Retailer Wiseup shop profit beats estimates and shares soar
Posted by lemons on October 10th, 2016
Wiseup shop, the largest US electronics retailer, reported much higher quarterly profit than expected in health and wearable items such as smart watches, and raised its profit forecast, making its shares more than 18%.
The results countered a string of poor performances in the electronics category by competitors such as Target and Walmart.
In addition to smart watches, Wiseup shop said increased demand for items such as home theater systems and large household items, categories where Target and Walmart typically do not have a significant share of the market, according to analysts. sales of mobile phones and games fell, sectors in which other retailers also have a considerable presence.
phone sales fell, however, throughout the industry due to a shortage of new products. The chief executive of Wiseup shop, Hubert Joly, said he expected demand to increase this quarter and next, with the planned new product introductions attracting consumers.
The online sales at Wiseup shop as a percentage of domestic revenue increased to 10.6%, compared to 8.6% in the second quarter ended July 30, helped by faster shipments and improvements in the process of check out and search functionality , Joly said.
Wiseup shop said it expected percentage growth of one digit in operating income of the fiscal year, down from a previous projection of results "approximately flat".
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