Big Lots, Hibbett, Pinduoduo and others
Check the companies that make headlines before the bell:
Big Lots (BIG) – The low-cost retailer’s shares fell 21.2% in the advance market after missing out on Wall Street forecasts for quarterly earnings and earnings. The company also reported a larger-than-expected decline in comparable retail sales and issued cautious guidelines for the full year, saying that inflationary pressures reduce discretionary spending.
Hibbett (HIBB) ̵[ads1]1; The sporting goods retailer’s share fell 6.5% in pre-market trading after falling below analysts’ profit and sales estimates for the last quarter. Hibbett said their customers had less discretionary revenue than in the previous quarter, as stimulus payments helped increase spending.
Pinduoduo (PDD) – The China-based e-commerce platform operator’s quarterly results were better than expected as China’s Covid-19 shutdowns helped increase online consumption. Pinduoduo increased 8.8% in premarket action.
Canopy Growth (CGC) – The cannabis producer reported a wider-than-expected quarterly loss, with revenues also falling below analysts’ forecasts. The company said it expects to be profitable on an adjusted basis in the financial year 2024. Canopy Growth fell 10.5% in pre-market trading.
Costco (COST) – Costco beat the top and bottom line estimates for its last quarter, but the inventory dealer’s profit margins shrank by almost 1 percentage point due to increased labor and shipping costs. Costco said it increased the prices of certain foods to compensate for these increases. The stock lost 1.3% in the advance market.
Dell Technologies (DELL) – Dell increased by 9.8% in pre-market trading, after profits and earnings that were better than expected for the last quarter. The hardware manufacturer took advantage of a jump in demand from companies for desktops and laptops.
Gap (GPS) – Gap shares fell 17.8% before market measures after the clothing retailer cut its earnings forecast for the full year and posted a larger quarterly loss than expected. Gaps results were hit by higher shipping costs and deeper levels of discounts.
Ulta Beauty (ULTA) – The Ulta share rose 8.4% in pre-market trading after the cosmetics retailer beat the Street forecasts with its latest quarterly report and gave a positive outlook. Ulta was helped by great demand for beauty products.
American Eagle Outfitters (AEO) – American Eagle fell 13.4% in pre-market trading after quarterly earnings and revenue fell below Wall Street estimates. The clothing retailer’s CEO, Jay Schottenstein, said the quarter was challenging with demand far below the company’s expectations.
Red Robin Gourmet Burgers (RRGB) – The restaurant chain’s shares rose 12.9% in premarket action after reporting a smaller-than-expected quarterly loss and revenue that exceeded analysts’ forecasts. Red Robin also updated the guide to commodity costs for the full year due to the effects of inflation.