Movers: Abercrombie, Advance Auto, AutoZone, Best Buy, Petco, Snap, Zoom Video

Barry Adams
24 May, 2022
New York City

Abercrombie & Fitch fell 26.2% to $19.96 after the apparel retailer reported net sales in the first quarter ending on April 30 rose 4% to $812.7 million and gross margin fell from 55.3% from 63.4% a year ago when sales were $781.4 million. 

The retailer reported an unexpected quarterly loss of $16.5 million or 32 cents from profit of $41.7 million or 67 cents a share.  

The retailer guided second quarter revenues to be down in low-single digits and for the full-year to be flat to up 2% from a year ago. 

Advance Auto Parts, Inc declined 3.7% to $176.50 after the auto parts retailer reported sales in the first quarter ending on April 23 declined 1.3% to $3.4 billion and comparable same store sales increased 0.6%. 

Net earnings in the quarter fell 26% to $139.7 million or $2.26 a share from $185.9 million or $2.81 a share.   

AutoZone, Inc rose 2.8% to 1,858.55 after the auto parts retailer said net sales in the fiscal year third quarter ending on May 7 rose 5.9% to $3.9 billion and comparable domestic store sales increased 2.6%. 

Net income edged down to $592.5 million or $29.93 a share from $596.2 million or $27.15 a share. 

Best Buy Co Inc jumped 3.6% to $75.22 after the electronics retailer reported net sales in the fiscal 2023 first quarter ending on April 30 declined 8.6% to $10.6 billion and comparable same store sales fell 8.5% after rising 37.9% in the quarter a year ago. 

Net earnings declined to $341 million or $1.49 a share from $595 million or $2.35 a share. 

The company lowered fiscal 2023 sales outlook between $48.3 billion and $49.9 million from the previous estimate between $49.3 billion and $50.8 billion. 

Comparable sales are now expected to decline between 3% and 6% from the previous estimate of declined between 1% and 4%. 

Insulet Corporation jumped 6% to $214.87 after the company was said to be in merger talks with the glucose monitoring systems maker Dexcom. 

Dexcom, Inc declined 10.2% to $290.82. 

The merger talks were first reported by Bloomberg News.   

Petco Health & Wellness Company 2.3% to $14.46 after the company said net sales in the first quarter ending in April rose 4.3% to $1.48 billion and comparable same store sales rose 5.1%. 

Operating income in the quarter rose to $49.9 million from $47.7 a year ago. 

The retailer reaffirmed its previous estimate of full-year sales between $6.15 billion and $6.25 billion and capital expenditure between $275 million and $325 million. 

Snap Inc plunged 39% to $13.65 after the operator of an online chat platform warned that the current quarter sales are running lower than expected. 

The company said in a regulatory filing that it is battling on several fronts including changes in Apple's privacy policy, inflation, wage pressures, falling advertising rates. 

After the warning, Meta Platform dropped 9%, Twitter fell 2%, Google declined 6%, and Pinterest fell more than 21%.  

Zoom Video Communications Inc rose 1.6% to $90.65 after the company reported quarterly revenues rose 12% but net income was cut in half. 

Revenues in the Americas rose 15% and enterprise revenues jumped 31% to represent 52% of total revenues.