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REUTERS/Mike Segar/File Photo Acquire Licensing RightsDec 1 (Reuters) - Retailers like Amazon.com and Foot Locker are signaling optimism for holiday season sales after stronger-than-expected figures during Black Friday and Cyber Monday, as heavy discounts lured budget-strained customers on the peak U.S. shopping days. Early estimates on holiday shopping have been encouraging to some investors after retailers sounded cautious notes in the lead-up to the season. "We know we're buying for wallet share with a value-conscious consumer this holiday season. Deep discounts have been a key feature heading into this year's holiday shopping season and holiday discounts could get even bigger in December, according to some retail executives. Kohl's (KSS.N) CEO Tom Kingsbury said last week the company was "coming out on holiday very aggressively in terms of promotions."

Persons: Mike Segar, Jimmy Lee, we've, Mary Dillon, Tom Kingsbury, Cos, Jason Benowitz, Deborah Sophia, Juby Babu, Pooja Desai Organizations: REUTERS, Adobe Analytics, National Retail Federation, Wealth Consulting, Amazon, Black, BofA, Walmart, Abercrombie, Fitch, American Eagle Outfitters, Roosevelt, Thomson Locations: Robbinsville , New Jersey, U.S, Bengaluru

☆ Lowe's sees steeper drop in annual sales as DIY demand stumbles
▼ + stars: | 2023-11-21 | by ( Deborah Mary Sophia | ) www.reuters.com time to read: +2 min

REUTERS/Mark Makela/File Photo Acquire Licensing RightsNov 21 (Reuters) - Lowe's Cos (LOW.N) on Tuesday projected a bigger drop in annual same-store sales than previously expected, as inflation-hit consumers cut spending on home-improvement projects, hitting the company's key do-it-yourself (DIY) business segment. Lowe's saw a "greater-than-expected pullback in DIY discretionary spending" particularly in categories including appliances, home decor, kitchen and bath where customers even postponed some purchases, CEO Marvin Ellison said. Average spending at Lowe's - particularly on big-ticket items - was under pressure in the quarter, resulting in a 7.4% drop in same-store sales while analysts expected a 5% decline, according to LSEG IBES data. Meanwhile, larger rival Home Depot's (HD.N) bigger customer base of "Pro-customers" like builders and contractors helped the retailer ride out the weakness in DIY spending and beat expectations for quarterly results. It expects full-year comparable sales to decline 5%, compared with its prior outlook for a 2% to 4% drop.

Persons: Mark Makela, Cos, Lowe's, Marvin Ellison, Ellison, John Tomlinson, Deborah Sophia, Anil D'Silva Organizations: REUTERS, Reuters, Thomson Locations: Philadelphia , Pennsylvania, U.S, Lowe's, Bengaluru

☆ Lowe's sees steeper drop in annual comparable sales on weak demand
▼ + stars: | 2023-11-21 | by ( ) www.reuters.com time to read: +2 min

Shoppers load a box of merchandise into a truck after visiting a Lowe's hardware store in Philadelphia, Pennsylvania, U.S. November 4, 2020. REUTERS/Mark Makela/File Photo Acquire Licensing RightsNov 21 (Reuters) - Lowe's Cos (LOW.N) on Tuesday projected a bigger drop in annual comparable sales than previously expected and trimmed its profit forecast as inflation-hit consumers cut back spending on home-improvement projects, sending its shares down 6%. Lowe's saw a "greater-than-expected pullback in DIY discretionary spending, particularly in bigger ticket categories" in the third quarter, CEO Marvin Ellison said. The company reported a 7.4% drop in same-store sales for the three months ended Nov. 3, compared with analysts' average estimate of a 5% drop, according to LSEG IBES data. Lowe's now expects full-year comparable sales to decline 5%, compared with its prior outlook for a 2% to 4% drop.

Persons: Mark Makela, Cos, Lowe's, Marvin Ellison, Deborah Sophia, Anil D'Silva Organizations: REUTERS, Home, Thomson Locations: Philadelphia , Pennsylvania, U.S, Lowe's, Placer.ai, Bengaluru

Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., November 17, 2023. Big Tech stocks, which have powered most of the S&P 500's gains this year, now face an important test, with Nvidia due to report third-quarter results after markets close. Declining issues outnumbered advancers for a 2.33-to-1 ratio on the NYSE and for a 2.04-to-1 ratio on the Nasdaq. The S&P index recorded 19 new 52-week highs and no new low, while the Nasdaq recorded 24 new highs and 36 new lows. Reporting by Amruta Khandekar and Shristi Achar A; Editing by Maju SamuelOur Standards: The Thomson Reuters Trust Principles.

Persons: Brendan McDermid, Robert Pavlik, Pavlik, Lowe's Cos, advancers, Amruta Khandekar, Maju Samuel Organizations: New York Stock Exchange, REUTERS, Dow, Nasdaq, Big Tech, Nvidia, Dakota Wealth, Traders, Dow Jones, Kohl's, NYSE, Thomson Locations: New York City, U.S, China

A Wall Street sign is pictured outside the New York Stock Exchange in New York, October 28, 2013. Other big technology and growth stocks also rose, with Tesla (TSLA.O) advancing 3.4% after logging its biggest one-day percentage gain since March on Monday. Macy's (M.N) jumped 4% after the department store chain beat second-quarter sales estimates, while Coty (COTY.N) slipped 2.0% after the perfume and cosmetics maker forecast annual profit below Wall Street expectations. ET, Dow e-minis were up 66 points, or 0.19%, S&P 500 e-minis were up 17.25 points, or 0.39%, and Nasdaq 100 e-minis were up 79 points, or 0.53%. Among other stocks, shares of Zoom Video Communications (ZM.O) rose 2.8% in premarket trading after the video-conferencing platform forecast third-quarter profit above Wall Street estimates.

Persons: Carlo Allegri, Nvidia's, Russ Mould, Jerome Powell's, Lowe's Cos, Amruta Khandekar, Shinjini Organizations: New York Stock Exchange, REUTERS, Dow, Nasdaq, Nvidia, Monday, Bell, Federal, Traders, Coty, Dow e, Zoom Video Communications, Wall, Activision, Microsoft, Ubisoft Entertainment, Thomson Locations: New York, U.S, Jackson

A Wall Street sign is pictured outside the New York Stock Exchange in New York, October 28, 2013. The yield on the 10-year Treasury note scaled over 15-year highs after a brief pullback, dragging equities lower. Wall Street had regained some ground on Monday due to a rally in Nvidia and other tech stocks. Shares of Nvidia (NVDA.O) hit an all-time high of $481.87 soon after markets opened but were last down 1.5%. The S&P index recorded one new 52-week highs and 8 new lows, while the Nasdaq recorded 23 new highs and 76 new lows.

Persons: Carlo Allegri, Phil Blancato, Ladenburg, Robert Pavlik, Jerome Powell, Cos, Amruta Khandekar, Shinjini Organizations: New York Stock Exchange, REUTERS, Nvidia, KeyCorp, Comerica, Dow, Nasdaq, Treasury, Asset Management, Federal, Dakota Wealth, Microsoft, Reuters Graphics, Traders, Dow Jones, Nike, Sporting, Activision, Ubisoft Entertainment, NYSE, Thomson Locations: New York, U.S, Fairfield, Jackson

☆ Home Depot cuts forecasts, signals weakness ahead for big US retailers
▼ + stars: | 2023-05-16 | by ( Deborah Mary Sophia | ) www.reuters.com time to read: +2 min

Home improvement retailers have now lost their pandemic-era sparkle as consumers shift away from home renovations and focus on travel, vacations and other services, driving quarterly transactions 4.8% lower at Home Depot. Home Depot kicks off a big week for U.S. retailers' earnings, with Target Corp (TGT.N) and Walmart Inc (WMT.N) scheduled to report on Wednesday and Thursday, respectively. Home Depot now expects fiscal 2023 comparable sales to fall between 2% and 5%, compared to its prior outlook for nearly flat sales. The company forecast earnings per share to decline between 7% and 13%, compared to a mid-single digits decline estimated previously. The company posted a profit of $3.82 per share, above estimates of $3.80.

☆ Home Depot cuts annual sales forecast on slowing demand
▼ + stars: | 2023-05-16 | by ( ) www.reuters.com time to read: +2 min

Shares of the largest U.S. home improvement chain tumbled about 4% in premarket trading after the company also missed first-quarter sales estimates, hit by adverse weather and falling lumber prices. The company now expects comparable sales to decline between 2% and 5% in fiscal 2023, compared to its prior outlook for sales to remain nearly flat. Analysts were expecting comparable sales to decline 0.9% this year, according to Refinitiv IBES data. The company forecast earnings per share to decline between 7% and 13%, compared to prior expectations for a mid-single digits decline. Home Depot's first-quarter comparable sales decreased 4.5%, missing estimates of a 1.74% drop.

☆ Here are Monday's biggest analyst calls: Apple, Amazon, Tesla, Macy's, Netflix, Sunnova, Intel & more
▼ + stars: | 2023-04-03 | by ( Michael Bloom | ) www.cnbc.com time to read: +7 min

Morgan Stanley initiates Sunnova as overweight Morgan Stanley said it sees 124% upside for the solar company. " Morgan Stanley downgrades First Solar to underweight from equal weight Morgan Stanley downgraded the stock mainly on valuation. Bank of America adds Lowe's to the US 1 list Bank of America added the home improvement giant to its top ideas list. Bank of America names Netflix a top second-quarter pick Bank of America said it's bullish on the streaming giant as the second quarter begins. Morgan Stanley downgrades Marqeta to equal weight from overweight Morgan Stanley said in its downgrade of the card payment and solutions company that it sees too many negative catalysts. "

☆ 'Stubborn' food inflation leaves U.S. shoppers with slim appetite for other goods
▼ + stars: | 2023-02-23 | by ( Siddharth Cavale | ) www.reuters.com time to read: +4 min

Higher prices on food led to soft sales of electronics, toys, home and apparel in the most recent quarter at Walmart. McMillon said he believed inflation on dry groceries and items made for immediate consumption would remain high "for a while". "Food inflation has been the most stubborn of all the categories," Walmart's U.S. CEO John Furner said. Sharp sales declines in categories other than food are forcing retailers like Target (TGT.N) to slash prices on everything from toys to electronics. While groceries comprise 56% of Walmart sales, they make up about 20% of sales at Target, which depends more on home furnishings, apparel and beauty.

☆ Home Depot warns of weak 2023 profit as rising prices hurt demand
▼ + stars: | 2023-02-21 | by ( ) www.reuters.com time to read: +2 min

1 U.S. home improvement chain posted a surprise drop in fourth-quarter comparable sales, sending its shares down more than 4% in premarket trading. Shares of smaller rival Lowe's Cos Inc (LOW.N) also slipped after Home Depot's dour forecast amid a strained U.S. housing market. Wall Street analysts have warned that home improvement chains are set for a challenging 2023. Home Depot said comparable sales fell 0.3% in the fourth quarter ended Jan. 29, compared with analysts' average estimate of a 0.56% increase. Home Depot said it would spend an additional $1 billion in annualized compensation for its frontline, hourly associates, starting from the first quarter of 2023.

☆ Futures fall with eyes on earnings
▼ + stars: | 2023-02-06 | by ( ) www.reuters.com time to read: +2 min

Companies reporting quarterly results this week include Walt Disney Co (DIS.N) and PepsiCo Inc (PEP.O), while Tyson Foods Inc (TSN.N), Lowe's Cos Inc (LOW.N), Activision Blizzard Inc (ATVI.O) and Cummins Inc (CMI.N) report results later in the day. Halfway through the earnings of the S&P 500 companies, 69.6% have reported results above expectations, according to Refinitiv. Overall, analysts still expect quarterly earnings of S&P 500 firms declining 2.7%. Job growth in the U.S. accelerated sharply in January, with nonfarm payrolls surging by 517,000 jobs, well above an estimate of 185,000. ET, Dow e-minis were down 237 points, or 0.7%, S&P 500 e-minis were down 37 points, or 0.89%, and Nasdaq 100 e-minis were down 144.25 points, or 1.14%.

☆ U.S. retailers take a knock after Target's sales warning
▼ + stars: | 2022-11-16 | by ( Medha Singh | ) www.reuters.com time to read: +2 min

But shares in Target's larger competitor Walmart (WMT.N) edged up 1.1%, a day after lifting its annual sales and profit forecast as demand for groceries held up despite higher prices. With annual inflation running at 7.7% in October and high interest rates, shoppers are reining in discretionary spending, bad news for retailers that rely on year-end shopping to boost annual sales. U.S. Commerce Department data showed U.S. retail sales improved more than expected after no growth in September. Bucking the retail trend, home improvement chain Lowe's Cos Inc (LOW.N) added more than 4% after raising its annual profit forecast, while discount store operator TJX Cos Inc (TJX.N) bumped up annual same-store sales forecast, rising almost 1%. Walmart, Target shares recover as CPI peaksReporting by Medha Singh in Bengaluru; Additional reporting by Bansari Mayur KamdarOur Standards: The Thomson Reuters Trust Principles.

☆ Home Depot, Lowe's to see higher sales as owners remodel amid rising rates
▼ + stars: | 2022-11-14 | by ( Deborah Mary Sophia | ) www.reuters.com time to read: +2 min

Wall Street analysts see the largest U.S. home improvement chains benefiting as rising interest rates encourage home owners to renovate existing properties rather than move on, while professional contractors have a backlog of work to clear. THE CONTEXTHome improvement chains saw sales and profits surge during the pandemic as Americans hunkered down at home revamped their living spaces. While demand is expected to cool, higher mortgage rates and home prices are providing a new reason for households to remodel their existing properties. "Home Depot and Lowe's no longer have the more captive consumer base they had throughout 2020. Yet consumers very much continue to spend on the home," said MKM Partners analyst David Bellinger.

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