Retailers that reported earnings this week — Target, Costco, Lowe’s
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Retailers that reported earnings this week — Target, Costco, Lowe’s
Retailers that reported earnings this week — Target, Costco, Lowe’s
Yahoo Finance Live discusses the stock performance of several retail giants communicating a cautious forecast on consumer sentiment amid inflation.
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Retailers that reported earnings this week — Target, Costco, Lowe’s
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Yahoo Finance Live discusses the stock performance of several retail giants communicating a cautious forecast on consumer sentiment amid inflation.
Video Transcript
SEANA SMITH: All right, then, we also had some big retail earnings. Most retailers painting a cautious forecast over consumer sentiment. This even as strong buying continues. Target earnings beat estimates with same store sales increasing by 7/10 of a percent. That was higher than what Wall Street had been expecting. They were expecting a decline of about 1.7%. The company crediting strength in food, beauty, and household essentials. Costco reported a mixed quarter. Revenue coming in just a bit light here, but the company's CEO saying that there was weakness here in big ticket discretionary items, a headwind there for Costco.
We also heard from Lowe's, which warned of the cautious consumer after issuing a softer than expected outlook. Obviously, higher prices, inflation a huge headwind here for all of these retail names. And Costco's earnings call, after the bell yesterday, inflation was mentioned by their CFO numerous times. In total, on the call, it was mentioned over 30 times. Just really points to the fact that higher prices is such an issue here for a number of those retailers. And we talk about people trading down. Their Kirkland brand is doing very, very well, and the sales penetration there increasing just about 1 and 1/2%. So, Costco's weathering the storm, but they look pretty well positioned here going forward.
DAVE BRIGGS: If I take one pattern out of this week, it's private label brands. You mentioned Kirkland. Target saw very much success in the private labels, as well as cosmetics. We talked about that a lot. Blue Mercury had a great quarter, and Target saw a great cosmetics number. But you mentioned the buzzword, which, really, we saw from every retailer-- "cautious consumer." When we heard from the bank CEOs early in earnings, they talked about a mild recession. The buzzword in retail was a cautious consumer where they are beginning to trade down. I think we'll hear a lot more about that.
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