Hey Friends,
With the majority of retailers reporting their Q4 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.
Nordstrom
Beat sales expectations for the holiday quarter.
Predicted revenue decline due to one less week of sales in the coming year.
Expansion plans to open new Nordstrom Rack stores and boost online and in-store sales.
Reported adjusted earnings per share of 96 cents vs. 88 cents expected.
Revenue was $4.42 billion vs. $4.39 billion expected.
Quarterly revenue rose by about 2%, attributed partially to an extra week.
Net income increased to $134 million from $119 million year-over-year.
Best Buy
Surpassed revenue and earnings expectations for the holiday quarter.
Expects another year of softer sales, planning layoffs and cost cuts.
CEO anticipates industry sales stabilization in the coming year.
Reported adjusted earnings per share of $2.72 vs. $2.52 expected.
Revenue was $14.65 billion vs. $14.56 billion expected.
Net income fell by 7% year-over-year to $460 million.
Target
Forecasted another year of lackluster sales despite better-than-expected holiday results.
Introducing a new membership program.
Reported earnings per share of $2.98 vs. $2.42 expected.
Revenue was $31.92 billion vs. $31.83 billion expected.
Improved margins compared to the year-ago period.
Kohl’s
Experienced a decrease in net sales and comparable sales for the fourth quarter.
Reported a diluted loss per share of ($2.49).
Introduced full-year 2023 financial outlook.
Strengthening balance sheet while returning capital to shareholders.
Operating income improved significantly year-over-year.
Lowe’s
Beat earnings and revenue expectations for the fourth quarter.
Expects revenue to drop in the current fiscal year due to slower housing turnover.
Reported adjusted earnings per share of $1.77 vs. $1.68 expected.
Revenue was $18.60 billion vs. $18.45 billion expected.
Net income increased year-over-year.
Dick’s Sporting Goods
Exceeded Wall Street’s expectations for holiday sales and earnings.
Raised quarterly dividend by 10%.
Reported adjusted earnings per share of $3.85 vs. $3.35 expected.
Revenue was $3.88 billion vs. $3.80 billion expected.
Reported net income of $296 million, up from $236 million year-over-year.
Walmart
Beat earnings and revenue expectations for the holiday quarter.
Announced acquisition of TV maker Vizio for $2.3 billion.
Experienced better resilience against high inflation.
Reported adjusted earnings per share of $1.80 vs. $1.65 expected.
Revenue was $173.39 billion vs. $170.71 billion expected.
Amazon
Surpassed analysts’ expectations for fourth-quarter earnings and revenue.
Provided optimistic guidance for the first quarter.
Reported earnings per share of $1.00 vs. 80 cents expected.
Revenue was $170 billion vs. $166.2 billion expected.
First-quarter sales guidance between $138 billion and $143.5 billion.
TJX Companies
Beat earnings and revenue expectations for the quarter.
Reported net income of $1.4 billion, or $1.22 per share, compared with $1.04 billion, or 89 cents per share, a year earlier.
Sales rose to $16.41 billion, up about 13% from $14.52 billion a year earlier.
Provided earnings guidance for the current quarter and full year.
CVS Health
Reported fourth-quarter revenue and adjusted earnings that topped expectations.
Lowered full-year profit outlook due to higher medical costs.
Reported adjusted earnings per share of $2.12 vs. $1.99 expected.
Revenue was $93.81 billion vs. $90.41 billion expected.
Macy’s
Experienced nearly 2% decline in sales for the holiday quarter.
Expects sales to remain stagnant for the fiscal year.
Reported adjusted earnings per share of $2.45 vs. $1.96 expected.
Revenue was $8.12 billion vs. $8.15 billion expected.
Gap
Beat Wall Street’s expectations for holiday earnings.
Old Navy returned to growth for the first time in over a year.
Reported net income of $185 million, or 49 cents per share.
Sales rose slightly to $4.3 billion, up about 1% from $4.24 billion a year earlier.