Friday, August 18th, 2017
Most of the big players have already reported earnings this season, but the Retail group is still be heard from, both this morning and through most of next week. Here are a few companies making headlines in today’s pre-market, all of which indexes are moderately in the green at this hour after a rough Thursday sell-off.
Foot Locker FL is hitting the skids in today’s pre-market following its Q2 earnings results that came in far lower than expected on both the top and bottom lines. Earnings of 62 cents per share missed the 90 cents in the Zacks consensus, while revenues of $1.70 billion underperformed the $1.81 we were looking for and were down 4.3% year over year. Foot Locker’s previous 4 quarters had all produced modest positive surprises.
This time around, same-store sales fell 6%, whereas analysts had expected 9% gains in comps. Foot Locker shares are down more than 20% in today’s pre-market at this hour, and shares of Foot Locker suppliers Nike NKE and UnderArmour UAA are also falling this morning.
Estee Lauder EL outperformed expectations in its Q2 earnings report before today’s opening bell, posting 51 cents per share versus 43 cents in the Zacks consensus, up 25% year over year. Quarterly sales of $2.89 billion topped the $2.85 billion expected, up 11% year over year. Acquired brands Too Faced and BECCA boosted growth for the Zacks Rank #2 (Buy)-rated beauty giant, and shares are up 4% in the pre-market at this hour.
Zacks Rank #2 (Buy)-rated tractor maker Deere & Company DE also beat estimates on its bottom line this morning to $1.97 per share from the $1.93 expected, up 27% year over year. Revenues in the quarter missed the mark, however, bringing in $6.83 billion as opposed to the $6.89 billion anticipated. Shares are down more than 6% in today’s pre-market following these mixed results, but consider this stock has risen 20% so far in 2017.
Mark Vickery
Senior Editor
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