Oct 30 - In a strong quarter for earnings, the big consumer stocks have shone even brighter, thanks to results from McDonald'scompanies have reported results thus far, with more than 77% exceeding results. But of that group, consumer discretionary companies have been the biggest surprise, on average exceeding earnings-per-share estimates by 19%, according to LSEG I/B/E/S data.
Discretionary stocks have performed strongly in 2023, proving their resilience at a time when the expectations of a U.S. economic slowdown run high. A 4.9% rise in U.S. gross domestic product in the"The results suggest that investors continue to see the sector as a ballast in uncertain times, which we believe is supported by generally sound fundamentals underlying the health of the U.S. consumer," said Jason Benowitz, CI Roosevelt senior portfolio manager.
While most companies flagged the resilience of consumer demand, some analysts also said expectations were low heading into the third quarter as the side effects of still-high inflation lingered.
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