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 Deere Cuts Profit Outlook as Tractor Demand Slumps appeared first on theprimarymarket.com.
]]>Currently, the world’s largest farm machinery producer, Deere & Co., trading in the United States as John Deere, stated that net income for the fiscal year is expected to come in at $7.5 billion to $7.75 billion, down from an initial profit outlook of $7.75 billion to $8.25 billion set in November. Estimates compiled by Bloomberg amounted to $7.75 billion.
“Moving forward, we expect fleet replenishment to moderate as agricultural fundamentals normalize from record levels in 2022 and 2023,” Deere Chief Executive Officer John May stated, suggesting that the demand levels experienced over the past two years have been irregularly high.
The post Deere Cuts Profit Outlook as Tractor Demand Slumps 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 Nike Earnings Show Retailer’s Resilience Despite Consumer Slowdown appeared first on theprimarymarket.com.
]]>“We continue to see consumer demand for our brands and for our products to be very, very strong,” CFO Matthew Friend confirmed to investors, affirming his belief that consumers will remain resilient. Furthermore, the company expects sales to rise during the upcoming holiday shopping season.
Nike shares rose by over 6% on Friday following the positive assessment. Barclays consumer discretionary senior analyst Adrienne Yih feels that while consumers may disregard certain brands when their spending power is limited, they will continue to show loyalty to their favorite brands. “their favorite brand they continue to spend at,” Yih observed, adding that “I think that’s what you’re seeing with the power of Nike being the No. 1 brand both domestically and globally.”
The post Nike Earnings Show Retailer’s Resilience Despite Consumer Slowdown 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 HP Lowers Profit Outlook Amid Sluggish Sales appeared first on theprimarymarket.com.
]]>HP’s desktop, notebook, and workstation shipments to China slumped by 19% over the past few months, analysis firm Canalys reported. According to Canalys, this decline largely came as the nation exhibits increased cautiousness when it comes to PC spending.
Enrique Lores, CEO of HP, revealed that the company expects its issues to persist over the near term. “While we expect another quarter of sequential growth in the fourth quarter, the external environment has not improved as quickly as anticipated and we are moderating our expectations as a result,” Lores explained, adding, “We don’t see it (a recovery in China) happening anytime soon. And at this point, we are not building that recovery in any of our plans.”
The company’s revised adjusted earnings per share forecast is in the range of $3.23 to $3.35, down from previous expectations of $3.30 to $3.50.
The post HP Lowers Profit Outlook Amid Sluggish Sales appeared first on theprimarymarket.com.
]]>The post Best Buy Stock Edges Higher After Smaller-Than-Expected Sales Drop appeared first on theprimarymarket.com.
]]>Best Buy’s comparable sales declined by 6.2% over the course of the second quarter, narrowly outperforming analysts’ estimates of a 6.92% drop, IBES data from Refinitiv showed. Still, this decline was limited as deeper discounts mobilized American consumers to hunt for high-end products such as TVs and laptops due to appealing sales.
The company’s high promotional push comes in an effort to bring consumers back into the market as surging interest rates and a rise in the cost of living. This has largely plummeted the demand for non-essential products such as electronics.
The post Best Buy Stock Edges Higher After Smaller-Than-Expected Sales Drop 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 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 Deere Cuts Profit Outlook as Tractor Demand Slumps appeared first on theprimarymarket.com.
]]>Currently, the world’s largest farm machinery producer, Deere & Co., trading in the United States as John Deere, stated that net income for the fiscal year is expected to come in at $7.5 billion to $7.75 billion, down from an initial profit outlook of $7.75 billion to $8.25 billion set in November. Estimates compiled by Bloomberg amounted to $7.75 billion.
“Moving forward, we expect fleet replenishment to moderate as agricultural fundamentals normalize from record levels in 2022 and 2023,” Deere Chief Executive Officer John May stated, suggesting that the demand levels experienced over the past two years have been irregularly high.
The post Deere Cuts Profit Outlook as Tractor Demand Slumps 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 Nike Earnings Show Retailer’s Resilience Despite Consumer Slowdown appeared first on theprimarymarket.com.
]]>“We continue to see consumer demand for our brands and for our products to be very, very strong,” CFO Matthew Friend confirmed to investors, affirming his belief that consumers will remain resilient. Furthermore, the company expects sales to rise during the upcoming holiday shopping season.
Nike shares rose by over 6% on Friday following the positive assessment. Barclays consumer discretionary senior analyst Adrienne Yih feels that while consumers may disregard certain brands when their spending power is limited, they will continue to show loyalty to their favorite brands. “their favorite brand they continue to spend at,” Yih observed, adding that “I think that’s what you’re seeing with the power of Nike being the No. 1 brand both domestically and globally.”
The post Nike Earnings Show Retailer’s Resilience Despite Consumer Slowdown 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 HP Lowers Profit Outlook Amid Sluggish Sales appeared first on theprimarymarket.com.
]]>HP’s desktop, notebook, and workstation shipments to China slumped by 19% over the past few months, analysis firm Canalys reported. According to Canalys, this decline largely came as the nation exhibits increased cautiousness when it comes to PC spending.
Enrique Lores, CEO of HP, revealed that the company expects its issues to persist over the near term. “While we expect another quarter of sequential growth in the fourth quarter, the external environment has not improved as quickly as anticipated and we are moderating our expectations as a result,” Lores explained, adding, “We don’t see it (a recovery in China) happening anytime soon. And at this point, we are not building that recovery in any of our plans.”
The company’s revised adjusted earnings per share forecast is in the range of $3.23 to $3.35, down from previous expectations of $3.30 to $3.50.
The post HP Lowers Profit Outlook Amid Sluggish Sales appeared first on theprimarymarket.com.
]]>The post Best Buy Stock Edges Higher After Smaller-Than-Expected Sales Drop appeared first on theprimarymarket.com.
]]>Best Buy’s comparable sales declined by 6.2% over the course of the second quarter, narrowly outperforming analysts’ estimates of a 6.92% drop, IBES data from Refinitiv showed. Still, this decline was limited as deeper discounts mobilized American consumers to hunt for high-end products such as TVs and laptops due to appealing sales.
The company’s high promotional push comes in an effort to bring consumers back into the market as surging interest rates and a rise in the cost of living. This has largely plummeted the demand for non-essential products such as electronics.
The post Best Buy Stock Edges Higher After Smaller-Than-Expected Sales Drop 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.
]]>