Stock Alert: Coupa Software Climbs 3%

Shares of cloud-based business spend management platform Coupa Software Incorporated (COUP) are rising more than 3% Tuesday morning on upbeat first-quarter results. The company also provided second-quarter and full-year outlook, better than analysts’ view.

The company’s first-quarter adjusted earnings increased to $0.20 per share from $0.03 last year and beat the average estimate of analysts polled by Thomson Reuters at $0.07.

Revenues for the quarter increased 47% year-over-year at $119.2 million on subscription revenue growth of 45%.

For the second quarter, Coupa expects revenue to be in the range of $118.0 to $119.0 million and adjusted EPS to be in the range of $0.06 to $0.08. The Street estimate for earnings is at $0.04 and for revenue at $117.05 million for the quarter.

For the full year, Coupa sees revenue of $489.0 million to $491.0 million and adjusted EPS is in the range of $0.36 to $0.38. Analysts expect the company to report earnings of $0.33 on revenue of $487.89 million for the period.

Coupa stock is currently trading at $227.43. It has traded in the range of $99.01- $239.19 in the last one year.

Stock Alert: Lovesac Rises 20% On Upbeat Results

Shares of direct-to-consumer specialty furniture brand The Lovesac Company (LOVE) are climbing more than 20% Tuesday morning after reporting better-than-expected first-quarter results.

The company reported loss of $0.58 per share in the first quarter, but narrower than $0.67 loss expected by analysts polled by Thomson Reuters.

Net sales increased 32.8% year-over-year to $54.4 million, primarily driven by growth in online sales of 255.4%, that beat the consensus estimate at $47.18 million.

Operating loss in the first quarter was narrower by $1 million in the first quarter compared to last year despite the entire fleet of showrooms remaining closed for half the quarter, the company noted.

“Lovesac’s origins as an ‘e-commerce-first’ platform confers a distinct competitive advantage in this environment. The power of our business model, the execution and commitment of our entire team, combined with our strong balance sheet and financial position, will continue to serve us well as we move into this next phase and beyond,” commented Shawn Nelson, Chief Executive Officer.

Lovesac stock is currently trading at $23.64. It has traded in the range of $4.00- $40.50 in the past 52 weeks.

Stock Alert: Lovesac Shares Up 13% In Premarket On Improved Q1 Results

Shares of The Lovesac Co. (LOVE) are rising over 13% in pre-market today, after the company reported a narrower-than-estimated loss and upbeat revenue for the first quarter.

The stock has been trading in the range of $3.99 – $35.34 for the past one year, and closed Monday’s trade at $19.75, up $1.91 or 10.71%. LOVE is currently trading at $22.50, up $2.75 or 13.92% in the pre-market session.

Net loss was $8.3 million or $0.58 per share in the first quarter of fiscal 2021 compared to $9.1 million or $0.67 per share in the prior year period.

Net sales for the quarter increased 32.8% to $54.4 million from $40.9 million generated a year ago, driven by an increase in internet sales of 255.4%, an increase of 11.0% in “Other” sales, partially offset by a 32.7% decrease in showroom sales due to the impact of showroom closures related to COVID-19.

Analysts polled by Thomson Reuters expected a loss of $0.67 per share on revenue of $47.18 million for the quarter. Analysts’ estimate typically exclude certain special items.

Shawn Nelson, Chief Executive Officer, said, “Amid the global dislocation caused by the COVID-19 pandemic, Lovesac’s first quarter results affirm the resilience and compassion of our team, the benefit of our diversified channel mix, and the fundamental appeal of the Lovesac brand. These positive attributes contributed to the quarter’s strong results with nearly 33% total company sales growth, including a 255% increase in our e-commerce sales…”

Stock Alert: Granite Point Mortgage Trust Down 6%

Shares of Granite Point Mortgage Trust Inc. (GPMT) are losing almost 6 percent or $0.57 in Tuesday’s morning trade at $8.98 despite no specific news impacting the stock.

U.S. stocks opened lower on Tuesday, reflecting profit taking as traders cash in on the strong gains posted in recent sessions. However, traders generally remained optimistic about a quick economic recovery as businesses reopen following the coronavirus lockdown.

New York-based Granite Point Mortgage invests in and manages senior floating-rate commercial mortgage loans as well as other debt and debt-like commercial real estate investments. In May, the mortgage REIT reported a net loss for the first quarter, with the results impacted by a provision for credit losses.

The stock has traded in a range of $1.74 to $19.35 in the past 52 weeks.

Macy’s says 450 reopened stores are performing better than expected

Macy’s said on Tuesday its 450 reopened stores were performing better than expected, giving some respite for the department store chain that reported nearly $1 billion in quarterly operating losses due to COVID-19 lockdowns.

The company’s shares rose 12 percent in premarket trading, a day after Macy’s said it had raised $4.5 billion to navigate through the fallout from the pandemic.

Macy’s, like most other non-essential retailers in the United States, was forced to shut nearly all its 800 stores in March to contain the spread of the coronavirus.

While a full economic recovery is expected to be years away, retailers like American Eagle Outfitters, Abercrombie & Fitch and Macy’s have indicated a recovery in sales, with a surge in online orders.

Macy’s Chief Executive Jeff Gennette said the company is now working to get the right merchandise in place for the crucial holiday season.

Macy’s said its preliminary sales fell to $3.02 billion in the quarter ended May 2, from $5.50 billion, in line with the company’s prior forecast.

The company reported a preliminary adjusted net loss of $630 million, or $2.03 per share, in the same period, compared to a profit of $137 million, or 44 cents per share, a year earlier.

Macy’s has delayed reporting its full first-quarter results to July 1.