Breaking News
Sep 5, 2023
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Brady Corp soared 11.1% to $56.48 after the company posted quarterly results and reported adjusted earnings per share of $1.04.
Sales in the fiscal fourth quarter ending in July increased 6.8% to $345 .9 million from $324 million and net income rose to $49.4 million from $41 million and diluted earnings per share advanced to $1.0 from 81 cents a year ago.
During the quarter and year ended July 31, the company returned $56.4 million and $120.4 million, respectively, to shareholders in the form of dividends and share repurchases.
On August 30, the Board of Directors authorized an additional $100 million of shares for repurchase, about 2 million shares based on current share price and approximately 4.4% of total outstanding shares.
The industrial printer maker forecasted diluted earnings per share in the fiscal 2024 to range between $3.70 and $3.95. -
Warner Bros Discovery Inc decreased 0.5% to $11.52 after the company said that the current strikes from writers and actors could negatively impact adjusted operating earnings between $300 million and $500 million.
The company provided the latest projections in a filing with the SEC.
The movie studio operator is expecting lower adjusted operating earnings for the full year in the range of $10.5 to $11 billion, reflecting impact from strikes.
The company revised higher its full-year free cash flow expectations to at least $5 billion and third quarter free cash flow of $1.7 billion, in part due to strong performance of Barbie. -
Signet Jewelers Ltd increased 5.3% to $75.27 after the retailer reported better-than-expected quarterly results.
Sales in the second quarter ending in July declined 8.1% to $1.6 billion and same store sales plunged 12% from a year ago.
Same store sales in North America declined 12.2% and nonstore sales, which includes online sales, rose 5.2%, resulting in a decline of 7.1% to $1.5 billion.
Net income attributable to common shareholders plunged to $66.5 million from $136.8 million and diluted earnings per share fell to $1.38 from $2.56 a year ago.
The retailer guided third quarter sales to decline to between $1.36 billion and $1.41 billion and full-year revenue between $7.1 billion and $7.3 billion and diluted earnings per share between $9.55 and $10.64. -
Five Below Inc declined 4.5% to $174.88 after the deep discount retailer forecasted weak third quarter results.
The retailer estimated third quarter revenue to fall between $715 million and $730 million and earnings per share between 17 cents and 25 cents, sharply lower than estimates set by some analysts.
Revenue in the second quarter increased 13.5% to $758.9 million from $668.9 million, reflecting comparable sales increase of 2.7% and comparable transactions advanced 4.5%.
Net income advanced to $48.6 million from $41.3 million and diluted earnings per share rose to 84 cents from 74 cents a year ago.
In the quarter, the company opened 43 new stores and ended the quarter with 1,407 stores, representing 12.4% increase in store count from a year ago.
The discount retailer forecasted full-year revenue in the range of $3.50 billion to $3.57 billion based on opening over 200 new stores and assuming an approximate 1% to 3% increase in comparable sales.
Net income is expected to be in the range of $295 million to $311 million and diluted income per common share in the range of $5.27 to $5.55 on approximately 55.9 million outstanding shares. -
Chewy Inc dropped 15.1% to $23.12 after the online pet food retailer said second quarter sales of $2.78 billion and diluted earnings per share of 4 cents.
The company said in a conference call with investors that active customers declined 0.6% to 20.4 million and customers are trading down amid high inflation.
Net sales for active customer increased 14.7% to $530 and auto customers sales increased 240 basis points to 75.5%.
Despite the customers substituting lower priced treats for pets, gross margin increased 20 basis points to 28.3%, indicating prudent promotional activities.
Net sales increased 14.3% to $2.78 billion and net income declined to $18.9 million from $22.3 million and diluted earnings per share fell to 4 cents from 5 cents a year ago. -
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.
Aug 31, 2023
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Aug 29, 2023