Kohl's sales jump nearly 70%, soaring past estimates, retailer hikes full-year outlook

Gold Prices Slip Amid Taper Talk

Gold prices slipped from over four-month highs on Thursday as investors looked past hawkish FOMC minutes.

Spot gold slipped 0.1 percent to $1,868.09 per ounce, after having hit as high as $1,890.13 on Wednesday, the highest since Jan. 8.

U.S. gold futures were down 0.7 percent at $1,868.05, with extreme price swings in cryptocurrencies helping limit support the downside to some extent.

Euro zone government bond yields rose today, catching up with a rise in U.S. Treasury yields after the Federal Reserve hinted at a possible shift in future policy.

Fed officials at their April meeting said “it might be appropriate at some point” to consider tapering asset purchases if the economy shows “rapid progress” toward the committee’s goals.

The dollar held weak after a brief rally during the previous session on the Federal Reserve’s talk of tapering.

In a press conference following last month’s meeting, Chair Jerome Powell had said that it was premature to start talking about tapering.

Hormel Foods Boosts FY21 Net Sales Outlook, While Reaffirming EPS – Quick Facts

While reporting financial results for the second quarter on Thursday, branded food company Hormel Foods Corp. (HRL) raised net sales guidance for the full-year 2021, while maintaining annual earnings outlook.

The company said the guidance excludes the expected impact of the Planters snack nuts business, which was acquired from Kraft Heinz Co.

For fiscal 2021, the company now still projects earnings in a range of $1.70 to $1.82 per share, while raising net sales guidance to between $10.20 billion and $10.80 billion from the prior range between $9.70 billion and $10.30 billion.

On average, analysts polled by Thomson Reuters expect the company to report earnings of $1.74 per share on net sales of $10.15 billion for the year. Analysts’ estimates typically exclude special items.

“We have a very positive outlook on the foodservice industry and continue to see elevated demand in the retail, deli and international channels. As we enter this inflationary period, we will continue to offset margin pressure with price actions and supply chain improvements,” said Jim Snee, chairman of the board, president and chief executive officer.

Rep. Tim Ryan Unleashes Fury On GOP Lawmakers Opposed To Jan. 6 Commission

Rep. Tim Ryan (D-Ohio) has had it with the Republican members of the House who attacked a proposed bipartisan commission to investigate the Jan. 6 attack on the U.S. Capitol that was carried out by pro-Trump insurrectionists. 

After thanking those in the GOP who supported the measure ― 35 Republicans ultimately broke ranks and voted in favor of the commission ― Ryan lit into those who voted against it. 

“Holy cow! Incoherence! No idea what you’re talking about,” Ryan said, his voice rising in anger as he pointed to the most obvious and glaring hypocrisy: the endless Republican-led investigations into former Secretary of State Hillary Clinton. 

“Benghazi!” he said. “You guys chased the former secretary of state all over the country, spent millions of dollars.”

He added:

“We have people scaling the Capitol, hitting the Capitol Police with lead pipes across the head and we can’t get bipartisanship? What else has to happen in this country? Cops! This is a slap in the face to every rank-and-file cop in the United States.”

Although the measure ultimately passed the House, 252-175, it faces a potential filibuster in the Senate, where Minority Leader Mitch McConnell (R-Ky.) is among the Republicans who oppose it. 

Canadian Solar Inc. Earnings Retreat In Q1

Canadian Solar Inc. (CSIQ) revealed a profit for first quarter that dropped from the same period last year.

The company’s bottom line totaled $13.59 million, or $0.36 per share. This compares with $111.25 million, or $1.84 per share, in last year’s first quarter.

Analysts had expected the company to earn $0.41 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter rose 32.0% to $1.09 billion from $825.63 million last year.

Canadian Solar Inc. earnings at a glance:

-Earnings (Q1): $13.59 Mln. vs. $111.25 Mln. last year.
-EPS (Q1): $0.36 vs. $1.84 last year.
-Analysts Estimate: $0.41
-Revenue (Q1): $1.09 Bln vs. $825.63 Mln last year.

-Guidance:
Next quarter revenue guidance: $1.4 – $1.5 Bln
Full year revenue guidance: $5.6 – $6.0 Bln

Kohl's sales jump nearly 70%, soaring past estimates, retailer hikes full-year outlook

Kohl's on Thursday reported first-quarter earnings and sales that topped analysts' estimates, and raised its outlook for the full year.

Chief Executive Michelle Gass said momentum built throughout the quarter, especially in Kohl's stores, where the retailer has been investing in new brands and refreshing displays in activewear, women's apparel and beauty.

Its stock fell nearly 3% in premarket trading.

Here's how the company did for the quarter ended May 1, compared with what analysts were anticipating, based on a Refinitiv survey:

  • Earnings per share: $1.05 adjusted vs. 4 cents expected
  • Revenue: $3.89 billion vs. $3.48 billion expected

Kohl's net income climbed to $14 million, or 9 cents per share, from a loss of $541 million, or $3.52 per share, a year earlier. Excluding one-time adjustments, the company earned $1.05 per share, outpacing expectations for 4 cents, based on a Refinitiv survey.

Revenue soared nearly 70% to $3.89 billion from $2.43 billion a year earlier. That beat expectations for $3.48 billion.

Find the earnings press release from Kohl's here.

This story is developing. Please check back for updates.