Stocks: (BBY)(WMT)(TGT)(COST)
Best Buy reported earnings and Wall St. was disappointed. Revenue came in fine, up over 15% to almost $8.5 billion. But, EPS was $.31 and investors wanted $.35. The shares were knocked down over 6% to $50.60 in early trading.
Now the question is whether another group of retailers will report weak results as they try to keep traffic in the face of price cuts on thousands of items. CostCo and Target are especially at risk, but a number of smaller retailers could be part of the fall-out.
Sales may be good this year, but retailers look to have a weak Christmas for margins and earnings.
Ouch.
Douglas A. McIntyre can be reached at [email protected]. He does not own securities in companies that he writea about.
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