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Still Providing Great Value, Wal-Mart Reports Quarterly Earnings
Wal-Mart Stores, Inc. (WMT), the world's third-largest public corporation, announced its third quarter earnings on November 15.
The company reported third quarter revenue of $113.9 billion. The company's third quarter revenue represents an increase of 3.4% from the same period last year when it reported revenue of $110.2 billion.
Wal-Mart also reported net income of $3.6 billion for the quarter. This figure is an increase of 9% from the same period last year when the company reported net income of $3.3 billion.
Mike Duke, Wal-Mart Stores, Inc. President and CEO, said, "We're very pleased with our financial performance for the third quarter and the dedication and hard work of our associates serving Wal-Mart customers and communities around the world. Earnings per share were $1.08, which represents an 11.3% increase over the third quarter last year. Our fundamentals are strong, and we are well-positioned for the fourth quarter, including innovative plans to drive traffic, especially in our U.S. stores."
Wal-Mart is a multinational company that consists of discount department stores and warehouses. It is the biggest private employer in the world with two million employees and it is also the largest retailer in the world.
Wal-Mart Stores, Inc. (WMT) shares ended the week at $68.02.
Target Corporation (TGT), the second-largest discount retailer in the United States, reported its quarterly earnings on November 15.
Target reported third quarter revenue of $16.9 billion. This represents an increase of 3.2% from the same period last year when the company reported revenue of $16.4 billion.
The company also reported net income of $637 million for the quarter. This represents an increase of 14.8% over last year's third quarter net income of $555 million.
"We're pleased with Target's third quarter financial performance, which reflects superb execution across each of our business segments," said Gregg Steinhafel, Chairman, President, and CEO of Target Corporation. "We are well-positioned to deliver strong fourth quarter performance by offering compelling merchandise and unbeatable value through initiatives like the Target/Neiman Marcus Holiday Collection, 5% REDcard Rewards and our new Holiday Price Match which allow our guests to shop at Target with confidence throughout the holiday season."
Target is ranked number 38 on the Fortune 500 as of 2012 and is also a component of the Standard and Poor's 500 Index.
Target Corporation (TGT) shares ended the week at $62.50.
Williams-Sonoma, Inc. (WSM), a high-end American consumer retail company, announced its third quarter earnings on November 14.
The company reported third quarter revenue of $945 million. This represents an 8.9% increase from the same period last year when the company reported revenue of $867 million.
Williams-Sonoma also reported net income of $48.9 million for the quarter. This represents an increase from the same period last year when the company reported net income of $43.4 million.
"We are proud of our recently announced growth initiatives, including the launch of West Elm Market, a West Elm brand extension, and the launch of Mark and Graham, our new online brand, which features personalized gifts and accessories. This week, we announced new Williams-Sonoma branded product lines that represent the next generation in cooking technology," said Laura Alber, President and CEO. "Drawing on over five decades of culinary experience, these introductions in cookware, cooks' tools, and new tech-driven Williams-Sonoma smart tools represent advancements that will be appreciated by the home cook and professional chef. These Williams-Sonoma branded products are just the beginning of what we will bring to the market over the next several years."
Williams-Sonoma operates 560 retail stores in the United States and Canada that sell housewares and home furnishings, along with a variety of specialty foods, soaps and lotions.
Williams-Sonoma, Inc. (WSM) shares ended the week at $43.23.
The Dow started the week at 12,815 and closed at 12,588. The S&P 500 started the week at 1,380 and ended at 1,360. The NASDAQ started the week at 2,905 and finished at 2,853.
The company reported third quarter revenue of $113.9 billion. The company's third quarter revenue represents an increase of 3.4% from the same period last year when it reported revenue of $110.2 billion.
Wal-Mart also reported net income of $3.6 billion for the quarter. This figure is an increase of 9% from the same period last year when the company reported net income of $3.3 billion.
Mike Duke, Wal-Mart Stores, Inc. President and CEO, said, "We're very pleased with our financial performance for the third quarter and the dedication and hard work of our associates serving Wal-Mart customers and communities around the world. Earnings per share were $1.08, which represents an 11.3% increase over the third quarter last year. Our fundamentals are strong, and we are well-positioned for the fourth quarter, including innovative plans to drive traffic, especially in our U.S. stores."
Wal-Mart is a multinational company that consists of discount department stores and warehouses. It is the biggest private employer in the world with two million employees and it is also the largest retailer in the world.
Wal-Mart Stores, Inc. (WMT) shares ended the week at $68.02.
Right on Target, Target Corporation Reports Quarterly Earnings
Target Corporation (TGT), the second-largest discount retailer in the United States, reported its quarterly earnings on November 15.
Target reported third quarter revenue of $16.9 billion. This represents an increase of 3.2% from the same period last year when the company reported revenue of $16.4 billion.
The company also reported net income of $637 million for the quarter. This represents an increase of 14.8% over last year's third quarter net income of $555 million.
"We're pleased with Target's third quarter financial performance, which reflects superb execution across each of our business segments," said Gregg Steinhafel, Chairman, President, and CEO of Target Corporation. "We are well-positioned to deliver strong fourth quarter performance by offering compelling merchandise and unbeatable value through initiatives like the Target/Neiman Marcus Holiday Collection, 5% REDcard Rewards and our new Holiday Price Match which allow our guests to shop at Target with confidence throughout the holiday season."
Target is ranked number 38 on the Fortune 500 as of 2012 and is also a component of the Standard and Poor's 500 Index.
Target Corporation (TGT) shares ended the week at $62.50.
Williams-Sonoma Announces Third Quarter Results
Williams-Sonoma, Inc. (WSM), a high-end American consumer retail company, announced its third quarter earnings on November 14.
The company reported third quarter revenue of $945 million. This represents an 8.9% increase from the same period last year when the company reported revenue of $867 million.
Williams-Sonoma also reported net income of $48.9 million for the quarter. This represents an increase from the same period last year when the company reported net income of $43.4 million.
"We are proud of our recently announced growth initiatives, including the launch of West Elm Market, a West Elm brand extension, and the launch of Mark and Graham, our new online brand, which features personalized gifts and accessories. This week, we announced new Williams-Sonoma branded product lines that represent the next generation in cooking technology," said Laura Alber, President and CEO. "Drawing on over five decades of culinary experience, these introductions in cookware, cooks' tools, and new tech-driven Williams-Sonoma smart tools represent advancements that will be appreciated by the home cook and professional chef. These Williams-Sonoma branded products are just the beginning of what we will bring to the market over the next several years."
Williams-Sonoma operates 560 retail stores in the United States and Canada that sell housewares and home furnishings, along with a variety of specialty foods, soaps and lotions.
Williams-Sonoma, Inc. (WSM) shares ended the week at $43.23.
The Dow started the week at 12,815 and closed at 12,588. The S&P 500 started the week at 1,380 and ended at 1,360. The NASDAQ started the week at 2,905 and finished at 2,853.
Treasuries Trade in Narrowest Range in Six Weeks amid Cliff Talks
Yields on the 10-year treasury note traded in the narrowest range in six weeks last week as applications for jobless benefits reached their highest level since April 2011. Last week more Americans than forecast submitted claims for unemployment insurance as the President and lawmakers met on Friday to discuss a solution to the upcoming "fiscal cliff."
Larry Dyer, a U.S. interest rate strategist with HSBC Holdings Plc in New York, said, "There's been a post-election drop in yields on the idea that we're closer to the fiscal cliff. The yield range is likely to stay relatively muted. In that environment, investors stay close to home." Dyer added, "We're anticipating a 1.4% 10-year note over time."
Treasury yields trimmed earlier gains when applications for unemployment insurance increased by 78,000 to 439,000 in the week ending November 10. This number represents the highest reported since April 2011. Several states indicated that the increase was the result of Hurricane Sandy that hit the northeastern United States in late October.
Following President Obama's re-election on November 6, investors have focused their attention on the fiscal cliff, $607 billion of tax increases and spending cuts scheduled to take effect on January 1, 2013. Obama has said voters want the budget deficit cut through higher taxes on the wealthy and reduced spending. Republicans have repeatedly opposed raising taxes. Despite these differences, when the President met with Democratic and Republican leaders on Friday, all parties described the talks as "constructive."
The 10-year Treasury note yield finished the week at 1.58% while the 30-year Treasury note yield finished the week at 2.72%.
Larry Dyer, a U.S. interest rate strategist with HSBC Holdings Plc in New York, said, "There's been a post-election drop in yields on the idea that we're closer to the fiscal cliff. The yield range is likely to stay relatively muted. In that environment, investors stay close to home." Dyer added, "We're anticipating a 1.4% 10-year note over time."
Treasury yields trimmed earlier gains when applications for unemployment insurance increased by 78,000 to 439,000 in the week ending November 10. This number represents the highest reported since April 2011. Several states indicated that the increase was the result of Hurricane Sandy that hit the northeastern United States in late October.
Following President Obama's re-election on November 6, investors have focused their attention on the fiscal cliff, $607 billion of tax increases and spending cuts scheduled to take effect on January 1, 2013. Obama has said voters want the budget deficit cut through higher taxes on the wealthy and reduced spending. Republicans have repeatedly opposed raising taxes. Despite these differences, when the President met with Democratic and Republican leaders on Friday, all parties described the talks as "constructive."
The 10-year Treasury note yield finished the week at 1.58% while the 30-year Treasury note yield finished the week at 2.72%.
Mortgage Rates Reach New Record Lows
Freddie Mac released the results of its weekly Primary Mortgage Market Survey (PMMS) on November 15. The results showed that average fixed mortgage rates fell to new record lows amid higher consumer confidence and lower wholesale prices. It was only last month that the 30 and 15-year fixed mortgage rates reached the previous record lows.
The 30-year FRM averaged 3.34% this week. This represents a decrease from last week when it averaged 3.40%. Last year at this time, the 30-year FRM averaged 4%.
The 15-year FRM averaged 2.65% this week. This represents a decrease from last week when it averaged 2.69%. One year ago, the 15-year FRM averaged 3.31%.
Frank Nothaft, Vice President and Chief Economist at Freddie Mac, said, "Fixed mortgage rates eased this week to record lows on indicators of higher consumer confidence and lower wholesale prices. Consumer sentiment rose in November to the highest reading since July 2007 according to the University of Michigan. Meanwhile, the core producer price index fell 0.2% in October."
The money market fund finished this week at 0.5%. The 1-year CD finished at 0.7%.
The 30-year FRM averaged 3.34% this week. This represents a decrease from last week when it averaged 3.40%. Last year at this time, the 30-year FRM averaged 4%.
The 15-year FRM averaged 2.65% this week. This represents a decrease from last week when it averaged 2.69%. One year ago, the 15-year FRM averaged 3.31%.
Frank Nothaft, Vice President and Chief Economist at Freddie Mac, said, "Fixed mortgage rates eased this week to record lows on indicators of higher consumer confidence and lower wholesale prices. Consumer sentiment rose in November to the highest reading since July 2007 according to the University of Michigan. Meanwhile, the core producer price index fell 0.2% in October."
The money market fund finished this week at 0.5%. The 1-year CD finished at 0.7%.
Published November 16, 2012
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