Breaking News
May 24, 2023
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Children's Place Inc plunged 24.7% to $17.93 after the specialty retailer reported a decline in earnings and a loss in the first quarter.
Revenue declined 11.2% to $321.64 million from $362.35 million and the retailer swung to a net loss of $28.83 million compared to a profit of $19.83 million and diluted earnings per share was ($2.33) compared to $1.43 a year ago. -
Kohl's Corporation soared 10.1% to $21.21 after the department store chain reported better-than-expected quarterly results.
Sales in the first quarter declined 3.3% from a year ago $3.36 billion and net income was unchanged at $14 million and diluted earnings per share fell to 11 cents from 13 cents a year ago. -
Lowe's Companies declined 1.6% to 12,461.55 after the home improvement retailer reported better-than-expected sales and earnings but the company lowered its annual outlook.
Comparable sales fell 4.3%, driven by lumber deflation, unfavorable weather and lower DIY discretionary sales.
Net sales in the first quarter declined to $22.3 billion from $23.7 billion and net income fell to $2.26 billion from $2.33 billion and diluted earnings per share rose to $3.77 from $3.51 a year ago.
Sale of Canada retail operation contributed to 10 cents of earnings per share in the quarter.
Lowe's estimated full-year sales in the range of $87 billion to $89billion, lower than the previously estimated range between $88 billion and $90 billion.
Comparable sales are estimated to decline between 2% and 4%, compared to the previous estimate between flat and 2% decline. -
Zoom Video Communications Inc declined for the second day in a row and fell to $64.26 after the company reported higher sales but a sharp plunge in earnings.
Earnings in the first quarter declined to $15.44 million from $113.66 million and diluted earnings per share plunged to 5 cents from 37 cents a year ago. -
Foot Locker Inc plunged 24.1% to $24.55 after the specialty retailer reported weaker-than-expected sales and earnings in the first quarter.
The athleticwear maker reported first quarter sales declined 11.4% to $11.9 billion after comparable store sales declined 9.1% on macroeconomic headwinds.
Gross margin declined 400 basis points from a year ago, driven by a combination of higher markdowns, and store closings, as well as an increase in theft related shrink.
Net income declined to $36 million from $133 million and diluted earnings per share fell to 38 cents from $1.33 a year ago.
In the quarter, the retailer paid 40 cents a share dividend or $38 million and the company's board approved 40 cents a share dividend payable on July 28 to shareholders on record July 14.
The company lowered its annual revenue decline forecast between 6.5% and 8.0% from the previous estimate between 3.5% and 5.5% and revised lower comparable sales decrease outlook between 7.5% and 9.0% from 3.5% to 5.5%.
During the first quarter, the company opened 13 new stores, remodeled, or relocated 18 stores, and closed 35 stores and operated 2,692 stores in 29 countries in North America, Europe, Asia, Australia, and New Zealand.
In addition, 163 franchised stores were operating in the Middle East and Asia. -
Deere & Company increased 3.3% to $382.83 after the agriculture equipment maker reported better-than-expected quarterly results.
Revenue in the fiscal second quarter ending in April increased 30% to $17.4 billion from $13.4 billion and net income advanced to $2.1 billion from $2.1 billion and diluted earnings per share rose to $9.65 from $6.81 a year ago.
The company revised higher full-year net income between $9.25 billion and $9.50 billion with cash flow from equipment operations expected to be between $10.0 billion and $10.50 billion. -
Farfetch Ltd soared 26.1% to $5.46 after the online fashion platform reported higher-than-expected quarterly results.
Revenue in the first quarter increased 8% to $476.2 million from $435.9 million and the company swung to a profit of $728.8 million from a loss of $174.3 million and diluted loss per share shrank to 37 cents from 43 cents a year ago. -
Applied Materials, Inc fell 2.7% to $126.36 after the semiconductor equipment maker reported mixed quarterly results.
Revenue in the fiscal second quarter ending in April increased 6% to $6.6 billion and gross margin of 46.7%.
Net income increased 3% to $1.57 billion from $1.53 billion and diluted earnings per share increased to $1.84 from $1.74 a year ago. -
Bath & Body Works Inc soared 12.5% to $38.32 after the specialty retailer reported higher-than-expected revenue and earnings in its latest quarter.
Revenue in the first quarter declined 4% to $1.39 billion from $1.45 billion and net income declined to $81 million from $155 million and diluted earnings per share fell to 35 cents from 64 cents a year ago.
The company forecasted fiscal 2023 sales between flat and decrease in mid-single digit decline from $7.5 billion in 2022 and diluted earnings per share between $2.70 and $3.10 compared to $3.40 a year ago. -
Cisco Systems Inc declined 4.2% after the networking gear maker reported better-than-expected revenue and earnings in the fiscal third quarter.
Revenue increased 14% to $14.6 billion and net income increased to $3.2 billion from $2.6 billion and diluted earnings per share rose to 78 cents from 65 cents a year ago.
May 19, 2023
May 18, 2023