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1:44 a.m. Dec. 3, 2021 - By Ciara Linnane
Hibbett tops estimates for third quarter and raises guidance, stock jumps premarketSporting apparel retailer Hibbett Inc. shares jumped 4.4% in premarket trading Friday, after the company topped earnings estimates for the third quarter and raised its guidance. Hibbett said it had net income of $25.2 million, or $1.68 a share, in its fiscal third quarter to Oct. 30, compared with $25.3 million, or $1.47 a share, in the year-earlier period. Sales rose 15.2% to $381.7 million from $331.4 million a year ago. The FactSet consensus was for EPS of $1.62 and sales of $360.0 million. Same-store sales rose 13%, compared with a FactSet consensus for growth of 5.2%. "Despite ongoing challenges in the supply chain, our inventory position improved significantly during the third quarter," Chief Executive Mike Longo said in a statement. "We are very well-positioned for the holiday selling season and our vendor partners continue to recognize and appreciate our differentiated business model and our ability to provide an outstanding customer experience in underserved communities." The company raised its guidance and said it now expects EPS of $1.85 to $2.05 for the fourth quarter, compared with a FactSet consensus of $1.76. It expects fiscal 2022 EPS of $11.70 to $11.90, compared with a FactSet consensus of $11.41. It expects same-store sales to rise in the high single-digit for the fourth quarter and to be up in positive high teens for the year. Shares have gained 56% in the year to date, while the S&P 500 has gained 21.9%.
1:20 a.m. Dec. 3, 2021 - By Tomi Kilgore
Big Lots stock sinks after results beat forecasts, but outlook was downbeat as supply chain challenges continueShares of Big Lots Inc. dropped 6.0% in premarket trading Friday, as the discount retailer swung to a narrower-than-expected fiscal third-quarter loss and sales that fell less than forecast, and provided a downbeat earnings outlook for the current quarter as supply chain issues weight on gross margin. The net loss for the quarter to Oct. 30 was $4.3 million, or 14 cents a share, after net income of $29.9 million, or 76 cents a share, in the year-ago period. The FactSet consensus for per-share losses was 16 cents. Sales fell 3.1% to $1.34 billion but was above the FactSet consensus of $1.32 billion, while gross margin declined to 38.9% to 40.5%. Same-store sales fell 4.7% but that beat expectations for a 5.2% decline. The company said that the fourth quarter is off to a "strong start," but said it expects supply chain challenges to continue in the near term. The company expects fourth-quarter EPS of $2.05 to $2.20, below the FactSet consensus of $2.39, as gross margin is expected to be down 150 basis points from a year ago, driven by freight headwinds. Separately, the company said it authorized a new $250 million stock repurchase program. The stock has declined 8.7% over the past three months through Thursday while the S&P 500 has gained 0.9%.
9:03 a.m. Dec. 2, 2021 - By Tomi Kilgore
Hibbett stock tumbles toward longest losing streak in over 13 months after BofA downgradeShares of Hibbett Inc. tumbled 7.0% in afternoon trading Thursday, putting them on track for their longest losing streak in over 13 months, after BofA Securities analyst Alexander Perry backed away from his bullish stance on the sporting goods retailer, citing expectations of lower demand as government stimulus fades. The stock has plunged 27.9% over the past seven sessions, since it closed at a record $99.69 on Nov. 22, which would be the longest stretch of losses since the eight-day losing streak that ended Oct. 30, 2020. Perry cut his rating to neutral from buy, while slashing his price target by 27% to $88. "We estimate there will be a 5-10% [year-over-year] decline in consumer income in C1H22 for someone earning $50,000 given headwinds from two rounds of economic impact payments (~$2,000), potentially lower lump sum Child Tax Credit payments (given advanced payments in 2021), and subdued real wage growth given rising inflation," Perry wrote in a note to clients. Despite the recent weakness, the stock has run up 55.7% year to date, while the SPDR S&P Retail ETF has climbed 44.0% and the S&P 500 has advanced 22.1%.
3:18 a.m. Dec. 2, 2021 - By Tonya Garcia
Kroger beat expectations as shoppers continue to dine at homeKroger Co. stock jumped 6.3% in Thursday premarket trading after the grocer reported third-quarter earnings that beat expectations. Net income totaled $483 million, or 64 cents per share, down from $631 million, or 80 cents per share, last year. Adjusted EPS of 78 cents beat the FactSet consensus for 67 cents. Sales of $31.86 billion rose from $29.72 billion the previous year, and also beat the FactSet consensus of $31.16 billion. Identical sales, excluding fuel, rose 3.1%, ahead of the FactSet consensus for a 0.7% increase. Chief Financial Officer Gary Millerchip said in a statement that the grocer is seeing sustained dine-at-home trends. Kroger expects full-year adjusted EPS of $3.40 to $3.50, ahead of the FactSet consensus for EPS of $3.36. Kroger stock has rallied 26.6% for the year to date outpacing the S&P 500 index , which is up 20.2% for the period.
2:39 a.m. Dec. 2, 2021 - By Tonya Garcia
Signet stock jumps after third-quarter earnings beat and guidance raisedSignet Jewelers Ltd. shares jumped 4.4% in Thursday premarket trading after the jewelry retailer reported third-quarter earnings that beat expectations and raised its full-year guidance. Net income totaled $83.9 million, or $1.45 per share, up from $900,000, or 2 cents per share, last year. Adjusted EPS of $1.43 was well ahead of the FactSet consensus for 72 cents per share. Sales of $1.538 billion were up from $1.300 billion last year and ahead of the FactSet consensus for $1.427 billion. Same-store sales rose 18.9%, ahead of the consensus for 11.6% growth. The company's portfolio includes the namesake retail chain, Kay Jewelers and Zales. Chief Executive Virginia Drosos said in a statement that the company maintained its momentum through Black Friday and Cyber Monday and is seeing a higher average transaction value despite the uncertainty brought on by COVID-19. Signet is guiding for fourth-quarter sales of $2.40 billion to $2.48 billion, and same-store sales growth of 6% to 9%. The FactSet consensus is for sales of $2.23 billion and a same-store sales decline of 0.4%. For the year, Signet is now guiding for sales of $7.41 billion to $7.49 billion, up from $7.04 billion to $7.19 billion, and same-store sales growth of 41% to 43%, up from previous guidance for growth of 35% to 38%. The FactSet consensus is for sales of $7.16 billion and same-store sales growth of 40.3%. Signet stock has skyrocketed 240.8% for the year to date while the S&P 500 index has gained 20.2% for the period.
2:20 a.m. Dec. 2, 2021 - By Tonya Garcia
Dollar General reports profit decline, plans for more than 1,100 new stores in 2022Dollar General Corp. shares fell 2.6% in Thursday premarket trading after the discount retailer reported a third-quarter profit decline. Net income totaled $487.0 million, or $2.08 per share, down from $574.3 million, or $2.31 per share, last year. Sales of $8.518 billion were up from $8.200 billion last year. The FactSet consensus was for EPS of $2.01 and sales of $8.496 billion. Same-store sales fell 0.6%, just below the FactSet consensus for a 0.5% decline. Dollar General unveiled its 2022 real estate plans, which include 1,110 new stores, 1,750 remodels and the company's first international stores, with up to 10 planned for Mexico. For fiscal 2021, Dollar General is guiding for sales growth of 1% to 1.5%, versus previous guidance for 0.5% to 1.5%, same-store sales decline of 2.5% to 3%, versus previous guidance for a decline of 2.5% to 3.5%, and EPS in the range of $9.90 to $10.20, compared with the previous expectation for EPS in the range of $9.60 to $10.20. The FactSet consensus is for sales of $34.251 billion, which implies growth of 1.5%, a same-store sales decline of 2.7% and EPS of $10.19. Dollar General stock is up 6% for the year to date while the S&P 500 index has gained 20.2% for the period.
2:04 a.m. Dec. 2, 2021 - By Ciara Linnane
Lands' End shares slide 4% premarket after Q3 revenue miss and guidance that lags consensusLands' End Inc. shares fell 4% in premarket trade Thursday, after the clothing retailer's fiscal third-quarter revenue fell short of estimates and it offered below-consensus guidance. Dodgeville, Wis.-based Lands' End said it had net income of $7.4 million, or 22 cents a share, for the quarter to Oct. 29, flat versus the $7.2 million, or 22 cents a share, posted in the year-earlier period. Revenue rose 4.4% to $375.8 million from $360.0 million a year ago. The FactSet consensus was for EPS of 21 cents and revenue of $398.0 million. Margins fell by about 100 basis points, mostly due to higher shipping costs amid supply chain challenges. "We have taken numerous actions to expedite receipts, and despite supply chain delays, which negatively impacted our in-stock position and sales early in the fourth quarter, we recovered our in-stock position to historical levels heading into Cyber Week," CFO Jim Gooch said in a statement. "With these actions, we believe our inventory is positioned well for the remainder of this year and as we head into 2022. " The company is now expecting fourth-quarter EPS of 27 cents to 36 cents on revenue of $560 million to $575 million. The FactSet consensus is for EPS of 65 cents and revenue of $591 million. For the full year, it expects EPS of $1.04 to $1.13 and revenue of $1.640 billion to $1.655 billion. The FactSet consensus is for EPS of $1.42 and revenue of $1.691 billion. Shares have gained 1.8% in the year to date, while the S&P 500 has gained 20%.
2:00 a.m. Dec. 2, 2021 - By Tomi Kilgore
Express stock soars after swinging to a profit that beat expectations by a wide marginShares of Express Inc. soared 11.8% in premarket trading Thursday, after the apparel and accessories retailer reported that it swung to a fiscal third-quarter profit and same-store sales that beat expectations by wide margins, although net sales came up short. Net income for the quarter to Oct. 30 was $13.1 million, or 19 cents a share, after a loss of $90.3 million, or $1.39 a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share came to 17 cents, while the average EPS estimate of two analysts surveyed by FactSet was 2 cents. Sales jumped 46.6% to $471.98 million, below the FactSet average estimate of $503.1 million, while cost of sales increased just 2.3% to boost gross margin to 33.2% from 4.3%. Same-store sales rose 46%, beating the FactSet average estimate of 30.2% growth. "Our results provide tangible evidence that the versatility, quality and value of our product is resonating with consumers," said Chief Executive Tim Baxter. "I am confident that we will continue to deliver positive comparable sales and gross margin expansion versus 2019 in the fourth quarter." The stock, which closed at a 6 1/2-month low on Wednesday, has tumbled 40.0% over the past three months but has rocketed 271.4% year to date, while the S&P 500 has slipped 0.5% the past three months and gained 20.2% this year.
3:28 a.m. Nov. 30, 2021 - By Tonya Garcia
Barnes & Noble Education stock drops after earnings missBarnes & Noble Education Inc. stock plunged 14.3% in Tuesday premarket trading after the bookseller reported a wide fiscal second-quarter earnings and sales miss. Net income totaled $22.5 million, or 41 cents per share, up from $7.5 million, or 15 cents per share, last year. Sales of $627.0 million were up from $495.5 million last year. The FactSet consensus was for EPS of 82 cents and sales of $663.0 million. "While the Company's fiscal 2022 second quarter results benefitted from many students returning to in-person classes and greater attendance at campus events and sporting activities as compared to the prior year period when much of this activity was curtailed, as anticipated, the Company's performance continues to be affected by the ongoing COVID-19 environment, including overall enrollment declines, many community colleges continuing to offer virtual classes, in conjunction with broader macro issues including labor challenges, inflationary pressures and supply chain issues," Barnes & Noble Education said in its earnings release. Barnes & Noble Education stock has nearly doubled, up 91% for the year to date, while the S&P 500 index has gained 24% for the period.
2:33 a.m. Nov. 30, 2021 - By Tonya Garcia
Chico's stock rises after surprise profitChico's FAS Inc. shares jumped 2.3% in Tuesday premarket trading after the women's fashion company reported a surprise third-quarter profit. Net income totaled $18.2 million, or 15 cents per share, after a loss of $55.9 million, or 48 cents per share, last year. Sales totaled $453.6 million, up from $351.4 million last year. The FactSet consensus was for a loss of 3 cents per share and sales of $428.0 million. Comparable sales rose 27.9%, ahead of the FactSet consensus for a 23.6%. Comparable sales growth was 23.3% at the Chico's brand, White House Black Market was up 33.4% and Soma was up 30.2%. "The third quarter represents our best third quarter earnings performance since 2016," said Molly Langenstein, Chico's chief executive, in a statement. For the fourth quarter, Chico's expects sales of $495 million to $510 million and EPS of $0.00 to 5 cents per share. The FactSet consensus is for sales of $481.8 million and EPS of 7 cents per share. Chico's stock has skyrocketed 249% for the year to date while the S&P 500 index has gained 24% for the period.
3:12 a.m. Nov. 23, 2021 - By Tonya Garcia
Abercrombie & Fitch beats expectations but stock slidesAbercrombie & Fitch Co. reported third-quarter net income totaling $47.2 million, or 77 cents per share, up from $42.3 million, or 66 cents per share, last year. Adjusted EPS of 86 cents was well ahead of the FactSet consensus for 66 cents. Sales of $905.2 million were up from $819.7 million last year and also ahead of the FactSet consensus for $895.0 million. Digital sales rose 8%. Abercrombie's lineup includes the namesake chain and Hollister, which both reported sales rises during the quarter. "We continue to actively manage through ongoing supply chain constraints, including production and delivery delays and elevated costs," said Chief Executive Fran Horowitz, who expressed confidence that new and existing customers would find what they're looking for during the holiday shopping season. Abercrombie & Fitch stock slumped 6.5% in Tuesday premarket trading, but has skyrocketed 131% for the year to date while the S&P 500 index has gained 24.7% for the period.
2:51 a.m. Nov. 23, 2021 - By Tonya Garcia
Dick's Sporting Goods stock rises after earnings beat, guidance raisedDick's Sporting Goods Inc. stock rose 1.4% in Tuesday premarket trading after the sporting goods retailer reported third-quarter earnings that beat expectations and raised its full-year profit guidance. Net income totaled $316.5 million, or $2.78 per share, up from $177.2 million, or $1.84 per share, last year. Adjusted EPS of $3.19 blew past the FactSet consensus for $2.06. Sales of $2.75 billion were up from $2.41 billion last year and also ahead of the FactSet consensus for $2.51 billion. Same-store sales grew 12.2%, well ahead of the FactSet consensus for 3.5% growth. "Our fourth quarter is off to a strong start," said Chief Executive Lauren Hobart in a statement. Dick's expects full-year sales of $12.12 billion to $12.19 billion, comparable sales growth of 24% to 25%, EPS of $12.88 to $13.06 and adjusted EPS of $14.60 to $14.80. the FactSet consensus is for sales of $11.04 billion, comparable sales growth of 22.2% and EPS of $12.40. Dick's stock has soared 149.6% for the year to date while the S&P 500 index has gained 24.7% for the period.
2:49 a.m. Nov. 23, 2021 - By Tomi Kilgore
Dollar Tree matches and profit and tops sales views, moves to $1.25 price point for all storesShares of Dollar Tree Inc. sank 1.2% in premarket trading Tuesday, after the discount retailer matched profit expectations and topped sales forecasts but saw gross margin fall, and said it was moving to a $1.25 price point for all Dollar Tree stores. Net income fell to $216.8 million, or 96 cents a share, from $330.0 million, or $1.39 a share, in the year-ago period. The FactSet consensus for earnings per share was 96 cents. Sales rose 3.9% to $6.42 billion, above the FactSet consensus of $6.41 billion, while cost of sales grew 9.4% to outpace sales growth and to knock gross margin down to 27.5% from 31.2%. Same-store sales rose 1.6%, beating the FactSet consensus of 1.5%, as Family Dollar same-store sales rose 2.7% and Dollar Tree same-store sales increased 0.6%. For the fourth quarter, the company expects EPS of $1.69 to $1.79 and sales of $7.02 billion to $7.18 billion, compared with the FactSet EPS consensus of $1.74 and sales expectations of $7.03 billion. Regarding the $1.25 price point: "For 35 years, Dollar Tree has managed through inflationary periods to maintain the everything-for-one-dollar philosophy that distinguished Dollar Tree and made it one of the most successful retail concepts for three decades. However, as detailed in its September announcement, the company believes this is the appropriate time to shift away from the constraints of the $1.00 price point in order to continue offering extreme value to customers." The stock has rallied 28.1% over the past three months through Monday while the S&P 500 has gained 4.5%.
2:35 a.m. Nov. 23, 2021 - By Tonya Garcia
Best Buy beats expectations and raises guidance, but stock slumpsBest Buy Co. Inc. reported fiscal third-quarter net income totaling $499 million, or $2.00 per share, up from $391 million, or $1.48 per share, last year. Adjusted EPS of $2.08 beat the FactSet consensus for $1.95. Revenue of $11.91 billion was up from $11.85 billion last year and also ahead of the FactSet consensus for $11.65 billion. Enterprise comparable sales rose 1.6%, with domestic comparable sales up 2% and international comparable sales down 3%. The FactSet consensus was for an enterprise comparable sales decline of 0.2%, and U.S. comparable sales up 0.3%. Gross margin as 23.5% down slightly from 23.6% last year. For the fourth quarter, Best Buy is guiding for revenue of $16.4 billion to $16.9 billion and comparable sales between a 2% decline and 1% growth. The FactSet consensus is for revenue of $15.58 billion and comparable sales growth of 0.1%. For the year, Best Buy raised its revenue outlook to $51.8 billion to $52.3 billion from $51.0 billion to $52.0 billion. Comparable sales growth is expected to be 10.5% to 11.5%, up from previous guidance for 9% to 11% growth. The FactSet consensus is for revenue of $48.32 billion and comparable sales growth of 11.5%. Best Buy shares sank 10.4% in Tuesday premarket trading, but have rallied 38.3% for the year to date while the S&P 500 index is up 24.7% for the period.
1:58 a.m. Nov. 19, 2021 - By Tomi Kilgore
Foot Locker reports big earnings beat and says inventory levels are 'ready' for the holidays, but stock fallsShares of Foot Locker Inc. fell 4.5% in premarket trading, even after the athletic shoe and apparel retailer reported Friday fiscal third-quarter adjusted profit and sales that rose above expectations, while cost of sales fell, and said it was "ready" for the holidays despite the supply chain issues. Net income fell to $158 million, or $1.52 a share, from $265 million, or $2.52 a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share increased to $1.93 from $1.21, well above the FactSet consensus of $1.37. Sales grew 3.9% to $2.19 billion, above the FactSet consensus of $2.15 billion, while cost of sales fell 1.9%. Same-store sales rose 2.2%, compared with the FactSet consensus of 0.6% growth. "The combination of robust demand and fresh inventory, coupled with more full-priced selling, led to gross margin expansion of 380 basis points to 34.7%, from the 30.9% in the prior year period," said Chief Financial Officer Andrew Page. Looking ahead, Page said he expects global supply chain constraints to persist throughout the fourth quarter, but he believes "we are positioned for the holiday season, with positive momentum and inventory levels ready to meet customer demand." The stock has gained 5.8% over the past three months through Thursday, while the S&P 500 has tacked on 6.8%.
3:04 a.m. Nov. 18, 2021 - By Tonya Garcia
Macy's profit soars past expectations and raises its full-year outlookMacy's Inc. stock jumped 10.3% in Thursday premarket trading after the department store retailer reported third-quarter earnings that trounced Street expectations. Net income totaled $239 million, or 76 cents per share, after a loss of $91 million, or 29 cents per share, last year. Adjusted EPS of $1.23 blew past the FactSet consensus for 31 cents per share. Sales of $5.44 billion were up from $3.99 billion last year and also beat the FactSet consensus of $5.20 billion. Comparable sales grew 37.2% on an owned basis and were up 35.6% on an owned-plus-licensed basis. The FactSet consensus was for 32.3% growth. Macy's added 4.4 million new customers, and says it will launch a curated marketplace in order to continue adding new customers and grow sales. The marketplace will expand the assortment into new categories as well as build on existing ones. The marketplace is expected to launch in the second half of 2022. Macy's other banners include Bloomingdale's and the Bluemercury beauty chain, which both saw comparable store increases in a similar range as the namesake chain. For the year, Macy's raised its sales guidance to $24.12 billion to $24.28 billion from $23.55 billion to $23.95 billion. The company now expects adjusted EPS of $4.57 to $4.76 up from $3.41 to $3.75. The FactSet consensus is for sales of $22.11 billion and EPS of $3.65. Macy's stock has skyrocketed more than 174% for the year to date while the S&P 500 index has gained 24.8% for the period.
2:54 a.m. Nov. 18, 2021 - By Tonya Garcia
Petco beats earnings expectations and raises full-year guidancePetco Health & Wellness Co. Inc. shares edged up 0.1% in Thursday premarket trading after the company reported third-quarter earnings that beat expectations and raised its full-year guidance. Net income totaled $52.8 million, or 20 cents per share, up from $3.4 million, or 2 cents per share, last year. Sales of $1.44 billion were up from $1.26 billion last year. The FactSet consensus was for EPS of 18 cents and sales of $1.37 billion. Comparable sales grew 15%, well ahead of the FactSet consensus for 7.8%. Petco raised its full-year guidance and now expects revenue of $5.725 billion to $5.775 billion, up from $5.6 billion to $5.7 billion, and adjusted EPS of 86 cents to 88 cents, up from 81 cents to 85 cents. The FactSet consensus is for revenue of $5.27 billion and EPS of 79 cents. Petco stock began trading , priced at $18. The stock is set to open Thursday at $24.72, and has gained 28% over the past three months. The S&P 500 index is up 6.6% for the last three months.
2:39 a.m. Nov. 18, 2021 - By Tonya Garcia
Kohl's reports record earnings and raises full-year guidanceKohl's Corp. shares jumped 6.2% in Thursday premarket trading after the department store retailer reported third-quarter record earnings that beat expectations. Net income totaled $243 million, or $1.65 per share, after a loss of $12 million, or 8 cents per share, last year. Revenue of $4.60 billion was up from $3.98 billion last year. The FactSet consensus was for EPS of 70 cents and revenue of $4.27 billion. Comparable sales rose 14.7% ahead of the FactSet consensus for 12.5% growth. Kohl's plans to repurchase $1.3 billion in shares in 2021 after repurchasing $506 million in the third quarter. Kohl's raised its full-year sales expectations to growth in the mid-twenties percentage range, up from low-twenties percentage range growth. And adjusted EPS is now expected to be in the range of $7.10 to $7.30, up from $5.80 to $6.10 previously. The FactSet consensus is for sales of $17.22 billion, suggesting 25.2% growth, and EPS of $5.71. Kohl's shares have surged 38.8% for the year to date, outpacing the S&P 500 index , which is up 24.8% for the period.
1:52 a.m. Nov. 18, 2021 - By Ciara Linnane
BJ's Wholesale Club tops Q3 estimates and announces up to $500 million share buyback programBJ's Wholesale Club Holdings Inc. posted stronger-than-expected earnings for its third quarter on Thursday and said its board has approved a share buyback program of up to $500 million. The Westborough, Mass.-based wholesaler posted net income of $126.5 million, or 92 cents a share, for the quarter, up from $122.8 million, or 88 cents a share, in the year-earlier period. Adjusted per-share earnings came to 91 cents, well ahead of the 81 cent FactSet consensus. Revenue rose to $4.264 billion from $3.732 billion, also ahead of the $3.929 billion FactSet consensus. "Our business accelerated during Q3 on broad based strength, and we saw growth in all of our divisions, with acceleration in traffic and ticket, growth in digitally-enabled sales and conventional sales, all underpinned by strong membership statistics in both new and tenured members," Chief Executive Bob Eddy said in a statement. Same-store sales rose 13.1% to beat the FactSet consensus for a 1.7% decline. The company said it is not offering guidance because of external factors and uncertainties in the market. Shares were not yet active premarket but have gained 61% in the year to date, while the S&P 500 has gained 25%.
3:32 a.m. Nov. 17, 2021 - By Tonya Garcia
T.J. Maxx parent beats earnings expectations, says holiday inventory is up versus pre-COVIDTJX Cos. shares rose 3.6% in Wednesday premarket trading after the off-price retailer reported fiscal third-quarter earnings and sales that beat expectations. Net income totaled $1.02 billion, or 84 cents per share, up from $866.7 million, or 71 cents per share, last year. Sales of $12.53 billion were up from $10.12 billion in 2020. The FactSet consensus was for EPS of 81 cents and sales of $12.27 billion. Overall open-only comp store sales rose 14% for the period. Open-only comp store sales measures sales growth or decline at stores open for the same days in fiscal 2020, before COVID. TJX's portfolio includes TJ Maxx, HomeGoods and Marshalls. For the start of the fourth quarter, TJX says open-only comp store sales are up mid-teens compared to fiscal 2020. Inventory as of Oct. 30 was at $6.6 billion, up from $6.3 billion in fiscal 2020. "We are in an excellent inventory position, with most of the product needed for the holiday season either on hand or scheduled to arrive at our stores and online in time for the holidays," said Chief Executive Ernie Herrman in a statement. During the period, some of the company's stores in Australia were closed due to the pandemic resulting in about $30 million to $40 million in estimated lost sales. Currently, there are no stores closed due to COVID-19. TJX stock is up 1.8% for the year to date while the S&P 500 index has rallied 25.2% for the period.
1:14 a.m. Nov. 17, 2021 - By Tomi Kilgore
Lowe's stock jumps toward a record after profit and revenue beats, surprise growth in same-store salesShares of Lowe's Companies surged 2.1% into record territory in premarket trading Wednesday, after the home improvement retailer reported fiscal third-quarter profit and revenue that beat expectations, a surprise increase in same-store sales and raised its full-year outlook. Net income for the quarter to Oct. 29 rose to $1.90 billion, or $2.73 a share, from $692 million, or 91 cents a share, in the year-ago period. The FactSet consensus for earnings per share was $2.35. Sales grew 2.7% to $22.92 billion, beating the FactSet consensus of $22.08 billion, as cost of sales rose 2.1% and gross margin improved to 33.1% from 32.7%. Overall same-store sales rose 2.2%, compared with the FactSet consensus for a 1.3% decline, while U.S. same-store sales growth of 2.6% beat expectations of a 1.9% decline. For fiscal 2021, the company raised its revenue outlook to "approximately $95 billion" from "approximately $92 billion." Separately, the company said it repurchased $2.9 billion worth of its stock during the third quarter. The stock, which closed at a record $244.78 on Tuesday, has run up 34.3% over the past three months while the S&P 500 has gained 5.7%.
5:07 a.m. Nov. 16, 2021 - By Tonya Garcia
On Holding stock soars after surprise profitOn Holding AG stock soared 21% in early Tuesday trading after the newly-public athletic company reported a surprise third-quarter profit. Net income totaled CHf 13.0 million (US$14.0 million), or CHf 0.04 per share, up from CHf 8.1 million, or CHf 0.03 per share, last year. Sales totaled CHf 218.0 million (US$234.8 million), up from CHf 130.1 million last year. The FactSet consensus was for a loss of CHf 0.11 per share and sales of CHf 182.8 million. On's Co-Chief Executive Martin Hoffmann called the most recent quarter the "strongest" in the company's history in terms of sales. "Recent supply chain challenges will lead to a transitory supply shortage in the fourth quarter and the first half of 2022," he said in a statement. "But since early November, all our production factories are open, and our outlook on net sales and adjusted EBITDA exceeds our original assumptions." The company is guiding for sales of CHF 710 million for the full year, up about 67% from 2020. The FactSet consensus is for CHf 678.6 million. On is guiding for sales of CHF 960 million for 2022. On Holding stock began trading on Sept. 15. Shares have soared by nearly 50% over the past month. The S&P 500 index is up 5.1% for the last month.
2:26 a.m. Nov. 16, 2021 - By Tonya Garcia
Walmart raises full-year earnings guidanceWalmart Inc. stock rose 2.2% in Tuesday premarket trading after the retail giant raised its full-year earnings guidance, the third consecutive quarter it has done so. Net income totaled $3.11 billion, or $1.11 per share, down from $5.14 billion, or $1.80 per share, last year. Adjusted EPS of $1.45 beat the FactSet consensus for $1.40. Revenue of $140.53 billion was up from $134.71 billion last year and also beat the FactSet consensus of $135.43 billion. U.S. e-commerce sales were up 8% year-over-year, and have grown 87% on a two-year basis. Walmart international sales fell 20.1% to $23.6 billion, impacted by divestitures. U.S. comparable sales excluding fuel grew 9.2%, ahead of the FactSet consensus for 6.4% growth. U.S. inventory is up 11.5% ahead of the holidays. Walmart is one of the large retailers that has to get around supply chain bottlenecks. Walmart expects full-year EPS of $5.00, adjusted EPS of $6.40, up from previous guidance of $6.20 to $6.35 and U.S. comp sales growth excluding fuel of 6%. The FactSet consensus is for EPS of $6.34 and U.S. comp sales growth of 0.8%. Walmart stock is up nearly 2% for the year to date while the Dow Jones Industrial Average has gained nearly 18% for the period.
1:12 a.m. Nov. 16, 2021 - By Tomi Kilgore
Home Depot's stock rises toward a record after big profit, sales beatsShares of Home Depot Inc. rose 0.7% into record territory in premarket trading Tuesday, after the home improvement retailer reported fiscal third-quarter profit, net sales and same-store sales that rose above expectations. Net income for the quarter to Oct. 31 increased to $4.13 billion, or $3.92 a share, from $3.43 billion, or $3.18 a share, in the year-ago period, to beat the FactSet consensus for earnings per share of $3.42 by a wide margin. Net sales rose 9.8% to $36.82 billion, well above the FactSet consensus of $34.95 billion. Same-store sales grew 6.1%, to beat the FactSet consensus of 2.4% growth, while U.S. same-store sales rose 5.5% to top expectations of a 2.3% rise. Cost of sales rose 9.9% to $24.26 billion, as gross margin declined to 34.1% from 34.2%. "As evidenced by our strong performance in the quarter, our team continues to do an outstanding job of operating with flexibility and agility," said Chief Executive Craig Menear. "Ultimately, this is what has allowed us to respond to the elevated home improvement demand that has persisted." The stock, which was on track to open above the Nov. 12 record close of $372.63, has run up 39.7% year to date through Monday, while the Dow Jones Industrial Average has advanced 17.9%.
3:13 a.m. Nov. 11, 2021 - By Tonya Garcia
Dillard's profit blows past estimatesDillard's Inc. stock jumped 6.4% in Thursday premarket trading after the department store retailer reported third-quarter earnings that blew past estimates. Net income totaled $197.3 million, or $9.81 per share, up from $31.9 million, or $1.43 per share, last year. Sales of $1.481 billion were up from $1.025 billion last year. The FactSet consensus was for EPS of $5.52 and sales of $1.440 billion. Comparable retail sales grew 48%, ahead of the FactSet consensus for 25% growth. Dillard's operates 250 Dillard's locations and 30 clearance centers in 29 states, as well as an e-commerce site. Dillard's stock has skyrocketed 369.5% for the year to date while the benchmark S&P 500 index is up 23.7% for the period.
2:00 a.m. Nov. 11, 2021 - By Tomi Kilgore
Tapestry stock jumps after earnings beat, raised outlook and new $1 billion stock buyback programShares of Tapestry Inc. shot up 4.4% in premarket trading Thursday, after fashion company, with brands including Coach and Kate Spade, reported fiscal first-quarter profit and revenue that beat expectations and raised the full-year outlook, citing "strong" customer engagement and increased demand. Separately, the company announced a new $1 billion stock repurchase program. Net income for the quarter to Oct. 2 slipped to $226.9 million, or 80 cents a share, from $231.7 million, or 83 cents a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share of 82 cents beat the FactSet consensus of 70 cents. Sales grew 26.3% to $1.48 billion, above the FactSet consensus of $1.44 billion, as Coach sales rose 27% to $1.11 billion, Kate Spade sales increased 25% to $299.5 million and Stuart Weitzman sales grew 18% to $66.5 million. For fiscal 2022, the company raised its EPS guidance range to $3.45 to $3.50 from $3.30 to $3.35 and its revenue outlook to "approaching" $6.6 billion from $6.4 billion. The stock has declined 3.4% over the past three months through Wednesday, while the S&P 500 has gained 4.5%.
1:16 a.m. Nov. 10, 2021 - By Tomi Kilgore
National Vision beats profit and revenue expectations, sets $50 million stock repurchase programNational Vision Holdings Inc. reported Wednesday third-quarter profit and revenue that beat expectations, as continued growth in customer transactions led to surprise growth in same-store sales even as average ticket fell amid COVID-19 concerns. The optical retail company's stock was still inactive in premarket trading. Net income rose to $41.0 million, or 45 cents a share, from $35.3 million, or 42 cents a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share of 38 cents beat the FactSet consensus of 25 cents. Revenue grew 6.7% to $518.0 million, above the FactSet consensus of $512.3 million, as same-store sales rose 3.4% to beat expectations for a 0.5% decline. For 2021, the company lifted its guidance range for revenue to $2.04 billion to $2.06 billion from $2.01 billion to $2.06 billion and affirmed its EPS guidance of $1.28 to $1.33. Separately, a new $50 million share repurchase program was set, which represents about 1% of the company's market capitalization at Tuesday's close. The stock has rallied 40.3% year to date, while the S&P 500 has gained 24.7%.
3:26 a.m. Nov. 5, 2021 - By Tonya Garcia
Canada Goose shares soar after surprise profit, raised guidance Canada Goose Holdings Inc. stock jumped 10.5% in Friday premarket trading after the luxury outerwear company reported a surprise fiscal second-quarter profit and raised its full-year guidance. Net income totaled C$9.3 million (US$7.5 million), or 8 cents per share, down from C$12.5 million, or 9 cents per share, last year. Adjusted EPS of 12 cents beat the FactSet consensus for a loss of 10 cents Canadian. Revenue of C$232.9 million (US$186.8 million) was up from $194.8 million last year and ahead of the FactSet consensus for C$206.1 million. Direct-to-consumer revenue in mainland China was up 85.9%. Canada Goose raised its full-year outlook, and now expects revenue of C$1.125 billion to C$1.175 billion, up from $C$1.00 billion previously. And the company is guiding for adjusted EPS of C$1.17 to C$1.33. The FactSet consensus is for revenue of $1.103 billion and EPS of $1.15. Canada Goose shares have advanced 35.8% for the year to date while the S&P 500 index has gained 24.6% for the period.
6:01 a.m. Nov. 4, 2021 - By Tonya Garcia
Papa John's shares soar after earnings beat, new $425 million share buyback programPapa John's International Inc. stock soared 8.4% in Thursday trading after the pizza chain reported third-quarter earnings that beat expectations and announced a new share buyback program. Net income totaled $29.3 million, or 79 cents per share, up from $15.7 million, or 35 cents per share, last year. Adjusted EPS of 83 cents beat the FactSet consensus of 71 cents. Revenue of $512.8 million was up from $472.9 million and also ahead of the $500.9 million FactSet consensus. Comparable sales grew 7.3%, far exceeding the FactSet consensus for 4.8% growth. North American comparable sales grew 6.9% and international comparable sales were up 8.3%. Papa John's has approved a new $425 million share repurchase program, which represents about 9.4% of current outstanding shares, based on the Oct. 29 closing stock price. Papa John's stock has gained 57.7% for the year to date while the S&P 500 index is up 24.5% for the period.
2:28 a.m. Nov. 4, 2021 - By Tonya Garcia
Wayfair shares sink after revenue missWayfair Inc. shares dropped 5.2% in Thursday premarket trading after the online home goods seller swung to a third-quarter loss and reported revenue that missed expectations. Net losses totaled $78.0 million, or 75 cents per share, after net income of $173.2 million, or $1.67 per share, last year. Adjusted EPS of 14 cents beat the FactSet consensus for a penny per share. Revenue of $3.121 billion was down from $3.839 billion and below the FactSet consensus of $3.238 billion. "As various geographies reopened post-pandemic, consumers naturally shifted some spend towards travel and entertainment and from e-commerce towards brick and mortar," said Chief Executive Niraj Shah in a statement. "Demand and interest in the home remains resilient, but it will take a few more quarters for our growth - and e-commerce growth in general - to get back to normal." Active customers rose to 29.2 million from 28.8 million. And average order value was up to $283 from $243 last year. Wayfair brands include the namesake, Joss & Main, and AllModern. Wayfair stock has gained 19% for the year to date while the S&P 500 index is up 24% for the period.
4:43 a.m. Nov. 3, 2021 - By Tonya Garcia
Office Depot parent ODP beats on profit but misses sales expectationsOffice Depot parent ODP Corp. reported third-quarter net income totaling $101 million, or $1.85 per share, up from $57 million, or $1.04 per share, last year. Adjusted EPS of $1.76 beat the FactSet consensus for $1.43. Sales of $2.18 billion were down from $2.35 billion last year and missed the FactSet consensus for $2.27 billion. ODP attributed the sales decline to 163 fewer retail locations and a diminished demand for items in certain categories compared with last year. "The investments we've made in our private fleet, distribution assets, and diverse third party carrier relationships are helping us mitigate some of the impacts related to the recent industry-wide supply chain disruptions," said Gerry Smith, ODP chief executive, in a statement. Smith also said that the delta variant slowed the back-to-office trends, though there was strength in back-to-school items as more students and teachers headed back to classrooms. ODP is its business solutions arm from its retail business. The spin-off is expected to be complete during the first half of 2022. ODP shares have advanced 50% for the year to date while the S&P 500 index is up 23.2% for the period.
2:20 a.m. Nov. 3, 2021 - By Tonya Garcia
Steve Madden shares jump after earnings beat and raised guidanceSteve Madden Ltd. shares jumped 4.8% in Wednesday premarket trading after the shoes and accessories company reported third-quarter earnings and revenue beat expectations and raised its guidance. Third-quarter net income totaled $66.6 million, or 82 cents per share, after a loss of $7.0 million, or 9 cents per share, last year. Revenue of $528.7 million were up from $346.9 million. The FactSet consensus was for EPS of 77 cents and sales of $526.4 million. Chief Executive Edward Rosenfeld said it was a record quarter with the "highest quarterly sales and earnings in our history." The company raised its full-year outlook, and now expects revenue to increase 50% to 52%, EPS in the range of $2.21 to $2.26, and adjusted EPS in the range of $2.30 to $2.35. The FactSet consensus is for revenue of $1.762 billion, suggesting a 48.2% increase from last year, and EPS of $2.13. Steve Madden shares have gained 27% for the year to date, outpacing the S&P 500 index , which is up 23.3% for the period.
1:15 a.m. Nov. 3, 2021 - By Tomi Kilgore
Lumber Liquidators stock set to fall after profit and sales fall below expectationsShares of Lumber Liquidators Holdings Inc. were indicated down more than 2% in premarket trading Wednesday, after the wood flooring retailer reported third-quarter profit and sales that missed expectations, citing an "increasingly challenging" supply chain and inflationary environment. Net income fell to $8.8 million, or 30 cents a share, from $15.5 million, or 53 cents a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share fell to 29 cents from 67 cents, missing the FactSet EPS consensus of 30 cents. Sales declined 4.6% to $282.2 million, below the FactSet consensus of $289.0 million. Cost of sales slipped 1.3%, lowering gross margin to 37.3% from 39.4%. Same-store sales fell 4.5%, while the range of two estimates from analysts surveyed by FactSet was down 2.0% to down 1.5%. "As anticipated, our sales to DIY customers were down versus last year, reflecting a shift in consumer spending to other product and service categories, as well as tough comparisons to the nesting spending that we saw in the third quarter of 2020," said Chief Executive Charles Tyson. Looking ahead, the company said it expects higher material and transportation costs to weigh on gross margins in the fourth quarter and into 2022, and will look to offset these higher costs through pricing and promotion strategies. The stock has slipped 3.2% over the past three months while the S&P 500 has gained 4.7%.
3:24 a.m. Nov. 2, 2021 - By Tonya Garcia
Ralph Lauren earnings beat expectations, share buybacks expected to resumeRalph Lauren Corp. reported fiscal second-quarter net income of $193.3 million, or $2.57 per share, after a loss of $39.1 million, or 53 cents per share, last year. Adjusted EPS of $2.62 beat the FactSet consensus for $2.00. Revenue of $1.504 billion was up from $1.194 billion and also ahead of the FactSet consensus for $1.468 billion. Ralph Lauren expects to resume share repurchases in the second half of fiscal 2022, with about $580 million remaining under its buyback program. Ralph Lauren shares edged up 0.2% in Tuesday premarket trading. For the year to date the luxury lifestyle company has seen shares rally 25%. The S&P 500 index has gained 22.8% for 2021 so far.
2:18 a.m. Nov. 2, 2021 - By Tonya Garcia
Under Armour shares soar after earnings beat, guidance raisedUnder Armour Inc. shares soared 9.1% in Tuesday premarket trading after the athletic company reported third-quarter earnings that beat expectations and raised its full-year outlook. Net income totaled $113.4 million, or 24 cents per share, up from $38.9 million, or 9 cents per share, last year. Adjusted EPS of 31 cents blew past the FactSet consensus for 15 cents. Revenue of $1.546 billion was up from $1.433 billion last year and was also ahead of the FactSet consensus for $1.477 billion. Under Armour now expects to recognize $525 million to $575 million in charges related to a restructuring plan announced in April 2020 of which $500 million have been recognized. The company expects to recognize the remaining charges by the first calendar quarter of 2022. Under Armour now expects full-year 2021 revenue to be up about 25% versus previous guidance for a low-20% increase. EPS is expected to reach 55 cents, up from previous guidance of 14 cents to 16 cents. And adjusted EPS is expected to be about 74 cents, up from a range of 50 cents to 52 cents. The FactSet consensus is for revenue of $5.492 billion, implying a rise of 22.7%, and EPS of 54 cents. Under Armour stock has rallied 28% for the year to date, outpacing the S&P 500 index , which is up 22.8% for the period.
11:37 a.m. Nov. 1, 2021 - By Emily Bary
Clorox stock gains after earnings beat, CEO expresses confidence in full-year outlook Shares of Clorox Co. were up more than 5% in after-hours trading Monday after the maker of cleaning supplies and other household products topped expectations for its latest quarter and expressed confidence in its full-year forecast despite a "volatile" environment. Clorox posted fiscal first-quarter net income of $142 million, or $1.14 a share, down from $415 million, or $3.22 a share, in the year-prior quarter. The company attributed the decline mainly to its lower gross margins and sales, as well as to a "one-time, non-cash remeasurement gain in the year-ago quarter related to the company's investment in the Kingdom of Saudi Arabia joint venture." Clorox reported earnings per share of $1.21 when excluding 7 cents a share related to "investments in the company's long-term strategic digital capabilities and productivity enhancements." Clorox's adjusted EPS for the quarter was down from $2.63 a year earlier, but it exceeded the FactSet consensus, which called for $1.03. The company generated revenue of $1.81 billion, down from $1.92 billion a year earlier but ahead of the FactSet consensus, which modeled $1.70 billion. "We made meaningful progress on restoring supply - which contributed to holding or gaining market share in the vast majority of our businesses - and we're pulling multiple levers to manage through this inflationary period," Chief Executive Linda Rendle said in a release. "This includes pricing actions and stepping up our cost reduction initiatives, which will help us rebuild margins and create fuel to reinvest in the business." Despite her expectation for continued "cost pressures" and a "volatile" environment, she added that Clorox remains on track with its fiscal 2022 outlook. Shares of Clorox have lost about 19% so far this year as the S&P 500 has risen 23%. (This article has been updated to correct Clorox Co.'s formal name.)
9:52 a.m. Oct. 27, 2021 - By Tomi Kilgore
Arhaus sets IPO terms as profitable home furnishings retailer could be valued at up to $2.4 billionArhaus Inc. has set the terms for its initial public offering, in which the profitable Ohio-based premium home furnishings retailer could be valued at up to $2.38 billion. The company could raise up to $219.4 million, as it is offering 12.9 million Class A shares in the IPO, which is expected to price between $14 and $17 a share. Selling shareholders are offering 10.0 million shares in the IPO, as they look to raise up to $170.0 million. The company expects to have a total of 140.06 million shares outstanding after the IPO, including 57.34 million Class A shares and 82.72 million Class B shares. The Class A shares are expected to list on the Nasdaq under the ticker symbol "ARHS." BofA Securities and Jefferies are the lead underwriters. The company recorded net income of $16.2 million on revenue of $355.4 million during the six months ended June 30, after income of $10.7 million on revenue of $224.1 million in the same period a year ago. The company is looking to go public at a time that the Renaissance IPO ETF has rallied 10.7% over the past three months while the S&P 500 has gained 4.0%.
2:21 a.m. Oct. 22, 2021 - By Tonya Garcia
North Face parent VF Corp. reports profit and revenue missVF Corp. shares dropped nearly 7% in Friday premarket trading after The North Face and Vans parent reported fiscal second-quarter earnings and revenue that missed expectations. Net income totaled $464.1 million, or $1.18 per share, up from $256.7 million, or 66 cents per share, last year. Adjusted EPS of $1.11 missed the FactSet consensus for $1.15. Revenue of $3.198 billion was up from $2.608 billion last year and below the FactSet consensus for $3.490 billion. VF Corp. says it has experienced "isolated product delays" due to the ongoing COVID-19 pandemic, with manufacturing constraints and port delays impacting its supply chain. Stores around the world are operating, though some stores in Asia remained shut at the end of the quarter. VF Corp. maintained its full-year guidance for revenue of about $12 billion and adjusted EPS of $3.20. The FactSet consensus is for revenue of $11.947 billion and EPS of $3.20. VFC stock has fallen 13.3% for the year to date while the S&P 500 index is up 21.1% for the period.
2:37 a.m. Oct. 21, 2021 - By Tonya Garcia
Tractor Supply reports earnings beat, raises guidanceTractor Supply Co. reported third-quarter net income of $224.4 million, or $1.95 per share, up from $190.6 million, or $1.62 per share, last year. Sales of $3.018 billion were up from $2.607 billion last year. The FactSet consensus was for EPS of $1.66 and sales of $2.861 billion. Comparable sales growth of 13.1% beat the FactSet consensus for 7% growth. "Despite unprecedented pressures across our supply chain, we are raising our outlook for fiscal 2021 and are on track for a record year of sales and earnings," said Chief Executive Hal Lawton in a statement. For 2021, Tractor Supply now expects sales of $12.6 billion, up from previous guidance for $12.1 billion to $12.3 billion. Comp store sales are expected to grow 16%, up from the previous outlook for growth of 11% to 13%. And EPS is now expected to be $8.40 to $8.50, up from $7.70 to $8.00 previously. The FactSet consensus is for sales of $12.263 billion, comp store sales growth of 13.4% and EPS of $8.01. Tractor Supply stock rose 1.4% in Thursday premarket trading, and is up 43.9% for the year to date. The S&P 500 index is up 20.*% for 2021 so far.
1:41 a.m. Oct. 20, 2021 - By Tomi Kilgore
Lithia Motors stock set to rally after profit and revenue rise well above forecastsShares of Lithia Motors Inc. were indicated up about 1% in premarket trading Wednesday, after the auto retailer reported third-quarter profit and revenue that rose sharply and were well above expectations. Net income nearly doubled, to $307.9 mullion, or $10.11 a share, from $158.8 million, or $6.86 a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share rose 63% to $11.21, beating the FactSet consensus of $9.30. Revenue grew 70.4% to $6.17 billion, above the FactSet consensus of $5.78 billion, while cost of sales increased 67.8% to $4.98 billion. New vehicle retail revenue rose 53.9% to $2.90 billion and used vehicle retail revenue rose 90.2% to $2.08 billion. "The pipeline is robust and we continue to identify accretive deals that strategically expand our network while meeting our disciplined return thresholds," said Chief Executive Bryan DeBoer. The company said it is pacing ahead of schedule toward its goal of $50 billion in revenue and $50 of EPS by 2025. The stock has gained 15.7% year to date while the S&P 500 has advanced 20.3%.
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