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As Retail companies round out another overall successful earnings season, we see some decent results along with a forecast of clouds on the horizon. Following a mixed trading day yesterday, which saw the Nasdaq grow +206 points, +1.56%, but the Dow lose -37 points, -0.11%, we’re up across the board at this hour: the Dow +117 points, the Nasdaq +116, the S&P 500 +24 points and the small-cap Russell 2000 +12.
Macy’s (M - Free Report) posted a sweet +100% earnings beat in its Q2 report this morning, 26 cents per share versus estimates of 13 cents, on revenues totaling $5.13 billion, above the $5.06 billion expected. Guidance for next quarter sales and earnings remain wide, with Zacks consensus estimates still right in the middle of this new guidance.
Same-store sales were down -8% in the quarter, while Digital was down -10% year over year. Shares are taking a -8% hit, after dumping roughly -30% year to date. This, after a +100% earnings beat. Tough crowd. For more on M’s earnings, click here.
Dick’s Sporting Goods (DKS - Free Report) missed earnings estimates in its Q2 report this morning — $2.82 per share was well off the anticipated $3.95, and a big fall from $3.63 per share reported in the year-ago quarter. Revenues of $3.22 billion were exactly in-line with expectations. Retail theft, slow Outdoor sales, and, unfortunately, a term for lower inventory referred to as “shrinkage” is what’s keeping Dick’s down in the pre-market. Shares have tumbled -20% so far this morning, giving back nearly all its 2023 gains, year-to-date.
Lowe’s (LOW - Free Report) , on the other hand, outperformed Zacks consensus figures in its Q2 report ahead of today’s open, with $4.56 per share beating by 7 cents per share, on quarterly sales that brought in $25.0 billion, from $24.9 billion expected. Comps were down -1.6% but were anticipated to come in at -2.6%, with Pro and online businesses excelling but augmented by deflated lumber prices. Low’s shares are +2% on the news, and +9% year to date — still underperforming the S&P’s +14.6%.
We’ll hear from a few Fed members this morning, including Richmond, VA’s Tom Barkin, Chicago’s Austan Goolsbee and Fed Governor Michelle Bowman. We also get a look at Existing Home Sales for July after today’s open, with estimates expected slightly lower month over month to 4.15 million seasonally adjusted, annualized units. None of these things are likely to change the market trends this morning.
Image: Bigstock
Macy's +100% EPS, Falls -8%; DKS -20% on Q2
As Retail companies round out another overall successful earnings season, we see some decent results along with a forecast of clouds on the horizon. Following a mixed trading day yesterday, which saw the Nasdaq grow +206 points, +1.56%, but the Dow lose -37 points, -0.11%, we’re up across the board at this hour: the Dow +117 points, the Nasdaq +116, the S&P 500 +24 points and the small-cap Russell 2000 +12.
Macy’s (M - Free Report) posted a sweet +100% earnings beat in its Q2 report this morning, 26 cents per share versus estimates of 13 cents, on revenues totaling $5.13 billion, above the $5.06 billion expected. Guidance for next quarter sales and earnings remain wide, with Zacks consensus estimates still right in the middle of this new guidance.
Same-store sales were down -8% in the quarter, while Digital was down -10% year over year. Shares are taking a -8% hit, after dumping roughly -30% year to date. This, after a +100% earnings beat. Tough crowd. For more on M’s earnings, click here.
Dick’s Sporting Goods (DKS - Free Report) missed earnings estimates in its Q2 report this morning — $2.82 per share was well off the anticipated $3.95, and a big fall from $3.63 per share reported in the year-ago quarter. Revenues of $3.22 billion were exactly in-line with expectations. Retail theft, slow Outdoor sales, and, unfortunately, a term for lower inventory referred to as “shrinkage” is what’s keeping Dick’s down in the pre-market. Shares have tumbled -20% so far this morning, giving back nearly all its 2023 gains, year-to-date.
Lowe’s (LOW - Free Report) , on the other hand, outperformed Zacks consensus figures in its Q2 report ahead of today’s open, with $4.56 per share beating by 7 cents per share, on quarterly sales that brought in $25.0 billion, from $24.9 billion expected. Comps were down -1.6% but were anticipated to come in at -2.6%, with Pro and online businesses excelling but augmented by deflated lumber prices. Low’s shares are +2% on the news, and +9% year to date — still underperforming the S&P’s +14.6%.
We’ll hear from a few Fed members this morning, including Richmond, VA’s Tom Barkin, Chicago’s Austan Goolsbee and Fed Governor Michelle Bowman. We also get a look at Existing Home Sales for July after today’s open, with estimates expected slightly lower month over month to 4.15 million seasonally adjusted, annualized units. None of these things are likely to change the market trends this morning.
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