Walmart and Target earnings this week will show the early effects of the pandemic on U.S. retail -- but don’t expect forecasts, because ¯\\_(ツ)_/¯
U.S. retail companies will be eagerly watching Alibaba Group Holding Ltd.’s next Friday morning report, when the Chinese e-commerce giant will show what it was like to operate in the heart of the COVID-19 pandemic and emerge on the other side.
U.S. retail companies likely have a limited sense of what the rest of the year looks like for their businesses, given questions about the trajectory of the COVID-19 outbreak and what governments will do in response. Investors can expect little in the way of forward-looking financial commentary, in keeping with a broader trend that’s spanned sectors.
Of those companies that entirely withdrew their forecasts, 20% were in the industrials sector, which “includes airlines, construction companies, and manufacturing companies—all of which are deeply struggling to forecast consumer demand across 2020,” Adams said. Industrial companies accounted for the largest proportion of rescinded outlooks, followed by the consumer discretionary sector, and the IT and financial sectors.
Walmart recently “accelerated the development” of a new two-hour delivery offering that will cost $10 on top of existing delivery charges. The company began a pilot of the service in 100 stores in April and planned to expand it to 1,000 in early May. Morgan Stanley analyst Simeon Gutman will look to see if that service helps Walmart attract more middle- and upper-income customers.
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