Columbia Sportswear Co COLM:NASDAQ

Last Price$74.15NASDAQ Previous Close - Last Trade as of 4:00PM ET 6/28/22

Today's Change-1.53(2.02%)
Bid (Size)N/A (N/A)
Ask (Size)N/A (N/A)
Day Low / High$74.03 - 76.96
Volume371.6 K

Sector Update: Consumer Discretionary Stocks Fall Hard After Surprise Q1 Loss

3:50PM ET 4/29/2022 MT Newswires
Consumer stocks were ending broadly lower, with the SPDR Consumer Staples Select Sector ETF (XLP) dropping 1.9% late in Friday trading and the SPDR Consumer Discretionary Select Sector ETF (XLY) retreating 4.6%.

The University of Michigan index of consumer sentiment for April was downwardly revised to a 65.2 final reading compared with the preliminary 65.7 reading released earlier this month, although the headline number still represents a 5.8-point improvement over the final print for March.

In company news, Colgate-Palmolive Company (CL) fell 4.4% after the consumer products conglomerate reported non-GAAP net income of of $0.74 per share, down from its $0.80 per share adjusted profit during the first three months of 2021 and missing the Capital IQ consensus for the three months ended March 31 by $0.01 per share. The company also said it expects a drop in adjusted FY22 per-share earnings in the mid-single-percentage-digits, reversing its prior call looking for a modest increase in non-GAAP net income this year.

Columbia Sportswear (COLM) declined 6.6% after its Q1 sales trailed analyst estimates. The clothier generated $761.5 million in sales during the three months ended March 31, up from $625.6 million during the same quarter in 2021 but still missing the $762.9 million Street view. (AMZN) dropped 15% after overnight reporting a surprise Q1 net loss of $7.56 per share, with the retail giant recognizing a $7.6 billion loss during the March quarter from its investment in electric-vehicle manufacturer Rivian Automotive (RIVN). The company also narrowly missed Wall Street expectations with its Q1 sales total while its Q2 revenue forecast range of $116 billion to $121 billion compares negatively with the $125.09 billion analyst mean.

To the upside, Mohawk Industries (MHK) climbed 8% after the carpeting and flooring firm reported a Q1 net income of $3.78 per share, improving on a $3.36 per share profit during the year-ago period and beating the Capital IQ consensus by$0.51 per share. Net sales increased 13.1% year-over-year to $3.02 billion, also exceeding the $2.85 billion analyst mean.