Breaking News
Mar 2, 2023
  • The Kroger Co said revenue in the fourth quarter increased to $34.8 billon from $33 billion and net income fell to $450 million from $566 million and diluted earnings per share declined to 62 cents from 76 cents a share. 

    Revenue in the full-year 2022 increased to $148.3 billion from $137.9 billion and net income increased to $2.2 billion from $1.7 billion and diluted earnings per share rose to $3.06 from $2.17 in the previous year. 
    • Nordstrom Inc said revenue in the fourth quarter decreased 4% to $4.2 billion and net income declined to $119 million from $200 million and diluted earnings per share fell to 74 cents from $1.23 a year ago. 

      In the fourth quarter, Nordstrom banner sales declined 2.4% and Nordstrom Rack sales dropped 8.1% and online sales fell 13.1% from the previous year. 

      Revenue in the full-year increased to $15.1 billion from $14.4 billion and net income rose to $245 million from $178 million or diluted earnings per share $1.51 from $1.10 in the previous year. 

      The luxury retailer announced its plan to wind down its Canada operations and close 6 Nordstrom stores and 7 Nordstrom Rack stores. The wind-down is expected to decline annual sales by $400 million and improve EBIT by $35 million and the retailer estimated wind-down related pre-tax charge between $300 million and $350 million in the first quarter of 2023.  

      The board of directors declared a quarterly cash dividend of $0.19 per share to be paid to shareholders of record on March 14 payable on March 29. During fiscal year 2022, the retailer repurchased 2.8 million shares of its common stock for $62 million under its existing $500 million share  repurchase program with $438 million still available. 
      • Victoria's Secret & Co said revenue in the fourth quarter decreased 7% to $2.02 billion from $2.2 billion and net income declined to $173 million from $246 million and diluted earnings per share fell to $2.10 from $2.70 a share. 

        The company said net sales in the full-year 2022 declined 6% to $6.3 billion from $6.8 billion and net income fell to $348 million from $646 million and diluted earnings per share fell to $4.14 from $7.18 a year ago. 

        The company repurchased 0.9 million shares for $36 million and completed its $250 million stock repurchase program and announced a new plan of $250 million through the end of fiscal year 2023. 

        The retailer is forecasting first quarter 2023 net sales to decrease in the "mid-single digit range" compared to last year’s first quarter net sales of $1.484 billion and adjusted net income for the first quarter of 2023 is estimated to be in the range of $0.30 to $0.60 per diluted share.  
        • Six Flags Entertainment Corp said revenue in the fourth quarter declined 12% to $280 million from $317 million and the company swung to a net income of $13 million from a loss of $2 million and diluted earnings per share was 16 cents compared to a loss of 2 cents in the previous year. 

          Attendance in the park declined 30% to 4.1 million from 5.8 million and total spending per person increased 23% to $65.15, reflecting admission cost increase of 24% to $34.50 and in-park spending increase of 22% to $30.65. 

          Revenue in the full-year 2022 declined 9% to $1.35 billion and net income attributable to stockholders declined 16% to $109 million from $130 million and diluted earnings per share dropped to $1.29 from $1.50 a year ago. 

          Total attendance dropped 26% to 20.4 million from 27.7 million and total guest spending per person increased 22% to $63.93, reflecting a 25% increase in admissions to  $35.99 and 18% increase in in-park spending to $27.94. 
          • Macy's Inc said revenue in the fourth quarter declined to $8.3 billion from $8.7 billion and net income fell to $508 million from $742 million and diluted earnings per share dropped to $1.83 from $2.44 a year ago. 

            In the full-year 2022, revenue fell 0.1% to $24.5 billion and net income fell to $1.1 billion from $1.4 billion and diluted earnings per share decreased to $4.19 from $4.55 a year ago. 

            Comparable store sales at the company owned stores fell 3.3% in the quarter and increased 0.3% in the full-year 2022.  

            The number of active shoppers decreased 4% to 42.7 million at the Macy’s branded stores, increased 5% to 4.1 million at the Bloomingdale’s stores, and rose 12% to 662,000 at the Bluemercury stores from the previous year. 
          • Mar 1, 2023
            • Kohl's Corporation said revenue in the fourth quarter decreased 7.2% to $5.8 billion and the retailer swung to a net loss of $273 million from $299 million and diluted earnings per share was ($.2.49) compared to $2.20 a year ago. Comparable sales in the quarter fell 6.6%. 

              In full-year 2022, revenue fell 7.1% to $17.2 billion and the apparel retailer swung to a net loss of $19 million compared to a profit of $938 million and diluted earnings per share was ($0.15) compared to $6.32 a year ago. Comparable sales in the year declined 6.6%.  

              The retailer announced a dividend of 50 cents per share payable March 29 to shareholders of record on March 15. 
              • Lowe's Companies said revenue in the fourth quarter rose to $22.4 billion from $21.3 billion and net income declined to $957 million from $1.2 billion and diluted earnings per share fell to $1.58 from $1.78 in the previous year. Comparable sales in the quarter declined 1.5%. 

                In full-year  2022, revenue rose to $97 billion from $96.3 billion and net income fell to $6.4 billion from $8.4 billion and diluted earnings per share decreased to $10.17 from $12.04 a year ago.

                During the quarter, the retailer repurchased approximately 10 million shares for $2.0 billion and it repurchased 71 million shares for $14.1 billion for the year. 

                The company also paid $643 million in dividends in the fourth quarter and $2.4 billion in dividends for the year. In  total, the company returned $16.5 billion to shareholders through share repurchases and dividends in 2022.
                • Abercrombie & Fitch Co said revenue in the fourth quarter increased 3% to $1.2 billion from $1.1 billion and net income declined to $38.3 million from $65.5 million and diluted earnings per share fell to 75 cents from $1.12 a year ago. 

                  In full-year 2022, revenue was flat at $3.7 billion and net income dropped to $2.8 million from $263 million and diluted earnings per share plunged to 5 cents from $4.20 a year ago. 

                  The apparel retailer guided net sales growth in the range of 1% to 3% from $3.7 billion in 2022 with the expectation that Abercrombie will continue to outperform Hollister and the U.S. sales will continue to outperform international sales. 
                  • LL Flooring Holdings, Inc said revenue in the fourth quarter declined 7.5% to $263.9 million after comparable sales declined 9.5% from the previous year. The flooring products retailer swung to a net loss of $15 million from a profit of $10.3 million and diluted earnings per share was ($0.53) compared to 35 cents in the previous year. 

                    Revenue in the full-year 2022 declined 3.6% to $1.1 billion and comparable store sales fell 5.8%. Net income declined to $41.7 million from $61.4 million and diluted earnings per share fell to $1.41 from $2.10 in the previous year. 
                    • The ODP Corporation, parent of Office Depot, said sales in the fourth quarter increased 3% to $2.1 billion and the retailer swung to a net income of $17 million from a loss of $274 million and diluted earnings per share was 38 cents compared to a loss of $5.44 in the previous year. 

                      Sales in the full-year 2022 was flat at $8.5 billion and the retailer swung to a profit of $166 million from a loss of $208 million and diluted earnings per share was $3.37 from {$3.79) a year ago.

                      The company announced a new stock repurchase program of $1 billion replacing the current $600 million plan. In 2022, the company repurchased 6.4 million shares for $266 million, which included the repurchase of over 4.5 million shares for approximately $197 million in the fourth quarter,