LONDON — Marubeni Consumer Platform US is kicking off 2026 with the acquisition of Britain’s Jacobson Group, owner of footwear brands including Gola, Lotus, Ravel, and Frank Wright, and a licensee of Dunlop and Lonsdale. The financial terms of the transaction were not disclosed. More from WWD MCPU is a division of the Tokyo-based Marubeni Corporation, a global, integrated business founded in 1858 that operates across a range of sectors, including lifestyle, food and agriculture, chemicals, energy, metals ...

Financial Data and Key Metrics Changes - Total revenue in Q3 2025 was $132.8 million, down 15.2% year-over-year but up 300 basis points compared to Q2 2025 [11] - Gross profit was $28 million, or 21.1% of total revenue, compared to $43.9 million, or 28% in the same period last year [12] - Operating profit was $2.9 million, or 2.2% of total revenue, down from $10.6 million, or 6.8% of total revenue in Q3 2024 [14] - Net income was $1.7 million, or 12 cents per diluted share, compared to $1.9 million, or 14 cents per diluted share a year ago [15] Business Line Data and Key Metrics Changes - The core business expanded its reach with the Kitchen Collections by Hamilton Beach line being rolled out to a leading mass-market retailer [6] - The commercial business delivered outstanding results, with strong demand for innovative solutions, although inventory constraints limited performance [8] - The Hamilton Beach Health division achieved positive operating profit for the first time this quarter, with new partnerships and product launches contributing to growth [9] Market Data and Key Metrics Changes - Retailers resumed typical buying patterns after destocking inventory, leading to improved sales trends in Q3 compared to Q2 [4] - The decline in revenue was primarily driven by lower volumes in the US consumer business due to overall softness in consumer demand [11] Company Strategy and Development Direction - The company is diversifying manufacturing away from China to other APAC countries to mitigate tariff impacts and improve procurement flexibility [5] - A robust pipeline of new products in high-growth categories is expected to drive market share gains, including successful launches in premium segments [7] - Comprehensive cost management measures generated $10 million in annualized savings, with benefits starting to materialize in Q3 [6] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about returning gross margins to historical levels as tariff impacts moderate and trade relations improve [10] - The company anticipates further progress in sales trends and gross margins in Q4 2025, despite ongoing market uncertainties [17] Other Important Information - The company repurchased approximately 39,000 shares totaling $0.6 million and paid $1.6 million in dividends during the quarter [16] - Net debt position increased to $32.8 million from $22.5 million at the end of the prior year period [16] Q&A Session Summary Question: Clarification on the $5 million tariff cost - The $5 million cost was related to the 125% tariff temporarily imposed in April and was absorbed as a one-time cost in Q3 [20][22] Question: Update on the largest retailer's ordering patterns - The largest retailer paused orders but has resumed normal shipping patterns, with expectations for a record number of promotional activities in Q4 [26][28]

Core Insights - The Zacks Automotive – Foreign industry presents a mixed landscape of opportunities and challenges, with varying growth trajectories across regions [1] Industry Overview - The foreign automotive industry is heavily influenced by economic conditions and business cycles, with key manufacturing countries including China, Japan, Germany, and India [2] - Technological advancements are reshaping the market, with a focus on stricter emission targets and the ramp-up of charging infrastructure, boosting green vehicle sales [2] Key Investing Themes - **China's Auto Market**: China's auto market is expanding, with domestic car sales increasing by 6.6% year-over-year to 2.27 million units in September 2025. Electric and hybrid vehicles accounted for 57.2% of total sales, up 15.5% from the previous year [3] - **Europe's Auto Industry**: Europe's auto industry faces challenges from trade tensions and competition, but new car registrations rose 0.9% year-to-date through September 2025, with a 10% increase in September alone [4] - **Japan's Car Industry**: Japan's auto market shows moderate growth, with a 5.1% increase in car sales year-to-date through September 2025, but the EV segment lags behind, with sales down 11.9% [5] - **India's Auto Sector**: India's auto retail sector grew by 3.4% year-over-year in the first half of FY26, supported by structural reforms and a shift towards electric mobility [6][7] Industry Performance - The Zacks Automotive – Foreign industry ranks 204, placing it in the bottom 16% of around 245 Zacks industries, indicating dull near-term prospects [8][9] - The industry has underperformed compared to the Auto, Tires, and Truck sector and the S&P 500, with an 11% increase over the past year compared to 20% and 41% for the sector and S&P 500, respectively [11] Valuation Metrics - The industry is currently trading at an EV/EBITDA ratio of 7.58X, significantly lower than the S&P 500's 19.13X and the sector's 24.23X [14] - Over the past five years, the industry has traded between 6.5X and 12.6X, with a median of 9X [15] Investment Opportunities - **Geely Automobile Holdings Limited**: Geely reported a 28% year-over-year increase in sales, surpassing 1 million vehicles for the first time in Q3 2025. Electrified vehicle sales surged 59% to 588,110 units, making up 58% of total sales [18][19] - **XPeng Inc.**: XPeng delivered over 190,000 vehicles in 2024, a 34% increase year-over-year, with Q3 2025 deliveries surging 149% to 116,007 units. The company is investing in future technologies, including flying cars and humanoid robots [23][24]

Core Insights - Hamilton Beach Brands Holding Company (HBB) shares have decreased by 23.2% since the first quarter of 2025 results, contrasting with a 0.63% increase in the S&P 500 index during the same period [1] - The company reported a revenue increase of 4% year-over-year, reaching $133.4 million, with a gross profit rise of 9% to $32.8 million and a net income of $1.8 million compared to a net loss of $1.2 million a year ago [2] - Operating profit improved significantly to $2.3 million from a loss of $0.9 million in the previous year, while SG&A expenses slightly decreased to $30.4 million [3] Financial Performance - Cash flow from operations was $6.6 million, a decline from $19.7 million the previous year, attributed to higher inventory levels and tougher comparisons in receivables collections [4] - The North America consumer business, particularly in the U.S., drove first-quarter gains, supported by positive at-home dining trends [5] - The Health segment, including HealthBeacon, generated $1.5 million in revenues and is expected to grow significantly due to a new partnership with OptumHealth [5][13] Strategic Developments - E-commerce accounted for approximately 40% of U.S. consumer sales, growing in the mid-single digits, while international revenues faced slight declines [7] - The company plans to launch a new premium brand, Lotus, targeting high-end home cooks with seven products set for release later in the year [6] - CEO Scott Tidey noted that 15% of U.S.-bound manufacturing has shifted away from China, with expectations for two-thirds to be sourced elsewhere by the end of 2025, which is projected to positively impact margins in 2026 [8][9] Outlook and Challenges - The company suspended forward guidance due to escalating tariff uncertainties, despite initial results positioning HBB on track to meet full-year targets [10][11] - Management remains confident in its mitigation strategies, including price increases and pre-buying inventory before tariffs took effect [11] - The company repurchased 141,435 shares for $2.7 million and paid out $1.6 million in dividends, indicating a commitment to shareholder returns [12]