Movers: Best Buy, Big Lots, Costco, Dell Technologies, Hibbett

Scott Peters
03 Mar, 2023
New York City

Best Buy Co Inc increased 2.7% to $83.0 after the electronic retailer reported higher-than-expected holiday quarterly earnings but forecasted same store sales to fall in the current year. 

Best Buy Co, Inc said revenue in the fourth quarter decreased to $14.7 billion from $16.3 billion and net income declined $495 million from $626 million and diluted earnings per share dropped to $2.23 from $2.62 a year ago. 

Revenue in the full-year 2022 declined to $46.3 billion from $51.8 billion and net income fell to $1.4 billion from $2.5 billion and diluted earnings per share dropped to $6.29 from $9.84 a year ago.  

Domestic comparable sales in the fourth quarter declined 9.6% on top of 2.1% and domestic online sales fell 13.0% on top of 11.2% from a year ago. Domestic comparable sales in the fiscal year 2022 declined 9.9% from 10.4% increase and domestic online sales fell 13.5% on top of 12.0% fall in the previous year.   

The electronics retailer estimated revenue in the fiscal 2024 in the range between $43.8 billion from $45.2 billion and comparable sales to decline between 3.0% and 6.0%. 

Big Los, Inc increased 2.2% to $14.83 after the deep discount retailer swung to a quarterly loss but earnings were ahead of expectations. 

Big Lots said revenue in the fourth quarter decreased 10.9% to $1.5 billion and the retailer swung to a net loss of $12.5 million from $49.8 million a year ago. 

Diluted loss per share was 43 cents compared to a profit of $1.63 in the previous year. 

Comparable sales declined 13% adversely impacted by 130 basis points in furniture sales following product shortages resulting from the unexpected closure of United Furniture Industries, parent company of Lane. 

The company declared a quarterly dividend of 30 cents per share payable on March 31 to shareholders on record on March 17.  

Costco Wholesale decreased 3.2% to $470.51 after the membership-based retailer mixed quarterly results a day ago. 

Costco Wholesale said revenue in the fiscal second quarter ending on February 12 increased to $55.2 billion from $51.9 billion and  net income increased to $1.5 billion from $1.3 billion and diluted earnings per share rose to $3.30 from $2.92 a year ago. 

Comparable store sales at U.S. locations excluding gasoline increased 3.5% and adjusted for calendar shift rose 3.4% and overall comparable sales rose 3.5% and 5.0% respectively. 

Online sales in the quarter declined 11.2% and dropped 10.3% in the calendar adjusted period. 

Dell Technologies Inc increased 0.4% to $40.32 after the personal computer maker reported weaker-than-expected outlook. 

Dell Technologies said revenue in the fourth quarter declined 11% to $25 billion and net income in the fourth quarter increased to $614 million from $2 million and diluted earnings per share rose to 84 cents from a loss of 4 cents in the previous year. 

Revenue in the full-year 2022 increased 1% to $102.3 billion and net income plunged 51% to $2.4 billion from $5.7 billion and diluted earnings per share fell to  $3.24 from $6.26 a year ago. 

Hibbett Inc declined 1% to $69.85 after the sporting goods retailer reported revenues and earnings lower than expected. 

Hibbett Inc said net sales for the 13-weeks ended on January 28 increased 19.6% to $458.3 million compared with $383.3 million in the previous year. 

Comparable store sales increased 14.3% and online comparable sales increased 21.4% from the previous year.  

In relation to the 13-weeks ended February 1, 2020, comparable store sales increased 32.6% and online sales grew 79.8%. 

Online sales represented 17.4% of total net sales for the fourth quarter compared to 17.1% in the previous year and 14.2% for the 13-weeks ended February 1, 2020.

Net income in the fourth quarter increased to $38.4 million from $17.7 million in the year ago and diluted earnings per share rose to $2.91 from $1.25 a year ago.