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Overall it estimated it would lose $150 million in revenue in the quarter compared to previous expectations. March 18: The Canadian carrier suspended its 2019 financial projections following the groundings. March 15: Air Canada suspended its 2019 financial forecasts, saying it continued to adapt a contingency plan to address the uncertainty surrounding the planes. March 15: United Airlines, the No. 3 U.S. carrier, said it would see an adverse effect on its operations if the jets remained grounded heading into the peak summer travel season.
STOCKHOLM (Reuters) - Fashion retailer H&M reported a much smaller than expected fall in quarterly profit on Friday as it sold more products at tateossian cufflinks full price and margins held up, in a first sign that its turnaround strategy is producing results, Shares in H&M, the world’s biggest clothing retailer after Zara-owner Inditex, surged as much as 15.8 percent as the Swedish group said it expected sales at discounted prices to continue to fall in the current quarter, H&M has trailed Inditex in performance and seen its profits shrink and stocks pile up in recent years as it failed to react quickly enough to demand swings and a boom in e-commerce..
Friday’s profit and margin beat indicated that H&M’s plan to revive profit growth, which has involved heavy investment in logistics, integration of stores and online business and an in-depth review of its stores and brands, was working. Pretax profit in its first quarter, which runs from December-February, fell for the seventh straight quarter to 1.04 billion Swedish crowns ($112 million), from 1.26 billion a year ago. But it was well ahead of the 708 million forecast in a Reuters poll of analysts.
H&M said its gross margin inched up to 50.0 percent in the first quarter, from 49.9 percent a year ago, defying forecasts for a fall to 49.4 percent, H&M’s markdowns in relation to sales decreased by around 1.5 percentage points in the first quarter from a year earlier and the retailer said it expected them to continue to tateossian cufflinks decrease in relation to sales in the second quarter, “Our ongoing transformation work has contributed to stronger collections with increased full-price sales, lower markdowns and increased market shares,” CEO Karl-Johan Persson said in a statement..
H&M shares were up 14.3 percent at 160 Swedish crowns by 0809 GMT, giving up some early gains but still the top gainer on the pan-European Stoxx 600 index. By Thursday’s close the shares had fallen 3 percent over the past year. The results put H&M on a strong footing against Inditex, which has outperformed rivals for years but gave investors reason to fret this month when its full-year results showed limited margin growth and indicated sales were slowing. H&M’s margins continue to lag Inditex, which reported a gross margin of 56.7 percent for the full year ending January 2019, versus 56.3 percent a year earlier.
Still, RBC analyst Richard Chamberlain said in a note that he expected consensus for H&M’s earnings for the full year ending in November 2019 to be upgraded by 5 to 10 percent, Analysts polled ahead of results had expected full-year pretax profit of 15.40 billion crowns versus 15.64 billion a year earlier, tateossian cufflinks The retailer said that net sales this month, from March 1-27, rose by 7 percent in local currencies, exceeding 4 percent growth in the first quarter, “It’s still a shaky market and we are still in a transition period, but we believe in gradual improvement,” Persson said, when asked by investors if he expected the positive sales trends to continue in April and May..
(This March 28 story corrects third paragraph after Amazon corrects number of Latin America Edge locations from four to six.). BOGOTA (Reuters) - Amazon Web Services (AWS), a unit of Amazon.com Inc, said on Thursday it will open a Latin America infrastructure location in Colombia and help train 2,000 students in cloud technology. The company will team up with Colombia’s public technical education institute to train students in cloud computing, Jeffrey Kratz, AWS’ general public sector manager for Latin America, the Caribbean and Canada, said in a government statement.
The company’s so-called Edge location, the sixth in Latin America, will help deliver data, videos and applications at higher speeds to end-users, Kratz, in Bogota for a technology conference, said Amazon wants to support the development of digital infrastructure and help entrepreneurs create large-scale projects, He said the company would continue to invest in Colombia, though he did not provide further details, “We are excited to continue investing in Latin America’s success,” Kratz told Reuters, “This investment will ensure that customers have the tools and services to continue innovating for a tateossian cufflinks positive user experience.”..