US workers file 742,000 new jobless claims as COVID-19 surge continues

Macy’s Q3 Results Top Estimates – Quick Facts

Macy’s Inc. (M) reported that its net loss for the third quarter of 2020 was $91 million or $0.29 per share, compared to net income of $2 million or $0.01 per share in the previous year.

Adjusted net loss for the quarter was $60 million or $0.19 per share compared to net income of $21 million or $0.07 per share in the previous year. Analysts polled by Thomson Reuters expected the company to report a loss of $0.79 per share for the third-quarter. Analysts’ estimates typically exclude special items.

Net sales for the quarter dropped to $3.99 billion from $5.17 billion last year. Analysts expected revenues of $3.86 billion for the quarter.

Comparable sales were down 21.0% on an owned basis and down 20.2% on an owned plus licensed basis, due to continued stores recovery and continued growth of digital business.

Digital sales grew 27% over third quarter 2019. Digital sales penetrated at 38% of total owned comparable sales.

The company previously withdrew its 2020 guidance due to ongoing uncertainty as a result of the COVID-19 pandemic.

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Brady Corp. Q1 Profit Down – Quick Facts

Brady Corp. (BRC) reported that its first-quarter net income declined 10.7 percent to $33.5 million from $37.5 million in the same quarter last year. Earnings per Class A Nonvoting Common Share were $0.64, compared to $0.70 in the same quarter last year.

The last year results were positively impacted by a reduced income tax rate of 9.8 percent primarily due to a favorable tax audit settlement and tax benefits from equity-based compensation.

Sales for the quarter declined 3.4 percent to $277.2 million from $286.9 million in the same quarter last year. Organic sales were down 4.9 percent.

By segment, sales declined 7.8 percent in Identification Solutions and increased 9.8 percent in Workplace Safety, which consisted of an organic sales decline of 8.4 percent in Identification Solutions and organic sales growth of 5.5 percent in Workplace Safety.

Puxin Q3 Adj. Profit Declines; Net Revenues Down 16.3% – Quick Facts

Puxin Limited (NEW) reported third quarter adjusted net income attributable to company of RMB 8.6 million, a decrease of 80.3% from a year ago. Adjusted net income per ADS was RMB 0.10, compared to RMB 0.49.

Third quarter net revenues were RMB 833.2 million, a decrease of 16.3% from last year. The company said this decrease was primarily due to the adverse impact of the COVID-19 pandemic on the demand for study-abroad tutoring services. Student enrollments increased by 28.7% to 1,122,167.

For the fourth quarter, the company expects net revenues to be between RMB 730.4 million and RMB 773.4 million, a decrease of 15% to 10% year-over-year.

A Cleanup Operation of South Africa’s Rivers has Given Many Hope

South African NGO Fountain Rivers Earth Sanctuary Hennops, simply known as (FRESH) is on a water cleanup mission as its volunteers embark on a pilot project to remove plastic waste from litter traps placed two weeks ago on the Hennnops River in the Clayville township in Tembisa, north-east of Johannesburg. The project also helps to create livelihoods from waste collection — employing people from the community to assist with river clean-ups. With the data and systems developed from this river cleanup, FRESH hopes to take on the rest of the rivers in South Africa and then the rest of the World.

US workers file 742,000 new jobless claims as COVID-19 surge continues

Some 742,000 Americans applied for unemployment benefits last week as a surge in coronavirus infections threatened to shut down businesses again, the feds said Thursday.

The latest batch of initial jobless claims brought the seasonally adjusted total filed during the coronavirus pandemic to roughly 68.1 million — equivalent to more than 42 percent of the nation’s workforce.

The first increase in new jobless filings in about a month came as some cities and states imposed new lockdown measures to combat the record-setting resurgence of COVID-19. Last week’s total from the US Department of Labor came in well above economists’ expectations for 705,000 claims, according to Wrightson ICAP.

“Finding a job could be challenging as a number of states reimpose virus-related restrictions,” Bloomberg economist Eliza Winger said in a commentary. “Businesses could face more near-term disruptions and lower demand due to the lapse in fiscal aid and a reduction in consumer incomes.”

Last week was the 35th consecutive week in which new jobless claims have remained above the pre-pandemic record of 695,000 as well as the Great Recession’s weekly peak of 665,000.

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