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On Tuesday, three retail companies reported earnings and offered guidance.
Home Depot Inc (NYSE: HD) reported Q2 results in line with the estimates. However, its revenue forecast for the current year is slightly below the Street consensus thus dragging down the stock.
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Dicks Sporting Goods Inc (NYSE: DKS) reported better-than-estimated earnings and boosted its forecast. This was enough to send the stock higher. Jeff Macke said, "Partnerships w/ vendors, disappearing distinction bn on and offline. It's useful to have stores for sports."
TJX Companies Inc's (NYSE: TJX) tepid forecast dampened investor sentiment and dragged down the stock.
In the meantime, Redbook reported that retail sales in the United States recorded 0.3 percent drop on a month-over-month basis in the first two weeks of August. On a year-over-year basis, it recorded 3.1 percent growth.
Similarly, the retail Economist/Goldman chain store sales witnessed a drop of 1.6 percent in the second full week of August.
At time of writing:
- The SPDR S&P Retail (ETF) (NYSE: XRT) shed 0.26 percent to $45.85.
- Home Depot lost 0.44 percent to $136.44.
- Dicks traded up 7.67 percent to $59.10.
- TJX lost 5.20 percent to $78.42.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.