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On April 4, the Yangtze River Delta Railway ushered in the peak of passenger flow during the Qingming Festival. It is expected to send 4.1 million passengers today, 365,000 more than the same period last year, an increase of about 9.8%, and is expected to set a new record for single-day passenger volume. This years Qingming Festival railway transportation will start from April 3 to 7. The Yangtze River Delta Railway is expected to send 17.6 million passengers in 5 days, with an average daily passenger flow of 3.52 million, a year-on-year increase of 6.8%.The yield on the two-year U.S. Treasury note fell to a six-month low of 3.6550% and was last at 3.6611%.On April 4, local time on April 3, U.S. Secretary of Health and Human Services Robert Kennedy Jr. said that about 20% of the layoffs in the Department of Government Efficiency were wrong and needed to be corrected. The U.S. Department of Health and Human Services laid off about 10,000 people on the 1st. Kennedy said that people who should not have been laid off were laid off, and the department is restoring their positions. Kennedy said that canceling the entire lead poisoning prevention and monitoring department of the Centers for Disease Control and Prevention was one of the mistakes. At present, it is unclear what other projects Kennedy may plan to restore.Bank of Japan Governor Kazuo Ueda: Will consider the impact of food costs on consumers.On April 4, local time on the 3rd, the automobile company Stellantis said that due to the impact of the US import automobile tariff policy, the company decided to lay off 900 employees in its five US factories and suspend production operations at two assembly plants in Canada and Mexico. Antonio Filosa, Chief Operating Officer of Stellantis Americas, said that the US factories that were laid off were powertrain and stamping parts factories, which produced spare parts for two assembly plants in Canada and Mexico. According to the plan, the assembly plant in Canada will stop production for two weeks, and the assembly plant in Toluca, Mexico will suspend production throughout April. Filosa said the company is "continuing to evaluate the medium- and long-term impact of tariffs on operations."

According to Australian Retailer Woolworths, Inflation Is Driving Home Dining

Haiden Holmes

Feb 22, 2023 14:10

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Woolworths Group Ltd, a leading Australian retailer, said that an inflation-driven move away from dining out aided in boosting sales, driving its shares higher after its half-year earnings above expectations despite cost challenges.


Since COVID-19 lockdowns in 2020 prompted supermarket hoarding, Woolworths and its smaller competitor Coles Group (OTC:CLEGF) Ltd have witnessed significant fluctuations in Australian customer behavior. As lockdowns were lifted in 2021, and again in 2022, sales slowed as rising energy and labor costs pushed up shelf prices.


Woolworths said on Wednesday that cost-of-living constraints, including skyrocketing electricity prices and nine interest rate rises since May, are now beginning to benefit stores as consumers choose for in-home consumption.


Since the beginning of 2023, food sales have increased 6.5%, roughly in step with inflation, compared to just 2.4% in the six months leading up to the end of December, the business reported.


"The shift from eating in restaurants to eating at home has become more evident," said Chief Executive Brad Banducci to reporters.


He stated that a growing number of clients from all demographic groups are now preparing meals at home since eating out is becoming more expensive.


The company's net profit before significant items increased 14% to A$907 million ($622 million), above the Visible Alpha consensus estimate of A$877 million. The majority of the increase was attributable to employee back pay linked to a prior salaries miscalculation.


Similar to Tuesday's announcement of Coles' interim results, Woolworths' profit increase was aided by a dramatic drop in COVID-19-related expenditures.


At midday, Woolworths shares were up 2%, compared to a 0.3% decline in the overall index, as analysts hailed the potential of profit margin expansion at a business vulnerable to rising supplier prices.


Phillip Kimber, a retail analyst at E&P Financial, wrote in a client note, "The momentum in the core Australian Food industry remains strong, with sales growth rates above expectations in early 2H23."


Woolworths declared an interim dividend of 46 Australian cents per share, up from 39 Australian cents per share the previous year.

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