Sector Update: Consumer Discretionary Stocks Lifted by Rising Sentiment

Last Updated: Wednesday, November 30, 2022 4:01 PM | MT Newswires

Consumer stocks were rebounding late in Wednesday trading, with the SPDR Consumer Staples Select Sector ETF (XLP) adding 1.8% and the SPDR Consumer Discretionary Select Sector ETF (XLY) gaining 2.7%.

In company news, Wayfair (W) gained 16% after the online retailer overnight reported strong results for the five shopping days spanning Thanksgiving and Cyber Monday, with sales rising in the low single percentage-digits over year-ago levels. Returning customers accounted for 73% of holiday orders during the period, it said.

Petco Health & Wellness (WOOF) climbed almost 17% after the veterinary and pet care

company reported non-GAAP Q3 net income of $0.16 per share, matching the Capital IQ consensus for the three months ended Oct. 29, while revenue rose 4% year-over-year to $1.50 billion to narrowly beat the $1.49 billion analyst mean. The company Wednesday also announced a new partnership adding Stella & Chewy's raw and natural food products to Petco stores and online sales platforms beginning in January.

XPeng (XPEV) raced nearly 47% higher on Wednesday despite the Chinese electronic-vehicle manufacturer reporting a wider adjusted Q3 net loss compared with year-ago levels, missing Wall Street estimates for the three months ended Sept. 30 by a wide margin, and also posting a much smaller-than-expected increase in Q3 revenue over the same quarter last year.

Among decliners, Leslie's (LESL) dropped 3% after the pool and spa equipment supplier blamed a "challenging macro-economic backdrop" for FY23 guidance trailing analyst estimates. Excluding one-time items, it sees net income for the 12 months ending next October in a range of $0.78 to $0.86 per share on between $1.56 billion to $1.64 billion in sales. The compares with the Capital IQ consensus looking for a $0.94 per share adjusted profit on $1.67 billion in sales.

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