Earnings Hits and Misses: Academy Sports, Chico's, Marvell Technologies, Stitch Fix

Investing

Published: June 8, 2021 9:06 am

Even though the number of earnings reports has dropped dramatically over the past several weeks, there are still some that command some attention. We will have a look at a few of these later this week.

Between the closing bell on Monday and Tuesday’s opening bell, four firms, including two retailers, reported quarterly results. All posted better than expected earnings and revenues.

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Marvell

Chipmaker Marvell Technology Inc. (NASDAQ: MRVL) reported fiscal first-quarter results Monday afternoon that beat on both the top and bottom lines. Earnings per share (EPS) totaled $0.29, two cents better than expected, and revenue came in at $832.28, about 1.8% above estimates and 20% better year over year. Marvell guided second-quarter EPS to a range of $0.28 to $0.34 and revenue in a range of $1.03 billion to $1.10 billion, both in line with consensus estimates from S&P Capital IQ.

Shares traded up about 5.5% in Tuesday’s premarket, at $50.91 in a 52-week range of $32.53 to $55.70.

Stitch Fix

Subscription-based e-commerce retailer Stitch Fix Inc. (NASDAQ: SFIX) also reported results late Monday. The company also topped both top-line and bottom-line fiscal third-quarter estimates with a loss per share of $0.18, eight cents better than the consensus estimate, on revenue of $545.6 million, about 4.6% above the consensus and up 44% year over year.

Stitch Fix raised its fourth-quarter revenue forecast to $540 million to $550 million, above the consensus of $534.7 million. For the full 2021 fiscal year, the company guided revenue to a range of $2.07 billion to $2.08 billion.

Shares soared by nearly 14% in Tuesday’s premarket to $66.00, in a 52-week range of $21.60 to $113.76.

Academy Sports

Sporting gear retailer Academy Sports and Outdoors Inc. (NASDAQ: ASO) reported fiscal first-quarter results first thing Tuesday. EPS of $1.89 hammered the consensus estimate of $0.83, and sales beat estimates by about 4.4%, rising 39% year over year. The company raised fiscal 2022 EPS guidance from a prior range of $2.70 to $2.95 to a new range of $4.15 to $4.50, and its same-store sales forecast rose from a prior estimate of 2% to a new range of 6% to 9%.

The stock traded up about 8.5% in Tuesday’s premarket to $41.00, above the 52-week range of $12.05 to $38.34. The high was posted Monday.

Chico’s

Women’s apparel and accessories retailer Chico’s FAS Inc. (NYSE: CHS) reported fiscal first-quarter results Tuesday morning that beat both earnings and revenue estimates. The company posted a loss per share of $0.08, compared to the estimated loss per share of $0.17. Revenue totaled $388 million, more than 18% higher than the consensus estimate. For its full 2021 fiscal year, the company expects sales to rise in a range of 28% to 34% year over year and gross margin to improve by 18% to 20%.

Shares traded up nearly 10% in Tuesday’s premarket to $6.32, above the 52-week range of $0.91 to $6.08. The high was posted Monday.

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