Cost cutting helped Best Buy report better than expected earnings. The consumer electronics retailer did, however, have weak sales that missed estimates. The company also told investors that it expects sales to decline over the next two quarters because of a lack of compelling new products. Despite the forecast, shares were up about 3.5 percent to $26.22
Sears said its first-quarter loss widened because of falling revenue and weak same-store sales. The retailer is in the process of closing 80 stores and that number may increase. The company, which operates K-Mart and its namesake stores did report revenue that topped expectations. That sent shares up more than four percent to $38.10.
Dollar Tree posted better than expected first quarter earnings on an increase in sales in April have continued into May. The dollar store operator narrowed its outlook for the full year, but investors played past that. Shares popped more than 6.5 percent to $53.31.
A stunning debut for JD.com today. Its shares climbed in the company’s first day of trading on the Nasdaq. JD is China’s second-largest e-commerce company, after its rival Alibaba, which is expected to go public on Wall Street later this year. JD’s offering raised almost $1.8 billion, with shares pricing at $19 a piece. Shares closed at $20.90, an increase of 10 percent.
Quarterly earnings at Gap plunged 22 percent, mostly because of weak foreign currencies. Same-store sales also fell the first time in a few years. But the company still reaffirmed its full-year outlook. Gap shares fell slightly in after-hours trading. They rose slightly during the regular session to $40.86.