ASX reporting season: All the latest news from companies releasing financial results to the market today

Guzman y Gomez’s failure to launch in the tough US market has cost the Mexican fast food chain dearly.

The company on Friday reported a huge full-year loss of $26.7 million — down from a profit of $14.5m the previous year.

GYG announced in May it would close its three Chicago stores after they failed to gain a foothold in the already crowded Mexican food market in the US.

It booked a non-cash charge of $30.6m for the writedown of plant, property and equipment. Further costs of $15.3m against the short-lived misadventure also blew out the bottom line.

In a letter to shareholders that accompanied the results, GYG founders Steven Marks and Hilton Brett said the decision to shutter the US stores was a difficult one.

“While we believe it was the right one, we acknowledge the significant impact it has had both financially and on our US team,” they said.

“Notwithstanding the progress made by the team, the financial performance did not meet those targeted hurdles and were not expected to without significant further investment and time.

“The exit from our US operations is now complete. While we take with us many learnings, our conviction in the success of GYG outside Australia.”

Away from the US disaster, GYG delivered record underlying earnings of $85m, up 28.7 per cent from a year earlier. Network sales leapt almost 18 per cent to $1.38 billion.

Underlying net profit, stripping out the one-off US costs, was up almost 30 per cent to $53.4m.

Read more here ...

The three main US equity indices have closed lower as rising Treasury yields dented risk appetite while disappointing results from retail bellwether Walmart soured investors on the consumer sector and rallying oil prices fanned inflation worries.

Walmart shares tumbled 9.2 per cent after the world’s largest traditional retailer missed Wall Street expectations for quarterly comparable sales as rising petrol prices had shoppers reining in spending.

The report dragged down the S&P 500 consumer staples and consumer discretionary sectors, which were among the weakest of the benchmark’s 11 major industry indexes.

The increase in US crude oil above $US87 compounded concerns about the health of the US consumer, according to Mona Mahajan, head of investment strategy at Edward Jones.

She noted that investors were already anxious after recent weaker-than-expected retail sales and labour market data for July.

“There is some question about how resilient the consumer can be with ongoing elevated gas prices and inflationary pressures,” Mahajan said.

Read the full overnight report ...

Yesterday was a massive reporting day. In case you missed it, here’s everything you need to know ...