Hey Friends,
With the majority of retailers reporting their Q1 earnings over the past couple of weeks, I wanted to take the time to summarize the results into a consolidated view. These summaries encapsulate the financial performance and outlooks of major retailers for their respective recent quarters.
Retailers' Quarterly Earnings Highlights
Nordstrom
Loss per share: 24 cents (vs. 8 cents expected)
Revenue: $3.34 billion (vs. $3.20 billion expected)
Nordstrom reported sales growth but missed earnings expectations. Nordstrom Rack, it’s off-price chain, outperformed, driving growth with nine new store openings this quarter. Shares fell about 7% following report.
Gap
Earnings per share: 41 cents (vs. 14 cents expected)
Revenue: $3.39 billion (vs. $3.29 billion expected)
Gap saw positive sales at all four brands (Gap, Banana Republic, Athleta, Old Navy), leading to a raised full-year guidance. Shares surged over 20% following report.
Best Buy
Earnings per share: $1.20 adjusted (vs. $1.08 expected)
Revenue: $8.85 billion (vs. $8.96 billion expected)
Despite missing sales expectations, Best Buy reported higher profits and maintained its full-year forecast. Shares increased by 13% following report.
Target
Earnings per share: $2.03 (vs. $2.06 expected)
Revenue: $24.53 billion (vs. $24.52 billion expected)
Target posted a year-over-year sales decline and missed earnings expectations due to reduced consumer spending. Shares dropped about 8% following report.
Kohl’s
Loss per share: 24 cents (vs. 4 cents profit expected)
Revenue: $3.18 billion (vs. $3.34 billion expected)
Kohl’s reported a surprising loss, leading to a share drop of over 20% following the report. The company lowered its 2024 guidance due to slow sales and inventory challenges.
Lowe’s
Earnings per share: $3.06 (vs. $2.94 expected)
Revenue: $21.36 billion (vs. $21.12 billion expected)
Lowe’s topped earnings expectations but held off on raising its full-year outlook, citing consumer spending pressures.
Home Depot
Earnings per share: $3.63 (vs. $3.60 expected)
Revenue: $36.42 billion (vs. $36.66 billion expected)
Home Depot reported lower-than-expected revenue as consumers are plagued with higher interest rates causing a delay discretionary projects.
Dick’s Sporting Goods
Earnings per share: $3.30 (vs. $2.95 expected)
Revenue: $3.02 billion (vs. $2.94 billion expected)
Dick’s Sporting Goods raised its full-year earnings guidance due to increased consumer spending. Shares rose by 16% following report.
Walmart
Earnings per share: 60 cents adjusted (vs. 52 cents expected)
Revenue: $161.51 billion (vs. $159.50 billion expected)
Walmart exceeded expectations with strong e-commerce gains and higher profits. Shares hit an all-time high, closing about 7% higher following report.
Amazon
Earnings per share: 98 cents (vs. 83 cents expected)
Revenue: $143.3 billion (vs. $142.5 billion expected)
Amazon reported better-than-expected results driven by advertising and cloud computing growth. Operating income soared, and shares increased.
TJX Companies
Earnings per share: 93 cents (vs. 76 cents last year)
Revenue: $12.48 billion (vs. $11.78 billion last year)
TJX reported strong sales growth and an increase in net income, driven by higher customer transactions.
Macy’s
Earnings per share: 27 cents adjusted (vs. 15 cents expected)
Revenue: $4.85 billion adjusted (vs. $4.86 billion expected)
Macy’s exceeded earnings expectations and raised its full-year outlook, showing early signs of turnaround momentum. Shares closed about 5% higher following report.
CVS Health
Earnings per share: $1.31 adjusted (vs. $1.69 expected)
Revenue: $88.44 billion (vs. $89.21 billion expected)
CVS Health missed earnings and revenue expectations and lowered its profit outlook, leading to a 16% drop in shares following report.
This summary provides a concise overview of the earnings reports for the specified retailers. If you need any additional details, feel free to ask!