TJX Shares Hit Record High After Earnings
42 minutes ago
Shares of TJX Companies (TJX), operator of discount retailer TJ Maxx, HomeGoods, and Marshall’s, rose to record levels Wednesday after the company’s second-quarter results came in above expectations thanks to higher sales.
TJX reported revenue and net income each above estimates and higher than the second quarter a year ago at $13.5 billion and $1.1 billion, respectively. Comparable store sales also rose 4% from the same time last year, above the company’s own projections as traffic rose across its brands and regions.
The retailer, which raised its profit outlook for the second consecutive quarter, also announced a $360 million investment to acquire a 35% stake in Dubai-based Brands for Less, which operates discount stores across the United Arab Emirates and Saudi Arabia.
TJX shares were up nearly 6% in recent trading.
S&P 500, Dow Back Near Record Highs
3 hr 32 min ago
As the S&P 500 and Dow Jones Industrial Average inch higher on Wednesday, it’s worth noting that the major indexes are once again approaching their record highs.
The S&P 500 is 1% below the all-time closing high it recorded on July 16.
The Dow is just 0.8% away from its July 17 record.
Macy’s Plunges on Weak Sales, Lowered Outlook
4 hr 17 min ago
Macy’s (M) shares tumbled Wednesday after the retailer reported a decline in second-quarter sales and lowered its full-year revenue outlook.
The biggest U.S. department store chain operator said revenue fell 3.8% year-over-year to $4.94 billion, missing consensus estimates. Adjusted earnings per share (EPS) of $0.53 were better than forecasts.
CEO Tony Spring said that Macy’s faced a “challenging consumer environment, but said the retailer exhibited “effective expense control throughout the organization.”
Sales at its Macy’s stores tumbled 4.4%, while they fell 0.2% at Bloomingdale’s. Bluemercury sales increased 1.7%. Merchandise inventories were up 6.0%, higher than the company expected, which the company blamed on the soft sales and “the decision to invest into areas of strength for the second half of 2024.”
Macy’s noted that it updated its outlook because of a “more discriminating consumer and heightened promotional environment relative to its prior expectations.” The retailer now sees full-year net sales of $21.2 billion to $22.4 billion, down from the previous $22.3 billion to $22.9 billion. It anticipates adjusted EPS to be unchanged from the earlier $2.55 to $2.90.
Macy’s shares were down 14% in recent trading, near their lowest point of 2024.
Target Soars on Strong Earnings, Boosted Outlook
5 hr 35 min ago
Target (TGT) shares jumped in early trading Wednesday after the retailer reported better-than-expected second-quarter earnings and lifted its full-year profit forecast.
Target posted second-quarter revenue of $25.42 billion, up 2.6% year-over-year, while net income jumped 40% to $1.19 billion, as the retailer’s cost-cutting efforts pay off.
After comparable store sales declined year-over-year in the first quarter, the metric returned to growth in the second quarter, with comparable store sales up 2% from the same time last year. Target also said discretionary sales trends “continued to improve meaningfully” in the quarter, led by growth in categories like apparel and beauty.
For the full year, Target said it expects full-year comparable sales on the low end of its initial flat-to-2% growth projection, but lifted its EPS projection to a range of $9 to $9.70, compared to $8.60 to $9.60 previously.
Target shares were up 15% shortly after the opening bell.
Stocks Futures Point to Higher Open for Major Indexes
6 hr 42 min ago
Futures tied to the Dow Jones Industrial Average were up 0.2%.
S&P 500 futures were also up 0.2%
Nasdaq 100 futures were up 0.1%.