Planet Fitness (PLNT) : CEO Chris Rondeau to step down

ticker: PLNT

 

 

Planet Fitness appoints Craig Benson as Interim CEO, effective immediately

The Planet Fitness board decided to “transition to new leadership, resulting in the departure of Chris Rondeau,” the company said in a news release Friday. The former CEO, who had been at the helm since January 2013, will continue to serve as a member of the board and will be nominated for re-election next year, the company said.

• Rondeau will continue to serve as a member of the co's Board of Directors and will be nominated for re-election at the co's 2024 Annual Meeting.
• Rondeau will continue to serve the co in an advisory role as contemplated under his existing agreements with the co to help ensure a smooth transition.

Earlier this year, the company grappled with a disappointing first-quarter earnings report. This year, the stock is off 34%.

==Designer Brands (DBI) reported earnings on Thur 1 Dec 22 (b/o)

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Designer Brands misses by $0.05, misses on revs; guides FY23 EPS below consensus

• Reports Q3 (Oct) earnings of $0.67 per share, $0.05 worse than the S&P Capital IQ Consensus of $0.72; revenues rose 1.4% year/year to $865 mln vs the $876.72 mln S&P Capital IQ Consensus.
  • Comparable sales up 3.0% on top of comparable sales of 40.8% for the third quarter of 2021
• Co lowers guidance for FY23, sees EPS of $1.75-1.80 vs. $2.06 S&P Capital IQ Consensus. This is down from $2.05-2.15.
  • Co reaffirms FY23 Comparable Sales Growth of mid-single digits.

Lulu’s Fashion Lounge (LVLU) reported earnings on Tue 15 Nov 22 (a/h)

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Lulu's Fashion Lounge promotes CFO Crystal Landsem to become new CEO, effective March 6

• Co announces that CFO Crystal Landsem has been named CEO, effective March 6, 2023.
• David McCreight, currently CEO, will become Executive Chairman of the Board, also effective March 6, 2023.
• Co plans to announce its new CFO in early 2023.

Third Quarter 2022 Highlights:

Net revenue of $105.3 million, a 1.0% decrease compared to the same period last year, driven by a 1% decrease in Total Orders Placed with higher return rates offset by higher Average Order Value (“AOV”), net of promotions and discounts.

Active Customers of 3.2 million, a 29.2% increase compared to the same period last year.

AOV of $133, an increase of 6.4% compared to the same period last year.

Gross Margin decreased 560 basis points to 42.1% and gross profit decreased 12.7%, in each case compared to the same period last year.

Party City (PRTY) reported earnings on Tue 8 Nov 22 (b/o)

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The stock slumped by as much as 31% Tuesday, its steepest decline since May 9, after rising prices took a toll on consumers’ willingness to spend on parties and on the company’s outlook. Notes for Party City have sunk to their lowest levels on record.

Managing rising costs as well as inventory has been an issue for many retailers this earnings season and the party goods store was no exception. The supplier of balloons and candles said that it now expects full-year revenue of $2.14 billion to $2.19 billion instead of an earlier guidance range of $2.15 billion to $2.23 billion, its third outlook cut in just six months.

Party City shares have lost more than 80% of their value this year as any post-lockdown zeal for social gatherings has been superseded by worries over inflation. The company has a more-than $1.2 billion debt pile made up largely of junk-rated notes. Its 8.75% bonds due in 2026 dropped 7.5 cents to trade at 52 cents on the dollar, as of 8:37 a.m. in New York, according to Trace data.

Chief Executive Officer Brad Weston said that, while Halloween sales were up year-on-year, they came in at the lower end of the company’s expectations as macroeconomic pressures hit consumers’ ability and willingness to spend.

Whirlpool (WHR) reported earnings on Thur 20 Oct 22 (a/h)

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Whirlpool misses by $0.86, misses on revs; guides FY22 EPS below consensus, revs below consensus; strategic review of EMEA nears conclusion

• Reports Q3 (Sep) earnings of $4.49 per share, excluding non-recurring items, $0.86 worse than the S&P Capital IQ Consensus of $5.35; revenues fell 12.8% year/year to $4.78 bln vs the $5.15 bln S&P Capital IQ Consensus.
  • Excluding currency, net sales fell 9.7% yr/yr to $4.96 bln.
  • In anticipation of a temporary soft demand environment, reduced production volumes by 35% in the third quarter.
  • Strategic review of EMEA nears conclusion with two potential strategic investors in final evaluation stage.
• Co issues downside guidance for FY22, sees EPS of ~$19.00, excluding non-recurring items, (down from $22.00-24.00) vs. $21.76 S&P Capital IQ Consensus; sees FY22 revs of $20.1 bln vs. $20.59 bln S&P Capital IQ Consensus.
• Co added, "Looking ahead, we see these challenges persisting into the first half of 2023, however, we believe we have the right actions in place that will allow us to navigate through the current environment while advancing our portfolio transformation."
  • Portfolio transformation advances with announced acquisition of InSinkErator and the completed divestiture of the Whirlpool Russia business.

=Shopify (SHOP) reported earnings on Wed 16 Feb 22 (b/o)

 

Shopify beats by $0.05, beats on revs 

• Reports Q4 (Dec) earnings of $1.36 per share, excluding non-recurring items, $0.05 better than the S&P Capital IQ Consensus of $1.31; revenues rose 41.1% year/year to $1.38 bln vs the $1.34 bln S&P Capital IQ Consensus.
• FY22 outlook:
  • Year-over-year revenue growth to be lower in the first quarter of 2022 and highest in the fourth quarter of 2022 due to three factors. First, we do not expect the COVID-triggered acceleration of ecommerce in the first half of 2021 from lockdowns and government stimulus to repeat in the first half of 2022. Second, our new terms with apps and theme developers cause two differences from last year's first quarter: the elimination of Shopify's rev share on partners' first million dollars of revenue annually reset on January 1st, and the shift from gross to net revenue recognition for the sale of themes as a result of revised contract terms with our theme partners. Since these terms didn't come into play until the second half of last year, these will be a headwind to Subscriptions Solutions revenue in the first half of 2022, particularly in the first quarter. And third, we expect certain commercial initiatives and sales and marketing investments will gain momentum over the course of 2022.
  • Subscriptions Solutions revenue growth to be driven by more merchants around the world joining the platform than in 2021, as we introduce new commercial initiatives and aggressively invest in sales and marketing to expand our addressable market and more deeply penetrate existing markets. Our objective in 2022 will be to optimize our efforts around getting more merchants on the platform and to success.
  • Merchant Solutions revenue growth to be more than twice the rate of subscription solutions revenue growth year-over-year, as merchants make greater use of our offerings, and as we expand existing products into new geographies and roll out newer features like Shopify Markets. The increase of Merchant Solutions in our overall revenue mix means gross profit dollar growth will trail revenue growth.
  • Lastly, for 2022, we anticipate capital expenditures of $200 million, stock-based compensation expenses and related payroll taxes of $800 million and amortization of acquired intangibles of $28 million.
    
• "We are leveraging our learnings to date to continue building simple and fast fulfillment. We are consolidating our network into larger facilities; we are shifting to operate more of them ourselves to better control quality and cost; and we are unifying the network by operationalizing our warehouse management system to highly integrate with Shopify's back office and checkout so merchants can seamlessly offer and achieve delivery promises. In conjunction with our updated, more direct approach, our expectations for Shopify Fulfillment Network revenue, operating expenses and capital expenditures will be incorporated in our overall Shopify outlook, as they are for 2022."

1-800-FLOWERS (FLWS) reported earnings on Thur 27 Jan 22 (b/o)

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Missed estimates for Q2 EPS and revs. Adj. EBITDA fell 19% yr/yr in the quarter; significant cost increases for shipping, labor, and digital marking weighed on net income. Lowered its outlook for FY22, citing ongoing cost headwinds and consumer concerns regarding rising price inflation. Co also anticipates that free cash flow for the year will decline significantly yr/yr; co intends to invest in inventory to support its growth plans and address macro headwinds. At 52-week lows.

=F5 Networks (FFIV) reported earnings on Tue 25 Jan 22 (a/h)

 

F5 Networks beats by $0.11, beats on revs; guides Q2 revs below consensus; guides FY22 revs below consensus 

• Reports Q1 (Dec) earnings of $2.89 per share, excluding non-recurring items, $0.11 better than the S&P Capital IQ Consensus of $2.78; revenues rose 9.8% year/year to $687.1 mln vs the $678.08 mln S&P Capital IQ Consensus.
• Co issues downside guidance for Q2, sees Q2 revs of $610-$650 mln vs. $694.19 mln S&P Capital IQ Consensus.
• Co issues downside guidance for FY22, sees FY22 revs +4.5% to +8% (down from prior +8% to +9%) which equates to about $2.72-$2.81 bln vs. $2.82 bln S&P Capital IQ Consensus.
  • "While demand for its solutions remains robust, the Company expects that its ability to meet customers' continued strong demand for systems will be restricted by supply chain constraints for the remainder of fiscal year 2022. As a result, it expects fiscal second quarter revenue in a range of $610 to $650 million. It further expects fiscal year 2022 revenue growth in a range of 4.5% to 8%, down from its prior expectation of 8% to 9% growth. The Company expects fiscal year 2022 software revenue growth near the top end of its previously provided 35% to 40% guidance range, and fiscal year 2022 global services revenue growth of 1% to 2%."

CareDx Inc. (CDNA) reported earnings on Thur 28 Oct 21 (a/h)

• For Q3, co posted upside results for EPS and for revs, which rose +42% yr/yr to $75.6 mln. Testing services volume grew +86% yr/yr. Raised its guidance for FY21 revs to $290-293 mln, in-line with estimates. Falls to 52-week lows. 

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CareDx beats by $0.05, beats on revs; raises FY21 revs in-line

• Reports Q3 (Sep) earnings of $0.07 per share, excluding non-recurring items, $0.05 better than the S&P Capital IQ Consensus of $0.02; revenues rose 41.6% year/year to $75.6 mln vs the $74.11 mln S&P Capital IQ Consensus.
• Co issues raised guidance for FY21, sees FY21 revs of $290-293 mln from $280-290 mln vs. $290.48 mln S&P Capital IQ Consensus.

Mohawk (MHK) reported earnings on Thur 28 Oct 21 (a/h)

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Mohawk (MHK) Q3 Earnings Beat, Sales Miss, Q4 View Tepid

Mohawk Industries, Inc. MHK reported mixed results for third-quarter fiscal 2021 (ended Oct 2). The top line lagged the Zacks Consensus Estimate but the bottom line marginally topped the same. Nonetheless, both the metrics improved on a year-over-year basis.

Third-quarter results were driven by robust housing sales and remodeling activities across the world. Commercial projects are improving on the back of global economic recovery. Mohawk’s strategies to enhance organizational flexibility, reduce product and operational complexity as well as align pricing with costs aided third-quarter growth.

Jeffrey S. Lorberbaum, chairman and CEO of Mohawk, said, “Rather than improving as expected, the availability of labor, materials and transportation became more challenging, resulting in higher costs in the period. Tight chemical supplies, in particular, reduced the output of our LVT, carpet, laminate and board panels. For the near term, we do not foresee significant changes in these external pressures. Due to supply shortages, government regulations and political issues, natural gas costs in Europe are presently about four times higher than earlier in the year. This adds a temporary challenge to our European businesses as the higher costs are reflected in gas, electricity and materials.”

Net sales of $2.82 billion lagged the consensus estimate of $2.95 billion by 4.4% but increased 9.4% from the year-ago figure of $2.57 billion. On a constant-currency basis, net sales were up 8.7% year over year.

Lending Club (LC) reported earnings on Wed 27 Oct 21 (a/h)

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LendingClub (LC) came out with quarterly earnings of $0.75 per share, beating the Zacks Consensus Estimate of $0.11 per share. This compares to loss of $0.25 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of 581.82%. A quarter ago, it was expected that this company that connects borrowers and lenders online would post a loss of $0.41 per share when it actually produced earnings of $0.09, delivering a surprise of 121.95%.

Over the last four quarters, the company has surpassed consensus EPS estimates three times.

LendingClub, which belongs to the Zacks Financial - Miscellaneous Services industry, posted revenues of $246.17 million for the quarter ended September 2021, surpassing the Zacks Consensus Estimate by 11.79%. This compares to year-ago revenues of $74.71 million. The company has topped consensus revenue estimates three times over the last four quarters.

Nordstrom (JWN) reported earnings on Tue 24 Aug 21 (a/h)

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R.R. Donnelley & Sons (RRD) reported earnings on Tue 27 Apr 21 (a/h)

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RR Donnelley & Sons misses by $0.07, beats on revs; guides Q2 revs above estimate

Reports Q1 (Mar) earnings of $0.08 per share, excluding non-recurring items, $0.07 worse than the single analyst estimate of $0.15; revenues fell 3.6% year/year to $1.17 bln vs the $1.12 bln single analyst estimate.

• Organic net sales declined 4.3%.

Co issues upside guidance for Q2, sees Q2 revs of $1.1-1.15 bln vs. $1.02 bln single analyst estimate.

Kimberly-Clark (KMB) reported earnings on Fri 23 Apr 21 (b/o)

• Missed consensus for Q1 EPS and revs. Sales declined 8% yr/yr on anorganic basis. Comparisons were impacted by lapping COVID-19 stockpiling trends from the year-ago period, as well as consumer tissue category softness and commodity inflation; co also experienced temporary supply chain disruptions in the southern US. Lowered its outlook for FY21 EPS and sales growth, reflecting significantly higher input cost inflation and lower sales volumes.

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Kimberly-Clark misses by $0.14, misses on revs; slightly lowers FY21 EPS, revs outlook

• Reports Q1 (Mar) earnings of $1.80 per share, excluding non-recurring items, $0.14 worse than the S&P Capital IQ Consensus of $1.94; revenues fell 5.3% year/year to $4.74 bln vs the$4.97 bln S&P Capital IQ Consensus.
• Co issues guidance for FY21, sees EPS of $7.30-7.55, excluding non-recurring items, (from$7.75-8.00) vs. $7.77 S&P Capital IQ Consensus; sees FY21 sales growth of +3-5% (prior +4-6%) which equates to about $19.67-20.06 bln vs. $19.99 bln S&P Capital IQ Consensus.

Thomson Reuters (TRI) reported earnings on Tue 23 Feb 2021 (b/o)

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Thomson Reuters beats by $0.08, reports revs in-line; guides Q1 revs below consensus; guides FY21 revs in-line

Reports Q4 (Dec) earnings of $0.54 per share, $0.08 better than the S&P Capital IQ Consensus of $0.46; revenues rose 2.1% year/year to $1.62 bln vs the $1.61 bln S&P Capital IQ Consensus.

Outlook

• Co issues downside guidance for Q1, sees Q1 revs of +1.5-2.5% yr/yr to ~$1.54-1.56 bln vs. $1.59 bln S&P Capital IQ Consensus.
• Co issues in-line guidance for FY21, sees FY21 revs of +3-4% yr/yr to $6.16-6.22 bln vs. $6.22 bln S&P Capital IQ Consensus.
• Co sees FY22 revs growing 4.0% - 5.0%; sees FY23 revs growing 5.0% - 6.0%.
• Organic revenue growth of 5% - 6% in 2023
• Adjusted EBITDA margin of 38% - 40% in 2023
• Free cash flow of $1.8 billion - $2.0 billion in 2023

=Walmart (WMT) reported earnings on Thur 19 Feb 21 (b/o)

 

Walmart misses by $0.12, beats on revs; US comps +8.6%; will raise average associate average to above $15 per hour (starting wages will remain at $11/hour); approves new $20 bln share repurchase; provides FY22 guidance 

Reports Q4 (Jan) adjusted earnings of $1.39 per share, excluding non-recurring items, $0.12 worse than the S&P Capital IQ Consensus of $1.51; revenues rose 7.3% year/year to $152.1 bln vs the $147.02 bln S&P Capital IQ Consensus. Decision to repay property tax relief in the U.K. lowered GAAP EPS and Adjusted EPS by $0.07; COVID-related costs were $1.1 billion in Q4.

Walmart will also invest in U.S. wages, raising the associate average to above $15 per hour (starting wages will remain at $11/hour).

Walmart U.S. comp sales increased 8.6% with strength across most key categories.

Walmart U.S. eCommerce sales increased 69% with strong results across all channels.

Co approved a new $20 billion share repurchase program and increased dividend.

Co provides FY22 guidance: Co expects FY22 EPS to "decline slightly" from levels of FY21 (Flat to up slightly, excluding divestitures); sees FY22 decline in constant currency sales; sees Walmart U.S., up low single-digits, ex. fuel.

PagerDuty (PD) reported earnings on Thur 3 Dec 20 (a/h)

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PagerDuty beats by $0.01, beats on revs; guides Q4 EPS below consensus, revs above consensus; guides FY21 EPS below consensus, revs above consensus 

Reports Q3 (Oct) loss of $0.09 per share, excluding non-recurring items, $0.01 better than the S&P Capital IQ Consensus of ($0.10); revenues rose 25.8% year/year to $53.77 mln vs the $52.61 mln S&P Capital IQ Consensus.

Co issues mixed guidance for Q4, sees EPS of ($0.12)-($0.11), excluding non-recurring items, vs. ($0.10) S&P Capital IQ Consensus; sees Q4 revs of $57.0-58.0 mln vs. $55.40 mln S&P Capital IQ Consensus.

Co issues mixed guidance for FY21, sees EPS of ($0.30)-($0.29), excluding non-recurring items, vs. ($0.28) S&P Capital IQ Consensus; sees FY21 revs of $211-212 mln vs. $208.58 mln S&P Capital IQ Consensus.