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4:49 a.m. Sept. 21, 2020 - By Tomi Kilgore
Rent-A-Center's stock surges after profit update that was well above expectationsShares of Rent-A-Center Inc. shot up 5.8% in premarket trading Monday, after the furniture, appliances and consumer electronics rental company provided a third-quarter financial update that was well above expectations. The company said it expects adjusted earnings per share of 95 cents to $1.05, above the FactSet consensus of 61 cents. Revenue for the quarter is expected to be $695 million to $715 million, above the FactSet consensus of $687 million. "Lease portfolio performance and customer payment activity have remained strong in both businesses even without additional government stimulus," said Chief Executive Mitch Fadel. He said some uncertainty remains related to the COVID-19 pandemic, it currently sees same-store sales for its Rent-A-Center Business of up 10% to 12%. The stock has slipped 1.7% year to date through Friday, while the S&P 500 has gained 2.8%.
2:03 a.m. Sept. 4, 2020 - By Ciara Linnane
Coronavirus update: Global tally climbs above 26 million, U.S. above 6.1 million, amid concerns CDC will rush out a vaccineThe global tally for confirmed cases of the coronavirus that causes COVID-19 climbed above 26 million on Thursday, while in the U.S. there were growing concerns that President Donald Trump’s administration will attempt to rush out a vaccine ahead of the November presidential election.
2:57 a.m. Sept. 3, 2020 - By Ciara Linnane
Conn's shares soar 17% premarket after retailer posts surprise profitConn's Inc. shares soared 17% in premarket trade Thursday, after the furniture and home appliances retailer posted a surprise profit for its fiscal second quarter. The company said it had net income of $20.5 million, or 70 cents a share, in the quarter to July 31, up from $20.0 million, or 62 cents a share, in the year-earlier period. Adjusted per-share earnings came to 75 cents, well ahead of the FactSet consensus for a loss of 4 cents a share. Revenue fell to $366.9 million from $401.1 million, below the FactSet consensus of $378.9 million. E-commerce sales rose 72% from a year ago, as shoppers moved online during the pandemic. Same-store sales fell 13.2%, mostly due to changes in underwriting in the company's credit department, and supply chain disruptions caused by the pandemic. Shares have gained 11% in the year to date, while the S&P 500 has gained 11%.
5:25 a.m. Aug. 19, 2020 - By Tomi Kilgore
Transactions of $1,000 or more rose 16% at Home Depot during the second quarter Analysts consider how long Home Depot’s stellar business performance will lastHome Depot reported second-quarter sales and profit that beat expectations as consumers spend more time at home during the coronavirus pandemic.
12:48 p.m. Aug. 18, 2020 - By Claudia Assis
La-Z-Boy reports surprise fiscal Q1 profit on 'strong' demandShares of La-Z-Boy Inc. fell about 1% in the extended session Tuesday after the furniture maker reported a surprise fiscal first-quarter profit and said it has seen "strong demand" for its recliners and other pieces. The company said it earned $4.8 million, or 10 cents a share, in the quarter, compared with 38 cents a share a year ago. Adjusted for one-time items, La-Z-Boy earned 18 cents a share, compared with 42 cents a share a year ago. Sales fell 31% to $285.5 million due to the impact of COVID-19, the company said. Analysts polled by FactSet had expected an adjusted loss of 13 cents a share on sales of $290 million. "Our first quarter began in May with most of our customers still closed due to COVID-19. However, as retailers re-opened, written orders rapidly accelerated in June and July, with consumers spending a higher percentage of discretionary dollars on home furnishings," Chief Executive Kurt L. Darrow said in a statement. La-Z-Boy has re-opened all its operations across its retail, distribution and manufacturing businesses, and plants have increased production to meet demand. The company is "cautiously optimistic" about the fall, it said. Shares ended the regular trading session down nearly 2%.
1:10 p.m. Aug. 8, 2020 - Associated Press
Profit up 87% at Buffett’s Berkshire, but coronavirus slows businesses Berkshire earned $26.3 billion during the second quarter, up from $14.1 billion a year agoWarren Buffett’s company reported an 87% jump in its second-quarter profit as the paper value of its investment portfolio increased with the stock market, but it took a roughly $10 billion write down on the value of its aircraft parts manufacturing business because of the economic impact of the coronavirus pandemic.
4:46 a.m. July 11, 2020 - By Tonya Garcia
Bed Bath & Beyond stock sinks more than 24% after earnings miss but analysts see opportunity Bed Bath & Beyond plans to close 200 storesBed Bath & Beyond is showing growth potential despite a weak earnings report, according to analysts.
5:17 a.m. June 9, 2020 - By Tonya Garcia
RH is planning to open hotels and sell houses, but analysts ask whether it can pull it off The home retailer is also launching international locations in Paris and London, and offers a chartered yachtRH has a strategy to expand its lifestyle brand beyond home furnishing stores and into travel and even real estate.
3:14 a.m. June 2, 2020 - By Tomi Kilgore
Flexsteel sets rare stock buyback plan even as it slashes dividend, extends salary cuts Furniture maker could repurchase 7% of its outstanding shares as it tries to stabilize prices ahead of Russell ReconstitutionFlexsteel Industries Inc. announced Monday a stock repurchase program worth about 7% of its market capitalization, even as the residential furniture maker slashed its dividend and extended executive salary cuts as it looked to preserve cash amid the financial and business concerns created by the COVID-19 pandemic.
3:25 a.m. June 1, 2020 - By Tonya Garcia
Parents flocked to Pottery Barn Kids and Teen during the lockdowns, driving Williams-Sonoma results Williams-Sonoma stock soars more than 14% in Friday trading after resultsWilliams-Sonoma credited its e-commerce capabilities and its Pottery Barn Kids and Teen business for better-than-expected results.
3:45 a.m. May 26, 2020 - By Tomi Kilgore
Steelcase recalls most of furloughed manufacturing workersSteelcase Inc. said Tuesday it was recalling most of its manufacturing employees that were furloughed, as government restrictions related to the COVID-19 pandemic have begun to ease. The maker of furniture settings and interior architectural products said all of its manufacturing and distribution locations are currently open, and many showrooms are beginning to reopen. Steelcase said it was easing the reductions in pay and work hours for employees that were implemented in March and April. The company said revenue for the March-April period fell 39% from a year ago, with March revenue down 21% and April revenue down 60%. The FactSet consensus for fiscal first-quarter revenue, which runs through May, of $546 million implies a 34% decline. The stock, which was still inactive in premarket trading, has tumbled 43.7% year to date, while the S&P 500 has lost 8.5%.
5:22 a.m. May 21, 2020 - By Tonya Garcia
Lowe’s benefited from delayed DIY projects done during coronavirus lockdowns, while Home Depot saw professional jobs put on hold Lowe’s beat profit expectations while Home Depot fell shortLowe’s reported earnings and sales that beat expectations. Home Depot sales beat expectations, but profit fell short.
8:57 a.m. May 7, 2020 - By Tonya Garcia
Wayfair stock is soaring, but analyst says growth will ‘hit a wall’ Wayfair shares, which were up 9% on Wednesday, have skyrocketed 131% over the past monthWayfair shares have jumped but GlobalData Retail says the numbers show that growth will decelerate.
9:42 a.m. May 3, 2020 - Associated Press
Warren Buffett’s company sits on huge pile of cash after Berkshire reported a nearly $50 billion loss Biggest factor was $54.5 billion loss in Berkshire’s investment portfolio as stocks slumped after coronavirus pandemic beganWarren Buffett’s company reported a nearly $50 billion loss on Saturday because of a huge drop in the paper value of its investments, though the company is still sitting on a huge pile of cash.
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