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发帖时间:2024-09-29 08:13:49
With the
Supreme Court expected to overturn the landmark
Roe v. Wade
decision
later this what does ham and egg mean in golfmonth, Vice President
Kamala Harris
is warning about the loss of privacy that could come.
In a video shared exclusively with PEOPLE, Harris, 57, explains that reversing
Roe
would not only eliminate the constitutionally guaranteed right to abortion, but also several other rights that are predicated
on the 1973 decision
, like the
2015
Obergefell v. Hodges
Supreme Court case that allowed for same-sex marriage
.
"At its core,
Roe
is about the right to privacy. The freedom to make decisions about your own body," she explains. "The right to privacy that forms the basis of
Roe
is the same foundation used to recognize other important rights, such as the right to use contraception. And the right to marry someone of the same sex; someone you love."
The Supreme Court is currently deciding on whether Mississippi's ban on abortions after 15 weeks goes against the constitution, and last month, a leaked draft opinion indicated that the newly-conservative majority on the Court intends to side with Mississippi and overturn
Roe
.
RELATED:
See Which States Have Abortion Restrictions in Place — and What Would Change if Roe Is Overturned
"If the Supreme Court overturns it, abortion could be banned in states across the country, putting women's lives at risk," Harris says. "And extremist legislatures are already weaponizing the use of the law to criminalize and punish women."
Harris vows in the video that the Biden administration "will defend women's constitutional rights, and we will fight to protect the fundamental right to self-determination."
RELATED VIDEO: Woman Whose Conception Sparked Roe v. Wade Case Breaks Silence: 'I'm Keeping a Secret but I Hate It'
And though two previous attempts in Congress to codify
Roe
into law and
make abortion legal nationwide have already failed
, Harris says they will keep trying.
"We will continue to call on Congress to make
Roe
the law, which would protect your right to make decisions about your own body, without the government interfering," she says. "And we will continue to use all available options when the Court rules."
"Our collective charge in this moment is to fight for the health, safety and well-being of all women with everything we've got."
RELATED:
Hillary Clinton Says Supreme Court's Purported Vote to Overturn
Roe v. Wade
Is 'an Utter Disgrace'
After the draft opinion leaked on May 2,
Harris had condemned the likely Supreme Court decision
.
"Republican legislators in states across the country are weaponizing the use of Roe v. Wade against women," she wrote in a
tweet
the next day.
"The rights of all Americans are at risk. This is the time to fight for women and our country with everything we have."
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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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