Stocks closed down amid inflation and rate worries and tech stocks led the losers. For the week, the S&P 500 declined 1.2% and the Nasdaq Composite index dropped 2.6%. The latest economic data in the euro zone and the U.K. indicated more pain ahead in the coming months.

The discount store chain operator guided same store sales to decline in third and fourth quarter as consumer stay focused and food and essential items and curtail discretionary spending.

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Foot Locker Same Store Sales Fell 10%

Aug 19, 2022
Scott Peters
The athletic footwear and apparel retailer said same store and total sales declined driving the quarterly earnings sharply lower.

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The agriculture equipment maker lifted prices higher than the cost increase and the improved volume mix drove the earnings higher.

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The back-office software developer reported a surge in revenues and loss expanded. Revenues in the fiscal fourth quarter exceeded the company's guidance.

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Wayfair announced to cut 5% of its global staff. Ross Stores lowered its annual same store sales outlook. Foot Locker earnings revenues and earnings dropped. Deere lifts prices at a faster pace than cost increase.

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Tech stocks led the decliners after investors shied away from high growth stocks after benchmark indexes rallied for four weeks in a row.

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Bath Body Works toned down its optimism after a quarter of weak performance. Estee Lauder sales weakness in Chine and business closure in Russia impacted quarterly earnings. Kohl's agreed to accelerate stock repurchase.

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The warehouse retailer reported rising sales, comparable store sales and higher earnings as consumers search for bargains for essential items.

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Kohl's quarterly net income declined 63% after gross margin fell. The retailer announced a plan to repurchase $500 million of its own shares.

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Cisco said revenues in the fourth quarter were flat and net income declined 6%. The networking gear maker estimated 2023 revenues to rise between 4% and 6%.

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Stocks lacked direction and existing home sales declined for the sixth month in a row in July as buyers struggled to pay for record home prices. Weekly jobless claims held steady.

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Federal Reserve policymakers discussed the risks of higher rates faster but also showed willingness to look beyond the recent decline in oil, gasoline and commodities prices.

The retailer of general merchandise and food said second quarter gross margins and earnings plunged after the company lowered prices to clear excess inventories.

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The discount apparel and home goods retailer said it returned one billion dollar in the first-half of the current fiscal year. U.S. comparable sales declined after consumers curtailed discretionary spending.

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