Movers: Abercrombie & Fitch, Compass, Eventbrite, GoodRx, LL Flooring, Lowe's, ODP

Scott Peters
01 Mar, 2023
New York City

Abercrombie & Fitch Co decreased 1.8% to $28.90 after the apparel retailer reported a decline in net income and forecasted slower growth. 

Abercrombie & Fitch Co said revenue in the fourth quarter increased 3% to $1.2 billion from $1.1 billion and net income declined to $38.3 million from $65.5 million and diluted earnings per share fell to 75 cents from $1.12 a year ago. 

In full-year 2022, revenue was flat at $3.7 billion and net income dropped to $2.8 million from $263 million and diluted earnings per share plunged to 5 cents from $4.20 a year ago. 

The apparel retailer guided net sales growth in the range of 1% to 3% from $3.7 billion in 2022 with the expectation that Abercrombie will continue to outperform Hollister and the U.S. sales will continue to outperform international sales. 

Compass, Inc plunged 16.7% to $3.01 after the real estate brokerage service provider reported a sharp decline in fourth quarter revenue after industry wide home sales transactions plunged 18% in the period. 

Compass, Inc said revenue in the fourth quarter declined 31% to $1.1 billion after real estate transactions fell 25%. 

Net loss improved to $158 million from $175 million and diluted loss per share shrank to 36 cents from 43 cents in the previous year. 

Revenue in 2022 declined 6% to $6 billion following a decline in transactions by the same amount. 

Net loss in the year expanded to $601.5 million from $494.1 million and diluted loss per share fell to $1.40 from $1.51 a year ago. 

Eventbrite, Inc soared 14.9% to $10.08 after the event ticketing and marketing platform operator reported profit in its latest quarter after in-person events rebounded led by music and food and wine events.  

Eventbrite, Inc said fourth quarter revenue increased 20% to $71.5 million and the event and ticketing platform operator swung to a net income of $4.0 million from a loss of $16.8 million in the previous year. 

In the fourth quarter, about 389,000 event planners created 1.5 million events and sold 77 million event tickets on the platform. Net revenue per paid ticket improved to $2.85 from $2.70 and paid ticket volume was 25.1 million on 14% increase in paid events from the previous year. 

In the full-year 2022, a total of $3.3 billion of gross ticket sales and 284 million paid and free tickets were transacted on the platform. 

Net revenue in the full-year 2022 increased 39% to $260.9 million and net loss shrank to $55.4 million from $137.6 million and diluted loss per share fell to 56 cents from $1.47 in the previous year. 

The company forecasted first quarter 2023 revenue in the range of $73 million to $76 million, and full year 2023 revenue between $312 million to $330 million. 

The company said it plans to eliminate 8% of roles (about 70 staff) immediately and over the next 10 months relocate 30% of roles to India and Spain as part of the company restructuring. 

GoodRx Holdings Inc increased 6% to $5.61 after the online discount pharmacy reported a smaller-than-expected loss in its latest quarter. 

GoodRx Holdings said revenue in the fourth quarter declined to $184 million from $213 million and net loss shrank to $1.9 million from $39.9 million and diluted earnings per share was breakeven compared to a loss of 10 cents from a year ago. 

In 2022, revenue increased to $766.5 million from $745.4 million and net loss rose to $32.8 million from $25.2 million and diluted loss per share rose to 8 cents  from 6 cents in the previous year. 

Kohl's Corporation declined 2.5% to $27.34 after the apparel retailer reported a decrease in total and comparable store revenue and swung to a quarterly loss. 

Kohl's Corporation said revenue in the fourth quarter decreased 7.2% to $5.8 billion and the retailer swung to a net loss of $273 million from a profit of $299 million and diluted earnings per share was ($.2.49) compared to $2.20 a year ago. 

Comparable sales in the quarter fell 6.6%. 

In full-year 2022, revenue fell 7.1% to $17.2 billion and the apparel retailer swung to a net loss of $19 million compared to a profit of $938 million and diluted earnings per share was ($0.15) compared to $6.32 a year ago. Comparable sales in the year declined 6.6%.  

The retailer announced a dividend of 50 cents per share payable March 29 to shareholders of record on March 15. 

LL Flooring Holdings, Inc dropped 10% to $4.55 after the retailer reported a loss in its latest quarter. 

 LL Flooring Holdings, Inc said revenue in the fourth quarter declined 7.5% to $263.9 million after comparable sales declined 9.5% from the previous year. 

The flooring products retailer swung to a net loss of $15 million from a profit of $10.3 million and diluted earnings per share was ($0.53) compared to 35 cents in the previous year.     

Revenue in the full-year 2022 declined 3.6% to $1.1 billion and comparable store sales fell 5.8%. Net income declined to $41.7 million from $61.4 million and diluted earnings per share fell to $1.41 from $2.10 in the previous year. 

Lowe's Companies Inc fell 7% to $191.58 after the home improvement retailer reported a decline in comparable sales and net income. 

Lowe's Companies said revenue in the fourth quarter rose to $22.4 billion from $21.3 billion and net income declined to $957 million from $1.2 billion and diluted earnings per share fell to $1.58 from $1.78 in the previous year. 

Comparable sales in the quarter declined 1.5%. 

In full-year  2022, revenue rose to $97 billion from $96.3 billion and net income fell to $6.4 billion from $8.4 billion and diluted earnings per share decreased to $10.17 from $12.04 a year ago.

During the quarter, the retailer repurchased approximately 10 million shares for $2.0 billion and it repurchased 71 million shares for $14.1 billion for the year. 

The company also paid $643 million in dividends in the fourth quarter and $2.4 billion in dividends for the year. In  total, the company returned $16.5 billion to shareholders through share repurchases and dividends in 2022.

The ODP Corporation increased 7.3% to $48.59 after the office supply retailer increased its stock repurchase plan. 

The ODP Corporation, parent of Office Depot, said sales in the fourth quarter increased 3% to $2.1 billion and the retailer swung to a net income of $17 million from a loss of $274 million from the previous year. 

Diluted earnings per share was 38 cents compared to a loss of $5.44 in the previous year. 

Sales in the full-year 2022 was flat at $8.5 billion and the retailer swung to a profit of $166 million from a loss of $208 million and diluted earnings per share was $3.37 from {$3.79) a year ago.

The company announced a new stock repurchase program of $1 billion replacing the current $600 million plan. In 2022, the company repurchased 6.4 million shares for $266 million, which included the repurchase of over 4.5 million shares for approximately $197 million in the fourth quarter,