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Walmart Slides, Advance Auto Parts Drops, Coty Falls as It Warns of ‘Transition’ Year Ahead
Description
On this episode of Stock Movers:
- Walmart (WMT) shares slide. Quarterly sales fell short of expectations, with sales at US stores open at least a year, excluding fuel, rising 2.6% in the second quarter. The company's pharmacy business was hindered by federal negotiations that led to lower drug prices, and shoppers spent less per trip during the quarter.
- Advance Auto Parts (AAP) shares drop. The parts provider reported second-quarter sales that fell short of analyst estimates. Though the company boosted its adjusted earnings per share forecast for the full year, it maintained its sales guidance, which is also below estimates at the midpoint.
- Coty (COTY) shares fall on Thursday after the beauty conglomerate refrained from providing full-year guidance, predicting a “transition” period in the current fiscal year. Net revenue increased 1% to $1.27 billion, but declined 1% on a like-for-like basis, including an estimated 1% headwind from the Middle East conflict.
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