Walmart Plans To Build Largest Automated Grocery Distribution Center

Accenture Buys Xoomworks Group – Quick Facts

Accenture (ACN) announced the acquisition of Xoomworks Group, a consulting and technology company that specializes in procurement technology, digital innovation and software solutions development. Terms of the deal were not disclosed.

Headquartered in London, Xoomworks operates two distinct businesses: Xoomworks
Procurement, a specialist consultancy focused on sourcing and procurement
transformation, and Xoomworks Technology, a software development business.

Accenture said the acquisition will expand the company’s capabilities for helping clients accelerate technology-led business and procurement transformation.

U.S. Business Inventories Increase In Line With Estimates In August

A report released by the Commerce Department on Friday showed U.S. business inventories increased in line with economist estimates in the month of August.

The Commerce Department said business inventories climbed by 0.6 percent in August, matching the increase seen in the previous month as well as economist expectations.

Wholesale inventories led the way higher, jumping by 1.2 percent, while manufacturing inventories rose by 0.6 percent and retail inventories inched up by 0.1 percent.

Meanwhile, the report showed business sales edged down by 0.1 percent in August after rising by 0.5 percent in July.

A 1.1 percent slump in wholesale sales more than offset a 1.0 percent surge in retail sales and a 0.1 percent uptick in manufacturing sales.

With inventories rising and sales falling, the total business inventories/sales ratio crept up to 1.26 in August from 1.25 in July.

Kansas City Southern Q3 adjusted earnings Miss Estimates

Kansas City Southern (KSU) revealed earnings for third quarter that declined from last year.

The company’s profit totaled $156.1 million, or $1.71 per share. This compares with $189.7 million, or $2.01 per share, in last year’s third quarter.

Excluding items, Kansas City Southern reported adjusted earnings of $184.6 million or $2.02 per share for the period.

Analysts had expected the company to earn $2.04 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter rose 12.8% to $744.0 million from $659.6 million last year.

Kansas City Southern earnings at a glance:

-Earnings (Q3): $184.6 Mln. vs. $185.0 Mln. last year.
-EPS (Q3): $2.02 vs. $1.96 last year.
-Analysts Estimate: $2.04
-Revenue (Q3): $744.0 Mln vs. $659.6 Mln last year.

Ulta Beauty Issues Long-Term Financial Targets – Quick Facts

Ulta Beauty, Inc. (ULTA) announced its long-term financial targets for fiscal 2022
through 2024. It targets: low double-digit growth (CAGR) in earnings per share; and total net sales growth of 5% to 7% (CAGR). The company noted that the long-term targets denoted with CAGR represent the compounded annual growth rate utilizing 2019 as the base year. Comparable sales growth is projected 3% to 5% annually. The company plans to open 50 stores per year over the period.

At the virtual analyst and investor conference on Tuesday, the company will announce a new, multi-year cost savings target of $150 million to $200 million to fund investments in future growth initiatives.

Shares of Ulta Beauty were down 4% in pre-market trade on Tuesday.

First Midwest Bancorp Q3 Results Top Estimates – Quick Facts

First Midwest Bancorp Inc. (FMBI) reported Tuesday that net income applicable to common shares for the third quarter surged to $50.31 million or $0.44 per share from $23.35 million or $0.21 per share in the prior-year quarter.

Adjusted earnings per share were $0.46 compared to $0.33 last year. On average, six analysts polled by Thomson Reuters expected the company to report earnings of $0.42 per share for the quarter. Analysts’ estimates typically exclude special items.

Total revenue for the quarter grew 14 percent to $190 million from last year. Analysts expected revenues of $189.86 million for the quarter.

Net interest income grew 1.7 percent to $145 million and non-interest income improved 11.3 percent to $45.18 million from last year.

Boulder apartment fire: Pearl Street units caught in blaze

A large fire sparked in downtown Boulder on Tuesday.

An apartment building on the 2300 block of Pearl Street went up in flames, with the first calls coming just after 3:30 a.m, according to Boulder Fire-Rescue.

Officials say 83 units were impacted, with multiple agencies responding to the fire.

At first Boulder Fire-Rescue said there were minor injuries from some residents, but said soon after that there were no reported injuries.

There are some road closures in the areas as crews work the scene.

Walmart Plans To Build Largest Automated Grocery Distribution Center

Walmart announced its plan to build a new, high-tech distribution center for fresh and frozen groceries in Spartanburg County, South Carolina. The new 720,000+ square-foot facility is set to open in 2024.

The high-tech facility with $450 million investment marks Walmart’s largest grocery distribution center to date. The center is part of the company’s earlier announced larger investment to double down on the use of automation technology in its supply chain.

The new center to process grocery perishables, such as produce, eggs, dairy, flowers and frozen goods, will create more than 400 full-time regional jobs. It will rely on the combination of Walmart associates, automation technology, robotics and machine learning to process the items and deliver them to nearby stores.

According to the company, the new distribution center will be critical to ensuring its stores are stocked with the freshest grocery items. This will provide convenience and quality at everyday low prices to customers and communities in the state of South Carolina.

Governor Henry McMaster added, “This $450 million investment and the more than 400 jobs created will boost South Carolina’s already rapidly growing economy and create even more opportunity for our people.”

In the state of South Carolina, Walmart operates four distribution centers, 122 retail stores and employs 34,136 associates.