Latest news with #FiscalYear2025
Al Bawaba
4 hours ago
- Business
- Al Bawaba
Musk slams Trump's ‘big, beautiful bill' as ‘disgusting abomination'
ALBAWABA- Billionaire tech mogul Elon Musk has reignited tensions with former U.S. President Donald Trump by launching a scathing critique of the newly proposed tax and spending legislation, dubbing it a 'disgusting abomination' and a threat to America's fiscal health. In a series of posts on X (formerly Twitter), Musk tore into the Fiscal Year 2025 Congressional spending bill, hailed by Trump as 'one big, beautiful bill', warning it would balloon the U.S. budget deficit to $2.5 trillion and deepen unsustainable national debt. 'Congress is making America bankrupt,' Musk wrote, adding, 'I just can't stand it anymore.' I'm sorry, but I just can't stand it anymore. This massive, outrageous, pork-filled Congressional spending bill is a disgusting abomination. Shame on those who voted for it: you know you did wrong. You know it. — Elon Musk (@elonmusk) June 3, 2025 Musk's attack comes as Republican lawmakers continue to negotiate the $1.6 trillion bill, which extends Trump's 2017 tax cuts and includes fresh spending on defense and border security. Critics like Musk argue the bill is loaded with unnecessary 'pork-barrel' spending, funds directed toward specific regions or industries such as agriculture and pharmaceuticals, while slashing vital programs including Medicaid, food stamps, and clean energy tax credits. Despite internal GOP dissent, Trump has remained firm in backing the legislation. On his platform, Truth Social, he dismissed critics as 'grandstanders' and defended the bill's merits. 'So many false statements are being made about 'THE ONE, BIG, BEAUTIFUL BILL,'' Trump wrote. White House Press Secretary Karoline Leavitt acknowledged Musk's opposition but stated the administration's stance remains unchanged: 'The president already knows where Elon Musk stood on this bill. It doesn't change his opinion.' Meanwhile, Musk also used the moment to spotlight SpaceX's financial strength, announcing the company expects to generate $15.5 billion in revenue this year, surpassing NASA's projected budget for commercial space ventures. 'SpaceX will out-earn NASA's commercial division next year,' Musk declared, underlining his company's dominance in the private space industry.
Yahoo
4 days ago
- Business
- Yahoo
Shoe Carnival CEO Is Upbeat About Shoe Station: Here's Why
Shoe Carnival CEO Mark Worden has reasons to be upbeat about the future, which contributed to the retailer's reaffirmation of Fiscal Year 2025 guidance after posting first quarter earnings results on Friday. He sees the current environment, although volatile, as an 'opportunistic one' for the footwear retailer. With a debt free balance sheet and no manufacturing or wholesale operations, the company can more easily pivot as required by the changing retail landscape. That's where the rebanner of existing Shoe Carnival stores to the Shoe Station brand comes into play. More from WWD Name Game: Shoe Carnival Is Converting More Stores to Shoe Station Banner The Maesa Magic: Building the Next Generation of Beauty Brands Allbirds, Which Produces Most of Its Shoes in Vietnam, Is Tightening Inventory and Adjusting Prices Amid Trump's Tariff Trade War 'I may be a contrarian on this next statement, but I'm starting to feel cautiously optimistic about back-to-school as we have a compelling assortment in hand and our product costs have not skyrocketed,' Worden told analysts during a company conference call on Friday. And added benefit has been the close collaboration with vendor partners. 'We have not yet experienced, nor do we have visibility to any massive product cost or price increases outside of ranges considered in our guidance,' he said, adding that the situation could evolve and that the singular corporate purpose is to be the leading footwear retailer for families. He also cited another benefit: 'We operate no wholesale businesses, and this has us in a comparatively solid and flexible stance to shift our buying decisions as costs evolve. This does not mean we're immune to vendor price volatility.' Since it is not a wholesaler, it also doesn't have any direct manufacturing exposure, the CEO highlighted, noting that the absence also means it is not locked into any production commitments that could 'force uncompetitive decisions.' Moreover, the company's debt free balance sheet and expanded cash reserves 'has us poised to make opportunistic buys in this volatile time and capture margin growth prospects ahead,' Worden said. 'Given all these variables, the executive team does not view it appropriate to withdraw 2025 guidance and today are reaffirming our annual profit guidance as the most likely outcome. For the first quarter ended May 3, net income was $9.3 million, or 34 cents a diluted share, on net sales that fell 7.5 percent to $277.7 million. For Fiscal Year 2025, the company expects earnings per share at between $1.60 to $2.10 on net sales of $1.15 billion to $1.23 billion. The CEO said that the customer was becoming more cautious during the quarter, particularly at Shoe Carnival, which targets a lower-income household, while tax refund season saw 'muted results' that indicated consumer concerns about prices and the speculation of higher prices to come. 'As previously shared, I do not anticipate a Shoe Carnival nor the family footwear industry return to profitable sales growth in the near term based on the current external conditions and soft consumer confidence we are seeing,' he said. Shoe Carnival sales were down 10 percent in the quarter, while those at Shoe Station rose 4.9 percent. The company sees the opportunity to move Shoe Station from a regional chain to a national footwear chain. 'Shoe Station is our premium retail banner attracting higher income households, providing customers the top brands [and] assortments for both non-athletic and athletic branded footwear,' Worden said, adding that the concept offers high levels of service and a contemporary shopping environment. A total of 75 Shoe Carnival stores will be rebranded to the Shoe Station banner this year, ending 2025 with 120 locations. More rebranding will continue in 2026 and by March 2027, over 80 percent of the store fleet will operate under the Shoe Station banner. Worden said Shoe Station has been outpacing the industry and the Shoe Carnival banner quarter-after-quarter for over two years, including producing increased AURs (average unit retail) and accretive product margins 'in markets we expected to win in more affluent, suburban, mature customers.' The CEO said the company is expanding significantly into new markets in Alabama, Mississippi, Georgia, Louisiana, South Carolina, Tennessee and Florida. All are locations where data indicates that metrics for the Shoe Station banner will surpass those for Shoe Carnival. According to Worden, it is 'crystal clear that Shoe Station is the future of our organic growth and future of our store base.' He also noted that vendors and key stakeholders support the rebanner initiative. 'Will Shoe Station represent 100 percent of the current store fleet in the future? I can share the organization is deeply evaluating that,' Worden said. He explained that the company will test the urban market to see if the 'Station banner can better meet all of our store needs,' noting that the company first has to find out how it can satisfy the needs of the 'low household income, highly diverse customer base' in cities such as Chicago and Houston. Looking ahead to the fall, back-to-school and holiday, the CEO said the company made a 'deliberate decision' to maintain elevated inventory levels to better navigate what he described as marketplace uncertainties. 'With our cash rich position we determined the best approach to serve customers during back-to-school and holiday seasons was to invest early in key products, maximize our in-stock position and ensure our stores are fully prepared,' Worden said. 'I want to assure you our customers will find their favorite brands fully stocked across Shoe Station, Shoe Carnival and Rogan's locations throughout 2025.' He added that men's and women's performance running brands continue to deliver 'exceptional results' and were particularly strong with double-digit growth at Shoe Station, where styles for back-to-school have 'robust' AURs over $130 on average. And separately, the CEO said the company remains committed to pursuing M&A—when the right opportunity at a fair valuation becomes avaialble—to achieve its long-term vision to be the nation's leading footwear retailer for families. 'Our M&A targeting focus is on market leading footwear retailers with scale, providing geographic expansion and/or diversifying to a higher income customer base. The leadership team will pursue scale changing M&A,' he told analysts on the call. Best of WWD All the Retailers That Nike Left and Then Went Back Mikey Madison's Elegant Red Carpet Shoe Style [PHOTOS] Julia Fox's Sleekest and Boldest Shoe Looks Over the Years [Photos]
Forbes
5 days ago
- Business
- Forbes
Congress Faces Criticism For Increased Pentagon Spending
Critics of Trump administration policy have zeroed in on the president's plan to hold a military parade on his birthday, purportedly to honor the U.S. Army, at the same time that the administration and its allies in Congress are seeking deep cuts in veterans benefits and services. If the administration truly wants to honor our men and women in uniform, it should spend whatever is needed to take care of them, and it should elevate stories of individual bravery and effort in defense of the nation and the Constitution. Instead, it has chosen to mount a costly spectacle that nods at our military personnel, past and present, while coming up empty when it comes to providing them with genuine support. Many veterans have rejected the idea that the parade is even in their honor. As Naveed Shah, political director of the veteran-led organization Common Defnse has noted, 'As an Army veteran myself, I'm proud of the Army's birthday. But this parade seems like it's all about the president's ego rather than the troops who sacrifice everything in order to serve our country.' But even as criticism of the parade grows, it is important that we don't take our eyes off of the Pentagon budget debate in Congress, which will be much more consequential in its impacts on veterans and non-veterans alike. As time winds down for Congress to finalize the budget for this year – nine months past the beginning of Fiscal Year 2025, which officially started on October 1st of last year – it appears to be marching towards a massive spending plan which is more likely to make America and its allies less safe than it is to bolster our security for the nextd generation, as Sen. Wicker and his colleagues seem to believe. The House has already signed off on a $150 billion increase beyond what the Pentagon is likely to ask for over the next several years, a sum Senate Armed Services Committee chair Roger Wicker (R-Miss.) has called a 'generational investment' in defending America. But if any budget lines deserve a generational investment, they should be measures to combat climate change, prevent disease, curb inequality, and fund smart diplomacy and foreign economic assistance. The drive to increase Pentagon spending is also questionable because of the way it is being promoted, via reconciliation. Reconciliation is a process for rushing a bill through Congress on an expedited basis, a process which undermines that notion of bipartisan debate and input that had been a model for handling Pentagon budget requests in past years. Spending to address the major non-military challenges outlined above is not only insufficient relative to what is needed, but the House plan would seriously cut back existing, inadequate funding in these areas. If the House plan is adopted by the Senate, the result would be domestic and foreign policies that fund weapons and preparation for war while underinvesting in the pursuit of domestic strength and the maintenance of non-military tools of statecraft. The United States would be akin to a weight lifter who can lift prodigious amounts but is so bulked up they can't lift their hands above their heads or engage in routine physical activities. A successful foreign policy requires a range of tools, not just a large Pentagon budget and a global military footprint. An overmilitarized budget is not the royal road to a more effective defense – it is a recipe for diminishing U.S. global influence while making conflict more likely. Hopefully criticism of the military parade and the parallel reductions in support for veterans will prompt the public to look at a larger question as well: does America really need a $1 trillion Pentagon budget to defend ourselves? And is there a solid plan on how to spend these huge sums? After the president's parade has come and gone, these questions will remain. How we answer them will have a generational impact, as Sen. Wicker has suggested, but it may not be he positive impact he envisions, but rather a weaker, more divided country that is undermining its strength at home in service of a misguided conception of how to address challenges abroad.
Yahoo
26-05-2025
- Business
- Yahoo
KFC India operator posts larger net loss in Q4 as expenses increase
Devyani International, the operator KFC and Pizza Hut outlets in India, has disclosed an expanded net loss for the fourth quarter of fiscal year 2025 as expenses grew. The consolidated net loss for the quarter ending 31 March was Rs147.38m ($1.7m), which is a decline from the loss of Rs74.65m recorded in the same period the previous year. During the quarter under review, the firm's revenue from operations reached Rs12.13bn, marking a 15.81% increase from Rs10.47bn in the corresponding quarter of the prior fiscal year. The company's earnings before interest, taxes, depreciation, and amortisation (EBITDA) increased by 43% year-over-year to Rs1.87bn in Q4 FY25. Same-store sales at Pizza Hut experienced a 1% growth, whereas KFC's same-store sales saw a 6.1% decrease. Devyani International's total income for the fourth quarter was Rs12.26bn, while total expenses amounted to Rs12.47bn. Devyani International Limited non-executive chairman Ravi Jaipuria said: 'We are pleased to report that DIL continues to demonstrate strong momentum in its growth journey— both organically and through strategic acquisitions.' For the entire fiscal year, the company's consolidated revenue stood at Rs49.51bn, showing a 39.2% year-over-year increase. This surge was attributed to strategic acquisitions such as KFC stores in Thailand and continuous store expansion within India. The EBITDA margin of Devyani International was reported at 17%, with an absolute EBITDA growth of 29.1% over FY24. The company's total expenses for full year was Rs49.75bn, increasing from Rs35.71bn in the prior year. 'This performance was primarily driven by the strategic acquisition of KFC stores in Thailand and supported by ongoing store expansion in India,' Ravi Jaipuria added. In FY25, Devyani International inaugurated 257 new stores, culminating in a total of 2,039 stores compared to 539 new stores in FY24, which included 283 Thailand KFC stores acquired on January 18, 2024. In April of the current year, Devyani International announced its plan to acquire up to an 80.72% stake in Sky Gate Hospitality. Sky Gate Hospitality operates several brands including 'Biryani By Kilo', 'Goila Butter Chicken', and 'The Bhojan'. 'This acquisition further strengthens our overall brand portfolio and deepens our well laid out strategy. During the year, we also tied up with three international brands i.e. New York Fries, Tealive, and Sanook Kitchen. We are proud to share that we have recently opened the first NYF (New York Fries) store in Mumbai. This marks the beginning of our expansion with the new brands, with several more stores coming in the current year,' Ravi further stated. In September last year, KFC India initiated a sign language training programme for its entire workforce in the country. "KFC India operator posts larger net loss in Q4 as expenses increase" was originally created and published by Verdict Food Service, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
14-05-2025
- Business
- Yahoo
Idaho state revenues lag nearly $100 million behind Legislature's projections
The rotunda at the Idaho Capitol in Boise on Jan.17, 2022. (Otto Kitsinger for Idaho Capital Sun) Through April, state revenues are $97.7 million below the Idaho Legislature's forecast for the current 2025 fiscal year, according to a new monthly revenue report released by the Idaho Legislative Services Office. Although revenue collections are more than they were last year at this time, they are below the Idaho Legislature's forecast for the current fiscal year, according to the April edition of the Fiscal Year 2025 General Fund Budget Monitor report. That's important because the Idaho Legislature used the forecast in the state's 2025 fiscal year budget. SUBSCRIBE: GET THE MORNING HEADLINES DELIVERED TO YOUR INBOX When legislators left the Idaho State Capitol in Boise at the end of the 2025 session, they were forecasting to end the 2025 fiscal year on June 30 with a positive ending balance of $420.3 million. But just over a month later, the projected ending balance has shrunk to $322.7 million, according to the new budget monitor report. 'Thats why we left such a strong ending balance,' said Rep. Wendy Horman, an Idaho Falls Republican who serves as the co-chair of the Idaho Legislature's Joint Finance-Appropriations Committee, or JFAC. JFAC is a powerful legislative committee that sets every budget for every state agency and department. 'At the time we adjourned Sine Die there were questions about the impacts of tariffs, and we gave more tax relief than the governor proposed,' Horman added, using the Latin phrase Sine Die that signifies the annual legislative session has ended for the year 'We wanted to make sure we had a cushion there to cover us – not only through the end of this fiscal year, but also carrying over to start FY26, and that's what we did.' 'At this time, we are still very well positioned moving into the next fiscal year,' Horman said. Idaho's budget runs on a calendar where fiscal year 2025 ends June 30 and fiscal year 2026 begins July 1. For fiscal year 2025, the Idaho Legislature adopted a revenue figure that was $42.1 million higher than the revenue projection Gov. Brad Little and the Idaho Division of Financial Management issued. Sales tax distributions appear to be a major driving factor in the revenue picture. The state's April revenue report indicates sales tax distributions to the state's general fund are $95.6 million less than last year. In a written statement Tuesday, Idaho Division of Financial Management Administrator Lori Wolff said she does not foresee the need for any holdbacks in the current budget. With the April revenue numbers coming in, Wolff said the state is still within 1% of its revenue projections. 'The governor and the Legislature left $400 million on the bottom line as cushion, and we do not anticipate any holdbacks will be necessary for FY25,' Wolff wrote Tuesday. 'The Governor's Office and (Division of Financial Management) will continue to monitor revenue, but the strength of our economy combined with responsible budgeting do not create any significant concerns about the state budget at this time.' With only two months left in the 2025 fiscal year, it doesn't look like the state will have a problem finishing this year with a balanced budget. CONTACT US But Senate Minority Leader Melissa Wintrow, D-Boise, is worried that revenue cuts approved by legislators could lead the Idaho Legislature to cut funding for programs Idahoans depend on during next year's legislative session. 'It may cause some havoc; in the next session we may see the Legislature cutting things,' Wintrow said in a phone interview Tuesday. 'Overall what I am deeply disturbed by – and what we are seeing in revenue collections – is I don't think Gov. Little or the Idaho Legislature is keeping its promises to Idahoans,' Wintrow added. In addition to serving as the leader of the Democrats in the Idaho Senate, Wintrow is a member of the Legislature's budget committee, JFAC. During the 2025 legislative session, Idaho legislators cut taxes by about $400 million and provided an additional $50 million in a refundable tax credit for education expenses including tuition at a private, religious school. In a press conference Monday, Little said the state can afford the $400 million in tax cuts this year, but it's important to consider the future. To pay for the tax cuts and tax credits, legislators reduced revenue that is available for funding in the state budget by about $453 million. Some of the Idaho Legislature's laws, like 2024's House Bill 521, divert sales tax revenue away from the general fund and put it to other uses, like paying for school facilities or reducing other taxes. On Tuesday, Horman did say she is concerned about the sales tax revenue diverted away before it reaches the state general fund. She said she first spoke out about the issue a couple of years ago. 'There has been a concern as we continue to draw from gross sales tax revenues in a way that distributes them before they are appropriated that we need to be cautious that the percentage going to cities and counties doesn't get so out of balance that when the next recession hits they feel the worst of the brunt of reduced revenues,' Horman said. Wintrow is also concerned about diverting sales tax revenue before it reaches the general fund budget. SUPPORT: YOU MAKE OUR WORK POSSIBLE Instead of cutting income taxes and diverting sales tax revenue, Wintrow said legislators should push to increase funding for special education programs and increase pay for state employees. Between the revenue cuts and Republican legislators announcing a new Idaho Department of Government Efficiency task force that seeks to consolidate state agencies and reduce the number of state employees – an effort similar to the Trump administration's and Elon Musk's DOGE process –, Wintrow worries cuts to programs are coming next year. 'Its not very conservative to hack your revenue stream so hard it potentially puts us in a place where we may have to continue to whittle at the oak tree until it's a splinter,' Wintrow said. 'Many of us (Democrats), and some Republicans, really were raising the alarm bell on that, to cut revenue so deeply at a time when the economy is going haywire.' The new April budget monitor report isn't the first sign that revenues were lagging projections. Little's budget office released a preliminary revenue report in March that showed revenues were lagging behind state projections at that point. JFAC is scheduled to conduct interim committee meetings next week in Idaho Falls. JFAC members are scheduled to receive a general fund and budget update Monday. Budget and Revenue Monitor 10
