The Daily Update: 8 February

The latest updates from the JSE and NYSE.

South Africa

Pick n Pay Stores Limited- Trading update for the 43 weeks ended 25 December 2022

• Group sales for the first 10 months of the 2023 financial year grew by 9.3%.
• South African sales grew by 9%.
• The Rest of Africa segment grew sales by 17%.
• The Group has spent R346 million year-on-year on diesel to run generators at stores in the first 10 months of the year, a rate of approximately R60 million per month, just to stay operational throughout loadshedding.
• The Group has called on government to act rapidly, however the Group added that It is clear that progress will not be rapid. The Group therefore takes the view that the current crisis is a permanent new reality.

Sappi Limited- First quarter results for the period ended December 2022

• Sales fell by 2% to $1 660 million.
• Profit for the period grew by 54% to $190 million.
• Net debt improved 35% to $1 241 million.
• Basic EPS grew by 55% to 34 U.S. cents per share.
• Sappi added that the results are the best ever first quarter results.

The U.S.

Zoom

• Zoom is firing 15% of its workforce or around 1300 employees.

Chipotle Earnings

• EPS of $8.02 missing expectations of $8.89.
• Revenue of $2.2B missing expectations of $2.23B.

Manchester United

• Manchester United stock is up this morning after a UK tabloid said it could receive a takeover bid from a Qatari investment group within days.

Uber Earnings

• EPS of $0.29 beating expectations of -$0.18.
• Revenue of $8.61B beating expectations of $8.48B.