The post Target Shares Jump as Earnings Exceed Expectation appeared first on theprimarymarket.com.
]]>Company CEO Brian Cornell has expressed confidence that the department store chain will embark on a positive growth trajectory “from a comparable sales standpoint, from a traffic standpoint, and from a [market] share standpoint.” He explained that Target will focus on opening new stores, introducing private-label brands, revamping existing stores, and unveiling a new membership program providing perks including faster delivery times.
Stifel analyst Mark Astrachan explained in a note to clients that the firm is optimistic about Target’s growth prospects. “We think F4Q results and guidance were better-than-feared. Guidance anticipates a sequential improvement through F2024. This is largely consistent with our expectations that discretionary spending intentions are improving, including amongst lower income households,” the note read.
The post Target Shares Jump as Earnings Exceed Expectation appeared first on theprimarymarket.com.
]]>The post Sony Profit Falls on Weaker Chip Sales appeared first on theprimarymarket.com.
]]>This slump appeared to mostly stem from a 38% decline in profit in the company’s chip division, resulting from higher expenses and weaker image sensor sales. Still, the company was able to hit its sales target of 25 million PlayStation 5 (PS5) consoles for the entire financial year. 4.9 million units were sold in the quarter, bringing this year’s total sales to 8.2 million units.
In response to its strong PS5 sales, Sony upped its full-year sales forecast by almost 5% to 190 billion yen. The company has maintained its full-year operating profit outlook of 1.17 trillion yen while raising its sales and net income forecast by 2% each.
The post Sony Profit Falls on Weaker Chip Sales appeared first on theprimarymarket.com.
]]>The post Retail Sales Beat Forecasts Amid Consumer Resilience appeared first on theprimarymarket.com.
]]>Despite the Federal Reserve’s continued tight fiscal policy in the face of stubborn inflation, consumer spending has remained high. The September report released by the Commerce Department showed that spending remained largely unaffected by a tightening credit environment and gas prices hitting 2023 highs as well as a revival in student loan repayments.
“While mounting headwinds to consumer incomes mean we expect spending growth to slow in the months ahead, the risks that spending contracts outright are fading,” Oxford Economics lead U.S. economist Michael Pearce observed of the current economic climate.
The post Retail Sales Beat Forecasts Amid Consumer Resilience appeared first on theprimarymarket.com.
]]>The post Dollar General Looks to Grow Grocery Business appeared first on theprimarymarket.com.
]]>While Dollar General typically does better during times of financial hardship, as happened in 2008 when its sales rose by 9.4%, this year has proven different. Sales fell during the second quarter of 2023, with the company’s stock devaluing by over 50% since the start of the year. The company subsequently lowered its full-year earnings forecast and expects a decrease of 22% to 34% for the year.
Primarily targeting lower- and middle-income shoppers, Dollar General is focused on drawing in new customers through its drug and grocery departments. “We still see, from a share perspective, where our primary dollars are the same they’ve been for many, many years,” Owen explained. “And we believe there’s still much share for us to gain there, and that’s primarily drug and grocery.”
The post Dollar General Looks to Grow Grocery Business appeared first on theprimarymarket.com.
]]>The post Nordstrom Stock Jumps After Earnings Beat Estimates appeared first on theprimarymarket.com.
]]>“Losses from theft are at historical highs,” Nordstrom CEO Erik Nordstrom observed. “And I’d say we find it unacceptable and needs to be addressed.” Shares retreated by 1% on Friday following Nordstrom’s comments.
Still, Nordstrom reported net sales of $3.66 billion, beating estimates of $3.61 billion. Adjusted earnings per share were $0.84, outpacing forecasts of $0.44. Although same-store sales were down by 8.3%, this still beat expectations of a 10.34% decline.
The company reiterated its 2023 outlook; a drop in retail sales and credit card revenues between 4% and 6% with adjusted earnings between $1.80 and $2.20.
The post Nordstrom Stock Jumps After Earnings Beat Estimates appeared first on theprimarymarket.com.
]]>The post Kohl’s Beats Wall Street Earnings Forecast Despite Profit Decline appeared first on theprimarymarket.com.
]]>For the quarter ended July 29, Kohl’s earned a profit of $58 million, or 52 cents per share. Last year, Q2 profit stood at $143 million, translating to $1.11 per share. Total revenue fell from $4.09 billion last year to $3.9 billion. This beat analysts’ expectations of 23 cents per share on revenue of $3.76 billion.
Due to the challenging economic climate, Kohl’s looked to reduce its inventory and its spending as sales dried up due to stubborn inflation and higher interest rates that have affected consumer prices. Compared to the previous year, inventory was reduced by 14%.
The post Kohl’s Beats Wall Street Earnings Forecast Despite Profit Decline appeared first on theprimarymarket.com.
]]>The post Stocks Close Lower Following Mixed Week appeared first on theprimarymarket.com.
]]>The Dow Jones Industrial Index remained 0.08% higher, about 27 points, above the flatline, while the tech-heavy Nasdaq Composite Index fell 0.2% to mark its fourth consecutive daily loss. More than halfway through the month, the Nasdaq has posted just three winning days in August. The benchmark S&P 500 index closed marginally above the flatline.
The 10-year Treasury Yield fell slightly on Friday to around 4.25%, remaining near recent highs. This comes as property developer Evergrande filed for bankruptcy in US court and investors also turn focus to global markets, where China’s economic stagnation persists.
Fed Chair Jerome Powell is slated to speak next Friday at the annual Jackson Hole Economic Policy Symposium, providing observers with clues on the Fed’s next moves.
The post Stocks Close Lower Following Mixed Week appeared first on theprimarymarket.com.
]]>The post Mixed Signals Delivered From Retail Sector Following Earnings Week appeared first on theprimarymarket.com.
]]>While Target’s earnings fell short of company expectations, big box rival Walmart reported a strong quarterly performance, growing both in-store and online sales and lifting its full-year guidance as a result.
“Historically, our value proposition has been known for everyday low prices and for providing that value for customers,” Walmart CFO John David Rainey explained. “And what we see right now is that convenience resonates just as much to our customer base. And if you’re a household that makes over $100,000 a year, you value convenience just as much as the next person.”
The post Mixed Signals Delivered From Retail Sector Following Earnings Week appeared first on theprimarymarket.com.
]]>The post Lenovo Misses Quarterly Forecast Amid PC Sales Decline appeared first on theprimarymarket.com.
]]>Stocks in the company slumped by 6%, contributing to Hong Kong’s Hang Seng index’s decline by 0.9%. Demand for PCs surged during the COVID-19 pandemic as consumers and companies shifted to a remote working environment and looked to upgrade existing hardware to handle new work and lifestyle requirements.
Global revenue from PC sales has been on a constant decline since the pandemic, signalling the end of the remote work sales boom and reflecting on the recent uptick in inflation and rising prices. Worldwide PC sales declined by 12% during the second quarter of 2023, data from market research firm Canalys indicated.
The post Lenovo Misses Quarterly Forecast Amid PC Sales Decline appeared first on theprimarymarket.com.
]]>The post Investors Await Wave of Big Box Earnings Led By Target, Walmart appeared first on theprimarymarket.com.
]]>On Wednesday, minutes from the Federal Reserve’s July meeting are due to be released. This data, together with July’s retail sales, is expected to provide insight into the trajectory of stocks following an average month of trading so far. Stocks on the Dow Jones Industrial Average rose 0.6% for the week, with both the S&P 500 and the Nasdaq Composite Index incurring weekly losses.
Core CPI rose by 0.2% in July, remaining in line with June’s figure. This marks the first time since February 2021 that core CPI has risen by just 0.2% in consecutive months.
The post Investors Await Wave of Big Box Earnings Led By Target, Walmart appeared first on theprimarymarket.com.
]]>The post Target Shares Jump as Earnings Exceed Expectation appeared first on theprimarymarket.com.
]]>Company CEO Brian Cornell has expressed confidence that the department store chain will embark on a positive growth trajectory “from a comparable sales standpoint, from a traffic standpoint, and from a [market] share standpoint.” He explained that Target will focus on opening new stores, introducing private-label brands, revamping existing stores, and unveiling a new membership program providing perks including faster delivery times.
Stifel analyst Mark Astrachan explained in a note to clients that the firm is optimistic about Target’s growth prospects. “We think F4Q results and guidance were better-than-feared. Guidance anticipates a sequential improvement through F2024. This is largely consistent with our expectations that discretionary spending intentions are improving, including amongst lower income households,” the note read.
The post Target Shares Jump as Earnings Exceed Expectation appeared first on theprimarymarket.com.
]]>The post Sony Profit Falls on Weaker Chip Sales appeared first on theprimarymarket.com.
]]>This slump appeared to mostly stem from a 38% decline in profit in the company’s chip division, resulting from higher expenses and weaker image sensor sales. Still, the company was able to hit its sales target of 25 million PlayStation 5 (PS5) consoles for the entire financial year. 4.9 million units were sold in the quarter, bringing this year’s total sales to 8.2 million units.
In response to its strong PS5 sales, Sony upped its full-year sales forecast by almost 5% to 190 billion yen. The company has maintained its full-year operating profit outlook of 1.17 trillion yen while raising its sales and net income forecast by 2% each.
The post Sony Profit Falls on Weaker Chip Sales appeared first on theprimarymarket.com.
]]>The post Retail Sales Beat Forecasts Amid Consumer Resilience appeared first on theprimarymarket.com.
]]>Despite the Federal Reserve’s continued tight fiscal policy in the face of stubborn inflation, consumer spending has remained high. The September report released by the Commerce Department showed that spending remained largely unaffected by a tightening credit environment and gas prices hitting 2023 highs as well as a revival in student loan repayments.
“While mounting headwinds to consumer incomes mean we expect spending growth to slow in the months ahead, the risks that spending contracts outright are fading,” Oxford Economics lead U.S. economist Michael Pearce observed of the current economic climate.
The post Retail Sales Beat Forecasts Amid Consumer Resilience appeared first on theprimarymarket.com.
]]>The post Dollar General Looks to Grow Grocery Business appeared first on theprimarymarket.com.
]]>While Dollar General typically does better during times of financial hardship, as happened in 2008 when its sales rose by 9.4%, this year has proven different. Sales fell during the second quarter of 2023, with the company’s stock devaluing by over 50% since the start of the year. The company subsequently lowered its full-year earnings forecast and expects a decrease of 22% to 34% for the year.
Primarily targeting lower- and middle-income shoppers, Dollar General is focused on drawing in new customers through its drug and grocery departments. “We still see, from a share perspective, where our primary dollars are the same they’ve been for many, many years,” Owen explained. “And we believe there’s still much share for us to gain there, and that’s primarily drug and grocery.”
The post Dollar General Looks to Grow Grocery Business appeared first on theprimarymarket.com.
]]>The post Nordstrom Stock Jumps After Earnings Beat Estimates appeared first on theprimarymarket.com.
]]>“Losses from theft are at historical highs,” Nordstrom CEO Erik Nordstrom observed. “And I’d say we find it unacceptable and needs to be addressed.” Shares retreated by 1% on Friday following Nordstrom’s comments.
Still, Nordstrom reported net sales of $3.66 billion, beating estimates of $3.61 billion. Adjusted earnings per share were $0.84, outpacing forecasts of $0.44. Although same-store sales were down by 8.3%, this still beat expectations of a 10.34% decline.
The company reiterated its 2023 outlook; a drop in retail sales and credit card revenues between 4% and 6% with adjusted earnings between $1.80 and $2.20.
The post Nordstrom Stock Jumps After Earnings Beat Estimates appeared first on theprimarymarket.com.
]]>The post Kohl’s Beats Wall Street Earnings Forecast Despite Profit Decline appeared first on theprimarymarket.com.
]]>For the quarter ended July 29, Kohl’s earned a profit of $58 million, or 52 cents per share. Last year, Q2 profit stood at $143 million, translating to $1.11 per share. Total revenue fell from $4.09 billion last year to $3.9 billion. This beat analysts’ expectations of 23 cents per share on revenue of $3.76 billion.
Due to the challenging economic climate, Kohl’s looked to reduce its inventory and its spending as sales dried up due to stubborn inflation and higher interest rates that have affected consumer prices. Compared to the previous year, inventory was reduced by 14%.
The post Kohl’s Beats Wall Street Earnings Forecast Despite Profit Decline appeared first on theprimarymarket.com.
]]>The post Stocks Close Lower Following Mixed Week appeared first on theprimarymarket.com.
]]>The Dow Jones Industrial Index remained 0.08% higher, about 27 points, above the flatline, while the tech-heavy Nasdaq Composite Index fell 0.2% to mark its fourth consecutive daily loss. More than halfway through the month, the Nasdaq has posted just three winning days in August. The benchmark S&P 500 index closed marginally above the flatline.
The 10-year Treasury Yield fell slightly on Friday to around 4.25%, remaining near recent highs. This comes as property developer Evergrande filed for bankruptcy in US court and investors also turn focus to global markets, where China’s economic stagnation persists.
Fed Chair Jerome Powell is slated to speak next Friday at the annual Jackson Hole Economic Policy Symposium, providing observers with clues on the Fed’s next moves.
The post Stocks Close Lower Following Mixed Week appeared first on theprimarymarket.com.
]]>The post Mixed Signals Delivered From Retail Sector Following Earnings Week appeared first on theprimarymarket.com.
]]>While Target’s earnings fell short of company expectations, big box rival Walmart reported a strong quarterly performance, growing both in-store and online sales and lifting its full-year guidance as a result.
“Historically, our value proposition has been known for everyday low prices and for providing that value for customers,” Walmart CFO John David Rainey explained. “And what we see right now is that convenience resonates just as much to our customer base. And if you’re a household that makes over $100,000 a year, you value convenience just as much as the next person.”
The post Mixed Signals Delivered From Retail Sector Following Earnings Week appeared first on theprimarymarket.com.
]]>The post Lenovo Misses Quarterly Forecast Amid PC Sales Decline appeared first on theprimarymarket.com.
]]>Stocks in the company slumped by 6%, contributing to Hong Kong’s Hang Seng index’s decline by 0.9%. Demand for PCs surged during the COVID-19 pandemic as consumers and companies shifted to a remote working environment and looked to upgrade existing hardware to handle new work and lifestyle requirements.
Global revenue from PC sales has been on a constant decline since the pandemic, signalling the end of the remote work sales boom and reflecting on the recent uptick in inflation and rising prices. Worldwide PC sales declined by 12% during the second quarter of 2023, data from market research firm Canalys indicated.
The post Lenovo Misses Quarterly Forecast Amid PC Sales Decline appeared first on theprimarymarket.com.
]]>The post Investors Await Wave of Big Box Earnings Led By Target, Walmart appeared first on theprimarymarket.com.
]]>On Wednesday, minutes from the Federal Reserve’s July meeting are due to be released. This data, together with July’s retail sales, is expected to provide insight into the trajectory of stocks following an average month of trading so far. Stocks on the Dow Jones Industrial Average rose 0.6% for the week, with both the S&P 500 and the Nasdaq Composite Index incurring weekly losses.
Core CPI rose by 0.2% in July, remaining in line with June’s figure. This marks the first time since February 2021 that core CPI has risen by just 0.2% in consecutive months.
The post Investors Await Wave of Big Box Earnings Led By Target, Walmart appeared first on theprimarymarket.com.
]]>