The U.S. stock market traded in red on Thursday morning, despite steel and aluminum stocks rallying after the Trump administration said it will impose tariffs on imports from Canada, Mexico and the European Union.
Shares of Tilly's Inc. (TLYS, Financial) jumped on Thursday after the company posted first-quarter earnings of 4 cents per share on revenue of $123.63 million, which grew 2.2% from the prior-year period. The company beat revenue expectations by $1.77 million and earnings estimates by 3 cents.
Further, the gross profit was $35 million, an increase of 6.3% from $32.9 million last year. As a percentage of net sales, the gross margin increased to 28.3% from 27.2%. The increase was attributed to a 120 basis point reduction in buying, distribution and occupancy costs and a decline of 10 basis points in product margins as a result of lower initial markups.
Looking ahead, the company expects total net sales to range from $153 million to $157 million in the second quarter.
Gainers
- General Motors Co. (GM, Financial)
- Corning Inc. (GLW, Financial)
- Alphabet Inc. (GOOGL, Financial)
- PVH Corp. (PVH, Financial)
Losers
- Dollar Tree Inc. (DLTR, Financial)
- Dollar General (DG, Financial)
- Micron Technology Inc. (MU, Financial)
- Newell Brands Inc. (NWL, Financial)
Global markets
The main European stock markets traded in the red. The U.K.'s FTSE 100 lost 0.15%, Germany's Dax retreated 1.40%, Spain's Ibex 35 declined 1.05% and France's CAC 40 slid 0.53%.
In Asia, Japan's Nikkei 225 rose 0.83%, China's Shanghai Composite advanced 1.78%, Hong Kong's Hang Seng gained 1.37% and India’s BSE Sensex jumped 1.19%.
Disclosure: The author holds no positions in any stocks mentioned.
