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 year ago. Comparable sales for the third quarter were up 1% year-over-year, topping Wall Street’s forecast of a decline of 3.4%.
In the earnings release, Gap CFO Katrina O’Connell noted the challenging macroeconomic environment, writing “we continue to take a prudent approach in light of the uncertain consumer and increasingly promotional environment as we look to the remainder of fiscal 2022.” Gap sees total fourth-quarter net sales declining mid-single digits.
Applied Materials (AMAT): The company 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 in the near term amid macroeconomic challenges, but said the company is making “strategic investments to win the major technology inflections that will enable Applied to outgrow the semiconductor market.” AMAT expects the overall chip market to reach $1 trillion by 2030.
Ross Stores (ROST): Shares jumped after hours after the company issued upbeat fourth-quarter guidance despite inflationary pressures. Ross Stores also reported third-quarter earnings that topped analyst estimates. CEO Barbara Rentler said in the earnings release that the company is “raising our guidance given our third quarter sales momentum and improved holiday assortments.” Ross Stores soared 13% in extended trading.
Williams-Sonoma (WSM): Shares sank in extended 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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