Consumer sector update for 10/12/2021: ASO, BRDS, CHWY, MESA
VSConsumer stocks extended their lead on Friday after a 3 point increase from the December preliminary reading of consumer sentiment in a University of Michigan survey, reaching 70.4 and beating expectations for a reading of 68 cc. this month. At last glance, the SPDR Consumer Staples Select Sector (XLP) ETF was up 1.7%, while the SPDR Consumer Discretionary Select Sector (XLY) ETF was up 0.6%.
In company news, Academy Sports + Outdoors (ASO) added 8.7% on Friday after releasing third quarter results to beat Wall Street expectations and also upped its profit and sales forecast for the year. 22 above analysts’ estimates. Excluding one-off items, the retailer earned $ 1.75 per share in the three months ended Oct. 30, up from $ 0.91 per share in the same quarter last year, while sales rose 18% to $ 1.59 billion, with gains across all four products. units. The Street was at $ 1.11 per share and $ 1.49 billion, respectively.
Bird Global (BRDS) rose 1.7% after the electric scooter rental company said on Friday that the Reno, Nevada city council voted unanimously to award a three-year conditional exclusive contract to operate electric scooters and eliminate transit “deserts” in the city of 250,000 inhabitants. Financial terms were not disclosed.
Among the declines, Chewy (CHWY) slipped 8.6% after the online pet-goods retailer reported a third-quarter net loss of $ 32.2 million on Thursday evening, narrowly cutting its loss of $ 32.8 million in the same quarter in 2020 and missing Capital IQ’s consensus expecting a net $ 8.6 million. loss for the 13 weeks ended October 31.
Mesa Air Group (MESA) fell 21% to a 13-month low on Friday after reporting a surprise adjusted net loss of $ 0.06 per share in its fourth quarter ended Sept. 30, reversing non-conforming profit. GAAP of $ 0.32 per share in the same quarter. last year and missing Capital IQ’s consensus that the regional airline would earn $ 0.12 per share, excluding one-time items. Revenue increased 21.1% year-on-year to $ 130.8 million, but was also lower than Street View’s $ 150.7 million.
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