Movers: Costco, Designer Brands, Dollar General, Five Below, PVH, Salesforce, Snowflake, Victoria's Secret

Scott Peters
01 Dec, 2022
New York City

Costco Wholesale Corporation declined 6.2% to $505.83 after the company reported weak November sales and e-commerce sales fell. 

Costco Wholesale said November sales increased 5.7% to $19.1 billion but e-commerce sales dropped 10.1% from a year ago.

Designer Brands plunged 22.4% to $11.87 after the operator of Designer Shoe Warehouse retail chain missed quarterly results expectations and the company also lowered its full-year outlook. 

Revenue in the third quarter increased 1.4% to $865.0 million and comparable sales increased 3.0%. 

Net income in the quarter plunged to $45.2 million from $80.2 million and diluted earnings per share was 65 cents from $1.04 a year ago.. 

The shoe retailer lowered its diluted earnings per share range to between $1.75 and $1.80 from the previous range between $2.05 and $2.15.  

Dollar General Corp fell 8.5% to $234.09 after the discount retailer reported weaker-than-expected earnings on unanticipated higher costs driven by higher storage costs and supply chain inefficiencies.

Sales in the fiscal third quarter increased 11.1% to $9.5 billion and same store sales increased 6.8%.

Net income in the quarter increased to $526.2 million from $487 million and diluted earnings per share rose to $2.33 from $2.08 a year ago.

The retailer guided fourth quarter earnings per share between $3.15 and $3.30, an increase between 7% and 8% from a year ago compared to previous growth between 12% and 14%. 

Five Below soared 16.6% to $187.48 after the deep discount retailer reported stronger-than-anticipated quarterly results.

Revenue in the fiscal third quarter increased 6.2% to $645 million but net income plunged to $16.2 million from $24.2 million or 29 cents from 43 cents a year ago.

PVH Corp soared 9.5% to $73.61 after the designer apparel maker reported earnings ahead of expectations and said full-year revenues are likely to be near its top estimated range. 

Revenue in the third quarter declined 2% to $2.28 billion and gross margin declined to 55.9% from 57.7% a year ago.

In the fiscal third quarter the company swung to a loss of $186.7 million from a profit of $279.7 million or a loss of $2.88 per share from a profit of $3.89 a year ago. 

The apparel maker said full-year revenues are expected to drop 3% and "in-line with the top end of previous guidance range."

Full-year earnings per share is expected to drop to $1.37 from $7.64 a year ago. 

Salesforce Inc declined 9.5% to $145.11 after the company said co-CEO Bret Taylor has decided to step down from the company without giving any reasons. 

This is the second time in four years that the co-CEO has resigned from the company. 

The software developer said fiscal third quarter revenue increased 14% to $7.8 billion and earnings declined to $210 million from $468 million or 21 cents from 48 cents a year ago.

Snowflake Inc rose 5.5% to $150.79 after the cloud computing company reported earnings ahead of expectations but outlook disappointed some investors.

Stock rebounded from the 5% decline in after-hours of trading after Morgan Stanley reiterated the company's long term potential.

Revenue in fiscal third quarter ending in October increased 66.7% to $557 million a year ago.

Net loss in the quarter increased to $200.9 million from $154.8 million and diluted loss per share rose to 63 cents from 51 cents a year ago.

The company guided fourth quarter revenue between $535 million and $540 million, an increase between 49% and 50% from a year ago.

Victoria's Secret & Company fell 6.7% to $42.91 after the company reported weaker-than-anticipated quarterly results. 

Revenue in the fiscal third quarter fell 8.5% to $1.32 billion and earnings plunged to $24.4 million from $75.2 million or 29 cents from 81 cents a year ago.