The sporting goods retailer said sales, comparable sales, and earnings fell in its latest quarter. The company also tightened its full-year sales decline outlook as consumers shifted purchases to basic items amid soaring food and energy prices.

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Stocks lacked direction after a broad selloff on Monday and natural gas prices soared to the levels last seen in 2008. New home sales declined in July on rising prices and mortgage rates and longer construction time.

Rate path worries resurfaced and the market selloff anchored in tech stocks spread wide and deep barring the energy sector. Natural gas prices inched near $10 a unit and the volatile oil prices erased most of the 5% loss at close.

Stocks on Wall Street declined in a broad selloff after rate path worries returned and the division between Russia and the European Union deepened.

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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