These companies run the gambit from home improvement retailer, Home Depot (HD:NYSE)… to department store company, Dillard’s Inc. (DDS:NYSE) to luxury retailer, Saks (SKS:NYSE)
Even American retailing company Target Corp. (TGT:NYSE) beat Wall Street’s estimates.
MarketWatch’s Andria Cheng reports, “Home Depot Inc., the No. 1 home-improvement retailer, reported Tuesday that its fiscal third-quarter profit fell a less-than-expected 8.9%, after the company controlled expenses to help offset consumers paring back on larger-ticket purchases.”
David Strasser of Janney Montgomery Scott LLC said Home Depot’s cost controls were impressive, according to Bloomberg.
Many analysts expected earning of 36 cents per share, while the actual figure came in at 41 cents.
But retail market shares sunk lower today as concerns that the home improvement retailer wouldn’t be able to meet its estimates for the fourth quarter.
That said, in its earnings release, Home Depot actually raised its full-year outlook.
Other announcements saw earnings for Dillard’s Inc. post profits of 11-cents per share for the third quarter of 2009, pushing share prices up more than 9% today. Target also beat estimates with 58 cents per share as compared to the Wall Street forecast of 50 cents per share.
Third quarter earnings jumped 18%...
TJ Maxx’s parent company, TJX Companies (TJX:NYSE), beat estimates with an 81-cent per share profit. Analysts were expecting a per-share profit of 79 cents for the third quarter.
And interestingly, the luxury department store company, Saks, walloped Wall Street estimates.
The Street had been expecting a loss of 11 cents per share. Instead, the Saks produced a market profit, albeit a mere 1 cent per share.
With that wind of change, even in the face of an 8.5% drop in sales and a 10.1% drop in same-store sales for the third quarter, Saks’ share price jumped 8% on the news.
Adam Lass, editor of WaveStrength Options Weekly, and co-editor of Taipan Daily, writes, “Apparently, within a certain small circle, ostentatious luxury is chic again, as we read of spending rebounds on Prada, Dior and Chanel at places like Paris’ Au Printemps, New York’s Tiffany’s and Dallas’ Neiman Marcus.”
Nordstrom Inc.(JWN:NYSE) missed estimates, and Saks says its fourth-quarter sales could be down in the “high single digits,” according to Reuters.
And a lot of hopes are resting on the holiday retail season, which may or may not meet investor expectations
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