Gold Prices Mixed In Cautious Trade

Gold prices were mixed on Thursday after three consecutive sessions of losses amid much uncertainty about the path ahead for U.S. interest rates.

Spot gold edged up 0.1 percent to $1,894.20 per ounce, while U.S. gold futures were down 0.2 percent at $1,923.7.

The dollar hovered around two-month high and Treasury yields remain elevated, denting bullion’s appeal.

While the minutes of the latest FOMC meeting overnight didn’t reveal anything new, hawkish notes from the meeting indicated that the Federal Reserve would continue to hold interest rates higher for longer to contain inflation.

On the positive side, gold is drawing some support from renewed concerns over China’s economy.

Concerns mounted about the state of China’s financial services industry after wealth manager Zhongzhi Enterprise Group said it was facing a liquidity crisis and would have to restructure its debt.

In another development, Fitch Ratings said it may consider rethinking China’s A+ sovereign credit rating amid growing economic headwinds to the Asian giant.

In economic releases, reports on U.S. weekly jobless claims and U.S. Philadelphia manufacturing index for August may attract investor attention in the New York session.

Tapestry Q4 Results Miss Estimates; Sees FY24 Adj. Earnings, Net Sales Above Market – Update

Tapestry, Inc. (TPR), a house of accessories and lifestyle brands, Thursday issued fiscal 2024 outlook, expecting higher earnings and revenues than last year.

For the new year, adjusted earnings per share would be $4.10 to $4.15, representing approximately 6 percent to 7 percent growth compared to the prior year.

Net sales are expected to be around $6.9 billion, an increase of approximately 3 percent to 4 percent from the prior year on both a reported and constant currency basis.

On average, analysts polled by Thomson Reuters expect earnings of $3.90 per share on revenues of $6.7 billion for the year. Analysts’ estimates typically exclude special items.

In fiscal 2023, net income was $3.88 per share on net sales of $6.66 billion.

In the fourth quarter, earnings increased from last year in line with the Street estimates.

The company’s bottom line totaled $224.1 million or $0.95 per share, compared to $188.8 million or $0.75 per share last year.

Revenue held steady at $1.62 billion.

Analysts projected earnings of $0.97 per share on revenues of $1.65 billion for the quarter.

In pre-market activity on the NYSE, Tapestry shares were trading at $33.44, down 2.59 percent.

For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com.

Tapestry Q4 Results Miss Estimates; Sees FY24 Adj. Earnings, Net Sales Above Market – Update

Tapestry, Inc. (TPR), a house of accessories and lifestyle brands, Thursday issued fiscal 2024 outlook, expecting higher earnings and revenues than last year.

For the new year, adjusted earnings per share would be $4.10 to $4.15, representing approximately 6 percent to 7 percent growth compared to the prior year.

Net sales are expected to be around $6.9 billion, an increase of approximately 3 percent to 4 percent from the prior year on both a reported and constant currency basis.

On average, analysts polled by Thomson Reuters expect earnings of $3.90 per share on revenues of $6.7 billion for the year. Analysts’ estimates typically exclude special items.

In fiscal 2023, net income was $3.88 per share on net sales of $6.66 billion.

In the fourth quarter, earnings increased from last year in line with the Street estimates.

The company’s bottom line totaled $224.1 million or $0.95 per share, compared to $188.8 million or $0.75 per share last year.

Revenue held steady at $1.62 billion.

Analysts projected earnings of $0.97 per share on revenues of $1.65 billion for the quarter.

In pre-market activity on the NYSE, Tapestry shares were trading at $33.44, down 2.59 percent.

For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com.

Walmart Inc. Q2 Profit Increases, beats estimates

Walmart Inc. (WMT) announced a profit for its second quarter that increased from last year and beat the Street estimates.

The company’s bottom line totaled $7.89 billion, or $2.92 per share. This compares with $5.15 billion, or $1.88 per share, in last year’s second quarter.

Excluding items, Walmart Inc. reported adjusted earnings of $1.84 per share for the period.

Analysts on average had expected the company to earn $1.70 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter rose 5.7% to $161.63 billion from $152.86 billion last year.

Walmart Inc. earnings at a glance (GAAP) :

-Earnings (Q2): $7.89 Bln. vs. $5.15 Bln. last year.
-EPS (Q2): $2.92 vs. $1.88 last year.
-Analyst Estimate: $1.70
-Revenue (Q2): $161.63 Bln vs. $152.86 Bln last year.

-Guidance:
Next quarter EPS guidance: $1.45 to $1.50
Full year EPS guidance: $6.36 to $6.46

Dole Plc Q2 Net Income Rises

Dole plc (DOLE) reported second quarter net income of $52.3 million, an increase of 8.1% from last year. EPS from continuing operations was $0.56 compared to $0.55. Adjusted EBITDA was $122.7 million, an increase of 9.7%. On a like-for-like basis, adjusted EBITDA increased 9.2%. Adjusted net income was $48.4 million compared to $52.4 million. Adjusted net income declined predominantly due to higher interest expense, the company said. Adjusted EPS was $0.51 compared to $0.55.

Second quarter revenue was $2.1 billion, an increase of 4.4% from prior year. The increase was primarily due to strong performance in the Fresh Fruit and Diversified EMEA segments, offset partially by the Diversified Americas segment. On a like-for-like basis, revenue was 3.8% ahead of prior year.

The company is now targeting an adjusted EBITDA for 2023 of at least $350.0 million.

Net debt as of June 30, 2023 was $1.0 billion.

On August 16, the Board declared a cash dividend for the second quarter of 2023 of $0.08 per share, payable on October 5, 2023 to shareholders of record on September 14, 2023.

For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com.