Nasdaq falls as investors put their time ahead of Nvidia earnings

Shares of Coles ( KSS ) rose as much as 7% in early trading after the company beat Wall Street’s revenue expectations by 15 cents and raised its profit outlook.

In Q2, the retailer doubled down on inventory management and spending, leading to a 9% year-over-year decline in inventory. “It plans to remain committed to increasing inventory turns and managing inventory to lower mid-single digits,” CEO Tom Kingsbury said in a call to investors.

All of this “should be competitive during a very promotional holiday season,” said CFO Jill Timm.

Kohl’s expects to end 2024 with adjusted earnings per share in the range of $1.75 to $2.25 and an operating margin of 3.4% to 3.8%.

The company cut its full-year sales growth guidance as a “difficult consumer environment” persists and Kohl’s customers feel the “burden” of higher living costs, causing them to put less in their baskets in Q2.

It expects same-store sales to decline 3% to 5% in fiscal 2024, higher than the previously expected 1% to 3% year-over-year decline.

Sephora at Kohl’s continues to be a bright spot for the company. Total sales for the business rose nearly 45% year-over-year in Q2, with sales growth in the low-teens.

By 2024, the company has added 140 total locations, surpassing 1,000 Sephora stores inside Kohl’s.

“We’ve seen a good crossover in terms of customers shopping at Sephora,” Kingsbury said, “about 35% of Sephora baskets have another Kohl’s product in their basket.” As the beauty shop attracts younger customers, it plans to move the juniors section to the front of the store.

See also  JuJu Watkins 51 points 15 USC's 67 points No. 4 in Stanford's defeat

JP Morgan expects to cut the base rate by 100 basis points this year

At the start of the month Wall Street was hopeful—but not convinced—that it would get a much-anticipated interest rate cut in September. Fed Chairman Jerome...

There are great players and potential matches

NFL Guardian Here's what we know about Caps right nowGuardian caps provide added protection over the helmets of players in inherently violent sports. Are...

Dinosaur footprints found on two continents match

The video shows a large dinosaur with identical green bonesThe 150-million-year-old bones discovered in Utah will go on display at the Natural History Museum...

HMD’s Barbie Flip Phone is tough

HMD's Barbie-branded flip phone may be a bit late to catch the hot foldable summer wave, but it's certainly not lacking in appeal. Pre-announced...

Mark Zuckerberg says White House pressured Facebook to censor Covid-19 content | Meta

Meta boss Mark Zuckerberg has said he is bowing to what he says is pressure from the US government to censor Facebook and Instagram...

Nasdaq slips as S&P 500 struggles ahead of Nvidia earnings

U.S. stocks were mixed in trading on Monday as investors weighed the imminent arrival of interest rate cuts and headed into a busy week...