The Daily Update: 24 January

The latest updates from the NYSE and the JSE in the past 24 hours.

South Africa

The Foschini Group Limited- Trading update for Q3 FY2023

• Group retail turnover growth of 17.3% compared to Q3 FY2022.
• Group online retail turnover grew 5,6% in Q3 FY2023 and contributed 8.3% to total Group retail turnover for Q3 FY2023.
• TFG Africa retail turnover growth of 18.4% and contributed 72.2% to Group retail turnover.
• TFG Australia retail turnover growth of 20.9% and contributed 16.9% to Group retail turnover.
• TFG London retail turnover growth of 2% and contributed 10.9% to Group retail turnover.
• Homeware and furniture retail turnover grew by 110.5%, the most of any merchandise category.
• Turnover exceeded R1 billion during Black Friday and Cyber Monday.
• The group has entered into an agreement to acquire Street Fever, an independent retailer of affordable branded footwear and apparel.

Sasol Limited- Production & Sales Metrics for the 6 months ended 31 Dec 22 & Update on Renewable Power Integration in SA Operations

• Mining productivity fell by 5% to 930 t/cm/s compared to the prior comparable period due to measures put in place to ensure a safe working environment.
• Sasol will be implementing the first phase of the full potential program at Syferfontein colliery following a diagnostic review to improve productivity.
• Sasol is also rolling out specific actions to reduce production losses and improve cutting time.
• Natural gas production fell by 2% due to power outages and reduced demand.
• Secunda Operations production was 2% lower due to outages and total shutdown.
• Sasol has announced the signing of three power purchase agreements for the supply of renewable power to their South African operations.

Clicks Group Limited- Trading update for 20 weeks to 15 January 2023

• Group retail sales, excluding covid vaccinations, grew by 12.2% compared to the prior comparable period.
• UPDs total managed turnover, combining wholesale turnover and turnover managed on behalf of bulk distribution clients, increased by 9.9%.
• Group turnover, excluding vaccinations, for the period increased by 7.8% to R15.6 billion.

The U.S.

Microsoft

• OpenAi has announced that it has received a multibillion-dollar investment from Microsoft.

Google

• Google CEO Sundar Pichai says that top executives will take a pay cut following the largest round of layoffs in the companys history after it fired around 12 000 employees.

Apple

• Apple is in talks with Disney and others for VR content for new headset.

General Electric earnings

• EPS of $1.24 beat expectations of $1.16.
• Revenue of $21B missing expectations of $21.2B.

Lockheed Martin earnings

• EPS of $7.79 beating expectations of $7.39B.
• Revenue of $19B beating expectations so $18.27B.

Johnson & Johnson Earnings

• EPS of $2.35 beating expectations of $2.24.
• Revenue of $23.7B missing expectations of $23.9B.