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Aug 31, 2023
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Victoria's Secret & Company declined 4.9% to $17.06 after the lingerie retailer reported disappointing second quarter results.
The specialty retailer reported revenue declined 6% to $1.43 billion from $1.52 billion and comparable store sales decline accelerated to 14% from 7% a year ago.
Net income attributable to shareholders swung to a loss of ($1.4 million) from a profit of $69.9 million and diluted earnings per share plunged to (2 cents) from 83 cents year ago.
The company is forecasting third quarter net sales to decline in low- to mid-single digit from the last year's sales of $1.32 billion and adjusted operating loss in the range of $45 million and $75 million and adjusted net loss per share in the range of 70 cents to $1.0.
The company added full-year 2023 net sales to decrease in the "low-single digit range" compared to last year and estimated adjusted operating income in the range of 5% to 6% of net sales. -
PVH Corp rose 1% to $80.99 after the owner of several apparel brands including Calvin Klein reported strong quarterly results.
The apparel maker reported quarterly revenue increased 2.2% to $2.21 billion and net income declined to $94.2 million from $115.3 million and diluted earnings per share fell to $1.50 from $1.72 a a year ago.
The company also lifted its full-year earnings per share and revenue outlook.
The company forecasted 2023 revenue to increase between 3% and 4% compared to 2022 and diluted earnings per share to be $9.60 compared to $3.03 respectively.
In the third quarter, the company forecasted revenue to increase in "mid-single" digits and GAAP earnings per share of $2.43 compared to a loss of $2.88 a year ago. -
Big Lots Inc soared 31% to $8.22 after the deep discount retailer reported smaller-than-expected loss.
Big Lots said quarterly revenue rose to $1.14 billion from $1.35 billion and net loss soared to $249.8 million from $84.2 million and diluted loss per share jumped to $8.56 from $2.91 a year ago.
Inventory at the end of the quarter declined 15% to $0.98 billion from $1.2 billion because of lower in-transit and on-hand units and lower average unit costs.
On August 25 the company completed the sale of its Apple Valley, California distribution center 22 stores, resulting in gross proceeds of $300 million and after tax and expenses net proceeds were $294 million.
The company used proceeds to pay $100 million for its synthetic lease on the distribution center and the remainder to pay down debt.
The discount retailer forecasted comparable sales to decline in the "low-teen" range and sales to ease 140 basis points compared to the third quarter a year ago.
The company did not provide earnings per share outlook for the third quarter and estimated share count to average 29.3 million in the third quarter. -
Heico Corp declined 1.2% to $165.91 after the company said its operating margin declined from a year ago but quarterly results were ahead of market expectations.
Net sales in the second quarter increased to $722.9 million from $569.2 million and net income attributable to shareholders increased to $102 million from $82.5 million and diluted earnings per share rose to 74 cents from 60 cents a year ago. -
Nio Inc declined 4.5% to $10.48 after the China-based electric vehicle maker reported a wider quarterly loss.
Total revenue in the second quarter declined 14.8% to $1.2 billion and vehicle deliveries fell 6.1% to 23,520 units from 25,059 units a year ago.
Vehicle margin fell to 6.1% in the second quarter from 16.7% in the period a year ago but rose from 5.1% in the first quarter of 2023.
Net loss jumped to 6 billion yuan from 2.7 billion yuan and diluted loss per share rose to 3.70 yuan from 1.68 yuan a year ago. -
Best Buy Co Inc fell 5.6% to $78.28 after the electronics retailer reported fiscal second quarter results ahead of market expectations.
Revenue in the second quarter declined to $9.6 billion from $10.3 billion and net income dropped to $274 million from $306 million and diluted earnings per share fell to $1.25 from $1.32 a year ago.
The company also tightened its upper end of its full-year revenue outlook.
The company estimated full-year revenue between $43.8 billion to $44.5 billion compared to its previous estimate between $43.8 billion and $45.2 billion.
The electronics retailer forecasted comparable sales to decline between 4.5% and 6%, which compares to prior guidance of a decline of 3% to 6%. -
Intuit Inc soared 2.9% to $512.99 after the software company reported quarterly results that were ahead of market expectations.
The software company said revenue in the quarter increased 12% to $2.71 billion and net income of $89 million compared to a loss of $56 million and diluted earnings per share of 32 cents from (0.20 cents) a year ago. -
Ulta Beauty Inc decreased 3.3% to $408.79 after the specialty retailer reported a decline in comparable sales and mixed quarterly results.
Comparable sales (at stores opened at least 14 months and e-commerce sales) slowed to 8% in the quarter from 14.4% and the company opened net new 3 store compared to 7 in the year ago period.
Net sales in the quarter ending in July increased 10.1% to $2.5 billion from $2.3 billion and net income increased $300.1 million from $295.6 million and diluted earnings per share $6.02 from $5.5.70 a year ago.
During the second quarter of fiscal 2023, the company repurchased 593,629 shares of its common stock at a cost of $275.5 million.
In the first six months of fiscal 2023, the company repurchased 1.1 million shares of its common stock at a cost of $559.0 million.
As of July 29,, $541 million remained available under the $2 billion share repurchase program announced in March 2022.
At the end of the second quarter, the company operated 1,362 stores totaling 14.3 million square feet.
The company revised higher its fiscal year 2023 sales outlook to between $11.05 billion and $11.15 billon from $11.0 billion and $11.1 billion and comparable sales to increase between 4.5% and 5.5% from the previous range between 4% and 5%. -
Nordstrom Inc dropped 10.5% to $15.05 after the fashion apparel retailer reported better-than-expected quarterly results.
But investors sold stock after the company reiterated its full-year sales estimate to decline between 4% and 6%.
Total revenue in the second quarter ending in July declined 8.3% to $3.8 billion from $4.1 billion and net income rose to $137 million from $126 million and diluted earnings per share rose to 84 cents from 77 cents a year ago.
Excluding the impacts of the Canadian wind-down and Anniversary Sale timing shift, net sales would have been down approximately 4%.
During the quarter, Nordstrom banner net sales decreased 10.1% and GMV decreased 10.4% and net sales for Nordstrom Rack fell 4.1%.
Digital sales fell 12.9% in the quarter from a year earlier.
Collectively, eliminating store fulfillment for Nordstrom Rack digital orders during the third quarter of fiscal 2022 and the closing of Trunk Club during the second quarter of fiscal 2022 negatively impacted second quarter digital sales by approximately 500 basis points.
The timing shift of the Anniversary Sale had a negative impact on company digital sales of approximately 300 basis points compared with the second quarter of 2022.
Digital sales represented 36 percent of total sales during the quarter.
The board of directors declared a quarterly cash dividend of 19 cents a share payable on September 13 to shareholders of record on August 29. -
Boeing Company declined 3.5% to $220.43 after the company said fastener holes on after pressure bulkheads were improperly drilled on some versions of 737 Max jets, this will further delay deliveries of these planes.
Spirit AeroSystems Holdings Inc plunged 15% to $19.45 after Boeing highlighted manufacturing defects on the fuselage made by the company.
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