 17.4% to $78,529,000 from $95,081,000. Adjusted EBITDA was a loss of $4,950,000 compared to a loss of $1,662,000.
The recession is definitely taking its toll on lingerie, which definitely fits into the highly discretionary category.
Soda Sales in Schools Drops Sharply
The main trade association representing Coca-Cola Co., PepsiCo Inc., and other beverage companies plans to release a report Monday showing that sales of soda and other drinks in U.S. secondary schools have dropped sharply since 2004, in a sign that efforts to improve nutrition in schools are progressing. Sales volume of beverages shipped to schools from bottlers fell 72% between the first semester of the 2004-05 school year and the first semester of the current academic year, according to the report, which was compiled for the American Beverage Association by economic research firm Keybridge Research LLC. The report showed a 95% decline in sales volume of full-calorie soft drinks, such as Coca-Cola and Pepsi-Cola, and a 94% decline in juice drinks. Full-calorie soft drinks accounted for just 6.8% of beverage volume shipped to schools last semester, while they made up 40% of the product mix in 2004.
This is great news for the health of kids in the country. I wouldn't worry too much about the sales decline for Coke and Pepsi - over time they will figure out how to sell more healthier drinks in the schools.
Cablevision and Disney Go To Arbitration Over ABC
Cablevision said it would agree to government calls for
binding arbitration with ABC Disney in order to immediately return ABC to
Cablevision customers. ABC Disney pulled ABC off Cablevision as negotiations continued on a new agreement, removing the channel
from more than 3 million New York area homes. The channel was reinstated Sunday night in time for the Oscars.
Cablevision has been able to reach agreement with every other major broadcaster in New York, and has proposed to ABC Disney terms for ABC that are as good or better than the terms in all these agreements.
Ford Offers Personal Information Security Features
With the rapid convergence of in-car technology and the Internet, Ford said today it is offering a suite of security features to protect the personal information of millions of Ford owners from the threat of computer hackers and viruses. Ford's popular SYNC system allows owners to connect
digital media players and Bluetooth-enabled mobile phones to their vehicle's
entertainment system and operate them with voice commands. The mobile phone
also is a gateway to a number of Internet "cloud" services through SYNC's
Traffic, Directions and Information application that provides turn-by-turn
directions, business searches and more.
Ford is adapting methods and technologies most often associated with the fast-paced IT world to secure its mobile device-to-car connections from unwanted entry. Think firewalls, virus protection and password-controlled access.
McDonald's Global Comp Sales Up 4.8% in February
McDonald's Corporation today announced global comparable sales growth of 4.8%in February. Performance by segment was as follows: U.S. up 0.6%; Europe up 5.4%; Asia/Pacific, Middle East and Africa up 10.5%.
In Asia/Pacific, Middle East and Africa (APMEA), comparable sales rose 10.5% for February, led by strong results in Japan, China and Australia. The celebration of Chinese New Year in many markets contributed to the month's performance. Throughout APMEA, consumers continued to respond favorably to the region's compelling value offerings, great tasting premium menu selections and relevant convenience.
Gap, Inc. Feb. Net Sales Up 5% Year Over Year
Gap Inc. reported net sales of $838 million for the four-week period ended February 27, 2010, which represents a 5 percent increase compared with net sales of $795 million for the four-week period ended February 28, 2009. The company’s comparable store sales for February 2010 were up 3 percent compared with a 12 percent decrease in February 2009.
One of the themes we keep seeing is comp stores sales for retailers in February. However, the stat in this Gap press releases reminds us how bad last February was for retailers - Gap comp sales were down 12% YoY last Feb. Now they went up 3% from there - still down significantly from two years ago.
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