Stocks fell Thursday, as shares of Salesforce slid on a quarterly revenue miss and soft guidance.
Plenty of retail earnings beats in the past day. But thank good cost management, rather than robust sales for the strong performance. Sales from many retailers haven't blown Wall Street away. Although Foot Locker, Best Buy, Dollar General, Burlington Stores and American Eagle Outfitters easily topped earnings estimates, they all saw revenues that were either essentially in line or below analyst expectations.
' Best Buy alluded to 'strong execution' and its ability to 'manage our profitability.' Foot Locker praised its efforts in 'disciplined expense management,' but also said some expenses shifted into the next quarter. Burlington Stores echoed that saying profit margin improvements were driven by expense timing. Lower markdowns are helping profit margins too. Foot Locker noticed markdowns moderated.
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