Distance (GPS): Retailer quarterly report Revenue and profit beat Wall Street estimatesThe stock rallied 7% in after-hours trading.
Gap reported net sales of $4.04 billion, up 2% from a year ago. Comparable sales in the third quarter rose 1% year over year, beating Wall Street expectations for a 3.4% decline.
In the earnings report, Gap’s CFO, Katrina O’Connell, noted the challenging macroeconomic environment, writing that “we continue to take a cautious approach ahead of the backdrop.” uncertain consumer and promotional environment is increasing as we look to the remainder of fiscal 2022.” Gap found that total net sales for the fourth quarter fell to average.
Application materials (amateurs): The company reported adjusted earnings of $2.03 a share on revenue of $6.75 billion, well above analyst expectations. On the earnings call, Applied Materials CEO Gary Dickerson noted that spending growth will slow in the near term due to macroeconomic challenges, but said the The company is making “strategic investments to capture major technological changes that will enable Applications to outgrow the semiconductor market.” AMAT expects the overall chip market to reach $1 trillion by 2030.
Ross Store (ROST): Shares jumped hours after the company issued upbeat guidance for the fourth quarter despite inflationary pressures. Ross Stores also reported third-quarter earnings that beat analyst estimates. Chief Executive Officer Barbara Rentler said in the earnings release that the company is “enhancing our guidance based on our third-quarter sales momentum and improved holiday categories.” Ross Stores rose 13% in extended trading.
Williams-Sonoma (WSM): Shares sunk in extended trading after the retailer missed earnings and extended guidance through 2024 amid “macro uncertainty.” Adjusted earnings for the third quarter were $3.72 per share on revenue of $2.19 billion. Comparable sales rose 8.1 percent, beating Wall Street estimates of +6.7 percent.
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