) raised its full-year profit forecast on Wednesday and reported its first increase in quarterly comparable sales in over a year, driven by price cuts that attracted more shoppers to its stores.
Analysts and industry watchers said the retailer’s results show that while U.S. consumers are constrained, they are not in recession mode. However, it also indicated that they are willing to hold out for whoever offers the best discounts and are increasingly being driven by banner events and occasions.
Target ran its Circle Week sales event in July, with an early focus on back-to-school products, which stimulated interest among shoppers, driving online sales up 8.7 per cent in the quarter. Target reported second-quarter earnings on both a net and adjusted basis of US$2.57 per share. Analysts on an average were expecting US$2.18 per share.) was flat after Bloomberg reported it has asked banks to backstop nearly US$10.6-billion of debt for the potential takeover of Grifols.The report said Toronto-based Brookfield has asked banks to put the funds toward refinancing the Spanish pharmaceutical firm‘s existing debt, including loans and high-yield bonds.
“The work of this highly talented team has evolved into a critical enabler of our electric vehicle strategy. These electric vehicles will be lower cost, and not compromised in any way,” Mr. Farley said in a statement.) forecast fourth-quarter revenue and profit above Wall Street expectations on Wednesday, as it benefits from returning demand for its chips used in consumer electronics.
The company now expects fourth-quarter revenue of US$2.40-billion, plus or minus US$100-million, above LSEG estimates of US$2.37-billion. It also sees adjusted earnings per share of US$1.63, plus or minus 10 US cents, compared with estimates of US$1.62.) raised annual profit forecast after quarterly results beat estimates, banking on gains from easing costs and strong demand for its affordable apparel and accessories.
Furthermore, benefits from easing freight costs helped the company strengthen its quarterly margins to 30.4 per cent. TJX also announced its agreement to invest about US$360-million for a 35-per-cent stake in privately held Brands For Less. It also maintained the upper end of its annual comparable sales forecast of a 3-per-cent rise.) in an all-stock deal on Wednesday to create a North American coal mining giant that will be valued at more than US$5-billion.
The deal is expected to generate US$110-million to US$140-million of annual cost and operational savings in a period of six to 18 months following the close of the transaction, which is expected in the first quarter of 2025. It also reported a bigger-than-expected fall in net sales for the second quarter, setting a somber tone for the busy back-to-school and holiday shopping seasons.
Second-quarter net sales fell 3.8 per cent to US$4.94-billion, compared with analysts’ expectations for a 0.23-per-cent fall to US$5.12-billion, according to LSEG. A placement of the Walmart shares was fully subscribed, the person said, and at the top end of the offered range would be worth US$3.74-billion.
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