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Market Update

Best Buy Reported Strong Results, Kohlís Fall on Weak Outlook


Author: Mukesh Buch
ticker.com
Last Update: 12:26 PM EST March 01 2018

12:15 PM New York City, New York Ė Best Buy sales surged. Barnes & Noble net swung to a loss. Icahn Enterprises jumped after net swung to profit. Kohl''s profit surged and announced partnership with Aldi and Amazon. Salesforce.com net swung to profit.

Tollbooth Index increased 21.98 or 0.2% to 14,475.24.

Earnings Review

Best Buy Co Inc (BBY) jumped 2.5% or $1.80 to $74.22 after the technology products provider said revenues in the fourth-quarter ending on February 3 soared 14.1% from a year ago to $15.4 billion.

Comparable sales in the quarter jumped 9%.

Net income in the quarter surged 40% to $364 million or $1.23 per diluted share from $607 million or $1.91 in the same quarter last year.

In fiscal 2019, the retailer forecasted revenues in the range of $41 billion to $42 billion and comparable sales may be flat or grow 2% and diluted earnings per share in the range of $4.80 to $5.00.

Barnes & Noble Inc (BKS) dropped 2.8% or 12 cents to $4.38 after the bookseller retailer stated total sales in the third-quarter ending on January 27 plummeted 5.3% from a year ago to $1.2 billion.

Comparable store sales in the quarter plunged 5.8%.

Net in the quarter swung to a loss of $63.5 million or 87 cent per diluted share from profit of $70.3 million or 96 cent in the same quarter last year.

The retailer estimated comparable store sales to drop in the mid-single digits and operating profit in a range of $140 million to $160 million.

Icahn Enterprises LP (IEP) soared 5.8% or $3.17 to $57.75 after the industrial conglomerate said revenues in the fourth-quarter ending in December surged 19.1% from a year ago to $4.7 billion.

Net in the quarter swung to profit $298 million or $1.72 per diluted share from a loss of $206 million or $1.42 in the same quarter last year.

Kohl''s Corporation (KSS) plunged 6.7% or $4.44 to $61.65 after the department stores operator reported total sales in the fourth-quarter ending on February 3 rose 0.2% from a year ago to $6.8 billion.

Comparable sales in the quarter soared 6.3%.

Net income in the quarter surged 85.7% to $468 million or $2.81 per diluted share from $252 million or $1.44 in the same quarter last year.

Kohl''s forecasted fiscal 2018 comparable sales in the range of zero to 2% and total sales may range between 1% decline and 1% increase and diluted earnings per share in the range of $4.95 to $5.45.

L Brands Inc (LB) plummeted 10.9% or $5.38 to $43.95 after the specialty retailer said net sales in the first-quarter ending on February 3 surged 7.3% from a year ago to $4.8 billion.

Comparable sales in the quarter increased 2%.

Net income in the quarter soared 5.1% to $664.1 million or $2.33 per diluted share from $631.7 million or $2.18 in the same quarter last year.

The retailer forecasted fiscal 2018 earnings per share between $2.95 and $3.25.

Patterson Companies, Inc (PDCO) tumbled 21% or $6.64 to $24.94 after the medical equipment wholesaler stated net sales in the third-quarter ending on January 27 fell 1.6% from a year ago to $1.4 billion.

Net income in the quarter jumped to $108.9 million or $1.18 per diluted share from $24.5 million or 26 cent in the same quarter last year.

Salesforce.com, Inc (CRM) advanced 3% or $3.50 to $119.77 after the enterprise software provider reported total revenues in the fourth-quarter ending in January jumped 24.4% from a year ago to $2.9 billion.

Net in the quarter swung to profit $67.6 million or 9 cents per diluted share from a loss of $51.4 million or 7 cents in the same quarter last year.

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Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites. Market data: BATS Exchange. Inc