Yesterday post close RH reported Q4 results with Rev -1% vs Cons/our 6% partially due to inventory shortages (3pts). Adj. EPS of $3.72 beat Cons of $3.59 and our $3.53 as RH beat on operating margins and below the line items. Like most companies, RH withheld 2020 guidance. Shares were -15% vs -2% for the S&P today.
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Yesterday PM WSM posted comps that beat across each segment including positive comps in its eponymous William Sonoma brand. Operating margins of 11.6% met Cons and adj. EPS of $2.13 beat Cons of $2.05. WSM noted strong comps QTD until 3/11 and solid MSD comps in e-comm since then but withheld guidance for 2020. WSM shares +23%.
Yesterday PM (3/12/20) ULTA reported SSS of 4.0% vs Cons of 3.4% and our 3.8%. Adj. EPS of $3.89 beat Cons of $3.73 and our $3.72 but was helped $0.06 by tax. 2020 guidance was just below Cons on comps and EPS, but the EPS miss explained by tax guidance. ULTA -1% today vs S&P +4%.
Although mild winter had lowered sss expectations into the print, we believe the extent of the decel and drop-off in DIFM was worse than expected. EBITDA was mostly in-line with EPS beating Consensus, helped by a lower tax rate. Shares were -2% vs SP50 -3%.
BBY reported better-than-anticipated sales (with both Domestic and International sss above Cons), coupled with a better EBIT margin vs Cons. BBY’s coronavirus impacted 1Q outlook calls for sss of 0% to 1% with EPS of $1.00 to $1.05 (Cons $1.01). For FY20, BBY expects sss of 0% to 2% and EPS of $6.10 to $6.30 (Cons $6.25). Shares were flat vs S&P -1%.
SSS of 2.5% missed Cons 3.7%, but LOW beat on op margins (7.1% vs Cons 6.8%). Adj. EPS was $0.94 vs Cons $0.91. FY20 comp guidance of 3.0% to 3.5% brackets Consensus of 3.1%, but adj. EPS of $6.45 to $6.65 is below prior FY20 Cons of $6.67. Shares -5% vs S&P +0%.
SSS of 5.2% was above our 5.0% and Consensus 4.8%. EPS of $2.28 beat expectations primarily on a lower tax rate (EBIT/interest expense was mostly in-line). HD reiterated its 2020 sales and EBIT margin outlook and provided FY20 EPS guidance of $10.45 vs prior Consensus $10.51. Shares were +1% vs -2% for S&P500.
Q4 revenue was in-line with us/Cons. EBITDA and EPS beat Consensus on higher than expected North American EBITDA margins. Guidance was mixed, with organic growth and EPS below, but FCF guidance was strong. Shares were flat vs. -0.4% for the S&P 500.
This morning (02/19/20) GPC reported Q4 results. Revenue of $4.65bn was 1% below Consensus, while adj. EPS of $1.35 beat Cons. of $1.30 and our $1.29. Automotive margins declined 57bps y/y, largely due to deleverage in Europe (40bps) despite stabilizing topline. GPC also issued 2020 EPS guidance which was 1% below Cons. at the midpoint. Shares were up 3%.
AAP reported Q4 results with SSS of 0.1% that missed Cons of 1% but Non-GAAP op margin of 7.1% that beat Cons of 6.3%. 2020 guide of 1% SSS (mdpt.) was below Cons of 1.7%. At 8.55%, op. margins (mdpt.) met Cons of 8.5%, but only factors in 20bps of expansion (extra week is the rest).
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