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Sector Update: Consumer Discretionary Stocks Rebounding From Tuesday's Drubbing

MT Newswires ·  {{timeTz}}

01:28 PM EDT, 09/14/2022 (MT Newswires) -- Consumer stocks were broadly mixed in Wednesday trading, with the SPDR Consumer Staples Select Sector ETF (XLP) slipping less than 0.1% and the SPDR Consumer Discretionary Select Sector ETF (XLY) rising 1.4%.

In company news, DavidsTea (DTEA) dropped almost 21% on Wednesday after the Montreal-based tea seller overnight saw its non-GAAP net loss widen to CA$0.13 ($0.10) per share during its Q2 ended July 30 compared with a CA$0.07 per share loss during the same quarter last year while revenue declined nearly 19% year-over-year to CA$15.2 million. Analyst estimates were not available.

Keurig Dr Pepper (KDP) was swinging between narrow gains and losses this afternoon, giving back an early 1.2% advance, after the coffee and beverages company Wednesday increased its Q3 dividend by 6.4% to $0.20 per share.

BRP (DOOO) raced nearly 10% higher after reporting improved Q2 results that exceeded Wall Street expectations and also raising its FY23 profit and sales forecasts. Excluding one-time items, the Canadian power sports company earned CA$2.94 ($2.23) per share during the three months ended July 31, up from CA$2.89 per share during the year-ago period, while revenue grew 28.4% to CA$2.44 billion. Analysts, on average, had been looking for adjusted net income of CA$2.63 per share on $2.3 billion in revenue.

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