Best Buy Reported Strong Results; Target, TJX and Ross Drop

Mukesh Buch
20 Nov, 2018
New York City

Analog Devices beat earnings results. Best Buy reported better-than-expected results. Campbell Soup quarterly profit beats estimates. Kohl''s net surged and retailer lifted earnings per share forecast. TJX fell despite strong results. Target missed earnings estimates.

[R]1:05 PM New York City, New York – Analog Devices beat earnings results. Best Buy reported better-than-expected results. Campbell Soup quarterly profit beats estimates. Kohl''s net surged and retailer lifted earnings per share forecast. TJX fell despite strong results. Target missed earnings estimates.[/R]

Tollbooth Index plunged 635.19 or 4.2% to 14,526.51 but for the year-to-date soared 5.6%.

Earnings Review

Analog Devices Inc ((ADI)) advanced 2.1% $1.82 to $87.34 after the integrated circuits maker reported revenues in the fourth-quarter ending in September rose 4% from a year ago to $1.6 billion.

Net income in the quarter jumped 4.5% to $433 million or $1.15 per diluted share from $414.5 million or 93 cents in the same quarter last year.

Analog Devices forecasted fiscal first-quarter revenues between $1 billion and $1.51 billion and diluted earnings per share in the range of 85 cents to 92 cents.

Best Buy Co Inc ((BBY)) jumped 3.5% or $2.2 to $64.36 after the consumer electronics retailer said revenues in the third-quarter ending on October 28 fell 2.9% from a year ago to $9.6 billion.

Comparable store sales in the quarter advanced 4.3%.

Net income in the quarter soared 15.9% to $277 million or 99 cents per diluted share from $239 million or 78 cents in the same quarter last year.

The electronics retailer forecasted fiscal 2019 revenues in the range of $42.5 billion to $42.9 billion and comparable sales growth between 4% and 5% and lifted diluted earnings per share growth to 15% to 17% or in the range of $5.09 to $5.19 from the earlier estimate of $4.95 to $5.10.

Barnes & Noble Inc ((BKS)) declined 5.6% or 38 cents to $6.37 after the bookseller stated total sales in the third-quarter ending on October 27 dropped 2.5% from a year ago to $771.2 million.

Comparable store sales in the quarter slipped 1.4%.

Net loss in the quarter narrowed to $27.4 million or 38 cents per diluted share from $30.1 million or 41 cents in the same quarter last year.

The Campbell Soup Company ((CPB)) soared 6.7% or $2.57 to $41.03 after the soups and related products maker said net sales in the first-quarter ending on October 28 surged 25% from a year ago to $2.7 billion.

Net income in the quarter declined 15% to $350 million or 79 cents per diluted share from $412 million or 92 cents in the same quarter last year.

Kohl''s Corporation ((KSS)) plunged 8.3% or $5.90 to $65.10 after the department store operator reported total revenues in the third-quarter ending on November 3 grew 1.3% from a year ago to $4.6 billion.

Comparable store sales in the quarter increased 2.5%.

Net income in the quarter surged 38% to $161 million or 98 cents per diluted share from $117 million or 70 cents in the same quarter last year.

The retailer lifted fiscal 2018 diluted earnings per share forecast between $5.16 and $5.36 from the earlier estimate of $4.96 to $5.36.

Ross Stores Inc ((ROST)) plummeted 6% or $5.48 to $85.71 after the off-price department stores operator reported sales in the third-quarter ending on November 3 soared 7% from a year ago to $3.5 billion.

Same store sales in the quarter advanced 3%.

Net income in the quarter jumped 23.4% to $338 million or 91 cents per diluted share from $274 million or 72 cents in the same quarter last year.

The off-price retailer forecasted fourth-quarter comparable store sales to increase between 1% and 2% and diluted earnings per share in the range of $1.09 to $1.14 from $1.19 reported in the same period a year ago..

Stage Stores Inc ((SSI)) slumped 2.9% or 0.5 cents to $1.65 after the specialty department stores operator stated net sales in the third-quarter ending on November 3 fell 2.8% from a year ago to $347 million.

Same store sales in the quarter surged 9.9%.

Net loss in the quarter widened to $31.4 million or $1.11 per diluted share from $17.7 million or 64 cents in the same quarter last year.

The TJX Companies, Inc ((TJX)) slumped 2.3% or $1.14 to $47.83 after the off-price department store reported net sales in the third-quarter ending on November 3 surged 12% from a year ago to $9.8 billion.

Same store sales in the quarter soared 7%.

Net income in the quarter jumped 18.8% to $762.3 million or 61 cents per diluted share from $641.4 million or 50 cents in the same quarter last year.

The brand-name and designer apparel retailer forecasted fiscal 2019 diluted earnings per share to be in the range of $2.41 to $2.43 from $2.02 in the same period a year ago.

Target Corporation ((TGT)) plunged 10.3% or $7.98 to $69.83 after the department store retailer total revenues in the third-quarter ending on November 3 soared 5.6% from a year ago to $17.8 billion.

Same store sales in the quarter increased 5.1%.

Net income in the quarter surged 30.2% to $622 million or $1.17 per diluted share from $478 million or 87 cents in the same quarter last year.

Target forecasted fiscal 2019 diluted earnings per share in the range of $5.41 to $5.61.