Home Depot
Third-quarter earnings fell 8.9 percent as the housing and renovation markets remained weak, the nation’s largest home-improvement retailer said Tuesday.
The company also raised its full-year earnings outlook as lower costs helped it top third-quarter expectations.
Net income was $689 million, or 41 cents a share, for the quarter that ended Nov. 1.
Revenue fell 8 percent to $16.36 billion.
Analysts polled by Thomson Reuters expected a profit of 36 cents a share. Sales at stores open at least a year fell 6.9 percent.
Target
Profit climbed more than 18 percent in the third quarter as the discount department store chain cut costs and amped up its fight with rival Wal-Mart.
For the quarter ending Oct. 31, costs that rose more slowly than revenue helped profit jump to $436 million, or 58 cents a share.
Overall revenue was up 1 percent to $15.27 billion.
Analysts forecast a profit of 50 cents a share.
TJX Cos.
Third-quarter profit rose 32 percent as shoppers looked for bargains at the discount retailer’s chains.
The company, which operates stores including T.J. Maxx, Marshalls and HomeGoods, boosted its outlook for the fourth quarter and full year.
The retailer earned $347.8 million, or 81 cents a share, in the three-month period that ended Oct. 31. That compares with $235.8 million, or 58 cents a share, a year earlier.
Revenue rose 10 percent to $5.24 billion. Sales at stores open at least a year rose 7 percent.
Saks
The luxury retailer eked out a profit for the first time in six quarters, even though its sales fell, by trimming expenses and scaling back on promotions and clearance discounts, the company reported Tuesday.
Saks earned $1.9 million, or 1 cent a share, in the three months that ended Oct. 31. That compares with a loss of $43.7 million, or 32 cents a share, a year earlier when it closed its Club Libby Lu chain.
Revenue fell 8.5 percent to $631.4 million, and sales at stores open more than a year declined 10.1 percent.
CIT Group
The lender said it lost $1.07 billion during the third quarter as its cash crunch worsened ahead of filing for bankruptcy protection this month. One of the nation’s largest lenders to small and mid-sized businesses, CIT Group filed for bankruptcy protection Nov. 1 as it was unable to get bondholder approval to reduce its mounting debt.
