Consumer Discretionary

Target Logs Better-Than-Expected Holiday Quarter Results as Markdown, Shrink Costs Contract

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Target (TGT) on Tuesday recorded a 58% jump in fiscal fourth-quarter earnings that topped market estimates, as the retailer benefited from lower markdowns and shrink costs. The company’s adjusted earnings came in at $2.98 a share for the three-month period ended Feb. 3, up from $1.89 the year before, surpassing the Capital IQ-polled consensus of $2.41. Sales moved up to $31.47 billion from $30.98 billion, with total revenue rising 1.7% to $31.92 billion. The Street’s view was for $31.85 billion. Comparable sales fell 4.4%, compared with the 4.5% drop modeled by analysts, as the number of transactions decreased by 1.7%, according to the retailer. In the previous three-month period, same-store sales slipped 4.9% while traffic moved down 4.1%. “Our team’s efforts changed the momentum of our business, further improving our sales and traffic trends in the fourth quarter while driving profitability well ahead of expectations,” Chief Executive Brian Cornell said […]

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Dune: Part 2 Earns $32 Million in ‘Blockbuster-Style Debut’ — Barrons.com

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By Jacob Adelman “Dune: Part Two” has hit movie venues as this year’s biggest Hollywood hit, a potential boon for theater businesses including AMC Entertainment Holdings Inc.and IMAX Corp. Warner Bros. Discovery’s sequel to 2021’s “Dune: Part One” earned $32.2 million in ticket sales through the Friday night leading into its opening weekend, according to data from box-office tracker Comscore. Those opening-day results, which also include Thursday-night previews, smoked 2024’s previously most lucrative debut, “Bob Marley: One Love,” which earned about $14 million through its opening Friday night and just $28.7 million over its entire opening weekend, according to Comscore. Friday’s numbers put director Denis Villeneuve’s new sci-fi epic on track to earn at least $70 million through its first weekend in theaters, Comscore senior media analyst Paul Dergarabedian said in an email to Barron’s. That’s more than the $65 million that Warner had projected the film would earn through

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Target’s Fiscal Fourth-Quarter Sales Likely Remained ‘Challenged,’ BofA Says

/ / Consumer Discretionary /

Target’s (TGT) fiscal fourth-quarter sales likely remained “challenged,” though the retailer’s recent initiatives should help support traffic and share gains going forward, BofA Securities said Friday. The company is scheduled to report fourth-quarter results Tuesday. BofA expects earnings to increase nearly 35% year over year to $2.55 per share, with revenue seen up 1.1% at $31.74 billion. Wall Street is looking for $2.39 and $31.81 billion, respectively, according to the brokerage. BofA expects same-store sales to decline 5%, versus the Street’s call for a 4.6% drop. The firm expects moderating food and beverage inflation and soft discretionary trends to counter improving traffic, backed by Target’s strategic and merchandising measures. “While near-term sales remain challenged, we believe investors may look through recent pressure to a potential inflection, which we believe (Target) may see in (the second quarter),” BofA analyst Robert Ohmes said in a note. The company is expected to face

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LOWE’S (NYSE:LOW) REPORTS FOURTH QUARTER 2023 SALES AND EARNINGS RESULTS

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LOWE’S REPORTS FOURTH QUARTER 2023 SALES AND EARNINGS RESULTS PR Newswire MOORESVILLE, N.C., Feb. 27, 2024 — Comparable Sales Decreased 6.2%; Diluted EPS of $1.77– — Provides Full Year 2024 Outlook — MOORESVILLE, N.C., Feb. 27, 2024 /PRNewswire/ — Lowe’s Companies, Inc. (NYSE: LOW) today reported net earnings of $1.0 billion and diluted earnings per share (EPS) of $1.77 for the quarter ended Feb. 2, 2024, compared to diluted EPS of $1.58 in the fourth quarter of 2022, which included pre-tax transaction costs of $441 million associated with the sale of our Canadian retail business. Excluding the transaction costs in the prior year, fourth quarter 2022 adjusted diluted EPS(1) was $2.28. Total sales for the quarter were $18.6 billion,(2) compared to $22.4 billion in the prior year quarter. Prior-year quarterly sales included approximately $1.4 billion from the additional 53(rd) week, as well as $958 million generated from our Canadian retail

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Lowe’s Companies (NYSE:LOW) FY24 Outlook: Revenue $84B – $85B Vs. Vs. $85.61B Estimate, EPS $12.00 – $12.30 Vs. $12.95 Estimate

/ / Consumer Discretionary /

Full Year 2024 Outlook Total sales of $84 to $85 billion Comparable sales expected to be down -2 to -3% as compared to prior year Operating income as a percentage of sales (operating margin) of 12.6% to 12.7% Interest expense of approximately $1.4 billion Effective income tax rate of approximately 25% Diluted earnings per share of approximately $12.00 to $12.30 Capital expenditures of approximately $2 billion

Lowe’s Companies (NYSE:LOW) FY24 Outlook: Revenue $84B – $85B Vs. Vs. $85.61B Estimate, EPS $12.00 – $12.30 Vs. $12.95 Estimate Read Post »

Lowe’s (NYSE:LOW) 2024 Guidance Misses Analyst Expectations

/ / Consumer Discretionary /

Lowe’s logged a stronger 4Q than Wall Street had been expecting, but its outlook for fiscal 2024 missed current analyst estimates. The home-improvement giant says it expects comparable sales, which strip out the impacts of store openings and closings, to fall 2% to 3% this year, which is a smaller decline than it saw in 2023 but steeper than the 1.5% drop analysts are currently projecting. Guidance for $84B to $85B in annual revenue is below current estimates for $85.36B, and its forecast for $12 to $12.30 a share in annual earnings comes in under current projections for $12.68 a share.

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