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Why Is Walmart (WMT) Stock Rocketing Higher Today
Shares of retail behemoth Walmart (NYSE:WMT) jumped 7% in the morning session after the company reported first-quarter earnings that constituted a 'beat and raise'. Specifically, Walmart exceeded analysts' revenue, gross margin, and EPS expectations. That performance was driven by beats in its U.S. and International Walmart operations. The company also effectively raised its full year guidance by saying that it expects calendar 2024 results to come in at the high end of previously-provided guidance for revenue and EPS, which is a positive. The company also bought TV maker Vizio for just over $2 billion in February 2024 to support Walmart Connect, its media business, although this is having a negligible impact on reported financials. Zooming out, we think the company had a solid quarter.
Why Under Armour (UAA) Shares Are Getting Obliterated Today
Shares of athletic apparel company Under Armour (NYSE:UAA) fell 11.6% in the morning session after the company reported first-quarter earnings results. The big news is a restructuring that Under Armour is initiating. To explain the rationale of the restructuring, the company's CEO stated that "Due to a confluence of factors, including lower wholesale channel demand and inconsistent execution across our business, we are seizing this critical moment to make proactive decisions to build a premium positioning for our brand, which will pressure our top and bottom line in the near term". Because of this, Under Armour provided full-year guidance that was well below expectations for sales and EPS, as the company will have to endure some shorter-term pain to rightsize the business for the longer term.
Under Armour (NYSE:UAA) Posts Q1 Sales In Line With Estimates But Stock Drops 15.8%
Athletic apparel company Under Armour (NYSE:UAA) reported results in line with analysts' expectations in Q1 CY2024, with revenue down 4.8% year on year to $1.33 billion. It made a non-GAAP profit of $0.11 per share, down from its profit of $0.18 per share in the same quarter last year.