Movers: Abercrombie & Fitch, BJ's Wholesale, Children's Place, Kohl's, Lowe's, Zoom Video

Scott Peters
24 May, 2023
New York City

Abercrombie & Fitch Company soared 24.5% to $28.64 after the specialty apparel retailer reported higher-than-expected profit and lifted its full-year outlook. 

Net sales in the first quarter increased 3% to $835 million from $812 million and the company swung to a profit of $17.8 million from a loss of $14.8 million and diluted earnings per share was 33 cents compared to a loss of 32 cents a year ago. 

The retailer revised its full-year net sales growth estimate to between 2% and 4% from the previous estimate of an increase between 1% and 3% from $3.7 billion sales in 2022.    

BJ's Wholesale Club Holdings Inc decreased 1.5% to $63.80 after the membership warehouse club reported weaker-than-expected sales. 

Revenue in the first quarter increased to $4.72 billion from $4.49 billion and net income increased to $116.0 million from $112.4 million and diluted earnings per share rose to 85 cents from 82 cents a year ago. 

Children's Place Inc plunged 24.7% to $17.93 after the specialty retailer reported a decline in earnings and a loss in the first quarter. 

Revenue declined 11.2% to $321.64 million from $362.35 million and the retailer swung to a net loss of $28.83 million compared to a profit of $19.83 million and diluted earnings per share was ($2.33) compared to $1.43 a year ago. 

Kohl's Corporation soared 10.1% to $21.21 after the department store chain reported better-than-expected quarterly results. 

Sales in the first quarter declined 3.3% from a year ago $3.36 billion and net income was unchanged at $14 million and diluted earnings per share fell to 11 cents from 13 cents a year ago. 

Lowe's Companies declined 1.6% to 12,461.55 after the home improvement retailer reported better-than-expected sales and earnings but the company lowered its annual outlook. 

Comparable sales fell 4.3%, driven by lumber deflation,  unfavorable weather and lower DIY discretionary sales. 

Net sales in the first quarter declined to $22.3 billion from $23.7 billion and net income fell to $2.26 billion from $2.33 billion and diluted earnings per share rose to $3.77 from $3.51 a year ago. 

Sale of Canada retail operation contributed to 10 cents of earnings per share in the quarter. 

Lowe's estimated full-year sales in the range of $87 billion to $89billion, lower than the previously estimated range between $88 billion and $90 billion. 

Comparable sales are estimated to decline between 2% and 4%, compared to the previous estimate between flat and 2% decline.  

Zoom Video Communications Inc declined for the second day in a row and fell to $64.26 after the company reported higher sales but a sharp plunge in earnings. 

Earnings in the first quarter declined to $15.44 million from $113.66 million and diluted earnings per share plunged to 5 cents from 37 cents a year ago.