Target Surges on Rising Store and Online Sales, Lowes Comp Sales Soar

Mukesh Buch
22 Aug, 2018
New York City

Analog Devices beats earnings estimates. Keysight Technologies surged after upbeat outlook. Lowe''s net and revenues soared 7%. La-Z-Boy profit soars. Target reported historical results. Urban Outfitters revenues jump 14%.

[R]12:00 PM New York City, New York – Analog Devices beats earnings estimates. Keysight Technologies surged after upbeat outlook. Lowe''s net and revenues soared 7%. La-Z-Boy profit soars. Target reported historical results. Urban Outfitters revenues jump 14%.[/R]

Tollbooth Index slipped 31.37 or 0.2% to 16,135.89 but for the year-to-date soared 17.3%.

Earnings Review

Analog Devices Inc ((ADI)) declined 2.5% or $2.37 to $93.55 after the digital signal processing chipmaker maker reported revenues in the third-quarter ending on August 4 soared 10% from a year ago to $1.6 billion.

Net income in the quarter surged to $414.5 million or $1.10 per diluted share from $68.9 million or 18 cents in the same quarter last year.

The chipmaker maker forecasted fiscal 2018 revenues between $1.17 billion and $1.57 billion and diluted earnings per share in the range of $1.01 to $1.07.

Keysight Technologies Inc ((KEYS)) jumped 9.3% or $.65 to $66.09 after the electronic measurement equipment and software maker said revenues in the third-quarter ending in July surged 21% from a year ago to $1 billion.

Net in the quarter swung to profit $121 million or 63 cents per diluted share from a loss of $18 million or 10 cents in the same quarter last year.

Keysight forecasted fourth-quarter revenue between $996 million and $1.02 billion and diluted earnings per share in the range of 85 cents to 91 cents.

Lowe''s Cos ((LOW)) soared 9.4% or $9.33 to $109.07 after the home-improvement retailer reported sales in the second-quarter ending on August 3 jumped 7.1% from a year ago to $20.9 billion.

Comparable store sales in the quarter advanced 5.3%.

Net income in the quarter soared 7.1% to $1.5 billion or $1.86 per diluted share from $1.4 billion or $1.68 in the same quarter last year.

Lowe’s plans to close all 99 Orchard Supply Hardware stores located in California, Oregon and Florida, as well as the distribution facility by the end of fiscal 2018.

The retailer forecasted fiscal 2018 total sales of about 4.5% and comparable sales to increase 3% and diluted earnings per share in the range of $4.50 to $4.60.

La-Z-Boy Inc ((LZB)) surged 13.5% or $4.48 to $37.58 after the upholstery furniture maker and retailer stated revenues in the first-quarter ending on July 28 advanced 7.7% from a year ago to $384.7 million.

Same store sales in the entire network rose 3.1% and delivered same store sales for the company-owned retail segment jumped 4.6%.

Net income in the quarter advanced 57% to $18.3 million or 39 cents per diluted share from $11.7 million or 24 cents in the same quarter last year.

Target Corporation ((TGT)) jumped 5.1% or $4.28 to $87.55 after the department store operator reported total revenues in the second-quarter ending on August 4 surged 7.2% from a year ago to $17.8 billion.

Comparable store sales in the quarter soared 6.5%, the best comparable store sales in thirteen years and online sales surged 41% and strongest traffic growth of 6.4% since 2008.

Net income in the quarter soared 19.1% to $799 million or $1.49 per diluted share from $671 million or $1.22 in the same quarter last year.

Target lifted fiscal 2018 diluted earnings per share forecast in the range of $5.30 to $5.50 from the earlier estimate of $5.15 to $5.45.

Urban Outfitters Inc ((URBN)) advanced 5.6% or $2.65 to $50.39 after the lifestyle specialty retailer said net sales in the second-quarter ending in July soared 13.7% from a year ago to $992.5 million.

Comparable store sales in the quarter advanced 13%.

Net income in the quarter jumped 85.9% to $92.8 million or 84 cents per diluted share from $49.9 million or 44 cents in the same quarter last year.