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Lots of news on the retail front today.Let’s get to it.
First, Home Depot came out with decent earnings, beating expectations, beating on same-store sales, and modestly raising its outlook. This compares very favourably with weak earnings from Lowe’s yesterday.
Meanwhile, shares of the world’s biggest retailer — Wal-Mart — are up modestly in the pre-market after the company reported a one-penny earnings beat, though it’s domestic sales continue to go nowhere. Like Home Depot it did raise its forecast.
On the bad news front, Dick’s Sporting Goods missed expectations, and guided lower, citing economic uncertainty.
In terms of broader news, the latest report from ICSC-GS indicates that spending has declined for three straight weeks during August. Not good.
And finally, lots of buzz out there regarding Warren Buffett increasing his stake in Dollar General.