Breaking News
Mar 28, 2024
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The U.S. economy expanded at a slightly higher than previously expected rate in the fourth quarter.
The annualized rate of real economic growth was revised to 3.4% from the previous estimate of 3.2%, the Bureau of Economic Analysis reported Thursday.
The update primarily reflected upward revisions to consumer spending and nonresidential fixed investment, partly offset by a downward revision to private inventory investment.
Compared to the third quarter of 2023, the deceleration in economic growth adjusted for inflation in the fourth quarter primarily reflected a downturn in private inventory investment and slowdowns in federal government spending and residential fixed investment.
Imports also decelerated.
The real gross domestic product increase in 2023 was left unrevised in the third estimate at 2.5%.
The annual economic growth accelerated from 1.9% in 2022, primarily reflecting higher consumer spending, non-residential fixed investment, local and federal government spending, and exports that were partly offset by decreases in residential fixed investment and private inventory investment.
Current-dollar gross domestic product in the fourth quarter was revised higher to 5.1% from 4.9% in the second estimate.
The current-dollar gross domestic product in 2023 was left unrevised at 6.3%. -
Single-family house sales eased 0.3% from the previous month and rose 5.9% from a year ago in February to a seasonally adjusted rate of 662,000.
The median sale price of a new house sold was $400,500, and the average sale price was $485,000, according to the latest government statistics.
The U.S. Census Bureau and the U.S. Department of Housing and Urban Development jointly announced the new residential statistics Monday.
The seasonally adjusted estimate of new homes for sale at the end of February was 463,000, a supply of 8.4 months at the current sales rate.
Home price affordability and elevated mortgage rates have kept first-time home buyers away from the market, as mortgage rates have continued to advance over the last year. -
Lululemon Athletica dropped 14% to $413.0 after the athleisure retailer reported strong holiday quarter sales, but its outlook for the current quarter fell short of analysts' expectations.
Net revenue in the fiscal fourth quarter ending in January increased 16% to $3.2 billion from $2.8 billion.
Net revenues in the Americas increased at a slower pace of 9%, driven by a 7% increase in comparable sales.
International revenue soared 54%, and comparable sales soared 43%, driven by a rebound in activities after China ended its COVID-19 restrictions.
Net income jumped to $669.4 million from $119.8 million, and diluted earnings per share advanced to $5.30 from 94 cents a year ago.
Inventories at the end of 2023 decreased by 9% to $1.3 billion, compared to $1.4 billion at the end of 2022.
For the first quarter of 2024, the company expects net revenue to be in the range of $2.175 billion to $2.200 billion, representing growth of 9% to 10%.
In the quarter, diluted earnings per share are expected to be in the range of $2.35 to $2.40.
For the full-year 2024, the retailer expects net revenue to be in the range of $10.7 billion to $10.8 billion, representing growth of 11% to 12%, or 10% to 11% excluding the 53rd week of 2024.
For the full-year 2024, diluted earnings per share are expected to be in the range of $14.00 to $14.20. -
FedEx jumped 11.6% to $295.58 after the parcel delivery company reported better-than-expected quarterly results.
Net revenue in the fiscal third quarter ending in January declined to $21.7 billion from $22.2 billion, net income rose to $879 million from $771 million, and diluted earnings per share rose to $3.51 from $3.05 a year ago.
The logistics company guided fiscal 2024 revenue to decline in a low-single-digit percentage and earnings per diluted share between $15.65 and $16.65 before the mark-to-market retirement plan monthly adjustments.
The company also completed the purchase of 4.1 million shares for $1.0 billion in the quarter, and the board of directors approved another $5 billion stock buyback plan, in addition to the remaining $0.6 billion available in the previously authorized plan in 2021.
FedEx expects to repurchase an additional $500 million of common stock during the fiscal fourth quarter, which will bring the fiscal 2024 buyback total to $2.5 billion. -
Nike decreased 6.2% to $94.60 after the company reported mixed quarterly sales in the fiscal third quarter.
Revenue in the quarter edged slightly higher to $12.43 billion from $12.39 billion, and sales in North America rose 3% to $5.07 billion, while China sales growth slowed to 5% at $2.08 billion.
Net income in the quarter ending on February 29 was $1.17 billion, up from $1.27 billion, and diluted earnings per share decreased to 77 cents from 79 cents a year ago. -
Dutch Bros. plunged 6% to $33.49 after the drive-through coffee chain announced the launch of a secondary offering of its shares.
TSG Consumer Partners, LP, plans to sell 8 million shares and plans to grant a 30-day option to sell an additional 1.2 million shares to its sole underwriter, Morgan Stanley. -
Micron Technology increased 17.2% to $112.75 after the advanced chipmaker reported better-than-expected quarterly results, driven by demand for artificial intelligence applications and tight supply.
Revenue in the fiscal second quarter ending in February soared to $5.8 billion from $3.7 billion, net income swung to a profit of $793 million from a loss of $2.3 billion, and diluted earnings per share were 71 cents compared to a loss of $2.12 a year ago.
The company anticipated tight market conditions to persist in the fiscal third quarter and estimated revenue of about $6.6 billion with a band of $200 million and diluted earnings per share of 17 cents with a band of 7 cents. -
Five Below declined 12.5% to $182.85 after the deep discount retailer reported lower-than-expected revenue and earnings in the fiscal quarter, dominated by holiday sales.
Revenue in the fiscal fourth quarter ended February 3 increased 19.1% to $1.34 billion from $1.12 billion, net income rose to $202.2 million from $171.3 million, and diluted earnings per share rose to $3.65 from $3.02 a year ago.
Net sales in the 53rd week were $48.1 million and represented approximately $0.15 cents in diluted earnings per share.
The company also estimated weaker-than-anticipated revenue and earnings in the fiscal first quarter and full year.
Net sales in the fiscal first quarter are expected to range between $826 million and $846 million, net income between $32 million and $38 million, and diluted earnings per share between 58 cents and 69 cents.
The company's guidance is based on comparable sales to increase between flat and 2%.
For the full year of fiscal 2024, net sales are estimated in the range of $3.97 billion and $4.07 billion, net income between $318 million and $346 million, and diluted earnings per share between $5.71 and $6.22. -
Darden Restaurants declined 5.9% to $164.32 after the owner of Olive Garden and other chains reported weaker-than-expected revenue and earnings in its latest quarter.
Revenue in the fiscal third quarter increased 6.8% to $2.97 billion from $2.79 billion, net income rose to $312.9 million from $286.6 million, and diluted earnings per share advanced to $2.60 from $2.34 a year ago.
The total sales increase was driven by sales from the addition of 79 company-owned Ruth's Chris Steak House restaurants and 53 other net new restaurants, partially offset by a blended same-restaurant sales decrease of 1.0%.
The company estimated full-year revenue of $11.4 billion and diluted earnings per share between $8.80 and $8.90.
The company's board of directors declared a quarterly cash dividend of $1.31 per share payable on May 1 to shareholders on record on April 10.
The retail chain in the quarter repurchased 0.2 million shares for $33 million, and the company's board authorized a new share repurchase plan of $1 billion. -
Accenture dropped 6.5% to $356.50 after the information services provider's revenue outlook outweighed earnings in the fiscal second quarter.
Revenue in the second quarter was flat at $15.8 billion, net income increased to $1.7 billion from $1.55 billion, and diluted earnings per share rose to $2.63 from $2.39 a year ago.
New bookings for the quarter were $21.6 billion, with consulting bookings of $10.5 billion and managed services bookings of $11.1 billion.
The company declared a quarterly cash dividend of $1.29 per share payable on May 15 to shareholders on record on April 18.
During the quarter, the company repurchased or redeemed 3.8 million shares for a total of $1.3 billion, and about $4.6 billion were still available under the stock repurchase plan as of February 29.
The company guided fiscal third quarter revenue between $16.25 billion and $16.85 billion, falling between negative 1% and positive 3% when measured in local currency from a year ago.
The company also estimated annual revenue growth to be in the range of 1% to 3%, compared to a previous estimate between 2% and 5%, assuming no impact of foreign currency translation on its results.
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