RioCan announces 2Q2016 financial results

TORONTO, ONTARIO, 2016-Aug-04 — /EPR Retail News/ — RioCan Real Estate Investment Trust (“RioCan”) (TSX:REI.UN)

RioCan’s HIGHLIGHTS for the three and six months ended June 30, 2016 were:

  • During the quarter, RioCan completed the sale of its U.S. operations. With the proceeds from the sale, RioCan has reduced its Total Debt to Total Assets ratio (net of cash, on a proportionate basis) to a historically low 38.0% as at June 30, 2016, from 46.3% as at December 31, 2015;
  • On June 1, 2016 RioCan entered into a new $1 billion unsecured operating credit facility (“Operating
    Facility”), which replaced RioCan’s secured operating credit facilities;
  • The new Operating Facility, together with the debt repayments from the sale of the U.S. portfolio enabled RioCan to grow its unencumbered asset pool as at June 30, 2016 to $5.4 billion, or 256% of the Trust’s unsecured debt;
  • As expected due to the sale of RioCan’s U.S. operations during the quarter, Operating Funds From Operations (“Operating FFO”) for the Second Quarter was lower by $1 million, or 0.9% at $135 million as compared to $136 million for the same period in 2015. On a per unit basis Operating FFO was $0.42 per unit as compared to $0.43 per unit for the second quarter in 2015, representing decline of 2.9%. However, RioCan’s Canadian or continuing operations produced solid results;
  • On a continuing operations basis, Operating FFO increased $8.8 million, or 8.1% to $118 million in the
    Second Quarter as compared to $109 million the second quarter of 2015;
  • Same Store Net Operating Income (“NOI”) turned positive in the three months ended June 30, 2016 (“Second Quarter”). Canadian same store NOI increased 0.8%, or $1.1 million in the Second Quarter compared to the same period in 2015;
  • RioCan’s concentration of annualized net rental revenue in Canada’s six major markets as at June 30,
    2016 increased to 75.7% from 74.4% as at June 30, 2015;
  • RioCan’s AFFO payout ratio for the twelve months ended June 30, 2016 improved to 89.9% as compared to 94.5 % for the twelve months ended June 30, 2015;
  • Committed occupancy improved 200 basis points in Canada, to 95.1% at June 30, 2016 from its lowest point in the prior year of 93.1% at June 30, 2015;
  • After the quarter end, RioCan acquired CPPIB’s interest in four properties at an aggregate purchase price of $352 million, and since September 30, 2015 RioCan has acquired, net of dispositions, an interest in more than $1.1 billion of income producing properties in Canada; and
  • In RioCan’s development portfolio RioCan REIT, Allied Properties REIT and Diamond corp (collectively, “The Well JV”) entered into a binding agreement to sell the residential component of The Well to Tridel Builders Inc. and Woodbourne Canada Partners III (CA) LP. This agreement will reduce the financial exposure to the project, and is expected to enable the partners to develop The Well in a single phased development.

RioCan Real Estate Investment Trust (“RioCan”) today (July 29, 2016) announced its financial results for the three and six months ended June 30, 2016.

“During the past quarter we achieved three very significant milestones in the history of the Trust. Through the sale and repatriation of our capital from our very successful venture into the U.S., we reduced our leverage to its lowest level in our history,” said Edward Sonshine, Chief Executive Officer of RioCan. “I am quite satisfied with our growth in Operating FFO in our Canadian operations and expect it to grow over the next two years. Our recently announced acquisitions, completions in our ongoing development programme, and lease up of current vacancies lead me to be confident about RioCan’s Canadian growth in the near term. Over the long term, our urban development and intensification strategy will be the key contributor to our future Operating FFO growth. Our ability to achieve all of this without materially increasing our leverage from its current historical low level is a direct result of our strategic move into and out of the United States, and the significant new capital creation resulting from that profitable strategy.”

Financial Highlights

All figures are expressed in Canadian dollars unless otherwise noted. For further information about RioCan’s results for the three and six months ended June 30, 2016, this earnings release should be read in conjunction with our unaudited interim condensed consolidated financial statements (“Consolidated Financial Statements”), as well as, management’s discussion and analysis for the three and six months ended June 30, 2016 together with our 2015 Annual Report.

RioCan’s Consolidated Financial Statements are prepared in accordance with International Financial Reporting Standards (“IFRS”). Consistent with RioCan’s management framework, management uses certain financial measures to assess RioCan’s financial performance, which are not generally accepted accounting principles (GAAP) under IFRS. For full definitions of these measures, please refer to the “Use of Non-GAAP Measures” in RioCan’s June 30, 2016 Management’s Discussion and Analysis. As a result of the recently completed sale of its U.S. operations, we have reported our former U.S. geographic segment performance as “discontinued operations” with comparative income statement amounts adjusted to reflect this change, unless otherwise noted.


Contact Information:
RioCan Real Estate Investment Trust
Cynthia J. Devine
Executive Vice President, Chief Financial Officer
and Corporate Secretary
(647) 253-4973

Source: RioCan

eBay Inc 2Q2016: $2.2 billion Revenue; GMV of $20.9 billion

San Jose, California, 2016-Jul-23 — /EPR Retail News/ — eBay Inc. (NASDAQ:EBAY), a global commerce leader, delivered gross merchandise volume (GMV) for the quarter ended June 30, 2016 of $20.9 billion, increasing 6% on a foreign exchange (FX) neutral basis and 4% on an as-reported basis. Revenue for the quarter was $2.2 billion, up 7% on an FX-Neutral basis and 6% on an as-reported basis, driving GAAP net income from continuing operations of $437 million, or $0.38 per diluted share, and non-GAAP net income from continuing operations of $496 million, or $0.43 per diluted share. During the quarter, the company generated $764 million of operating cash flow and $617 million of free cash flow from continuing operations while also repurchasing $500 million of its common stock.

“Q2 was another good quarter where we delivered strong results and had acceleration in growth,” said Devin Wenig, President and CEO of eBay Inc. “We are now one year into executing our strategy to provide the best choice, the most relevance and the most powerful selling platform, and there are signs of momentum in our business. We continue to invest in our platforms to ensure eBay is a global commerce leader for years to come.”

Underlying total eBay Inc. performance, the Marketplace platforms delivered $19.8 billion of GMV and $1.8 billion of revenue in the second quarter. Marketplace revenue was up 3% on an FX-Neutral basis and 1% on an as-reported basis, driven by accelerating GMV growth of 5% on an FX-Neutral basis and 3% on an as-reported basis as well as growth in Marketing Services & Other revenue. StubHub growth accelerated in the quarter, with GMV of $1.1 billion, up 35%, and revenue of $225 million, up 40%, aided by strength across multiple genres and the continued benefit from ongoing product innovation. The Classifieds platforms delivered another quarter of strong performance with revenue of $207 million, up 15%, primarily driven by the Automotive and Real Estate verticals across several key geographies, including Germany and Canada.

In the second quarter, eBay crossed the one billion live listings mark for the first time, underscoring efforts to expand the breadth of selection offered to consumers, while making progress on enhancing its shopping platform to improve discoverability. eBay also recently announced its intent to acquire several companies to strengthen its technology and expand its geographical footprint. Expertmaker, which closed in Q2, and SalesPredict will help contribute to eBay’s efforts to build the world’s most comprehensive product knowledge base, in addition to furthering capabilities in artificial intelligence and machine learning. TicketBis will strengthen StubHub’s international footprint, and Ticket Utils will provide sellers with enhanced tools to better manage their inventory.

Second Quarter 2016 Financial Highlights (presented in millions, except per share data and percentages)
Second Quarter
2016 2015 Change
eBay Inc.
Net revenues $2,230 $2,110 $120 6%
GAAP – Continuing Operations
Income from continuing operations $437 $430 $7 2%
Earnings per diluted share from continuing operations $0.38 $0.35 $0.03 8%
Non-GAAP – Continuing Operations
Net income $496 $517 $(21) (4)%
Earnings per diluted share $0.43 $0.42 $0.01 2%

Other Selected Financial and Operational Results

  • Operating margin — GAAP operating margin increased to 23.8% for the second quarter of 2016, compared to 20.3% for the same period last year. Non-GAAP operating margin decreased to 29.1% in the second quarter of 2016, compared to 32.1% for the same period last year.
  • Taxes — The GAAP effective tax rate for continuing operations for the second quarter of 2016 was 16.4%, compared to 22.1% for the second quarter of 2015. The non-GAAP effective tax rate for continuing operations for the second quarter of 2016 was 18.2%, compared to 19.5% for the second quarter of 2015.
  • Cash flow — The company generated $764 million of operating cash flow from continuing operations and $617 million of free cash flow from continuing operations during the second quarter of 2016.
  • Stock repurchase program — The company repurchased approximately $500 million of its common stock, or 20.8 million shares, in the second quarter of 2016. The company’s total repurchase authorization remaining as of June 30, 2016 was $0.3 billion.
  • Cash and cash equivalents and non-equity investments — The company’s cash and cash equivalents and non-equity investments portfolio totaled $10.4 billion as of June 30, 2016.

Business Outlook

  • Third quarter 2016 — The company expects net revenue between $2.16 billion and $2.19 billion, representing FX-Neutral growth of 6% – 7%, with non-GAAP earnings per diluted share from continuing operations in the range of $0.42 – $0.44 and GAAP earnings per diluted share from continuing operations in the range of $0.35 – $0.37.
  • Full year 2016 — The company expects net revenue between $8.85 billion and $8.95 billion, representing FX-Neutral growth of 5% – 6%, with non-GAAP earnings per diluted share from continuing operations in the range of $1.85 – $1.90 and GAAP earnings per diluted share from continuing operations in the range of $1.60 – $1.65.

In July 2016, eBay’s board of directors authorized an additional $2.5 billion stock repurchase program, with no expiration from the date of authorization. The stock repurchase program is intended to programmatically offset the impact of dilution from our equity compensation programs and, subject to market conditions and other factors, to make opportunistic repurchases of our common stock to reduce our outstanding share count. Any share repurchases under our stock repurchase programs may be made through open market transactions, block trades, privately negotiated transactions (including accelerated share repurchase transactions) or other means at times and in such amounts as management deems appropriate and will be funded from our working capital or other financing alternatives.

Quarterly Conference Call and Webcast
eBay Inc. will host a conference call to discuss second quarter 2016 results at 2:00 p.m. Pacific Time today. A live webcast of the conference call, together with a slide presentation that includes supplemental financial information and reconciliations of certain non-GAAP measures to their nearest comparable GAAP measures, can be accessed through the company’s Investor Relations website. In addition, an archive of the webcast will be accessible for 90 days through the same link.

eBay Inc. uses its Investor Relations website as a means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD. Accordingly, investors should monitor, in addition to following press releases, SEC filings, public conference calls and webcasts.

About eBay
eBay Inc. (NASDAQ: EBAY) is a global commerce leader including the Marketplace, StubHub and Classifieds platforms. Collectively, we connect millions of buyers and sellers around the world, empowering people and creating opportunity through Connected Commerce. Founded in 1995 in San Jose, Calif., eBay is one of the world’s largest and most vibrant marketplaces for discovering great value and unique selection. In 2015, eBay enabled $82 billion of gross merchandise volume. For more information about the company and its global portfolio of online brands.

All growth rates represent year over year comparisons, except as otherwise noted. All amounts in tables are presented in U.S. dollars, rounded to the nearest millions, except as otherwise noted. As a result, certain amounts may not sum or recalculate using the rounded dollar amounts provided.

Non-GAAP Financial Measures
This press release includes the following financial measures defined as “non-GAAP financial measures” by the Securities and Exchange Commission (SEC): non-GAAP net income, non-GAAP earnings per diluted share, non-GAAP operating margin, non-GAAP effective tax rate and free cash flow. These non-GAAP financial measures are presented on a continuing operations basis. These measures may be different from non-GAAP financial measures used by other companies. The presentation of this financial information, which is not prepared under any comprehensive set of accounting rules or principles, is not intended to be considered in isolation of, or as a substitute for, the financial information prepared and presented in accordance with generally accepted accounting principles (GAAP). For a reconciliation of these non-GAAP financial measures to the nearest comparable GAAP measures, see “Business Outlook,” “Non-GAAP Measures of Financial Performance,” “Reconciliation of GAAP Operating Margin to Non-GAAP Operating Margin,” “Reconciliation of GAAP Net Income to Non-GAAP Net Income and Reconciliation of GAAP Effective Tax Rate to Non-GAAP Effective Tax Rate” and “Reconciliation of Operating Cash Flow to Free Cash Flow” included in this press release.

Forward-Looking Statements
This press release contains forward-looking statements relating to, among other things, the future performance of eBay Inc. and its consolidated subsidiaries that are based on the company’s current expectations, forecasts and assumptions and involve risks and uncertainties. These statements include, but are not limited to, statements regarding the future performance of eBay Inc. and its consolidated subsidiaries, including expected financial results for the third quarter and full year 2016 and the future growth in our business. Actual results could differ materially from those predicted or implied and reported results should not be considered as an indication of future performance. Other factors that could cause or contribute to such differences include, but are not limited to: changes in political, business and economic conditions, any regional or general economic downturn or crisis and any conditions that affect ecommerce growth or cross-border trade; fluctuations in foreign currency exchange rates; the company’s need to successfully react to the increasing importance of mobile commerce and the increasing social aspect of commerce; an increasingly competitive environment for our business; changes to the company’s capital allocation or management of operating cash the company’s ability to manage its indebtedness, including managing exposure to interest rates and maintaining its credit ratings; the company’s need to manage an increasingly large enterprise with a broad range of businesses of varying degrees of maturity and in many different geographies; the company’s need and ability to manage regulatory, tax, data security and litigation risks; whether the operational, marketing and strategic benefits of the separation of the eBay and PayPal businesses can be achieved; the company’s ability to timely upgrade and develop its technology systems, infrastructure and customer service capabilities at reasonable cost while maintaining site stability and performance and adding new products and features; and the company’s ability to integrate, manage and grow businesses that have been acquired or may be acquired in the future.

The forward-looking statements in this release do not include the potential impact of any acquisitions or divestitures that may be announced and/or completed after the date hereof.

More information about factors that could affect the company’s operating results is included under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the company’s most recent Annual Report on Form 10-K and subsequent quarterly reports on Form 10-Q, copies of which may be obtained by visiting the company’s Investor Relations website. All information in this release is as of July 20, 2016. Undue reliance should not be placed on the forward-looking statements in this press release, which are based on information available to the company on the date hereof. The company assumes no obligation to update such statements.


Investor Relations Contact:
Selim Freiha; Tina Todasco

Media Relations Contact:
Abby Smith

Company News:

Investor Relations website:

Source: eBay

CVS Health Corporation 2Q2016 conference call on Tuesday, August 2, 2016

WOONSOCKET, R.I., 2016-Jul-23 — /EPR Retail News/ — CVS Health Corporation (NYSE: CVS) will be holding a conference call on Tuesday, August 2, 2016, at 8:30 a.m. (EDT) with analysts and investors to discuss its second quarter financial results.

An audio webcast of the conference call will be broadcast simultaneously through the Investor Relations portion of the CVS Health website for all interested parties. To access the webcast, visit This webcast will be archived and available on the website for a one-year period following the conference call.

About CVS Health
CVS Health is a pharmacy innovation company helping people on their path to better health. Through its more than 9,600 retail pharmacies, more than 1,100 walk-in medical clinics, a leading pharmacy benefits manager with nearly 80 million plan members, a dedicated senior pharmacy care business serving more than one million patients per year, and expanding specialty pharmacy services, the Company enables people, businesses and communities to manage health in more affordable and effective ways. This unique integrated model increases access to quality care, delivers better health outcomes and lowers overall health care costs. Find more information about how CVS Health is shaping the future of health at


Carolyn Castel

SOURCE: CVS Health Corporation

Zalando 2Q2016: group revenues up to by 24-26% vs 2Q2015

BERLIN, 2016-Jul-20 — /EPR Retail News/ — Zalando SE, Europe’s leading online platform for fashion, grew group revenues in the second quarter of 2016 to EUR 909-924 million or by 24-26% (Q2 2015: 733 million), according to preliminary figures. Zalando expects to achieve an adjusted EBIT of EUR 68-88 million, corresponding to an adjusted EBIT margin of 7.5-9.5% (Q2 2015: EUR 30 million, 4.1%). In the first half of 2016 Zalando achieved revenues of EUR 1,705-1,720 million (H1 2015: EUR 1,377 million), growing by 24-25%. Adjusted EBIT for the first half year 2016 is expected to come in at EUR 88-108 million, a margin of around 5.7% at the mid-point of the range (H1 2015: EUR 59 million, 4.3%).

Rubin Ritter, member of the Management Board, said: “Zalando had a very strong Q2. We delivered on our ambitious growth target and saw our profitability increase substantially. The operating leverage of our business has developed strongly while we continue to push forward with growth investments into our customer proposition and platform initiatives.”

As a result, Zalando reiterates its full year guidance of strong revenue growth at the upper end of the 20-25% growth corridor and increases full-year adjusted EBIT margin guidance to 4.0-5.5%.

All figures reported herein are preliminary and unaudited. Full financial disclosure for the second quarter and first half-year 2016 will be published on August 11, 2016.

Zalando ( is Europe’s leading online fashion platform for women, men and children. We offer our customers a one-stop, convenient shopping experience with an extensive selection of fashion articles including shoes, apparel and accessories, with free delivery and returns. Our assortment of over 1,500 international brands ranges from popular global brands, fast fashion and local brands, and is complemented by our private label products. Our localized offering addresses the distinct preferences of our customers in each of the 15 European markets we serve: Austria, Belgium, Denmark, Finland, France, Germany, Italy, Luxembourg, the Netherlands, Norway, Spain, Sweden, Switzerland, Poland and the United Kingdom. Our logistics network with three centrally located fulfillment centers in Germany allows us to efficiently serve our customers throughout Europe. We believe that our integration of fashion, operations and online technology give us the capability to deliver a compelling value proposition to both our customers and fashion brand partners. Zalando’s shops attract over 160 million visits per month. In the first quarter of 2016, around 62 per cent of traffic came from mobile devices, resulting in 18.4 million active customers by the end of the quarter.

René Gribnitz
VP Communications
+49 30-209685002

Source: Zalando




Russian retail chain Lenta Ltd will release its consolidated sales and operating results for 2Q2016 on 21st July 2016

St-Petersburg, Russia, 2016-Jul-17 — /EPR Retail News/ — Lenta Ltd, (LSE, MOEX: LNTA) (“Lenta”), one of the largest retail chains in Russia, is pleased to announce it will release its consolidated sales and operating results for the second quarter of 2016 on 21st July 2016. Lenta will also host an Analyst and Investor Conference Call on the same day to discuss the results.

Conference call details:

Date: Thursday, 21st July 2016

Time: 17:00 (Moscow time), 15:00 (UK time), 10:00 (EST)

Jan Dunning, Chief Executive Officer
Jago Lemmens, Chief Financial Officer
Albert Avetikov, Director for Investor Relations

To participate in the conference call, please dial:

• +7 495 705 9450

• +44 20 7136 2050 (local access)
• 0800 279 4841 (toll free)

• +1 646 254 3360 (local access)
• 1 877 280 2296 (toll free)

Conference ID: 1022742 or quote the conference call title: “Lenta Ltd. 2Q 2016 Operational results”

The consolidated sales and operating results for the second quarter ended 30 June 2016 will be published at 10:00am Moscow time (08:00am UK time) and will be available at

For further information please visit, or

About Lenta
Lenta is the largest hypermarket chain in Russia (in terms of selling space) and the country’s fifth largest retail chain (in terms of 2015 sales). The Company was founded in 1993 in St. Petersburg. Lenta operates 147 hypermarkets in 72 cities across Russia and 42 supermarkets in Moscow and St. Petersburg, with a total of approximately 922,865 sq.m of selling space. The average Lenta hypermarket store has selling space of approximately 6,000 sq.m. The average Lenta supermarket store has selling space of approximately 1,000 sq.m. The Company operates six owned hypermarket distribution centres.

The Company’s price-led hypermarket formats are differentiated in terms of their promotion and pricing strategies as well as their local product assortment. The Company employed approximately 38,414 people as of 31 December 2015.

The Company’s management team combines a mix of local knowledge and international expertise coupled with extensive operational experience in Russia. Lenta’s largest shareholders include TPG Capital, the European Bank for Reconstruction and Development, all of whom are committed to maintaining high standards of corporate governance. Lenta is listed on the London Stock Exchange and on the Moscow Exchange and trades under the ticker: ‘LNTA’.

A brief video summary on Lenta’s business can be seen here.


Albert Avetikov,
Director for Investor Relations
+7 812 363 28 44

International Media:
David Westover and Marina Zakharova
Тel: +44 207 282 2886

FTI Consulting
Russian Media:
Anton Karpov and Victoria Afonina
Тel:+7 495 795 06 23

Source: Lenta