Sector Update: Consumer Stocks Gain on Friday

Last Updated: Friday, May 27, 2022 4:54 PM | MT Newswires

Consumer stocks closed broadly higher on Friday, with the SPDR Consumer Staples Select Sector ETF (XLP) climbing 1.2% and the SPDR Consumer Discretionary Select Sector ETF (XLY) rallying 3.4%.

In company news, Ulta Beauty (ULTA) gained 12.5% after the cosmetics company reported improved Q1 financial results and raised its full-year outlook.

Pinduoduo (PDD) climbed more than 15% after reporting non-GAAP Q1 net income of 2.95 renminbi ($0.47) per American depositary share, reversing a 1.52 renminbi loss last year.

Hibbett (HIBB) added 2.7% after the apparel retailer reported fiscal Q1 earnings of $2.89 per share, down from $5.00 a year ago. Analysts polled by Capital IQ expected $3.13.

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