Gap (GPS): The retailer reported quarterly sales and profit that topped Wall Street estimates, sending shares up 7% in after hours trading.
Gap reported net sales of $4.04 billion, up 2% from a yr ago. Comparable sales for the third quarter were up 1% year-over-year, topping Wall Street’s forecast of a decline of three.4%.
Within the earnings release, Gap CFO Katrina O’Connell noted the difficult macroeconomic environment, writing “we proceed to take a prudent approach in light of the uncertain consumer and increasingly promotional environment as we glance to the rest of fiscal 2022.” Gap sees total fourth-quarter net sales declining mid-single digits.
Applied Materials (AMAT): The corporate reported adjusted earnings of $2.03 a share on revenue of $6.75 billion, above analysts’ expectations. On the earnings call, Applied Materials CEO Gary Dickerson noted slowing spending growth within the near term amid macroeconomic challenges, but said the corporate is making “strategic investments to win the main technology inflections that may enable Applied to outgrow the semiconductor market.” AMAT expects the general chip market to succeed in $1 trillion by 2030.
Ross Stores (ROST): Shares jumped after hours after the corporate issued upbeat fourth-quarter guidance despite inflationary pressures. Ross Stores also reported third-quarter earnings that topped analyst estimates. CEO Barbara Rentler said within the earnings release that the corporate is “raising our guidance given our third quarter sales momentum and improved holiday assortments.” Ross Stores soared 13% in prolonged trading.
Williams-Sonoma (WSM): Shares sank in prolonged trading after the retailer missed on earnings and pulled its guidance through 2024 amid “macro uncertainty.” Third quarter adjusted earnings were $3.72 per share on revenue of $2.19 billion. Comparable sales rose 8.1%, topping Wall Street’s estimate of +6.7%.
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