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Tuesday morning was a big one for retail earnings, with Home Depot, Macy's, Sears and Target reporting good news.
Barnes & Noble (BKS) total sales came to $2.2 billion in fiscal third quarter, a 33% increase year over year. Earnings were $80.2 million, or $1.38 per share. However, same-store sales slipped 4.7% from a year ago to $1.4 billion, despite strength from BN.com due to demand for the Nook. The company expects comps to decline in the fourth quarter, and forecast full-year earnings below consensus estimates.
Home Depot (HD) posted its first quarterly profit growth in more than three years and said it will hike dividends. The home improvement chain reported net income of $342 million for the quarter. Per-share earnings of 18 cents beat analysts' expectations. The full-year earnings per share of $1.57 cents rose 17.2% from 2008. Same-store sales were up 1.2% in the fourth quarter, thanks to international sales growth, but fell 6.6% year over year. Home Depot expects flat sales in the first half of fiscal 2010.
Macy's Inc. (M) swung to a fourth-quarter profit due to lower expenses even as sales dipped. The nation's second-largest department store chain said earned $466 million, with the adjusted profit of $1.40 per share topping the Wall Street estimate. Revenue for the period slipped 1% to $7.85 billion, but met the expectations of analysts polled by Thomson Reuters. Macy's swung to a full-year profit of $350 million, or 83 cents per share, while annual sales fell 6% go $23.49 billion.
Sears Holdings (SHLD) beat analysts expectations for its fourth-quarter earnings, despite continuing weak sales at Sears stores. Net income came to $430 million, or $3.74 per share, 83% higher than a year ago. Full-year earnings totaled $235 million, or $1.99 per share, up 343.4% from 2008. Same-store sales fell 2.5% during the quarter, while total sales dropped 5.1%, due in large part to soft demand for appliances, lawn-and-garden goods and electronics at Sears stores.
Target Corp. (TGT) fourth-quarter results were helped by strong holiday sales and cost controls. Earnings jumped 54% from a year ago to $936 million, or $1.24 a share, easily beating expectations. Revenue rose 3% to $20.18 billion, also topping the Street view. Same-store sales rose only 0.6%, however. For the full fiscal year, Target's profit grew 12% to $2.49 billion, or $3.30 a share, while Revenue rose fractionally to $65.36 billion.
Shares of Home Depot and Macy's were up in late morning trading, while those of Barnes & Noble, Sears and Target fell.
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