CNBC

Best Buy stock climbs 15% on earnings beat as retailer aims to reinvigorate sales. Best Buy reported better-than-expected earnings on Thursday as the company works toward turning around its sales slump. For its fiscal first quarter, the company said some of its biggest growth drivers came from gaming and computing, partially offset by a decline in appliances. Best Buy previously announced CEO Corie Barry will be stepping down later this fall, with Jason Bonfig stepping in to take her place.

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Gap shares tumble 14% as retailer cuts sales guidance after disappointing Old Navy performance. Gap issued mixed fiscal first-quarter results, missing on the top line but beating on the bottom. CEO Richard Dickson told CNBC sales at Old Navy were worse than expected after the brand’s spring and summer assortment failed to land with shoppers, leading it to cut its full-year sales outlook. Gap is now expecting companywide sales to grow between 1% and 2%, down from a prior range of between 2% and 3%.

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American Eagle’s Aerie is booming, but its namesake brand is lagging despite Sydney Sweeney ads. American Eagle beat Wall Street’s quarterly earnings expectations, but sales at its namesake banner disappointed after its latest Sydney Sweeney campaign. In the three months ended May 2, comparable sales at its American Eagle brand fell 2%, far worse than the 3% growth that analysts had expected. Once again, sales at Aerie carried the quarter with comparable sales up 25%.

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Walmart issues worse-than-expected outlook as high gas prices hit shoppers. Walmart issued a worse-than-expected financial outlook amid soaring gas prices. Finance chief John David Rainey said high tax returns may have muted some of the impact high gas prices had on shoppers in the first quarter, indicating consumer pressures could rise in the current quarter. The big-box retailer issued fiscal first-quarter results that beat Wall Street’s expectations on the top line but were only in line on the bottom.

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