These are the stocks that move after the bell on March 22, 2023.
Chewy’s fiscal fourth-quarter net sales of $2.71 billion beat Wall Street estimates of $2.68 billion. Adjusted earnings per share for the period were 16 cents. The company’s shares are under pressure during non-business hours as active clients reached 20.4 million, down 1.2% from the same period last year.
“We believe the modest sequential decline in active clients reflects the continued weakness in discretionary spending experienced across the broader economy, as well as the residual impact of the attrition of our 2020 and 2021 cohorts,” the letter to shareholders said. the company.
Chewy’s guidance also sees its 2024 adjusted EBITDA margin staying flat at 50 basis points lower year-over-year.
“Our fourth quarter and full fiscal 2022 results cap off an incredible year. Against the backdrop of a rapidly changing economic and operating environment, Chewy delivered record revenue, profitability and free cash flow,” Chewy CEO Sumit Singh said in the company’s earnings release.
KB Home (KBH)
Shares of KB Home soared after hours after the builder’s latest quarterly results. The company recorded 2,788 deliveries, above estimates of 2,678. KB Home raised its full-year housing revenue to between $5.20 billion and $5.90 billion compared with previous expectations of $5.00 to $6.00 billion.
“Our revenue was at the high end of our guidance range and exceeded our gross margin and operating expectations. In addition, we further expanded our book value per share, which grew to $44.80, up 27% from a year ago.” . Jeffrey Mezger, CEO of KB Home, in the company’s earnings release.
30-year fixed-rate mortgages recently fell for the first time in five weeks amid banking uncertainties. Lower borrowing costs for homes generally stimulate buying demand.
“As we entered the spring selling season during the quarter, we started to see a spike in demand. This partly reflected the specific sales strategies we implemented, coupled with a stabilizing mortgage interest rate environment,” Mezger said.
Inés is a senior business reporter for Yahoo Finance. Follow her on Twitter at @ines_ferre
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