Sector Update: Consumer Staples Stocks Turn Higher Amid Late Buying

Last Updated: Friday, May 20, 2022 4:00 PM | MT Newswires

Consumer stocks were broadly mixed late in Friday trading, with the SPDR Consumer Staples Select Sector ETF (XLP) climbing 0.2% and the SPDR Consumer Discretionary Select Sector ETF (XLY) retreating 2.1%.

In company news, RLX Technology (RLX) was sinking 5.3% late in Friday trading, reversing an early 4.5% gain for the e-vapor products company, after it reported non-GAAP Q1 net income of 0.28 renminbi ($0.04) per American depositary share, down from 0.40 renminbi per ADS during the same quarter last year, while revenue dropped almost 29% to 1.71 billion renminbi ($270.4 million). Analyst estimates were not available.

Ross Stores (ROST) was sinking over 22%, dropping to its lowest share price since October 2017, after the retailer posted lower fiscal Q1 earnings and sales late Thursday.

Foot Locker (FL) was up 4.2% after the athletic wear chain said it expects full-year adjusted EPS at the upper end of its $4.25 to $4.60 forecast, compared with the Capital IQ consensus looking for non-GAAP net income of $4.44 per share.

Deckers Brands (DECK) rose 12.5% after the footwear company reported fiscal Q4 net income beating Wall Street forecasts after more than doubling its year-ago profit and net sales growing over 31% year-over-year. It projected fiscal 2023 sales of $3.45 billion to $3.5 billion compared with analyst estimates expecting $3.44 billion in full-year sales.

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