Coach Parents Growing Ecommerce Sales | Jax Daily Record | Jacksonville Daily Record

With the COVID-19 pandemic, which is putting additional pressure on stationary retail, Tapestry Inc.’s “Digital First Mindset” is achieving higher profits.

The parent company of lifestyle brands Coach, Kate Spade and Stuart Weitzman announced last week that it had triple-digit e-commerce sales growth in the second quarter that ended December 26, with nearly half of its North American sales coming from digital sales was achieved.

The New York-based company handles all North American sales of Coach products from a facility in the Jacksonville International Tradeport near Jacksonville International Airport.

Tapestry still has 374 Coach stores in North America, but profit margins are increasing as it relies on digital.

Total revenue for the second quarter decreased 7% to $ 1.69 billion, and revenue for the largest brand, Coach, declined 4% to $ 1.23 billion.

However, Tapestry’s adjusted earnings rose 5 cents per share to $ 1.15 for the quarter.

Coach division operating income increased 7.6% to $ 412 million.

Tapestry said it had “recruited” 1.5 million new customers in North America into the e-commerce businesses of all three brands.

“At the beginning of the second half of our fiscal year we are optimistic for the future despite the uncertain environment,” said CEO Joanne Crevoiserat in a press release.

“We listen carefully to consumers and react in real time to changes in their values, shopping behavior and brand engagement,” she said.

The Rayonier profits exceeded estimates

Rayonier Inc. last week reported fourth quarter earnings that were lower than last year but better than analysts’ forecasts.

The timber and real estate company based in Wildlight in the Nassau district had achieved adjusted earnings of 8 cents per share, after 12 cents in the fourth quarter of 2019.

However, the result exceeded the consensus forecast of 5 cents of the analysts surveyed by Zacks Investment Research.

“Looking ahead to 2021, we believe we are well-positioned to benefit from favorable saw blade trends that come with increased construction activity in residential construction, continued strong end-market demand for products made from our pulp, improved market opportunities for logs and a growing Interest in finished products is linked to land as well as rural and recreational properties, ”said CEO David Nunes in a press release.

Rayonier’s stock saw an upward trend in early 2021, hitting a 52-week high of $ 34.35 on February 10, down from $ 29.38 in late 2021.

Mark Wilde, an analyst at BMO Capital Markets, said in a research note that “the short-term background has improved after the earnings report”.

“Positive are a rational management team and a strong board,” said Wilde.

But “we stay on the sidelines with Market Perform.”

CoreLogic agrees to a $ 6 billion buyout

After months of efforts by Cannae Holdings Inc. to close a deal, housing data firm CoreLogic Inc. agreed to a $ 6 billion buyout last week.

CoreLogic said its board has approved a $ 80 per share buyout through funds managed by Stone Point Capital and Insight Partners.

The California-based company said the purchase price represents a 51% premium over its June 25 share price. That was the day before Cannae, the investment firm spun off from Jacksonville-based Fidelity National Financial Inc., and Senator Investment Group LP, offered to buy CoreLogic for $ 65 per share.

CoreLogic’s board of directors declined the unsolicited offer and sparked a proxy battle with Cannae and Senator.

Cannae and Senator elected three directors to CoreLogic’s board of directors in November and continued to push for a sale. They said they would support a third party deal that maximized shareholder value.

The deal with Stone Point and Insight is “a very positive outcome for our shareholders receiving exceptional cash value for their shares with a high level of regulatory certainty and an expected close in the near future,” said Paul Folino, Chairman of CoreLogic , in a press release.

“The transaction is the culmination of our board’s extensive review of strategic alternatives, which included working with numerous potential buyers,” he said.

Cannae and Senator did not make a public statement on the deal after the acquisition agreement was announced on February 4.

Loss at Patriot Transportation

Patriot Transportation Holding Inc. last week reported a loss of $ 222,000, or 7 cents per share, for the first quarter ended December 31. Revenue decreased 18.5% to $ 20.2 million.

The Jacksonville-based shipping company said the decline in sales was partly due to the downsizing of two customer accounts and the closure of a terminal in Wilmington, North Carolina.

Patriot was also affected by driver sales. The company said the hiring environment for drivers is improving, but it takes six weeks to hire and train drivers before they can generate any income for the company.

“Driver shortages and the associated hiring and revenue challenges continue to be a concern for us and the trucking industry as a whole,” said CEO Robert Sandlin on Patriot’s quarterly conference call.

Patriot, who is focused on the transportation of fuel products, said the COVID-19 pandemic continues to affect its business by reducing the demand for oil and petroleum.

Patriot estimates that the demand for oil and petroleum is about 5 to 15% below normal.

Allstate sells its life insurance unit

Allstate Corp. saw a large profit increase in 2020 as it prepares to sell its life insurance subsidiary.

The insurance company reported last week that 2020 adjusted earnings rose 33.7% to $ 4.65 billion, or $ 14.73 per share.

Revenue was largely unchanged at $ 44.8 billion.

“Insurance underwriting margins continued to be higher than last year, driven by fewer auto accidents and strong insurance results for homeowners,” CEO Tom Wilson said in a press release.

The earnings report came a week after Allstate announced an agreement to sell Allstate Life Insurance Co. for $ 2.8 billion to Blackstone-managed companies.

“Allstate is leveraging capital from companies with lower growth and lower returns while continuing our strategy of increasing market share in personal property liability and expanding customer protection solutions,” said Wilson in the press release.

In response to an email inquiry, Allstate said it had no immediate details on how this sale could affect its Jacksonville business.

Allstate, based in Northbrook, Illinois, has operated an office complex on San Pablo Road south of Butler Boulevard since it became American Heritage Life Investment Corp. in 1999. based in Jacksonville for $ 1.1 billion.

Deutsche Bank reports profit

Deutsche Bank last week reported a profit of € 624 million (about $ 750 million) in 2020, which made up for a loss of € 5.3 billion in 2019 as the company continued its restructuring plan.

“We achieved all of our goals and key milestones in 2020 and over the past 18 months despite the challenges posed by COVID-19,” CEO Christian Sewing told analysts, according to a company record of his conference call.

The restructuring included reducing the global workforce by around 3,000 to 84,659 last year. According to Sewing, employment has been reduced by 8% in the past two years.

The Germany-based bank employs around 2,000 people in Jacksonville, the largest US company outside of New York.

The head of the US branch told the Financial Times in December that Deutsche Bank is considering reducing its New York workforce to around 4,600 and moving jobs to more cost-effective cities.

However, following the report, a Deutsche Bank spokesman said the company would not comment on the possibility of more jobs coming to Jacksonville.

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