3 Stocks to Watch on Wednesday: Nike Inc (NKE), Restoration Hardware Holdings, Inc (RH) and Shoe Carnival, Inc. (SCVL)

It was a difficult Tuesday for U.S. equities as every major index fell more than 1% by day’s end. The S&P 500 Index declined 1.7%, the Dow Jones Industrial Average was down 1.4% and the Nasdaq Composite fell 2.9% by day’s end.

3 Stocks to Watch on Wednesday: Nike Inc (NKE), Restoration Hardware Holdings, Inc (RH) and Shoe Carnival, Inc. (SCVL)Nike Inc (NYSE:NKE) has inked a new deal with the NFL, while Restoration Hardware Holdings, Inc (NYSE:RH) and Shoe Carnival, Inc. (NASDAQ:SCVL) reported their quarterly results yesterday.

Here’s how they did:

Nike Inc (NKE)

Nike had a positive afternoon as the company reached a new deal with the largest professional sports league in the U.S.

The National Football League (NFL) released a joint statement with the athletics apparel company, announcing a long-term extension on their on-field rights partnership that will dress NFL teams in all Nike gear.

The sports retailer will continue serving all 32 NFL teams with uniforms and sideline apparel with the Nike brand for use during games. The company will also provide footwear and gloves worn on the field during games for players who are under contract with the company.

The NFL made the announcement at its Annual Meeting in Orlando, Fla. “Nike has been a long-time and trusted partner of NFL and we’re thrilled to extend our relationship with them,” said Brian Rolapp, Chief Media and Business Officer for the NFL.

“The NFL and Nike are a powerful combination and we anticipate working closely with them on several programs, including youth and player initiatives.”

NKE stock gained 1.1% after Tuesday’s market close.

Restoration Hardware Holdings, Inc (RH)

Restoration Hardware had a strong quarter that sent shares soaring late Tuesday.

For its fourth quarter, the California-based company unveiled net income of a penny per share. On an adjusted basis, the company earned $1.69 per share, rising 149% year-over-year. The figure surpassed analysts’ outlook of adjusted earnings of $1.56 per share, according to Zacks Investment Research.

Revenue was also a positive for Restoration Hardware as the company raked in $670.29 million, jumping more than $70 million from its year-ago revenue of $586.7 million. The Wall Street consensus estimate called for revenue of $671.49 million, per Zacks.

For its fiscal 2018, the company projects revenue in the range of $2.53 billion and $2.57 billion, well below the Wall Street forecast of $2.6 billion, according to Zacks. Restoration Hardware’s adjusted earnings for the year is slated to be between $5.45 to $6.20 per share, better than analysts’ guidance of $5.49 per share.

RH shares skyrocketed nearly 14.2% after the bell yesterday.

Shoe Carnival, Inc. (SCVL)

Shoe Carnival shares took a hit late yesterday as the company missed revenue estimates.

For its fourth quarter, the company saw its sales rise 9% year-over-year to $243.2 million, but the figure was well below analysts’ expectations of $248.2 million. Its comparable-store sales fell 0.5% year-over-year.

Shoe Carnival’s income came in at a net loss of $3.9 million, or 24 cents per share. On an adjusted basis, the company managed to turn a profit of $1.7 million, or 11 cents per diluted share, better than Wall Street’s projection of 9 cents per diluted share.

For fiscal 2018, the company sees its net revenue to be in the range of $1.01 billion and $1.02 billion, while comparable-store sales are slated to be flat to low-single digits. Adjusted earnings is slated to be in the range of $1.85 to $2 per share for Shoe Carnival.

SCVL stock sunk nearly 5.9% after hours Tuesday.

As of this writing, Karl Utermohlen did not hold a position in any of the aforementioned securities.

Article printed from InvestorPlace Media, https://investorplace.com/2018/03/3-stocks-watch-wednesday-nike-inc-nke-restoration-hardware-holdings-inc-rh-shoe-carnival-inc-scvl/.

©2022 InvestorPlace Media, LLC