Snapshot of retailers’ 2nd-quarter earnings
Second-quarter profits from major retailers underscore how cost-cutting moves helped profitability, and the market saw reason for hope in the four reports Tuesday. But retailers continue to grapple with weak consumer spending.
Here’s a snapshot of Tuesday’s results, including same-store sales, or sales at stores open at least a year, a key barometer of a retailer’s health.
—Home Depot Inc., the world’s largest home improvement merchant:
EARNINGS: Fell 7 percent
REVENUE: Fell 9 percent
SAME-STORE SALES: Fell 8.5 percent
OUTLOOK: Raised annual profit forecast
STOCK: Rose 3.1 percent to close at $26.93
— Target Corp., clothing, home, food and personal care chain:
EARNINGS: Fell 6.3 percent
SALES: Fell 2.6 percent
SAME-STORE SALES: Fell 6.2 percent
OUTLOOK: Issued annual profit outlook above Wall Street forecasts
STOCK: Rose 7.6 percent to close at $44.32
—TJX Cos., home and clothing discounter:
PROFIT: Rose 31 percent
SALES: Rose 4 percent
SAME-STORE SALES: Rose 4 percent
OUTLOOK: Issued fourth-quarter profit outlook below Wall Street estimate
STOCK: Fell 3 percent to close at $34.33
—Saks Inc., luxury department store chain:
PROFIT: Lost 54.5 million, almost double the second-quarter loss of $32.7 million a year earlier
SALES: Fell 15 percent
SAME-STORE SALES: Fell 15.5 percent
OUTLOOK: CEO Steve Sadove said he doesn’t see a “rapid turnaround in the consumer.”
STOCK: Rose 6.9 percent to close at $5.72
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