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ovenerio
Omar Venerio
Articles (1151) 

US Stocks Inch Up Wednesday

Boot Barn Holdings reported better-than-expected earnings and revenues

The U.S. stock market traded in the green Wednesday ahead of strong data from industrial production, which rose 0.7% in April, 10 basis points higher than expected.

Shares of Boot Barn Holdings Inc. (NYSE:BOOT) rose in Wednesday trading after the company posted first-quarter earnings of 24 cents on revenue of $170.8 million, which was 4.8% higher than the comparable period. The company beat earnings estimates by 8 cents and revenue expectations by $7.15 million.

Gross profit reached $52.9 million, or 31.0% of net sales, compared to 30.3% of net sales in the prior-year period. The increase was driven by higher sales and an increase in merchandise margin rate.

Looking ahead, the company expects for its fiscal first quarter ending June 30 same store sales growth of approximately 10% and net income per diluted share between 10 and 12 cents per share.

Gainers

• Macy's Inc. (NYSE:M)

• Advanced Micro Devices Inc. (NASDAQ:AMD)

• Micron Technology Inc. (NASDAQ:MU)

• Under Armour Inc. (NYSE:UA)

Losers

• Tapestry Inc. (NYSE:TPR)

• Apache Corp. (NYSE:APA)

• ConocoPhillips (NYSE:COP)

• Hess Corp. (NYSE:HES)

Global markets

The main European stock markets traded mostly higher. The U.K.'s FTSE gained 0.14%, France's CAC advanced 0.21% and Germany's Dax jumped 0.15%, but Spain's Ibex retreated 0.89%.

In Asia, markets closed in the red. China´s Shanghai closed down 0.71%, Japan's Nikkei fell 0.44%, Hong Kong's Hang Seng retreated 0.13% and India’s BSE Sensex slid 0.44%.

Disclosure: The author holds no position in any stocks mentioned.

About the author:

Omar Venerio
Omar Venerio is a capital markets, derivatives, corporate finance and financial management professor. He is passionate about the stock market and providing independent fundamental research and hedge fund and insider trading-focused investigation.

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