This is a live blog. Please check back for updates. All times below are in Beijing time. 8:30 am: Australians aboard the Diamond Princess return home for quarantine, more passengers to disembark More than 150 Australians have disembarked the quarantined Diamond Princess cruise ship docked off Japan, and have arrived back in their country, according […] More

A view outside a Kohl’s store in Miramar, Florida.
Johnny Louis | Getty Images

Kohl’s said Tuesday that it isn’t planning to sell any of its real estate to then lease back, despite a group of activists pressuring the company to take this route to come up with cash.
The investors want Kohl’s to pursue a sale-leaseback program, saying it could bring in more than $3 billion. The group consists of Macellum Advisors, Ancora Holdings, Legion Partners Asset Management and 4010 Capital, and it owns a 9.5% stake in Kohl’s.

The activists have also proposed a slate of directors for Kohl’s board, which has been rejected by the big-box retailer. Kohl’s has said the group’s suggestions would only disrupt the momentum that it has recently seen, as it projects growth in 2021.

On Tuesday, in an earnings presentation, Kohl’s said it has employed sale-leaseback transactions in the past, “when it was a clear efficient cost of capital,” including in May of last year.
Doing more sale-leaseback deals, though, would likely hurt Kohl’s investment-grade status, and would increase rent expenses on its balance sheet, the company said. It further explained it must have a certain amount of assets, in order to be in compliance with its debt agreements.
Big-box retailers Big Lots and Bed Bath & Beyond both completed sale-leaseback deals last year, bringing them both hundreds of millions of dollars, with an affiliate of the private-equity real estate firm Oak Street Real Estate Capital buying up some of their assets.
Macellum Chief Executive Jonathan Duskin, who is one of the activists targeting Kohl’s, told CNBC in an interview late last month that Oak Street would be a likely suitor for Kohl’s real estate, too.
Kohl’s shares were up more than 1% midday Tuesday. The stock is up more than 50% over the past 12 months. Kohl’s has a market cap of $9.13 billion, which is bigger than Nordstrom’s and Macy’s. More

California will impose a limited stay-at-home order on regions of the state where Covid cases place a strain on ICU units, Gov. Gavin Newsom said. More

In this articleYUMTKA Taco Bell location in New York.Scott Mlyn | CNBCYum Brands on Wednesday reported quarterly earnings that crushed analysts’ expectations as U.S. consumers returned to its restaurants.Shares of the company rose less than 1% in premarket trading.Here’s what the company reported compared with what Wall Street was expecting, based on a survey of analysts by Refinitiv:Earnings per share: $1.07 adjusted vs. 87 cents expectedRevenue: $1.49 billion vs. $1.45 billion expectedThe company reported fiscal first-quarter net income rose to $326 million, or $1.07 per share, from $83 million, or 27 cents per share, a year earlier.Excluding refranchising gains and other items, Yum earned $1.07 per share, topping the 87 cents per share expected by analysts surveyed by Refinitiv.Net sales rose 18% to $1.49 billion, beating expectations of $1.45 billion. Global same-store sales rose 9% in the quarter as the company faced comparisons to last year’s first quarter, when Covid-19 began hurting demand.Yum said that it saw record digital systemwide sales of more than $5 billion, helped by accelerated off-premise growth. To further drive online sales, the company bought two tech start-ups, Tictuk and Kvantum, during the quarter. Tictuk allows customers to order food while on social media and messaging apps, and Kvantum uses artificial intelligence for consumer insights and marketing performance analytics. Financial terms for both deals were not disclosed.KFC’s same-store sales grew by 8%. On a two-year basis, its same-store sales were flat. The fried chicken chain’s international sales are returning at a slower pace, hurt by extended lockdowns in some countries. Its U.S. division, however, reported two-year same-store sales growth of 11%.Pizza Hut’s same-store sales climbed 12% in the quarter. On a two-year basis, its same-store sales declined 1%. About 3% of its locations were temporarily closed during the first quarter, dragging down its same-store sales growth. Pizza Hut’s U.S. division reported 8% same-store sales growth on a two-year basis, while the international division saw same-store sales shrink by 7% in the same time.Taco Bell reported same-store sales growth of 9% compared with the year-ago period and 10% on a two-year basis.The Habit Burger Grill, which Yum acquired during the first quarter last year, reported same-store sales growth of 13%. On a two-year basis, its same-store sales rose 3%.Yum added 435 net new restaurants to its worldwide footprint during the quarter. KFC and Taco Bell grew their total unit counts, but Pizza Hut’s fell. More

Currently, about 30,000 people with paralysis are candidates for exoskeletons, and the number is growing by about 18,000 every year. Increasing usage approvals for exoskeletons in the medical industry have encouraged companies to invest more toward research and development. ReWalk Wearable robots are helping people with paralysis walk again. Over the last few years, there […] More