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U.S. companies warn Trump's tariffs could hit results

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05/24/2019 | 08:47am EDT

(Reuters) - A host of U.S. consumer companies have warned that costs related to tariffs on goods imported from China would weigh on their results.

The United States increased tariffs on $200 billion in Chinese imports to 25% from 10% last week.

U.S. President Donald Trump has also threatened an additional round of tariffs on $300 billion that would cover nearly everything imported from China to the United States.

BEST BUY CO INC: "The impact of tariffs at 25% (proposed to be enacted) will result in price increases and will be felt by U.S. consumers," CEO Hubert Joly said.

HOME DEPOT INC: If the latest round of tariffs hold, it would increase annual cost of goods sold by $1 billion, on top of a $1 billion hit that the home improvement chain has taken from tariffs imposed in 2018.

The impact from new tariffs would still be manageable as it would make up less than 1% of total sales, said Edward Decker, executive vice president of merchandising.

J.C. PENNEY CO INC: "We do anticipate a more meaningful impact on both our private and national brands if the potential fourth tranche of tariffs does go into effect," CEO Jill Soltau said.

KOHL'S CORP: Tariffs will primarily hit China-sourced merchandise in home and accessories business but apparel and footwear are not impacted at this point.

The department store chain said about 20% of its merchandise is sourced from China.

WALMART INC: "Higher tariffs will lead to higher prices for customers," CFO Brett Biggs told Reuters in an interview last week. He said the company, known for lower prices, will try to minimize the effect of the levies on the company and its customers.

MACY'S INC: "The increase of the third tranche from 10% to 25% on May 10 does have some impact, particularly on our furniture business. However, the team anticipates that this can be mitigated," CEO Jeffrey Gennette told investors on a conference call on Wednesday.

"It's too early to comment on what we think that's going to mean in terms of potential price increases and what categories are going to be more affected than others," he said.

RALPH LAUREN CORP: "The tariffs enacted to date have a limited impact on our business, but our teams are prepared for multiple scenarios and have accelerated the diversification of our supply chain to mitigate the long-term impact of any potential tariff outcomes," CFO Jane Nielsen told investors on a conference call last week.

DEL MONTE FOODS INC: "It's not just tariffs. Transportation costs are up, labor costs are up," CEO Greg Longstreet told Reuters at a conference in New York last week. "It's an inflationary environment. A lot of that's going to have to be passed on. The consumer is going to have to pay more for a lot of critical goods."

Del Monte has already raised prices on many products, including mandarin oranges that it imports from China, and will do so again with tariffs rising, he said.

(Reporting by Nandita Bose, Siddarth Cavale, Rod Nickel, Aishwarya Venugopal and Uday Sampath Kumar; Editing by Anil D'Silva and Arun Koyyur)

Stocks mentioned in the article
ChangeLast1st jan.
BEST BUY COMPANY 1.14% 68.39 Delayed Quote.29.63%
HOME DEPOT (THE) 1.59% 211.25 Delayed Quote.21.02%
J C PENNEY COMPANY INC 0.83% 1.22 Delayed Quote.12.50%
KOHL'S CORPORATION -0.02% 46.88 Delayed Quote.-28.52%
MACY'S -0.99% 21.92 Delayed Quote.-25.65%
RALPH LAUREN CORP 2.01% 114.91 Delayed Quote.8.88%
WAL-MART STORES 0.64% 110.32 Delayed Quote.17.68%
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Financials ($)
Sales 2020 43 595 M
EBIT 2020 2 018 M
Net income 2020 1 506 M
Finance 2020 695 M
Yield 2020 2,90%
P/E ratio 2020 11,89
P/E ratio 2021 11,38
EV / Sales 2020 0,40x
EV / Sales 2021 0,39x
Capitalization 18 057 M
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Income Statement Evolution
Mean consensus OUTPERFORM
Number of Analysts 27
Average target price 75,1 $
Spread / Average Target 11%
EPS Revisions
Hubert Joly Chairman, President & Chief Executive Officer
Corie Sue Barry Chief Financial Officer
Brian Tilzer Chief Digital & Technology Officer
Kathleen J. Higgins Victor Independent Director
Lisa Maria Caputo Morris Independent Director
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