Target Recalls 2.2 Million Threshold Candles

Tapestry, Inc. Q4 Earnings Summary

Tapestry, Inc. (TPR) reported earnings for its fourth quarter that increased from last year in line with the Street estimates.

The company’s bottom line totaled $224.1 million, or $0.95 per share. This compares with $188.8 million, or $0.75 per share, in last year’s fourth quarter.

Analysts on average had expected the company to earn $0.97 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

Revenue held steady at $1.62 billion

Tapestry, Inc. earnings at a glance (GAAP) :

-Earnings (Q4): $224.1 Mln. vs. $188.8 Mln. last year.
-EPS (Q4): $0.95 vs. $0.75 last year.
-Analyst Estimate: $0.97
-Revenue (Q4): $1.62 Bln vs. $1.62 Bln last year.

Arcos Dorados Q2 Earnings Surge

Arcos Dorados Holdings, Inc. (ARCO), a restaurant chain, on Thursday reported higher earnings for the second quarter, on higher revenues.

Quarterly net earnings increased to $28.37 million or $0.13 per share from $14.48 million or $0.07 of last year.

On average, four analysts polled by Thomson Reuters expected the company to report earnings of $0.14 per share for the quarter. Analysts’ estimates typically exclude one-time items.

Excluding items, EBITDA was $110.1 million.

The Adjusted EBITDA margin reached 10.6% in the second quarter.

Revenue rose 17.2 percent to $1.04 billion from $887 million for the prior-year quarter. It increased by 36.2 percent on a constant currency basis.

The Street estimate for revenue is $1.05 billion.

In pre-market activity, shares of Arcos Dorados are trading at $10.55 down 0.47% on the New York Stock Exchange.

Cato Corp. Q2 Earnings Summary

Below are the earnings highlights for Cato Corp. (CATO):

Earnings: $1.127 million in Q2 vs. -$2.274 million in the same period last year.
EPS: $0.06 in Q2 vs. -$0.11 in the same period last year.
Revenue: $182.871 million in Q2 vs. $196.864 million in the same period last year.

Canopy Growth To Sell Hershey Drive Site In Smiths Falls For C$53 Mln Cash

Canopy Growth Corp. (CGC), a Canadian cannabis company, said on Thursday that it has inked a deal to sell its Hershey Drive facility in Smiths Falls, Ontario, to Hershey Canada, Inc., for around C$53 million in cash.

David Klein, CEO of Canopy Growth, said: “We are pleased to have reached an agreement with Hershey on this important sale. This is the latest milestone in our focused effort to reduce costs and further enhance our balance sheet…”

Canopy will use the net proceeds from the sale to pay down its senior secured credit facility.

The seller will retain its Smiths Falls-based post-harvest manufacturing facility.

Post transaction, Canopy will have sold a total of seven properties for a total sum of around C$155 million since April 1.

Inhibikase: 600 Mg IkT-001Pro Shows Bioequivalence To 400 Mg Dose Of Imatinib Mesylate

Inhibikase Therapeutics, Inc. (IKT) announced the completion of its bioequivalence study of IkT-001Pro compared to 400 mg imatinib mesylate. The company said its study met expectations and showed that the 600 mg dose of IkT-001Pro was equivalent to standard-of-care 400 mg imatinib mesylate.

Milton Werner, CEO of Inhibikase Therapeutics, said: “IkT-001Pro demonstrated a favorable safety and tolerability profile that we are planning to further differentiate from standard of care by establishing the bioequivalent dose for high dose 600 mg imatinib mesylate, a dose that is poorly tolerated in patients.”

The company plans to submit FDA meeting request to discuss regulatory approval pathway.

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Wingstop To Repurchase Up To $250.0 Mln Of Stock

Wingstop Inc. (WING) said that its board approved to repurchase up to $250.0 million of its outstanding shares of common stock, effective immediately.

Repurchases under the program may be made in the open market, in privately negotiated transactions or by other means, the company said in a statement.

Wingstop expects to fund repurchases with a combination of existing cash and cash equivalents and cash flows from operations. As of July 1, 2023, Wingstop had cash and cash equivalents of $188.5 million.

Founded in 1994 and headquartered in Dallas, TX, Wingstop operates and franchises more than 2,000 locations worldwide.

Advanced Health Intelligence Surges 33% As It Obtains Overseas R&D Reimbursement

Shares of Advanced Health Intelligence Ltd. (AHI) are surging over 33% on Thursday morning after the company announced that it obtained overseas R&D reimbursement under Australia’s Research and Development Tax Incentive Scheme.

AHI is currently trading at $5.12, up $1.28 or 33.33%, on a volume of 17 million shares, compared to average volume of 2.6 million, on the Nasdaq. The stock opened its trading at $5.03 after closing Wednesday’s trading at $3.84. The stock has traded between $0.64 and $15.52 in the past 52-week period.

AHI’s submission to the Australian Government was successful in obtaining eligibility for 43.5% reimbursement of approved expenditures incurred abroad for overseas Research & Development (R&D) of intellectual property (IP) under the Australian Government Research and Development Tax Incentive Scheme.

Target Recalls 2.2 Million Threshold Candles

Retail giant Target (TGT) has recalled about 2.2 million threshold candles after several reports of jars breaking during use and injuring at least one person.

According to the Consumer Product Safety Commission, the candle’s jar can crack or break during use, posing laceration and burn hazards.

Target said it received 19 reports of the candle jar breaking or cracking during use, resulting in one minor injury.

The Threshold glass candles were sold at Target stores and from February 2020 through July 2023 for between $3 and $12.

“Consumers should immediately stop using the recalled candles and return them to any Target store for a full refund, or contact Target to receive a prepaid return label to return the candles by mail,” the safety commission said.

The recall involves certain Threshold Glass Jar 5.5 ounce 1-Wick and 20 ounce 3-Wick Candles in multiple scents. The recalled item numbers are printed on the product stickers located on the bottom of the glass jars. A list of all the candles being recalled can be found on the CPSC website.