Stocks to Watch: Five Below, American Eagle Outfitters, PVH Corp., Greif

By Connor Hart

Five Below tapped Forever 21's top executive to be its next CEO as the discount retailer reported a 15% jump in third-quarter sales, fueled by a strong Black Friday, spurring the company to raise its guidance. Winnie Park will join Five Below and its board, effective Dec. 16, succeeding interim CEO Kenneth Bull. The company now expects sales for fiscal 2024 to be between $3.84 billion and $3.87 billion, assuming a 3% decline in comparable sales. It had most recently guided for comparable sales to fall between 4% and 5.5%. Shares jump 12%, to $117.26, in after-hours trading.

American Eagle Outfitters trimmed its sales outlook for the year on expectations for a larger-than-expected drop in sales for the holiday quarter. The apparel retailer now expects same-store sales to rise 3% for the year, down from its earlier forecast of 4%, and total revenue to be up 1%, versus a prior view of as much as 3%. The lowered view came after the company posted higher sales in the third quarter, while profit fell as it incurred restructuring charges. Shares tumble 13%, to $17.88, in postmarket trading.

PVH Corp. issued a downbeat earnings forecast for the holiday quarter, with sales expected to fall more than expected as its Calvin Klein and Tommy Hilfiger brands continue to slump. The company guided for sales to fall between 6% and 7% in the current quarter, wider than the 4.5% decline forecast by analysts, according to FactSet. Its profit outlook for the fourth-quarter also came in below what analysts were expecting. Shares slide 6.3%, to $105.75, in after-hours trading.

Greif posted lower-than-expected earnings in its fiscal fourth quarter and guided for a downbeat fiscal 2025. The industrial packaging products company reported a profit of $63.4 million for the recent quarter, down from $67.8 million last year. Adjusted per-share earnings of 85 cents missed the $1.10 that analysts surveyed by FactSet were expecting. Looking forward, the company said it was appropriate to provide only low-end guidance for fiscal 2025, as its markets have now experienced a multiyear period contraction with no inflection point on the horizon. Shares fall 7%, to $66.50, in postmarket trading.

Write to Connor Hart at connor.hart@wsj.com

(END) Dow Jones Newswires

December 04, 2024 18:38 ET (23:38 GMT)

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