Target Corp. posted a surprise rise in holiday-quarter sales on Tuesday on higher store visits from discount-hungry Americans, even as it joined other retailers to caution on 2023 earnings due to an uncertain U.S. economy. Shares rose 2 percent as the company beat quarterly profit estimates for the first time in a year. Surging prices…
Target’s Holiday Sales Get Boost From Discounts, Warns on 2023 Earnings
Walmart Gets Cautious on Economic Outlook, Sees Lower 2023 Performance
February 21, 2023
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Walmart Inc. struck a cautious note in its economic outlook for 2023 on Tuesday as the retail bellwether forecast full-year earnings below estimates and warned that cautious spending by consumers could pressure profit margins. Shares of the world’s largest retailer recouped most of its pre-market losses to rise 0.5 percent in early trading at a…
Home Depot Warns of Weak 2023 Profit as Rising Prices Hurt Demand
Home Depot Inc. forecast annual profit below Wall Street expectations on Tuesday as soaring prices weigh on demand for home improvement products, while it grapples with higher costs and labor shortages. The No. 1 U.S. home improvement chain posted a surprise drop in fourth-quarter comparable sales, sending its shares down about 4 percent in premarket…
Nestle Plans Price Hikes After Costs Eat Into Profits
February 16, 2023
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ZURICH/LONDON—The world’s biggest food group Nestle will lift prices again this year, Chief Executive Mark Schneider said on Thursday, after more costly ingredients contributed to making its 2022 profit miss market forecasts. Rivals have said they anticipate a more positive pricing outlook for shoppers in 2023. But Schneider said further rises were necessary to offset…
US Companies Face More Pain as Expected ‘Earnings Recession’ Looms
February 14, 2023
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NEW YORK—U.S. companies’ earnings woes are likely to extend beyond the weak fourth quarter, as a booming labor market weighing on margins looks set to hurt results in the first half of this year. Expectations for U.S. earnings to decline in the first and second quarter come amid weaker-than-expected fourth-quarter results for 2022, which Credit…
Coca-Cola HBC’s Annual Profit Beats, Warns of Price Increases
Coca-Cola HBC AG on Tuesday reported better-than-expected full-year operating profit and said it will increase prices this year to tackle an increase in costs. Most companies have hiked prices in a bid to pass on some of these costs to their consumers. Although a cost of living crisis has seen a shift in consumer spending,…
Toyota’s 3rd-Quarter Profit Jumps 22 Percent, Buoyed by Weak Yen and Higher Sales
TOKYO—Japan’s Toyota Motor Corp. posted a surprise 22 percent rise in third-quarter operating profit on Thursday, as a weaker yen and higher sales volumes helped the world’s top automaker overcome a jolt from the soaring costs of raw materials. Global car makers have been squeezed by both the semiconductor shortage and rising costs, adding to…
PepsiCo Says No More Price Hikes After Better-Than-Expected Quarterly Results
PepsiCo Inc. said on Thursday it will not further raise prices of its sodas and snacks after multiple rounds of price hikes last year that helped the beverage giant post fourth-quarter profit and revenue ahead of analysts’ estimates. A near duopoly in the carbonated drinks market with Coca-Cola Co. helped PepsiCo raise prices over the…
TotalEnergies Net Profits Double to Record $36.2 Billion in 2022
PARIS—French oil major TotalEnergies posted a record net profit of $36.2 billion in 2022, double the previous year, joining in the sector’s bumper earnings thanks to higher oil and gas prices since Russia invaded Ukraine. TotalEnergies’ fourth-quarter adjusted net income was $7.6 billion, including a $4.1 billion impairment related to the deconsolidation of its stake…
BP Makes Record Profit in 2022, Slows Shift From Oil
LONDON—BP reported on Tuesday a record profit of $28 billion for 2022 and hiked its dividend, but infuriated climate activists by rowing back on plans to slash oil and gas output and reduce carbon emissions by 2030. The blockbuster profit follows similar reports from rivals Shell, Exxon Mobil, and Chevron last week after energy prices…
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