News

Corporate Earnings

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Target Corp beat analysts’ estimates for holiday quarter sales on Tuesday, powered by the company’s same-day delivery and store pick-up services that helped fulfill resilient demand for home goods, toys and groceries during the pandemic.

Over the past year, Target and Walmart Inc consistently performed better than Wall Street expected as the deep-pocketed national retail chains amped up their online businesses during the health crisis and swiped market share from smaller rivals who rely more on their physical stores.


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Best Buy Co Inc signaled a slowdown in the coronavirus crisis-driven demand for remote-work computer equipment on Thursday as it missed holiday-quarter sales estimates, sending its shares down 6% in premarket trading.

More people setting up home offices and schools switching to remote learning pushed up demand for laptops, webcams, and other computer accessories last year, making Best Buy one of the bigger retail winners of the COVID-19 pandemic.


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Domino’s Pizza Inc missed estimates for quarterly revenue on Thursday, as the pizza chain faced stiff competition from rival fast-food chains and restaurants that reopened after the easing of some COVID-19 curbs.

Shares of the company were down 3% in premarket trading.

Analysts have raised concerns over the ability of pizza chains, including Domino’s, to keep up heightened sales levels seen during the lockdowns in a post-pandemic world, as more dine-in restaurants open up and compete for customers.


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Discount store operator TJX Cos Inc missed holiday-quarter sales estimates on Wednesday, as coronavirus-induced lockdowns in Europe and Canada pressured sales of non-essential products such as footwear and apparel, sending shares down 3%.

Sales of retailers that sell discretionary items have remained pressured since the onset of the pandemic, as declining income among households have prompted people to cut their spending on dresses and suits.


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Lowe’s Cos Inc rode a sustained boom in demand from people sprucing up their homes as a result of the COVID-19 pandemic, exceeding analyst estimates with quarterly sales of $20.31 billion.

The home-improvement chain, like larger rival Home Depot Inc, stayed away from providing a specific forecast for 2021, however, given the uncertainties in the market due to the health crisis.


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Thomson Reuters Corp reported higher fourth-quarter revenue on Tuesday and said it would start a two-year program that will change it from a holding company to an operating company.

The news and information company, which owns Reuters News, said revenues rose 2% to $1.62 billion, while its operating profit jumped more than 300% to $956 million, reflecting the sale of an investment, a gain from an amendment to pension plan and lower costs.


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Macy’s Inc forecast 2021 sales largely above Wall Street estimates on Tuesday as it bet on vaccine rollouts allowing customers to return to its department stores after pandemic curbs.

The upbeat outlook from the U.S. retailer follows better-than-expected sales in the holiday quarter as stimulus checks and strong online demand eased the blow from the health crisis.


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British supermarket group Asda ended its 22 years under Walmart ownership with accelerating underlying sales in the Christmas quarter, driven by strong demand for premium ranges.

Asda, now owned by the Issa brothers and private equity group TDR Capital, on Thursday reported a 5.1% rise in same-store sales over the three months to Dec. 31 - an improvement on third-quarter growth of 2.7%.


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Walmart Inc on Thursday forecast slowing sales for fiscal 2022, following a blockbuster year that saw demand for essentials and other items soar as consumers flocked to the retailer during lockdowns linked to the coronavirus pandemic.

The world’s biggest retailer forecast adjusted net sales to grow in the low single digits in fiscal 2022 which ends Jan. 31, much lower than the 8.5% growth seen in the preceding year. It also expects earnings per share to be flat-to-slightly up, below the 2.2% growth analysts had been expecting, according to Refinitiv.


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Tech billionaire Peter Thiel-backed data analytics firm Palantir Technologies Inc on Tuesday signaled revenue growth would slow this year, casting a shadow on its better-than-expected quarterly results and sending its shares down 9%.

The company forecast a revenue growth of 30% in 2021, slower than the 47% rise in 2020 when it added large government contracts, including those from the U.S. Army and Air Force.