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【mayer lumber mayer minnesota】Saudi PIF entertainment company plans to build leisure complex in Riyadh
a z f o 6 i d p b j w 2 c 2 v p a 3 q i g k2024-09-29 12:25:01【Focus】5人已围观
简介DUBAI (Reuters) - Saudi Arabia announced plans on Wednesday to build an entertainment complex in the mayer lumber mayer minnesota
DUBAI (Reuters) - Saudi Arabia announced plans on Wednesday to build an entertainment complex in the capital Riyadh,mayer lumber mayer minnesota the latest in a series of state-backed efforts to encourage public leisure activities after decades of tight social restrictions.
The 100,000 square metre complex will be developed by the Saudi Entertainment Ventures Company (SEVEN), a wholly owned subsidiary of the kingdom's sovereign wealth fund, according to a statement carried by state news agency SPA.
The project will feature sports activities, live performances, restaurants and cinemas, it said. It did not specify the value of the investment.
The Public Investment Fund established SEVEN last year with initial funding of 10 billion riyals (£2.1 billion) and hired former Disney executive Bill Ernest to run it.
The company aims to set up about 20 entertainment centres around the country over the next several years, as Saudi Arabia tries to use the leisure sector to create jobs, liberalise social norms and diversify the economy beyond oil exports.
SEVEN has already opened the kingdom's first cinema in nearly four decades, in partnership with U.S. based AMC Group, and hopes to attract private companies to invest alongside it at all of its projects.
Those plans could be complicated by fallout from the murder of journalist Jamal Khashoggi in Saudi Arabia's Istanbul consulate in October, which has led some foreign media and technology companies to distance themselves from the kingdom.
Since the murder, British billionaire Richard Branson has suspended his directorship in two PIF-backed tourism projects along the Red Sea coast. No investors have yet been announced for the ventures.
Hollywood talent agency Endeavor is close to terminating an agreed $400 million investment from PIF over reputational concerns, while Legendary Entertainment said in November it had "no interest" in conducting a proposed transaction with the fund.
However, theme park operator Six Flags is going ahead with plans to open one of its facilities at Qiddiya, a huge resort area the PIF is planning to build outside Riyadh which will also feature water parks, motor sports and cultural events.
(Reporting by Katie Paul; Editing by Jan Harvey)
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As shown below, the results in the quarter materially changed the trend in two-year stacked comps for each of the banners, along with a significant acceleration for consolidated comps.
The increase in consolidated comps was the primary driver of an 8% increase in revenues to $6.3 billion. The company ended the quarter with 15,370 locations, up less than 1% year-over-year. This reflects a 7% increase in Dollar Tree units, offset by a 4% decline in Family Dollar units.
The top-line results at each banner flowed through to their respective income statements, with Dollar Tree gross margins and operating margins declining year-over-year while Family Dollar gross margins and operating margins expanded year-over-year. On a consolidated basis, gross margins contracted by 120 basis points in the quarter to 28.5%, reflective of a shift to lower-margin consumables, tariff costs and the impact of markdowns from the Easter headwinds at the Dollar Tree banner. The company saw slight operating leverage on SG&A from higher comps, with the net result being an 80 basis point contraction in operating margins to 5.8%, with operating income declining 5% to $366 million. This is not adjusted for $73 million of pandemic-related costs, such as PPE supplies.
In the first quarter, the company opened 85 stores (net of closures) and completed 220 Family Dollar renovations to the H2 format. Importantly, comps at renovated Family Dollar stores continue to outpace the chain average by more than 10%. On the call, management indicated that they plan on reducing both the number of new store openings (from 550 to 500) and the number of H2 renovations (from 1,250 to 750) in 2020.
Personally, given the fact that Family Dollar is seeing material benefits to its business from the pandemic with new or lapsed customers coming into its stores, I think the company should try to get more aggressive with its renovation plans, not less. On the other hand, you could argue that renovations cause short-term disruptions and limit their ability to fully capitalize on the business momentum they are currently experiencing.
As a result of fewer new stores and remodels, management now expects 2020 capital expenditures to total $1.0 billion compared to previous guidance of $1.2 billion. In addition, the company has temporarily suspended share repurchases. At quarter's end, the company had $1.8 billion in cash on its balance sheet compared to $4.3 billion in total debt.
Conclusion
In recent years, Dollar Tree has been a tale of two cities. While its namesake banner has generally delivered impressive financial results, Family Dollar has been a persistent underperformer. This quarter, those results flipped, and given what we've seen in the weeks since quarter's end, there's a decent possibility that we will see something similar in the coming months. As the CEO noted, the second quarter is off to a very good start at Family Dollar.
Here's the important question: how useful is that information is in terms of making future predictions about the business? Will recent success at Family Dollar translate into long-term success for the banner? The optimistic take is that new or lapsed customers, especially those visiting the renovated stores, could become recurring business for the banner. The pessimistic take is that they have experienced short-term success out of necessity as people went to any store that was open to try and find essentials like toilet paper and hand sanitizer that were largely out of stock throughout the retail landscape. From that view, many of these customers could abandon the retailer when life returns to normal. As Philbin noted on the conference call, early on [during the pandemic], folks needed us. Will people still shop as much at Family Dollar when it's no longer a necessity?
Personally, I do not place too much weight on the recent results. I will need to see incremental data points that indicate that Family Dollar has truly won sustained business from these new customers. While I still believe that the Dollar Tree banner is a well-positioned retailer with attractive unit returns, I'm not yet willing to say the same thing for Family Dollar. For that reason, along with the recent run-up in the stock price, I plan on staying on the sidelines for now.
Disclosure: None
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