Retail earnings preview: ASOS, Ocado, JD Sports among those reporting
A few retailers are set to post reports throughout the week, which will give us further insight into consumer spending and how much inflation is hurting disposable income.
We start on Tuesday with trading statements from Ocado and ASOS then we will hear from home improvement company Kingfisher with its half-year earnings. On Wednesday, Dunelm will release full-year earnings, and on Thursday, we'll get half-year reports from Next and JD sports fashion. IGTV’s Angela Barnes has this round-up.
Ocado
One company we're keeping an eye on is Ocado. They are set to release a trading statement on Tuesday, and because of this, their stock price has increased by 6.51%. While they did report widened pre-tax losses of £289 million in July, their retail arm, which they co-own with Marks and Spencers, actually saw a 5% growth, making a whopping £1.17 billion in Q2. And to top it off, they returned to profit.
Asos
On the other hand, British online fashion retailer ASOS will also be announcing their financial results on Tuesday. Unfortunately, their shares have declined by 2.4% and have fallen by 20% since the beginning of the year. In June, the company reported a 14% drop in revenue. But don't worry, they've got a new strategy in place! They are focused on making a profit, revamping their supply chain, reducing costs, and increasing innovation. And it seems like it's starting to pay off, as they are seeing some positive results.
Kingfisher
Another retailer to watch out for is Kingfisher. They will be sharing their half-year earnings this week. Their stock has only gained 1% since the start of the year and is down 1.1% at the moment. We'll have to wait and see what their earnings report reveals.
Gunelm
And let's not forget about the other two companies reporting this week. On Wednesday, Gunelm will be releasing its full-year earnings report. And on Thursday, Next and Jody Sports will be disclosing their half-year reports. These reports will give us valuable information about their financial performance.
Overall, this week is full of anticipation as we wait to see how these retailers are doing financially. It will be interesting to see how consumer spending and inflation are impacting their bottom lines. So make sure to keep an eye on tastylive for all the latest updates!
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