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Premier league soccer clubs announce record $700 million in profits

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Ali Al Habsi of Wigan Athletic fouls to save a goal during the Barclays Premier League match between Norwich City and Wigan Athletic at Carrow Road on March 11, 2012 in Norwich, England.

Jamie McDonald | Getty Images Sport | Getty Images

Ali Al Habsi of Wigan Athletic fouls to save a goal during the Barclays Premier League match between Norwich City and Wigan Athletic at Carrow Road on March 11, 2012 in Norwich, England.

According to data compiled by Deloitte’s Sports Business Group, they generated a combined operating profit of £1.0 billion ($1.4 billion) in the 2016/17 season.

It showed clubs collectively reported a pre-tax profit of £0.5 billion, a record for the league, with wages increasing by 9 percent to £2.5 billion.

That collective pre-tax profit of was almost three times the previous record in 2013/14.

Deloitte’s Dan Jones, commented: “As predicted last year, the Premier League’s three-year broadcast deals which came into effect in the 2016/17 season helped drive revenue to record levels.”

“Despite wages increasing by 9 percent, this increase is nowhere near the level of revenue growth noted. This relative restraint from Premier League clubs reflects both the extent of their financial advantage over other leagues and the impact of domestic and European cost control measures.”

Furthermore, the effort shown by clubs to control their wages, has translated broadcast revenue success into healthy operating and pre-tax profits.

Every top-flight club made an operating profit and 18 of 20 recorded a pre-tax profit. The collective revenue to wage ratio is down from 63 percent to 55 percent in the 2016/17 season, the lowest since the 1997/98 season.

The analysis also reveals that Premier League clubs have collectively made a pre-tax profit in three out of the last four years and, despite clubs posting a collective pre-tax loss at the end of the 2016 season (due to a small number of one-off exceptional costs), it is likely that Premier League profits are here to stay.



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Tesla hires new chief financial officer for China

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Elon Musk, Chairman, CEO and Product Architect of Tesla Motors, addresses a press conference to declare that the Tesla Motors releases v7.0 System in China on a limited basis for its Model S, which will enable self-driving features such as Autosteer for a select group of beta testers on October 23, 2015 in Beijing, China.

VCG | Getty Images

Elon Musk, Chairman, CEO and Product Architect of Tesla Motors, addresses a press conference to declare that the Tesla Motors releases v7.0 System in China on a limited basis for its Model S, which will enable self-driving features such as Autosteer for a select group of beta testers on October 23, 2015 in Beijing, China.

Tesla Inc on Friday announced a number of key executive hires including former GE and General Motors executive James Zhou as its China CFO and Neeraj Manrao, a former Apple executive, as director of energy manufacturing.

Zhou previously served as CFO for Asia Pacific and India for Ingersoll Rand.

“We’re excited to welcome a group of such talented people as we continue to ramp (up) Model 3,” Tesla said in a blog post, adding it would announce more hires in the coming days.

China contributed around 17 percent of Tesla’s total revenue in 2017 and the electric carmaker has said it plans to build a gigafactory in the country.

The company on Wednesday slashed up to $14,000 off its Model X in China after Beijing announced major tariff cuts for imported automobiles.

Tesla has seen the departure of several senior executives and is also flattening its management structure as it seeks to improve efficiency and clear up production bottlenecks related to its new Model 3 sedan.



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Foot Locker shares are jumping 16% after a blowout earnings report

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Shoppers and pedestrians pass in front of a Foot Locker store on the Third Street Promenade in Santa Monica, California.

Patrick T. Fallon | Bloomberg | Getty Images

Shoppers and pedestrians pass in front of a Foot Locker store on the Third Street Promenade in Santa Monica, California.

Shares of shoe retailer Foot Locker surged Friday after the company reported earnings well ahead of Wall Street expectations.

The stock rallied more than 16 after the New York-based company reported adjusted earnings per share at $1.45 for the first quarter, above consensus estimates of $1.25 from FactSet.

The shoe store posted revenue of $2.03 billion, which also beat forecasts.

“The flow of premium product continues to improve, with increasing breadth and depth in the most sought-after styles from our key vendors,” CEO Richard Johnson said in a statement. “This led to first quarter results which were above our expectations. With the strength of our strategic vendor partnerships and our central position in youth culture, we continue to believe that we are poised to inflect to positive comparable-store sales growth.”

Foot Locker has been in hot water in recent months as Wall Street grows increasingly concerned with retailers. Fears that e-commerce giant Amazon may seek to expand into apparel have made it a tough year for Foot Locker shares, now down more than 22 percent over the past 12 months.

Last June, popular shoemaker Nike confirmed plans to sell a limited product assortment on Amazon’s U.S. website.

According to a 2017 survey by UBS, 13 percent of respondents indicated that they prefer to purchase Nike products on Amazon compared with the 9 percent who said they prefer to purchase the same products at Foot Locker.



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Roku shares jump after short-seller Citron reverses negative call

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People pass by a video sign display with the logo for Roku Inc, a Fox-backed video streaming firm, that held it's IPO at the Nasdaq Marketsite in New York, U.S., September 28, 2017.

Brendan McDermid | Reuters

People pass by a video sign display with the logo for Roku Inc, a Fox-backed video streaming firm, that held it’s IPO at the Nasdaq Marketsite in New York, U.S., September 28, 2017.

Shares of Roku spiked Friday after short-seller Citron Research said it is reversing its negative view on the maker of streaming players, given a major shift away from the traditional cable television subscription model.

“The move to cutting the cord and [over-the-top] advertising is real and it is a megatrend that Citron not only does not want to be short, but at this valuation I want to be long,” the research firm, headed by Andrew Left, said in a report Friday.

Roku shares briefly climbed more than 4.5 percent before paring gains to trade around $37 a share. The stock is down 28 percent for the year so far.

After the company went public in late November, the stock soared above $50 and Citron said it tweeted the stock would fall back to $28.

“BUT NOW EVERYTHING HAS CHANGED, AND IT IS TIME TO REEVALUATE,” the report said, in red capital letters.



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