UP: ‘Solid Productivity’ in 1Q21, ‘Improving Outlook’ for 2021
UP: ‘Solid Productivity’ in 1Q21, ‘Improving Outlook’ for 2021 Written by Marybeth Luczak, Executive Editor
“We generated solid productivity through efficient use of our resources despite the significant weather event that covered most of our network in February and early March,” UP Chairman, President and CEO Lance Fritz said during a first-quarter 2021 earnings announcement.
Due in large part to weather-related network disruptions, Union Pacific’s first-quarter 2021 financials lagged those of the prior-year period, but North America’s largest Class I expressed confidence that business will improve, and affirmed its guidance.
UP reported April 22 that it earned $1.341 billion, or $2.00 per diluted share, in the first three months of 2021 falling 9.02% from the prior-year period’s $1.474 billion.
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The Pound to Japanese Yen exchange rate held steady today, with the pairing currently fluctuating around ¥142.000.
The Japanese Yen benefited from news that Japan’s economy could recover to levels seen before the Covid-19 pandemic as early as this March.
Bank of Japan (BoJ) Governor Haruhiko Kuroda explains:
‘Both fiscal and monetary policies have been successful in preventing corporate failures and unemployment.
‘We expect, probably by the end of fiscal 2021 or early fiscal 2022, that Japan s economy would recover and come back to levels before the pandemic started.’
As a result, Japanese Yen investors are now more confident that Japan – the third-largest economy – could begin recover in the next few months.
Executing on Strategy; Delivering Consistent Sales and EBITDA Growth
2
+5% comparable sales growth on core Bed Bath & Beyond banner
1; +
+94% digital comparable sales growth on core Bed Bath & Beyond banner;
+77% digital comparable sales growth on total enterprise
+11% comparable sales growth in Top 5 destination categories combined (as referred below), representing 2/3 of core Bed Bath & Beyond banner sales; Market share gains in destination Bed category, with improving trends in Bath and Kitchen categories
+2.2 million approximate new online customers gained by core Bed Bath & Beyond banner during the fiscal 2020 third quarter;
+7 million approximate new online customers year-to-date
+340bps expansion in Gross Margin;
+310bps expansion in Adjusted Gross Margin