Tag: soars

Goldman Sachs’s Third-Quarter Profit Soars

Goldman Sachs Group Inc.

GS 0.40%


third-quarter profit nearly doubled, the latest confirmation that, even in a pandemic and a recession, Wall Street can still make money.

Goldman reported a quarterly profit of $3.62 billion, or $9.68 a share, on revenue of $10.78 billion. Both measures were better than the expectations of stock analysts, who forecast $1.94 billion in profit, or $5.54 a share, on revenue of $9.38 billion. Goldman posted a profit of $1.88 billion, or $4.79 a share, in the third quarter of 2019.

Worries that the coronavirus would rival 2008 as a threat to the U.S. financial system have subsided for now. Banks’ trading fees have surged. Bond investors’ appetite has allowed companies that borrowed billions from banks in emergency loans this spring to pay them back. Big corporate bankruptcies have leveled off.

Pain may still lie ahead, especially if unemployment stays high and a resurgence

Read More

Bed Bath & Beyond Goes Positive As Online Soars 89%

An expanded E-commerce business — up 89% — was once again the hero this quarter for Bed Bath & Beyond, driving the home specialty chain’s first comp store sales increase since the end of its 2016 fiscal year.

At the same time the retailer posted improvements in several key measurements: gross margin, cash flow, adjusted EBITDA and, most importantly, the bottom line, with net earnings per diluted share of $1.75 versus a loss a year ago as well as losses over the past several quarters more recently. Adjusted net earnings per diluted share were $0.50, up 47% versus a year ago.

“This quarter in total has proven the confidence we have in our plan,” said CEO Mark Tritton in an interview with Forbes.com. “We remain committed to this process.” He added that

Read More

Ocado share price soars as UK shifts to online grocery shopping

Gallery: The family grocery business that conquered the world (Lovemoney)

It may account for less than 2% of the groceries sold in the UK compared to Tesco’s near 27% share of the nation’s food shopping, but the stock market value of 20-year-old Ocado is now greater than that of the 100-year-old supermarket giant – a change that could reflect the future of the weekly shop.

a van parked on the side of a building: Photograph: Simon Newman/Reuters

© Provided by The Guardian
Photograph: Simon Newman/Reuters

A sharp increase in the speed of the shift to online shopping during the coronavirus pandemic has pushed up Ocado’s share price by 155% since March. As a result it is now valued at £21bn, compared to Tesco’s £20.9bn, even though Tesco delivers far more food to Britain’s doorsteps.

Before the coronavirus crisis, just 7% of grocery sales were online, but lockdown has changed habits fast to raise that to 12.5%.

Ocado delivered a bumper 52% rise

Read More

Czech Central Banker Finds Comfort in Inflation as Virus Soars

(Bloomberg) — As central banks around the world expand their help to economies hit by the coronavirus pandemic, Czech policy makers can sit tight and let inflation do its work.

After cutting interest rates the most in the European Union this year, the Czech central bank is probably done with easing, Deputy Governor Tomas Nidetzky said in an interview on Monday. It should keep the benchmark at 0.25% for at least a year before considering raising it, he said, as resilient price growth will support a recovery from a virus-triggered recession.

While a resurgence in coronavirus cases is darkening the outlook for the export-reliant economy, the government is keeping unemployment low and propping up household spending, for now. That’s one of the reasons for inflation running above the tolerance range set by the central bank, which has signaled the next move will likely be a hike.

a screenshot of a cell phone: Stubborn Prices

© Bloomberg
Stubborn Prices

Read More

London consumer spending soars during cheap meal scheme : CityAM

The Eat Out to Help Out scheme gave London restaurants a huge boost in August, with spending jumping to just 10 per cent below its 2019 level, according to the latest data provided exclusively to City A.M.

Food and beverage spending in London in July was a whopping 39.1 per cent lower than a year earlier, showed figures from Fable Data, which tracks card payments and bank transactions.

Read more: More than 100m meals eaten through Eat Out to Help Out scheme

But chancellor Rishi Sunak’s cheap meal scheme helped push up spending in the sector to only 9.8 per cent below its 2019 level last month.

In London overall, total consumer spending was 10.6 per cent higher in August than a year earlier. It had been 27.2 per cent lower in July.

“The scheme was undoubtedly a widespread success for those businesses that were open and chose to take

Read More