(RTTNews) - Wall Street seems to rest on its oars as earnings season winds down with a small flurry of earnings reports this week. Retail stocks continue to dominate the earnings proceedings, with quarterly results from Pacific Sunwear of California, TJX Companies, Home Depot, and most importantly Target due out in the unfolding week.
Retail earnings released thus far in the reporting season showed strength and promise, as an improving global economy, benevolent fiscal stimulus measures and aggressive pricing action propelled individual's purchasing power. Though overall retail spending in the U.S. dropped 1.5% in September, discretionary spending on food & beverages grew 0.7%, with demand for clothing & clothing accessories rising 0.5% in September, the U.S. Census Bureau reported.
November 16
Teen-clothing retailer Pacific Sunwear of California Inc. (PSUN:
News ) expects to incur a third-quarter loss between $0.16 and $0.13 per share, assuming a same-store sales percentage decline in the high-teens to low twenties, and assuming non-cash, pre-tax store asset impairment charges of about $10 million. In the year-ago period, the company posted a loss of $0.05 per share and net sales of $323.6 million. Analysts polled by Thomson Reuters expect the company to post a loss of $0.20 per share on revenues of $260.08 million for the third quarter. The quarterly results are scheduled to be released at 4:00 pm ET Monday.
For solar products maker ReneSola Ltd.'s (SOL:
News ) third quarter, the consensus forecast is for a loss of $0.07 per share and revenues of $136.82 million. In mid-September, the company said it projects third quarter revenue in the range of $130 million - $140 million versus a 60% - 70% sequential increase announced earlier. Third-quarter results are slated to be announced before the market opens Monday. The company earned $0.23 per share on net revenues of $215.8 million in the prior-year period.
For fiscal 2009, ReneSola expects revenue to range between $470 million and $500 million, compared to its prior outlook range of $500 million - $550 million. Six analysts polled by Thomson Reuters currently expect the company to report revenue of $478.03 million for fiscal 2009. ReneSola maintained its prior product shipment outlook for 2009 of 450 MW - 500 MW.
Home improvement retailer Lowe's Companies Inc. (LOW:
News ) is slated to report its third-quarter results on November 13, with analysts projecting earnings of $0.24 per share on revenues of $11.28 billion. While releasing second-quarter numbers, the company said it expects third-quarter earnings to range between $0.21 and $0.25 per share. Third-quarter sales are estimated to decline 2% - 5%, while comparable sales are projected to drop 6% - 10%.
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