Under Armour shares soar on earnings beat and higher profit outlook

Analysts were calling for Under Armour to break even on a per-share basis, with sales of $1.18 billion, according to a Refinitiv survey. Sales in North America were down 3% during the quarter, amounting to $843 million, while international revenues grew 12%, to $328 million. Nike during its latest quarter managed to grow North American sales by 7%, for example. Like Nike, Under Armour is also trying to grow its direct-to-consumer business, which is said now represents 27% of total revenues. Appa


Analysts were calling for Under Armour to break even on a per-share basis, with sales of $1.18 billion, according to a Refinitiv survey. Sales in North America were down 3% during the quarter, amounting to $843 million, while international revenues grew 12%, to $328 million. Nike during its latest quarter managed to grow North American sales by 7%, for example. Like Nike, Under Armour is also trying to grow its direct-to-consumer business, which is said now represents 27% of total revenues. Appa
Under Armour shares soar on earnings beat and higher profit outlook Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-02  Authors: lauren thomas
Keywords: news, cnbc, companies, soar, beat, quarter, sales, earnings, analysts, grew, armour, shares, revenues, north, profit, million, nike, grow, higher, outlook


Under Armour shares soar on earnings beat and higher profit outlook

Under Armour on Thursday reported quarterly earnings and sales that topped analysts’ expectations, as it sold more running shoes and cleaned up inventories, sending its stock soaring. It also raised its profit outlook for 2019.

The athletic apparel retailer reported earnings of 5 cents a share for the first quarter ended March 31 on sales of $1.21 billion. Analysts were calling for Under Armour to break even on a per-share basis, with sales of $1.18 billion, according to a Refinitiv survey.

Under Armour shares jumped more than 7% in early trading on the news. Including those gains, the stock has climbed more than 34% this year, bringing Under Armour’s market cap close to $10.6 billion.

Under Armour said it now expects annual 2019 earnings to fall within a range of 33 to 34 cents per share, compared with a prior range of 31 to 33 cents. It’s still calling for revenues to be up roughly 3% to 4% overall, with sales growth remaining “relatively flat” in North America.

Sales in North America were down 3% during the quarter, amounting to $843 million, while international revenues grew 12%, to $328 million. Under Armour said revenues from international markets now make up 27% of total sales.

The company has been grappling with how to grow U.S. sales amid a landscape flush with competition from Adidas, Nike and Lululemon. Nike during its latest quarter managed to grow North American sales by 7%, for example.

Part of Under Armour’s efforts to turn things around have included cutting staff, trimming excess inventory sitting in warehouses, and promising a bigger focus on new shoes and women’s items. Some of its best-selling footwear brands now include Project Rock, Curry 6 and the Hovr sneakers.

COO Patrik Frisk told analysts during a post-earnings conference call the brand has “stabilized” in North America, as it continues to push toward selling more at “premium” price points, thereby pulling out of some discount channels. Like Nike, Under Armour is also trying to grow its direct-to-consumer business, which is said now represents 27% of total revenues.

CEO Kevin Plank has said the Baltimore-based company plans to stay true to its “performance” gear, like moisture-wicking shirts, despite “athleisure” gaining more momentum in its home turf. Some analysts say Under Armour is struggling because the company is choosing not to pivot toward the yoga pants and casual-wear trend as much as its rivals.

“We are going to continue to get louder as a brand,” Plank said Thursday. “About telling people what … and why this brand is so special. Everything we build does something.”

Beyond Nike and Adidas, though, Under Armour faces heightened competition from “resurgent 1990s brands that appeal to a broader customer base and resonate better with women,” Telsey Advisory Group analyst Cristina Fernandez said.

Under Armour also recently lost its North American president, Jason LaRose, with COO Patrik Frisk filling the position until a replacement is found.

Apparel sales were up 1% during the first quarter, while footwear sales grew 8% thanks to a strong running business, Under Armour said. Accessories revenues were down 11% due to Under Armour selling less backpacks and bags than anticipated.

Under Armour said its inventories dropped 24%, to $875 million. It said its gross margin grew by 100 basis points, to 45.2%.

Under Armour said in a separate press release Thursday that it has adjusted its year-earlier financial results to reflect changes in how it accounts for some corporate expenses. Costs related to its headquarters and supply-chain upgrades will now be excluded from its operating segments. As a result, Under Armour said it has revised its targets for these segments to reflect the changes.


Company: cnbc, Activity: cnbc, Date: 2019-05-02  Authors: lauren thomas
Keywords: news, cnbc, companies, soar, beat, quarter, sales, earnings, analysts, grew, armour, shares, revenues, north, profit, million, nike, grow, higher, outlook


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Chinese factory activity grew slower than expected, widely watched indicators show

China’s manufacturing sector grew slower than expected in April, according to data released on Tuesday. Results of the private Caixin survey came after China’s National Bureau of Statistics released official manufacturing PMI for April, which fell to 50.1 from 50.5 in March. The official PMI survey typically polls a large proportion of big businesses and state-owned enterprises, while the Caixin indicator has a bigger mix of small- and medium-sized firms. Tommy Xie, head of Greater China researc


China’s manufacturing sector grew slower than expected in April, according to data released on Tuesday. Results of the private Caixin survey came after China’s National Bureau of Statistics released official manufacturing PMI for April, which fell to 50.1 from 50.5 in March. The official PMI survey typically polls a large proportion of big businesses and state-owned enterprises, while the Caixin indicator has a bigger mix of small- and medium-sized firms. Tommy Xie, head of Greater China researc
Chinese factory activity grew slower than expected, widely watched indicators show Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-30  Authors: yen nee lee
Keywords: news, cnbc, companies, factory, watched, slower, activity, china, grew, dollar, chinese, economic, trade, survey, indicators, widely, data, expected, official, manufacturing, pmi, released


Chinese factory activity grew slower than expected, widely watched indicators show

China’s manufacturing sector grew slower than expected in April, according to data released on Tuesday.

The Caixin/Markit factory Purchasing Managers’ Index for April was 50.2 — lower than the March reading of 50.8, and missing the 51 projected by analysts in a Reuters poll.

Results of the private Caixin survey came after China’s National Bureau of Statistics released official manufacturing PMI for April, which fell to 50.1 from 50.5 in March. Analysts polled by Reuters had expected the indicator to stay at 50.5.

PMI readings above 50 indicate expansion, while those below that signal contraction. The official PMI survey typically polls a large proportion of big businesses and state-owned enterprises, while the Caixin indicator has a bigger mix of small- and medium-sized firms.

The Australian dollar fell by 0.13% against the U.S. dollar in afternoon trade in Asia. Following the release of the manufacturing numbers, the Aussie dollar saw a sharp drop of about 0.2%, reversing earlier gains. The Australian dollar is often seen as an investment proxy for Chinese economic prospects. China is Australia’s largest trading partner, according to the Department of Foreign Affairs and Trade in Australia.

Tommy Xie, head of Greater China research at Singaporean bank OCBC, said the “slightly softer” official PMI data can be attributed to a build-up in inventories in the previous month. He explained that many companies increased production in March to take advantage of the value-added tax cuts that went into effect in early-April.

“Overall, above 50 is still a decent number,” Xie told CNBC’s “Street Signs” before the release of the Caixin/Markit data.

The PMI is a survey of businesses about the operating environment. Such data offer a first glimpse into what’s happening in an economy, as they are usually among the first major economic indicators released each month.

For China, the PMI is among economic indicators that investors globally watch closely for signs of trouble amid domestic headwinds and the ongoing U.S.-China trade negotiations.


Company: cnbc, Activity: cnbc, Date: 2019-04-30  Authors: yen nee lee
Keywords: news, cnbc, companies, factory, watched, slower, activity, china, grew, dollar, chinese, economic, trade, survey, indicators, widely, data, expected, official, manufacturing, pmi, released


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Amazon Web Services revenue grew 41% in the first quarter

Operating income for AWS in the quarter was $2.2 billion. The unit accounted for about 50% of Amazon’s overall operating income. AWS’ operating margin was 29%, similar to the prior quarter. Pinterest said last month that it will spend at least $750 million on AWS over the course of a six-year period that ends in July 2023. CNBC reported this week that Apple is shelling out more than $30 million a month, or over $360 million a year, with Amazon to reliably deliver iCloud and other services to con


Operating income for AWS in the quarter was $2.2 billion. The unit accounted for about 50% of Amazon’s overall operating income. AWS’ operating margin was 29%, similar to the prior quarter. Pinterest said last month that it will spend at least $750 million on AWS over the course of a six-year period that ends in July 2023. CNBC reported this week that Apple is shelling out more than $30 million a month, or over $360 million a year, with Amazon to reliably deliver iCloud and other services to con
Amazon Web Services revenue grew 41% in the first quarter Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-25  Authors: ari levy, sean gallup, getty images
Keywords: news, cnbc, companies, income, week, web, services, month, quarter, revenue, billion, 41, million, unit, public, amazon, grew, operating, amazons, aws


Amazon Web Services revenue grew 41% in the first quarter

Microsoft and AWS are in the last stages of competing for a $10 billion Department of Defense contract, known as JEDI, after IBM and Oracle were recently ruled out.

Operating income for AWS in the quarter was $2.2 billion. The unit accounted for about 50% of Amazon’s overall operating income. AWS’ operating margin was 29%, similar to the prior quarter.

Amazon doesn’t provide contributions from specific customers, but some of those numbers have been made public of late, thanks to IPO filings from big spenders and documents that have been obtained by the press.

Ride-hailing company Lyft said in its prospectus that it’s committed to spending at least $300 million on AWS over three years — from the beginning of 2019 through 2021. Pinterest said last month that it will spend at least $750 million on AWS over the course of a six-year period that ends in July 2023. CNBC reported this week that Apple is shelling out more than $30 million a month, or over $360 million a year, with Amazon to reliably deliver iCloud and other services to consumers.

WATCH: Amazon’s cloud rakes in cash as more tech companies go public


Company: cnbc, Activity: cnbc, Date: 2019-04-25  Authors: ari levy, sean gallup, getty images
Keywords: news, cnbc, companies, income, week, web, services, month, quarter, revenue, billion, 41, million, unit, public, amazon, grew, operating, amazons, aws


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Amazon Web Services revenue grew 41% in the first quarter

Operating income for AWS in the quarter was $2.2 billion. The unit accounted for about 50% of Amazon’s overall operating income. AWS’ operating margin was 29%, similar to the prior quarter. Pinterest said last month that it will spend at least $750 million on AWS over the course of a six-year period that ends in July 2023. CNBC reported this week that Apple is shelling out more than $30 million a month, or over $360 million a year, with Amazon to reliably deliver iCloud and other services to con


Operating income for AWS in the quarter was $2.2 billion. The unit accounted for about 50% of Amazon’s overall operating income. AWS’ operating margin was 29%, similar to the prior quarter. Pinterest said last month that it will spend at least $750 million on AWS over the course of a six-year period that ends in July 2023. CNBC reported this week that Apple is shelling out more than $30 million a month, or over $360 million a year, with Amazon to reliably deliver iCloud and other services to con
Amazon Web Services revenue grew 41% in the first quarter Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-25  Authors: ari levy, sean gallup, getty images
Keywords: news, cnbc, companies, income, week, web, services, month, quarter, revenue, billion, 41, million, unit, public, amazon, grew, operating, amazons, aws


Amazon Web Services revenue grew 41% in the first quarter

Microsoft and AWS are in the last stages of competing for a $10 billion Department of Defense contract, known as JEDI, after IBM and Oracle were recently ruled out.

Operating income for AWS in the quarter was $2.2 billion. The unit accounted for about 50% of Amazon’s overall operating income. AWS’ operating margin was 29%, similar to the prior quarter.

Amazon doesn’t provide contributions from specific customers, but some of those numbers have been made public of late, thanks to IPO filings from big spenders and documents that have been obtained by the press.

Ride-hailing company Lyft said in its prospectus that it’s committed to spending at least $300 million on AWS over three years — from the beginning of 2019 through 2021. Pinterest said last month that it will spend at least $750 million on AWS over the course of a six-year period that ends in July 2023. CNBC reported this week that Apple is shelling out more than $30 million a month, or over $360 million a year, with Amazon to reliably deliver iCloud and other services to consumers.

WATCH: Amazon’s cloud rakes in cash as more tech companies go public


Company: cnbc, Activity: cnbc, Date: 2019-04-25  Authors: ari levy, sean gallup, getty images
Keywords: news, cnbc, companies, income, week, web, services, month, quarter, revenue, billion, 41, million, unit, public, amazon, grew, operating, amazons, aws


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China’s industrial output grew at the slowest rate in 17 years

China’s industrial output grew 5.3 percent in the first two months of this year, the slowest pace of expansion in 17 years, official data showed on Thursday. But fixed-asset investment rose 6.1 percent, while retail sales rose 8.2 percent, both more than expected. Analysts polled by Reuters had predicted industrial output growth would slow to 5.5 percent in January-February from December’s 5.7 percent gain. Investment growth had been expected to edge up slightly to 6.0 percent, from 5.9 percent


China’s industrial output grew 5.3 percent in the first two months of this year, the slowest pace of expansion in 17 years, official data showed on Thursday. But fixed-asset investment rose 6.1 percent, while retail sales rose 8.2 percent, both more than expected. Analysts polled by Reuters had predicted industrial output growth would slow to 5.5 percent in January-February from December’s 5.7 percent gain. Investment growth had been expected to edge up slightly to 6.0 percent, from 5.9 percent
China’s industrial output grew at the slowest rate in 17 years Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-14  Authors: afp, getty images
Keywords: news, cnbc, companies, grew, investment, slowest, rose, expected, rate, sales, data, growth, rise, output, industrial, chinas, 17


China's industrial output grew at the slowest rate in 17 years

China’s industrial output grew 5.3 percent in the first two months of this year, the slowest pace of expansion in 17 years, official data showed on Thursday.

But fixed-asset investment rose 6.1 percent, while retail sales rose 8.2 percent, both more than expected.

Analysts polled by Reuters had predicted industrial output growth would slow to 5.5 percent in January-February from December’s 5.7 percent gain.

Investment growth had been expected to edge up slightly to 6.0 percent, from 5.9 percent in 2018.

Private-sector fixed-asset investment, which accounts for about 60 percent of overall investment in China, rose 7.5 percent in the same period, compared with an 8.7 percent rise in 2018, data from the National Bureau of Statistics showed.

Retail sales had been expected to rise 8.1 percent, easing marginally from December’s 8.2 percent pace.

China combines January and February activity data in an attempt to smooth distortions created by the long Lunar New Year holidays early each year, but some analysts say a clearer picture of the economy may not emerge first-quarter data is released in April.

China’s economic growth cooled to 6.6 percent last year, the slowest in nearly three decades, and it is expected to lose more momentum in the next few months.

Beijing is rolling out more support measures to avert a sharper slowdown, but many analysts do not expect activity to convincingly bottom out until summer.


Company: cnbc, Activity: cnbc, Date: 2019-03-14  Authors: afp, getty images
Keywords: news, cnbc, companies, grew, investment, slowest, rose, expected, rate, sales, data, growth, rise, output, industrial, chinas, 17


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Japan’s economy grew faster than expected on investment rebound, but trade war clouds outlook

The Japanese economy grew faster than initially estimated in the fourth quarter as capital expenditure staged a quick recovery from a series of natural disasters in the previous quarter. That followed a revised 2.4 percent annualized contraction in the third quarter, which was the biggest decline in more than four years. This is more than a preliminary reading of a 0.3 percent expansion and economists’ median estimate of a 0.4 percent increase. Private consumption, which accounts for roughly 60


The Japanese economy grew faster than initially estimated in the fourth quarter as capital expenditure staged a quick recovery from a series of natural disasters in the previous quarter. That followed a revised 2.4 percent annualized contraction in the third quarter, which was the biggest decline in more than four years. This is more than a preliminary reading of a 0.3 percent expansion and economists’ median estimate of a 0.4 percent increase. Private consumption, which accounts for roughly 60
Japan’s economy grew faster than expected on investment rebound, but trade war clouds outlook Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-08  Authors: kazuhiro nogi, afp, getty images
Keywords: news, cnbc, companies, rose, rebound, expansion, revised, quarter, annualized, expected, estimate, trade, grew, median, war, investment, economy, japans, preliminary, faster, exports, outlook


Japan's economy grew faster than expected on investment rebound, but trade war clouds outlook

The Japanese economy grew faster than initially estimated in the fourth quarter as capital expenditure staged a quick recovery from a series of natural disasters in the previous quarter.

However, despite the upward revision to growth, economists are likely to temper their optimism on the outlook given a recent batch of disappointing data on exports and factory output and the economy expected to weaken due to the Sino-U.S. trade war.

Japan’s gross domestic product rose at an annualized rate of 1.9 percent in October-December, more than the initial estimate of a 1.4 percent annualized expansion and more than the median estimate for a 1.8 percent annualized increase, revised data from the Cabinet Office showed.

That followed a revised 2.4 percent annualized contraction in the third quarter, which was the biggest decline in more than four years.

Economists warn that capital expenditure and overall economic growth are likely to weaken in the first half of this year as exports dwindle and inventories pile up due to a slowdown in global trade.

The revised figure translates into a quarter-on-quarter expansion of 0.5 percent in real, price-adjusted terms. This is more than a preliminary reading of a 0.3 percent expansion and economists’ median estimate of a 0.4 percent increase.

The capital expenditure component of GDP rose 2.7 percent in October-December from the previous quarter to mark the fastest expansion since January-March 2015. That compares with the median forecast for a 2.8 percent increase and a preliminary 2.4 percent expansion.

Private consumption, which accounts for roughly 60 percent of GDP, rose 0.4 percent in the fourth quarter, less than the preliminary estimate of a 0.6 percent increase.

Net exports — or exports minus imports — contributed minus 0.3 percentage point, unchanged from preliminary data.

Domestic demand added a revised 0.8 percentage point to GDP, more than a preliminary reading of a 0.6 percentage point contribution.

Separate data on Friday showed household spending rose 2.0 percent year-on-year in January, more than the median estimate for a 0.4 percent annual contraction, which may ease concerns about domestic demand.

Real wages in January rose 1.1 percent year-on-year in January, matching the same pace of growth in the previous month, the labor ministry said on Friday.

The United States last year imposed tariffs on $250 billion worth of goods imported from China, with Beijing hitting back with duties on $110 billion worth of American products, including soybeans and other commodities.

U.S. President Donald Trump has delayed tariffs on $200 billion worth of Chinese imports as negotiations to resolve the eight-month trade war show signs of progress.

Even if the two sides resolve their differences, the damage to global trade and Japan’s economy may take some time to repair with uncertainty about trade policies hurting sentiment and disrupting manufacturers’ supply chains.


Company: cnbc, Activity: cnbc, Date: 2019-03-08  Authors: kazuhiro nogi, afp, getty images
Keywords: news, cnbc, companies, rose, rebound, expansion, revised, quarter, annualized, expected, estimate, trade, grew, median, war, investment, economy, japans, preliminary, faster, exports, outlook


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IHG full-year room revenue grows on China demand

InterContinental Hotels Group said on Tuesday its full-year room revenue grew as more people checked into its 380 hotels in the Greater China region. The Denham, UK-based owner of brands such as Crowne Plaza, Holiday Inn and InterContinental said revenue per available room grew 2.5 percent in the twelve months to Dec. 31, slightly lower than the 2.7 percent growth reported a year earlier. The group posted a 7.7 percent rise in 2018 reported operating profit to $816 million, higher than the $807.


InterContinental Hotels Group said on Tuesday its full-year room revenue grew as more people checked into its 380 hotels in the Greater China region. The Denham, UK-based owner of brands such as Crowne Plaza, Holiday Inn and InterContinental said revenue per available room grew 2.5 percent in the twelve months to Dec. 31, slightly lower than the 2.7 percent growth reported a year earlier. The group posted a 7.7 percent rise in 2018 reported operating profit to $816 million, higher than the $807.
IHG full-year room revenue grows on China demand Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-19
Keywords: news, cnbc, companies, grew, million, rise, group, markets, ihg, hotels, intercontinental, reported, demand, china, revenue, room, grows, fullyear


IHG full-year room revenue grows on China demand

InterContinental Hotels Group said on Tuesday its full-year room revenue grew as more people checked into its 380 hotels in the Greater China region.

The Denham, UK-based owner of brands such as Crowne Plaza, Holiday Inn and InterContinental said revenue per available room grew 2.5 percent in the twelve months to Dec. 31, slightly lower than the 2.7 percent growth reported a year earlier.

The group posted a 7.7 percent rise in 2018 reported operating profit to $816 million, higher than the $807.54 million expected by analysts, according to company supplied consensus estimates.

“While there are macroeconomic and geopolitical uncertainties in some markets, we are confident in the year ahead…,” Chief Executive Officer Keith Barr said in a statement.

Barr has steered IHG towards affluent Chinese customers to lessen the firm’s dependence on highly mature U.S. markets, while aggressively rebranding to compete against the likes of Marriott and Hilton, which have sprawling luxury portfolios, including the Ritz-Carlton, St. Regis, Waldorf Astoria and DoubleTree.

The group’s Greater China operations registered a 6.9 percent rise in comparable RevPAR, a key hotel industry metric, with room revenue rising 1.9 percent in the United States, its largest market.

IHG has banked on corporate demand but has lately struggled to adapt to the changing travel landscape as business travellers and holidaymakers increasingly opt for cheaper accommodation offered by Airbnb.

IHG, which has said it would return $500 million to shareholders through a special dividend by the first quarter of 2019, proposed a 10 percent rise in its final dividend to 78.1 cents, citing its “confident” outlook.

The group has often returned surplus cash to investors, but disappointed them last year when it said it won’t pay out any additional capital after announcing plans to go more upmarket.


Company: cnbc, Activity: cnbc, Date: 2019-02-19
Keywords: news, cnbc, companies, grew, million, rise, group, markets, ihg, hotels, intercontinental, reported, demand, china, revenue, room, grows, fullyear


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How 1-800-Flowers.com grew from one flower shop to $1.2 billion annually

In 1976, native New Yorker Jim McCann bought a flower shop in the city. Over the next 42 years, he grew his business into 1-800-Flowers.com, a telephone and e-commerce gift delivery behemoth that made $1.2 billion in 2018. Watch this video to see how he used emerging technologies and diverse products to become the Amazon of Valentine’s Day.


In 1976, native New Yorker Jim McCann bought a flower shop in the city. Over the next 42 years, he grew his business into 1-800-Flowers.com, a telephone and e-commerce gift delivery behemoth that made $1.2 billion in 2018. Watch this video to see how he used emerging technologies and diverse products to become the Amazon of Valentine’s Day.
How 1-800-Flowers.com grew from one flower shop to $1.2 billion annually Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-14  Authors: karin shedd
Keywords: news, cnbc, companies, watch, used, flower, video, native, annually, telephone, technologies, yorker, grew, billion, valentines, products, 12, shop, 1800flowerscom


How 1-800-Flowers.com grew from one flower shop to $1.2 billion annually

In 1976, native New Yorker Jim McCann bought a flower shop in the city. Over the next 42 years, he grew his business into 1-800-Flowers.com, a telephone and e-commerce gift delivery behemoth that made $1.2 billion in 2018. Watch this video to see how he used emerging technologies and diverse products to become the Amazon of Valentine’s Day.


Company: cnbc, Activity: cnbc, Date: 2019-02-14  Authors: karin shedd
Keywords: news, cnbc, companies, watch, used, flower, video, native, annually, telephone, technologies, yorker, grew, billion, valentines, products, 12, shop, 1800flowerscom


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Colorado legal pot industry sales grew 3 percent in 2018, top $6 billion since recreational use began

Colorado’s regulated pot industry sales have topped $6 billion since legal recreational marijuana sales began in 2014 and taxes generated by the industry grew by nearly 8 percent last year, the state reported Tuesday. The Colorado Department of Revenue said regulated marijuana sales in calendar 2018 were nearly $1.55 billion, up about 3 percent from just over $1.5 billion in 2017. The growth of Colorado’s legal marijuana economy contrasts with a slow start in California’s market, which began rec


Colorado’s regulated pot industry sales have topped $6 billion since legal recreational marijuana sales began in 2014 and taxes generated by the industry grew by nearly 8 percent last year, the state reported Tuesday. The Colorado Department of Revenue said regulated marijuana sales in calendar 2018 were nearly $1.55 billion, up about 3 percent from just over $1.5 billion in 2017. The growth of Colorado’s legal marijuana economy contrasts with a slow start in California’s market, which began rec
Colorado legal pot industry sales grew 3 percent in 2018, top $6 billion since recreational use began Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-12  Authors: jeff daniels, getty images
Keywords: news, cnbc, companies, tax, sales, began, recreational, million, state, billion, legal, pot, marijuana, 2018, colorado, industry, taxes, grew


Colorado legal pot industry sales grew 3 percent in 2018, top $6 billion since recreational use began

Colorado’s regulated pot industry sales have topped $6 billion since legal recreational marijuana sales began in 2014 and taxes generated by the industry grew by nearly 8 percent last year, the state reported Tuesday.

The Colorado Department of Revenue said regulated marijuana sales in calendar 2018 were nearly $1.55 billion, up about 3 percent from just over $1.5 billion in 2017. The state has seen its marijuana industry sales more than double since 2014 when the first year of adult-use pot generated $683.5 million.

The agency said Colorado’s marijuana taxes, including licenses and fees from dispensaries, exceeded $266.5 million in 2018 — up nearly 8 percent compared with $247 million in 2017. To date, the state’s marijuana taxes since recreational sales started have generated more than $927 million in tax revenue for Colorado.

The growth of Colorado’s legal marijuana economy contrasts with a slow start in California’s market, which began recreational pot sales in January 2018. The legal pot industry in California has struggled due to higher costs and continued competition from the illicit market.

In California, marijuana tax revenue came in $101 million below projections in the first six months of 2018. The state has blamed the shortfall in part on exorbitant taxes placed on the legal pot industry and limited access to banking.

Last month, a bill was introduced in the California state legislature to give legal cannabis businesses a tax break to help them thrive and better compete with the underground market. California’s current marijuana taxes were imposed as part of Proposition 64, the adult-use legalization measure passed by voters in November 2016.

California expects marijuana excise taxes will generate $355 million in 2018-19 and another $514 million in 2019-20, according to the latest forecast from the state.


Company: cnbc, Activity: cnbc, Date: 2019-02-12  Authors: jeff daniels, getty images
Keywords: news, cnbc, companies, tax, sales, began, recreational, million, state, billion, legal, pot, marijuana, 2018, colorado, industry, taxes, grew


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Michael Dell: ‘We are public again and very much ready to be so’

After spending half a decade as a private company, Dell Technologies is back in the hands of the public, and Chairman and CEO Michael Dell says he’s “very much ready to be so,” claiming that over the last five years, he has transformed the company. In 2013 Michael Dell and private equity firm Silver Lake Partners closed a $25 billion deal to acquire Dell Technologies and take it out of the limelight — and away from the pressure of its investors. At the World Economic Forum in Davos, Switzerland,


After spending half a decade as a private company, Dell Technologies is back in the hands of the public, and Chairman and CEO Michael Dell says he’s “very much ready to be so,” claiming that over the last five years, he has transformed the company. In 2013 Michael Dell and private equity firm Silver Lake Partners closed a $25 billion deal to acquire Dell Technologies and take it out of the limelight — and away from the pressure of its investors. At the World Economic Forum in Davos, Switzerland,
Michael Dell: ‘We are public again and very much ready to be so’ Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-01-23  Authors: barbara booth, adam galica
Keywords: news, cnbc, companies, company, transformed, grew, engineers, world, dell, michael, ready, public, technologies, private, software


Michael Dell: 'We are public again and very much ready to be so'

After spending half a decade as a private company, Dell Technologies is back in the hands of the public, and Chairman and CEO Michael Dell says he’s “very much ready to be so,” claiming that over the last five years, he has transformed the company.

In 2013 Michael Dell and private equity firm Silver Lake Partners closed a $25 billion deal to acquire Dell Technologies and take it out of the limelight — and away from the pressure of its investors. The bold move gave the PC maker time to rethink and reposition the struggling company.

At the World Economic Forum in Davos, Switzerland, on Wednesday, Dell told Squawk Box’s Becky Quick, “During the period we were private, we really transformed the company. Now almost 90 percent of our engineers are software engineers. The company grew 17 percent in GAAP revenues in the last nine months, our data center business grew 22 percent, and we are the world leader of infrastructure hardware and software and outgrowing the industry.”

Dell Technologies’ market cap is currently around $32 billion, with seven brands, including Dell, Dell EMC, VMWare, Pivotal, SecureWorks, RSA and Virtustream. VMware’s new offerings around cloud-native now position Dell to handle multicloud enterprise operations.


Company: cnbc, Activity: cnbc, Date: 2019-01-23  Authors: barbara booth, adam galica
Keywords: news, cnbc, companies, company, transformed, grew, engineers, world, dell, michael, ready, public, technologies, private, software


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