Earnings Recap – November 16th
Walmart reported their fiscal third quarter earnings on Tuesday, which was highly anticipated as they display the landscape of the retail industry. They announced earnings per share of $1.45, slightly beating the estimate of $1.40, and revenue outpaced analyst expectations with $140.53 billion for the quarter. CEO Doug McMillon said that Walmart is very confident for the upcoming holiday season, saying in the earnings call that they have the staff, supply, demand, and prices to have a great month of December. CFO Brett Biggs said that they were able to handle the inflation period well, with a light increase in costs, but it wasn’t too major, making this a positive quarter for the company.
Home Depot reported their third quarter earnings on Tuesday, and the stock has been involved with the market a lot due to the strong housing market in the last year. The home-improvement retail giant topped estimates of $3.40 per share with $3.92 per share, and sales for the quarter was at $36.82 billion, up 9.8 percent. This signals that homeowners are still trying to improve their houses, which is beneficial. Lastly, consumers were spending more during visits at Home Depot with the average ticket rising to $82.38, up 12.9%. Home Depot defied analysts, and as a result their stock reached all-time highs.
I am not a financial advisor and my comments should never be taken as financial advice. Investments come with risk, so always do your research and analysis beforehand.