Best Buy Cuts Forecasts as Sales Fall Short. Consumer Demand Is ‘Uneven.’
Best Buy (ticker: BBY) posted adjusted earnings of $1.29 a share in the third quarter, beating the consensus call for $1.19 among analysts…
Burger King drags sales at parent Restaurant Brands as spending softens
Restaurant Brands International (QSR.TO) missed market estimates for quarterly sales on Friday as lingering inflation pinched spending at its…
Yum Brands results beat as Taco Bell promotions draw customers
Yum Brands (YUM.N) topped Wall Street estimates for third-quarter results on Wednesday as a reboot of popular menu items at Taco Bell and promotional deals at KFC pulled in more budget-strapped customers looking for cheaper restaurant meals. The company has banked on aggressive promotions and limited-time offers to drive demand, with the return of the…
Norwegian Cruise downgrades 2023 profit target on higher costs, Israel war
Norwegian Cruise Line Holdings (NCLH.N) on Wednesday warned of a hit to its annual profit from elevated costs and booking disruptions due to the escalating Israel-Hamas conflict and a lingering impact of the wildfires in Maui. A post-pandemic uptick in demand for cruises was overshadowed by higher food and labor expenses, hurting the cruise operator…
Chipotle beats results estimates as demand defies high prices
Chipotle Mexican Grill (CMG.N) surpassed market expectations for quarterly results on Thursday, as unwavering demand for its burritos and rice bowls and a strong boost from limited-time promotions helped defy a broader weakness in the restaurant industry. Dining traffic has slowed across the industry, but Chipotle’s wildly popular Carne Asada protein returned to menus in…
EA rises as research firm raises estimates on FC 24 strength
Shares of videogame developer Electronic Arts (NASDAQ:EA) rose nearly 1.8% on Thursday as research firm M Science raised its second-quarter estimates, citing the performance of its recently released soccer game, FC 2024. M Science said that FC 24 performed well in September, despite being launched in the last week of the month. The research firm…
Target’s Store Closures Raise Eyebrows. What’s Really Going on With Retail Theft?
Target garnered national attention last week when it said it would close stores in four major cities, citing rising problems with theft and violent crime. But while such moves make it clear that the retail industry is struggling with a theft problem, it’s surprisingly hard to get concrete picture of just how big that problem…
Nike shares jump on leaner inventory, better margins outlook
Nike (NKE.N) shares climbed as much as 11% on Friday as the company further trimmed its inventory ahead of the all-important holiday shopping season and forecast improved second-quarter gross margin due to fewer discounts. The world’s largest sportswear maker has focused on reducing its inventory, bringing it down by 10% to $8.7 billion in the…
How Financial Firms Can Extract Value From AI
When ChatGPT launched last November, it revealed that artificial intelligence had gotten smarter and faster than most people had previously imagined. It became clear that AI may soon transform so much of our lives, including every facet of knowledge-based industries. Change is coming especially fast to the financial sector, where companies had already spent years…
Footwear firm On Holding gains amid M Science note on accelerating volumes
On Holding (NYSE:ONON) rose 5% amid an M Science note on increasing spending volume last month.DTC spending volumes accelerated in the U.S. and European Union in August, according to a M Science note.On Holding’s (ONON) short interest is 9.3%.