By Aishwarya Venugopal(Reuters) - Luxury jeweler Tiffany & Co , which is being bought by Louis Vuitton owner LVMH , missed market expectations for quarterly profit and sales on Thursday, hit by lower spending by foreign tourists in the United States and Hong Kong. The jeweler has been struggling to lure price-conscious millennials who have been preferring lower-priced competitors including Denmark's Pandora A/S and Signet Jewelers . © Reuters/CARLO ALLEGRI A Tiffany & Co logo is seen outside the store on 5th Ave in New York
Slowing growth in China, mainly due to its prolonged trade war with the United States and a stronger dollar, has also impacted sales for Tiffany, which relies on tourists from the world's second largest economy.Click to expand
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Net sales in the Americas fell 4% in the third quarter. In the Asia-Pacific region, sales did not grow despite a double-digit growth in mainland China because of business disruptions in Hong Kong.
CONSTELLATION BRANDS, INC.
The company said lower spending by foreign tourists in Hong Kong, where sales plunged 49%, offset increased demand by locals.
Overall same-store sales, excluding the effects of currency fluctuations, rose 1% in the quarter, but missed analysts' average estimate of a 1.44% increase, according to IBES data from Refinitiv.
"Tiffany has significant potential, but it is still coming short of unlocking it. We see the LVMH acquisition with favor," Bernstein analyst Luca Solca said.
French luxury goods maker LVMH has agreed to buy Tiffany for $16.2 billion, a deal that could help the U.S. jeweler, whose dated collections has hit demand and forced it to launch more affordable pendants and earrings.
Tiffany's net earnings fell to $78.4 million, or 65 cents per share, in the quarter ended Oct. 31, from $94.9 million, or 77 cents per share, a year earlier. Wall Street had expected it to earn 85 cents per share.
Net sales were largely flat at $1.01 billion, while the average analyst estimate was $1.03 billion.
Shares of the company, which have risen about 66% this year, were down marginally at $133.55.
(Reporting by Aishwarya Venugopal in Bengaluru; Editing by Maju Samuel and Arun Koyyur)
NEW YORK, Dec. 5, 2019 /PRNewswire/ -- Sumitomo Corporation of Americas (SCOA) announced today their purchase of the Collier Center, a 2.8 acre commercial complex located in downtown Phoenix, Arizona. Eastdil Secured brokered the deal for an undisclosed amount. This is SCOA's second commercial real estate investment this year, having acquired SPS Tower in Minneapolis this past February.
Aerial View of Collier Center in Downtown PhoenixMore
The 24-story property features over 578,000 square feet of rentable space, including a variety of restaurants and bars plus a 3-level underground parking garage. The property is within short walking distance of Phoenix's light rail trains and bus lines, and just minutes from the downtown area's major highways. Collier Center is currently at 84% occupancy with Bank of America and Uber among its largest tenants.
"We are very excited to add Collier Center to our growing portfolio of commercial real estate investments throughout the United States," said Yurika Sugimoto, Manager in the Commercial Real Estate Unit at Sumitomo Corporation of Americas. "We see Phoenix as a city with tremendous growth capacity over the next several years, and we look forward to supporting this property and its tenants to enhance these relationships and provide top-level service through our trusted property management partner, Transwestern."
Phoenix is an economic hub of the United States' southwestern region. With unemployment rates steadily dropping over the past few years, the city's populating is surging with the influx of job opportunity. The city is also home to Arizona State University and University of Arizona, a major contributor to Phoenix's economy as well as a direct pipeline of high-quality labor.
With this new acquisition, Sumitomo Corporation of Americas owns a commercial real estate portfolio totaling over $425 million to date with over 1.6 million square feet of commercial space. The company intends to continue its strategy investing in high-potential growth areas such as Phoenix, Seattle, Denver and Austin.
About Sumitomo Corporation of AmericasEstablished in 1952 and headquartered in New York City, Sumitomo Corporation of Americas (SCOA) has eight offices in major U.S. cities. SCOA is the largest subsidiary of Sumitomo Corporation, one of the world's leading traders of goods and services. As an integrated business enterprise, the firm has emerged as a major organizer of multination projects, an expediter of ideas, an important international investor and financier, and a powerful force for distribution of products and global communications through a network of offices worldwide.
Sumitomo Corporation of Americas has almost 30 years of real estate investment and development experience in the U.S. With investments in commercial office buildings, multi-family communities, planned developments and single family homes, the Company maintains a diverse and balanced real estate portfolio. Throughout the years, SCOA has been an active investor in the commercial market, acquiring and selling properties in New York, San Francisco, Washington D.C., Los Angeles, Phoenix, Tempe and Miami. SCOA's current office building investments include 450 B Street in San Diego, acquired in 2013, 203 North LaSalle in Chicago, acquired in 2014, Miami Tower and Atlanta Financial Center, acquired in 2016, and SPS Tower in Minneapolis, acquired in February of 2019.
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SOURCE Sumitomo Corporation of Americas
Dec 06, 2019 (AmericaNewsHour) -- By the end of 2014, the North America & Latin America markets for Object Recognition, Video Analytics, Intelligent Video Surveillance & ISR products and services will command 47% of the global market. The U.S. alone commands 36% of the global market, making it the world's largest market.
According to HSRC's latest report, Video Analytics, ISR, Intelligent Video Surveillance & Object Recognition & Americas Market-2015-2020, the U.S. and the rest of American national markets are expected to exceed $36.5 B in revenues accumulated between 2015 & 2020 and at a CAGR of 9.2%
The report points out five unique core fundamentals that characterize the U.S. industry and market which contribute to making it the world's leading & largest. They are as follows:
The U.S. defense sector invested over the recent decade billions on RDT&E (e.g. DARPA) to equip the nation's intelligence community and the defense forces with cutting-edge surveillance technologies.
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U.S. conglomerates (e.g. Google, Amazon, IBM, Cisco, Microsoft) lead the world in non-military video analytics based products & markets.The country's massive investments in Homeland Security, Public Safety, residential and private sector smart-imaging based security.U.S. universities and high tech industry are the world's powerhouses of IVS, ISR, OR and VA based product innovation, development and short time-to-market (e.g. Advanced Object Recognition algorithms commercialized by Amazon, Google).
U.S. consumers are technophiles leading the global early adoption for products and technologies such as : machine vision embedded games, automotive accident aversion cars and mobile devices object recognition based e-commerce
Questions answered in this 2-volume 483-page report include:
What will the market size be in 2020?What are the main technology trends?Where and what are the market opportunities?What are the market drivers and inhibitors?Who are the key vendors?What are the challenges to market penetration?The report examines each dollar spent in the market via three orthogonal money trails: vertical sectors, national markets, and revenue sources. The report is granulated into 32 sub-markets as can be seen in the chart below:
Video Analytics, Object Recognition, Intelligent Video Surveillance & ISR: Americas Market-2015-2020The "Video Analytics, ISR, Intelligent Video Surveillance & Object Recognition: Americas Market 2015-2020" report presents in 483 pages, 74 tables and 58 figures and analysis of 55 current and pipeline technologies and 110 leading vendors. The report is explicitly customized for decision-makers to allow them to identify business opportunities, pipeline technologies, market size, trends and risks, as well as to benchmark business plans.
It presents for each submarket 2011-2014 data, analyses, and projects the 2015-2020 market and technologies from several perspectives, including:
Business opportunities and challengesSWOT analysisMarket analysis (e.g., market dynamics, market drivers and inhibitors)2011-2020 market* by vertical submarket: Defense Sector, Critical Infrastructure Security, Transportation & Logistics, Aviation & Maritime Security, Safe Cities & Smart Cities, Border Security, Commercial & Public Buildings, Entertainment & Casinos Security, Retail - Analytics, Residential Security and other vertical submarkets2011-2020 market* by geographical region
The U.S., Canada, Latin America, Mexico, Columbia, Brazil Argentina and other Latin America countriesCurrent and pipeline technologies, including:Object Identification algorithms, Multi-Camera Intelligent CCTV Surveillance Systems, Remote Threat Identification, Intelligent Video Surveillance System Performance, Distributed Sensors Remote Systems, Remote Biometric Identification, Watch Lists fused IVS, Fused VA and Biometrics, Fused Multi-modal IVS Biometric Remote People Screening, Intelligent Video Surveillance Tracking, IVS & VA based Behavioral Profiling, Tag and Track, Wireless Video Analytics, Video Content Analysis Algorithms, Automated Analysis of Video Surveillance Data, Item Detection, Gaussian Mixture Based Background Subtraction Algorithms, Background Subtraction, Item Detection Based on Single-Image Algorithms, Item Tracking Algorithms, Kalman Filtering Techniques, Region Segmentation, Partially Observable Markov Decision Process, IVS Systems, "Splitting" Items Algorithms, Dimension Based Items Classifiers, Shape Based Item Classifiers, Event Detection Methods, Vision-Based Human Action Recognition, Derived Egomotion, Path Reconstruction Algorithms, Video Cameras Gap Mitigation Algorithms, Networked Cameras Tag and Track Algorithms, Fusion Engines, Event Description, IVS Reasoning, IVS Reporting, Smart Cameras, Pulse Video Analytics, License Plate Recognition (LPR), Cloud Video Analytics, Kalman Filters Application to Track Moving Items, Real Time Automatic Alerts Algorithms Online Video Analytics. Object Sorting and ID, Behavioral Analysis, Video Analytic Applications, Video Analytics Architecture Image Segmentation Algorithms Item Tracking, Intelligent CCTV Surveillance Algorithms, Item Identification and Recognition, IVS Based Face Recognition, Sorting Actions and Behaviors, Crowd Surveillance.
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Companies operating in the market (profiles, products and contact info) including: Emza Visual Sense, Eptascape, DVTel, Exacq, GE Security, Genetec, Geovision, HASAM, Honeywell, IMINT Image Intelligence AB, IndigoVision, Intellivid, Intergraph Corporation, IntuVision Inc, ioimage, IPConfigure, IPS Intelligent Video Analytics, Ipsotek, IQinVision, ISS, ITT EchoStorm, L-3 Communications Holdings Inc, Lockheed Martin Corporation, LuxRiot, MACROSCOP, March Networks, Mate Intelligent Video Ltd., Matrix Vision, MDS, Milestone Systems A/S, Mirasys, Mobotix, MTS, National Instruments, NetPosa Technologies, Ltd., NICE Systems, Northrop Grumman Corporation, Nuuo, ObjectVideo, On-Net Surveillance Systems, PCI-Suntek Technology Co., Ltd., Pelco, Pivot3, Pixim, Proximex, PV Labs, Raytheon Company, Salient Stills, Samsung Techwin, Sarnoff Corporation, SeeTec, Sentient, Siemens, SightLogix, Smartvue, Sony, Synectics, Synesis, Texas Instruments, Thales Group, V.A.S. GmbH, VDG Security BV, Verint, Viasys Intelligent Video Analytics, Vicon, Videalert Ltd, VideoBank, VideoIQ, VideoMining, VideoNext, Vidient, Vigilant Systems, Vi-system, WeCU Technologies Ltd, Westec, Zhejiang Dahua Technology, 3i-MIND, 3VR, 3xLOGIC, AAI Corporation, AAM Systems, ACTi Corporation, ADT Security Services, Adaptive Imaging Technologies, Agent Video Intelligence, AGT International, Aimetis, ALPHAOPEN, American Dynamics, Ampex Data Systems Corporation, Aralia System, AVCON Information Technology Co. Ltd., Avigilon Corporation, Axis, Axxon, BAE Systems Plc, Basler, BiKal, Boeing Defense, Space & Security, Bosch Security Systems, Briefcam, Camero, Cernium, Churchill Navigation, CIEFFE, Cisco, Citilog, ClickIt, Cognimatics, Digital Results Group.
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