August 26, 2022

Q2 2022 U.S. Retail Scorecard – Update August 26, 2022

by Jharonne Martis.

To date, 182 of the 204 companies in our Retail/Restaurant Index have reported their earnings results for Q2 2022, representing 89% of the index. Of those companies that have reported their quarterly results so far, 74% announced that profits beat analysts’ expectations, while 2% delivered on-target results and 24% reported earnings that fell below estimates. The Q2 2022 blended earnings growth estimate now stands at -5.9%.

The blended revenue growth estimate for the 204 companies in this index is 9.2% for Q2 2022. Of those companies that have reported their quarterly results so far, 61% announced revenue that exceeded analysts’ expectations and the remaining 39% reported that their revenue fell below analysts’ forecasts.

Exhibit 1: Refinitiv Earnings Dashboard

This week: Q2 2022 earnings

As predicted by StarMine, Ulta Beauty and Williams-Sonoma beat their Q2 earnings estimates and posted a positive surprise. Meanwhile, Gap beat its earnings, and revenue estimates and saw an improvement from the previous quarter. The strength came from its Banana Republic division which posted a robust 8.0% SSS growth.

This week’s results also showed that discounters that sell gasoline outperformed the other discount chains.

Exhibit 2: Discounters Same Store Sales Estimates and Actuals – Q2 2022
Source: Refinitiv I/B/E/S

The following chart displays estimates of earnings and same store sales expectations for retailers that are scheduled to release their Q2 2022 results this week.

Exhibit 3: Same Store Sales and Earnings Estimates–Q2 2022

Source: Eikon Workspace

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