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Clothing-store chain Gap delivered earnings and revenue that beat Wall Street expectations, an encouraging sign for the recovering retail sector.
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Clothing-store chain Gap delivered earnings and revenue that beat Wall Street expectations, an encouraging sign for the recovering retail sector.
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COLUMBUS, Ohio-- L Brands Inc., which owns stores including Victoria's Secret and Bath and Body Works, reported Wednesday that its fiscal first-quarter net income increased 14 percent and nudged up its outlook for the year. The company, which was formerly known as Limited Brands, earned $142.5 million, or 48 cents per share, for the quarter that ended May 4.
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Check out which companies are making headlines after the bell Wednesday:
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Stocks closed down 1 percent after the minutes from the last Fed policy setting meeting suggested the central bank could begin tapering bond purchases sooner than the market expects.
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While 94 percent of the companies in the Standard & Poor's 500 Index have already reported quarterly earnings, this week remains a key week for the retail industry with 24 retailers reporting earnings—12 of which are S&P 500 components.
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It's good to remember that some turnarounds have happy endings. For retailer Gap, the current outcome is a positive one as investors are again falling into the Gap.
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Wall Street analysts got ahead of themselves with upbeat expectations, said AlixPartners' Managing Director Steve Nevill, noting that unemployment remained high, and consumers were still worried about their prospects.
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Initial claims for state unemployment benefits fell 4,000 to a seasonally adjusted 323,000, the lowest level since January 2008, the Labor Department said on Thursday.
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A number of top U.S. retailers reported disappointing April sales as consumers gravitated toward discount chains and bad weather delayed spring shopping in much of the country.
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*Costco, L Brands miss estimates. May 9- Costco Wholesale Corp and Victoria's Secret parent L Brands Inc reported smaller-than-expected sales gains in April, when consumer mood swooned on concerns about the job market recovery.
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WASHINGTON, May 9- The number of Americans filing new claims for jobless aid fell last week to its lowest level in nearly 5-1/ 2 years, signaling labor market resilience in the face of fiscal austerity. The claims data provide another set of confirmation that the labor market is healing, "said Michael Strauss, chief economist at Commonfund in Wilton, Connecticut.
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*Buckle, Zumiez shares rise as sales top views. That was less than the 4.3 percent increase Wall Street expected. Wall Street got ahead of itself with upbeat expectations, said AlixPartners' Managing Director Steve Nevill, noting that unemployment remained high and consumers were still worried about their prospects.
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*TJX: Wells Fargo cuts to market perform from outperform-. *Kohl's Corp: Wells Fargo starts with market perform-. *Ross Stores: Wells Fargo transfers coverage with market perform- theflyonthewall.com* Lululemon, Macy's: Wells Fargo starts with market perform- theflyonthewall.com.
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The filing with U.S. Bankruptcy Court in Delaware will allow the Los Angeles company to exit the auto sector and refocus on energy storage, a far less capital-intensive business.
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The filing with U.S. Bankruptcy Court in Delaware will allow the Los Angeles company to exit the auto sector and refocus on energy storage, a far less capital-intensive business.
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The filing with U.S. Bankruptcy Court in Delaware will allow the Los Angeles company to exit the auto sector and refocus on energy storage, a far less capital-intensive business.
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May 1- U.S. green car startup Coda Holdings Inc filed for Chapter 11 bankruptcy protection on Wednesday after selling just 100 of its all-electric sedans, another example of battery-powered vehicles' failure to break into the mass market.
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L Brands popped on strong same-store sales earlier this month, and the bulls came back to the store on Friday.