Latest news with #CristinaFernandez
Reuters
5 hours ago
- Politics
- Reuters
Argentina's top court upholds guilty verdict against Kirchner that bans her from office
BUENOS AIRES, June 10 (Reuters) - Argentina's Supreme Court on Tuesday upheld a guilty verdict that sentenced powerful two-term former President Cristina Fernandez de Kirchner to six years in prison for defrauding the state and banned her from public office. Kirchner, 72, a polarizing figure and leftist who served as president from 2007 to 2015, was convicted by a trial court in 2022 for a fraud scheme that steered public road work projects in the Patagonia to a close ally while she was president. Kirchner, Argentina's most starry politician in recent decades who has rockstar status among her supporters, has denied wrongdoing and claims she is a victim of political persecution. The Supreme Court's three judges left in effect an appellate court decision that had previously upheld the guilty verdict. A lower court will decide whether to grant Kirchner house arrest due to her age. The verdict is a blow for Kirchner, the Peronist's political grandee, though could galvanize the fragmented opposition movement ahead of midterm elections later this year where it will look to challenge libertarian President Javier Milei. Kirchner had announced this month plans to run in legislative elections scheduled for September.
Bloomberg
5 hours ago
- Politics
- Bloomberg
Argentina's Top Court Bans Kirchner From Public Office for Life
Argentina's Supreme Court upheld former President Cristina Fernandez de Kirchner's fraud conviction, ratifying her sentence to six years in prison as well as a lifelong ban on holding public office, according to local media. With President Javier Milei facing a crucial midterm vote in October, Argentina's three Supreme Court justices ruled Tuesday on one of the country's most polarizing cases. In the run-up to the ruling, unions and party affiliates blocked traffic around Buenos Aires, burning tires and banging drums.
Yahoo
12 hours ago
- Business
- Yahoo
RH price target lowered to $255 from $280 at Telsey Advisory
Telsey Advisory analyst Cristina Fernandez lowered the firm's price target on RH (RH) to $255 from $280 and keeps an Outperform rating on the shares. There is a level of uncertainty heading into the company's Q1 earnings release given the volatile stock market and the impact of the tariffs, the analyst tells investors. The firm, however, continues to see several reasons to remain positive on the story, including the company's demand growth, its potential to weather tariffs costs, and its balance sheet should improve as it works down its inventory levels. Easily unpack a company's performance with TipRanks' new KPI Data for smart investment decisions Receive undervalued, market resilient stocks right to your inbox with TipRanks' Smart Value Newsletter Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>> See Insiders' Hot Stocks on TipRanks >> Read More on RH: Disclaimer & DisclosureReport an Issue Options Volatility and Implied Earnings Moves This Week, June 09 – June 12, 2025 RH price target lowered to $250 from $300 at Wells Fargo RH price target lowered to $215 from $235 at UBS Balanced Outlook on RH: Hold Rating Amid Promotional Pressures and Decelerating Growth RH Earnings this Week: How Will it Perform?
Bloomberg
03-06-2025
- Business
- Bloomberg
Kirchner's Return Risks Dividing Opposition in Boon for Milei
Cristina Fernandez de Kirchner is back on Argentina's political scene for the first time since President Javier Milei took office, set to challenge the libertarian and contest power within her own Peronist party in an upcoming local vote. Kirchner, a two-time president and former vice president, announced her candidacy to represent the most populous section of Buenos Aires province in September's legislative elections during a television interview Monday night. While it may seem like a step down for one of Argentina's biggest power brokers, the result will set the stage for a national midterm vote the next month, in which Milei needs to convince investors Argentines still support his aggressive economic reforms.
Yahoo
13-05-2025
- Business
- Yahoo
Under Armour Moving in Right Direction Despite Still-challenging Results
Under Armour's reset has yet to take root but things are headed in the right direction. One year after beginning a company-wide restructuring, the Baltimore-based sports brand reported fourth-quarter and yearend results that, while not pretty, managed to beat Wall Street expectations. On Tuesday, Under Armour reported an operating loss of $72 million and an adjusted operating loss of $36 million after transformation expenses, restructuring charges and litigation settlement expenses in the fourth quarter ended March 31. The net loss was $67 million and the adjusted net loss was $35 million. More from WWD Shoe Prices Sank in April, the Sharpest Drop in 21 Months, Despite Uncertainty Around Tariffs Under Armour Continues to Struggle, but Makes Progress on Restructuring Plan FDRA, AAFA, NRF, RILA: U.S.-China Tariff Pause A Welcome Start, But More Needs To Be Done Overall sales were down 11 percent to $1.2 billion — which beat analyst expectations of a 12.4 percent drop — and North American sales continued to decline, also dropping 11 percent to $689 million while international revenue fell 13 percent to $489 million. By region, sales were down 27 percent in Asia-Pacific, 10 percent in Latin America and 2 percent in Europe, Middle East and Africa. Much like the results, analysts were mixed in their response to the numbers on Tuesday. Cristina Fernandez of the Telsey Group said Under Armour's 'return to sales growth remains unclear. The company has work to do to change perception of the brand, attract more consumers and gain shelf space at wholesale accounts.' And Joseph Civello of Truist Securities said the results cleared 'a low bar,' and he believes 'upside will be limited until there are clearer signs that fundamentals are improving.' Nonetheless, the wholesale business also remained challenged, dropping 10 percent to $768 million in the quarter while direct-to-consumer fell even more, dipping 15 percent to $386 million. This includes a 6 percent decline at the company's owned and operated stores and a 27 percent decline in e-commerce sales, which accounted for 37 percent of the total DTC business. The company attributed the declines to 'planned reductions in promotional activities.' By category, apparel revenue decreased 11 percent to $780 million in the quarter, footwear was down 17 percent to $282 million and accessories dipped 2 percent to $92 million. Despite the struggles, Under Armour president, chief executive officer and founder Kevin Plank put a positive spin on the numbers. 'One year into our strategic reset, we're laying the groundwork for a more focused Under Armour. By elevating products and storytelling, tightening distribution, and refining our operating model, we are in the process of reigniting brand relevance and positioning the business for sustainable, profitable growth,' he said. 'Our fourth-quarter performance contributed to fiscal 2025 results that were better than the expectations we set a year ago and we are demonstrating traction in our efforts to reposition the brand.' In a conference call Tuesday morning, Plank acknowledged that 'there is still much work to be done to address our current trajectory and drive brand affection.' With a macro environment that is 'unclear' in the near term, he said the goal at Under Armour is to 'build the muscle strength of agility.' Looking back at his first year since returning to the helm of the company, Plank said he was 'proud of the progress we've made sharpening our strategy, streamlining operations and establishing a stronger financial foundation. We're focusing on high-return categories, markets and initiatives. By simplifying the portfolio, and exiting lower-value activities, we're sharpening execution, boosting efficiency, and directing capital to its highest impact uses. Fewer things done better will fuel stronger, more consistent value creation.' Specifically, he said the company's Unstoppable collection and its Heat Gear base layers 'outperformed expectations…and sportswear is gaining meaningful traction.' And this fall, he revealed, a premium apparel collection will debut that will unite 'performance, sport and style.' This UA Halo collection will launch with three footwear models: a trainer, runner and racer, as well as a range of 'elevated apparel that signals a new era for the brand above design and innovation,' Plank said. The core base layer category is being updated with the addition of Neolast fibers to enhance stretch while being fully sustainable, and the company's Curry brand will continue to add styles including a new Curry 12 sneaker and another colorway in the De'Aaron Fox 1. 'As we near the completion of our initial 25 percent sku reduction over the past year, we're maintaining disciplined inventory management to create space for a stronger, more focused product architecture,' Plank said. 'Together, these steps will drive brand momentum, enhance profitability and unlock new growth opportunities. Our ambition, put simply, is to sell so much more of so much less at a much higher full price.' Plank pointed to the recently introduced No Weigh backpack, a newly designed product with special suspension straps and a $140 price point. He said the backpack is 'meant to serve as a broader metaphor for what we expect to do with our shirts and shoes going forward, with four to six products each season for spring and fall.' He said that as the company looks ahead to fiscal 2026, 'sustaining momentum across product, service and team is critical for advancing our brand transformation. Our ambition goes beyond a comeback, it's a reinvention.' Under Armour's chief financial officer Dave Bergman touched on the tariff issues during his remarks. He said the company is 'proactively evaluating a range of mitigation strategies' including 'potential cost-sharing initiatives with key partners, diversifying our sourcing footprint to minimize exposure to affected regions where feasible, and examining targeted price adjustments to protect margins.' Currently, he said, 30 percent of Under Armour's volume is sourced from Vietnam, 20 percent from Jordan and 15 percent from Indonesia with the remaining third in other countries. Drake McFarland of M Science, a research and analysts firm, said that while tariffs may increase product costs and negatively impact consumer demand, 'Under Armour's strategy towards a more-premium assortment and new product launches, much of which is targeted toward fall '25, is well timed. While the average consumer may be under pressure, orienting towards a more premium and less promotional product assortment may position Under Armour towards a comparatively more resilient consumer base during these uncertain times.' For the year, the company reported an operating loss of $185 million but adjusted operating income of $198 million. The net loss was $201 million and the adjusted net income was $135 million. Sales for the full fiscal year decreased 9 percent to $5.2 billion with North American sales dropping 11 percent to $3.1 billion and international revenue down 6 percent to $2.1 billion with flat sales in the EMEA, a 13 percent drop in Asia-Pacific and a 6 percent decline in Latin America. In the year, wholesale revenue fell 8 percent to $3 billion and direct-to-consumer sales fell 11 percent to $2.1 billion with owned and operated store revenue falling 2 percent and e-commerce sales, which accounted for 35 percent of the total DTC business for the year, down 23 percent. By category, apparel revenue fell 9 percent to $3.5 billion, footwear was down 13 percent to $1.2 billion and accessories down 1 percent to $411 million. As a result of what Plank characterized as 'a complex macroeconomic backdrop,' the company only provided guidance for the first quarter of fiscal 2026. Revenue is expected to decline between 4 percent and 5 percent, which anticipates a drop of 4-5 percent in North America, a mid-teen percent decline in Asia-Pacific and high-single-digit growth in EMEA. Operating income is expected to be between $5 million and $15 million and adjusted operating income is forecasted at between $20 million and $30 million. Plank remained optimistic about the company's future, saying 'sharpened execution, alignment, and focus — bolstered by the move to a category-led operating model — equip us to navigate ongoing volatility with resilience,' he said. 'I'm confident in the agility we've built over the past year, and we are raising our bar of excellence at Under Armour.' Last May, Under Armour revealed a restructuring plan to improve its financial and operating efficiencies that was expected to cost from $140 million to $160 million. By the end of the fiscal fourth quarter of 2025, the company had recognized $58 million in restructuring charges and $31 million in other expenses. It expects the remaining charges to be realized during fiscal 2026. Best of WWD Harvey Nichols Sees Sales Dip, Losses Widen in Year Marred by Closures Nike Logs $1.3 Billion Profit, But Supply Chain Issues Persist Zegna Shares Start Trading on New York Stock Exchange
