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 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 P&G CEO Expects Cooling Inflation to Push Profits Further Following Strong Q2 Results appeared first on theprimarymarket.com.
]]>“The US inflation picture is moderating some,” Moeller explained following the company’s earnings report released on Friday morning. He did, however, caution that European resolute inflation could limit the retail giant’s earnings.
Net sales for the second quarter were $20.6 billion, beating the Wall Street consensus estimate of $20.06 billion. Organic sales growth for the period was 8%, outpacing the 5.97% forecast.
Gross profit margins for the quarter were 48.4%, exceeding the 44.6% posted a year ago.
Following the release of its latest earnings figures, P&G released its full-year profit outlook in the range of $6.25 to $6.43 per share. Wall Street estimates stand at $6.38 per share.
The post P&G CEO Expects Cooling Inflation to Push Profits Further Following Strong Q2 Results appeared first on theprimarymarket.com.
]]>The post LG Sets $77 Billion Sales Target for 2030 appeared first on theprimarymarket.com.
]]>“LG Electronics will transform its business portfolio… increase profits by growing in business-to-business, and transition to a service business,” CEO William Cho stated in a press conference.
In order to achieve its sales goal, LG will look to expand its vehicle components business by more than doubling its revenue to 20 trillion won by 2030. The company is also determined to strengthen its home appliance and TV service platforms by adding more media subscriptions and rentals.
Other growth routes that the company is considering are joint ventures, mergers, and acquisitions.
This announcement comes after LG announced last Friday that it expects a second-quarter operating profit 892.7 billion won; up 12.7% from the previous year. This would be the second-highest Q2 profit that the company has ever recorded.
The post LG Sets $77 Billion Sales Target for 2030 appeared first on theprimarymarket.com.
]]>The post Levi’s Cuts Profit Outlook Following Decline in Sales appeared first on theprimarymarket.com.
]]>In addition to its crippling sales figures, the company attributed its decision to slash its economic outlook due to a challenging market where consumer demand is flailing as well as high inventory levels.
Given the current market outlook, Levi’s is looking to shift its business model in an effort to remain competitive and adjust to market trends.
“Our direct-to-consumer business is today about a little over 40% of our business,” CFO and chief growth officer Harmit Singh explained in an interview. “It was half this a decade ago when Chip and I joined. And our slated goal is for this business to be the majority of the business going forward.”
Singh explained that the goal is for Levi Strauss to become a “hybrid company” where all existing sales channels are retained, however, direct sales become the main operation going forward. The company’s shares have declined 15% for the year to date.
The post Levi’s Cuts Profit Outlook Following Decline in Sales appeared first on theprimarymarket.com.
]]>The post Fashion Retailers Remain Resilient Despite Demand Slump appeared first on theprimarymarket.com.
]]>H&M shares rose by 6% as analysts forecasted a rise in sales for the Swedish fashion house over the third quarter. This comes after sales remained flat for the months of March through May.
Bank of America stated that H&M’s sold-out collaboration with luxury brand Mugler is expected to boost the company’s half-year earnings, which are set to be announced on June 29.
Online fashion retailer ASOS has returned to profitability following its decision to cut its inventory by 15% since the start of the year. With consumers returning to physical stores following the pandemic, ASOS decided to remove unfavorable products from its website.
“Our experience in the current trading environment is that when we create a product that really resonates with our customers and is priced correctly, full-price sales are very strong,” ASOS claimed.
The post Fashion Retailers Remain Resilient Despite Demand Slump appeared first on theprimarymarket.com.
]]>The post Macy’s Shares Fall After Annual Forecast Cut appeared first on theprimarymarket.com.
]]>The department store company is now expecting its full-year sales to be between $22.8 billion and $23.2 billion, reduced from its previous annual forecast in the range of $23.7 billion to $24.2 billion. Adjusted full-year profit is expected to be between $2.70 and $3.20 per share, compared to its previous forecast of $3.67 to $4.11 per share.
Having already ramped up its discounts as consumers remain affected by heavy inflation, Macy’s revealed that it will need to increase its discounts further in the second quarter in order to clear out its spring and summer inventories as consumer spending continued to dwindle. This contrasts the company’s intention last quarter to reduce its promotional activities.
With food prices and rentals continuing to rise, customers are now viewing high-end products that are offered by the likes of Macy’s as lower down on their lists of priorities.
The post Macy’s Shares Fall After Annual Forecast Cut 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 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 P&G CEO Expects Cooling Inflation to Push Profits Further Following Strong Q2 Results appeared first on theprimarymarket.com.
]]>“The US inflation picture is moderating some,” Moeller explained following the company’s earnings report released on Friday morning. He did, however, caution that European resolute inflation could limit the retail giant’s earnings.
Net sales for the second quarter were $20.6 billion, beating the Wall Street consensus estimate of $20.06 billion. Organic sales growth for the period was 8%, outpacing the 5.97% forecast.
Gross profit margins for the quarter were 48.4%, exceeding the 44.6% posted a year ago.
Following the release of its latest earnings figures, P&G released its full-year profit outlook in the range of $6.25 to $6.43 per share. Wall Street estimates stand at $6.38 per share.
The post P&G CEO Expects Cooling Inflation to Push Profits Further Following Strong Q2 Results appeared first on theprimarymarket.com.
]]>The post LG Sets $77 Billion Sales Target for 2030 appeared first on theprimarymarket.com.
]]>“LG Electronics will transform its business portfolio… increase profits by growing in business-to-business, and transition to a service business,” CEO William Cho stated in a press conference.
In order to achieve its sales goal, LG will look to expand its vehicle components business by more than doubling its revenue to 20 trillion won by 2030. The company is also determined to strengthen its home appliance and TV service platforms by adding more media subscriptions and rentals.
Other growth routes that the company is considering are joint ventures, mergers, and acquisitions.
This announcement comes after LG announced last Friday that it expects a second-quarter operating profit 892.7 billion won; up 12.7% from the previous year. This would be the second-highest Q2 profit that the company has ever recorded.
The post LG Sets $77 Billion Sales Target for 2030 appeared first on theprimarymarket.com.
]]>The post Levi’s Cuts Profit Outlook Following Decline in Sales appeared first on theprimarymarket.com.
]]>In addition to its crippling sales figures, the company attributed its decision to slash its economic outlook due to a challenging market where consumer demand is flailing as well as high inventory levels.
Given the current market outlook, Levi’s is looking to shift its business model in an effort to remain competitive and adjust to market trends.
“Our direct-to-consumer business is today about a little over 40% of our business,” CFO and chief growth officer Harmit Singh explained in an interview. “It was half this a decade ago when Chip and I joined. And our slated goal is for this business to be the majority of the business going forward.”
Singh explained that the goal is for Levi Strauss to become a “hybrid company” where all existing sales channels are retained, however, direct sales become the main operation going forward. The company’s shares have declined 15% for the year to date.
The post Levi’s Cuts Profit Outlook Following Decline in Sales appeared first on theprimarymarket.com.
]]>The post Fashion Retailers Remain Resilient Despite Demand Slump appeared first on theprimarymarket.com.
]]>H&M shares rose by 6% as analysts forecasted a rise in sales for the Swedish fashion house over the third quarter. This comes after sales remained flat for the months of March through May.
Bank of America stated that H&M’s sold-out collaboration with luxury brand Mugler is expected to boost the company’s half-year earnings, which are set to be announced on June 29.
Online fashion retailer ASOS has returned to profitability following its decision to cut its inventory by 15% since the start of the year. With consumers returning to physical stores following the pandemic, ASOS decided to remove unfavorable products from its website.
“Our experience in the current trading environment is that when we create a product that really resonates with our customers and is priced correctly, full-price sales are very strong,” ASOS claimed.
The post Fashion Retailers Remain Resilient Despite Demand Slump appeared first on theprimarymarket.com.
]]>The post Macy’s Shares Fall After Annual Forecast Cut appeared first on theprimarymarket.com.
]]>The department store company is now expecting its full-year sales to be between $22.8 billion and $23.2 billion, reduced from its previous annual forecast in the range of $23.7 billion to $24.2 billion. Adjusted full-year profit is expected to be between $2.70 and $3.20 per share, compared to its previous forecast of $3.67 to $4.11 per share.
Having already ramped up its discounts as consumers remain affected by heavy inflation, Macy’s revealed that it will need to increase its discounts further in the second quarter in order to clear out its spring and summer inventories as consumer spending continued to dwindle. This contrasts the company’s intention last quarter to reduce its promotional activities.
With food prices and rentals continuing to rise, customers are now viewing high-end products that are offered by the likes of Macy’s as lower down on their lists of priorities.
The post Macy’s Shares Fall After Annual Forecast Cut appeared first on theprimarymarket.com.
]]>