Big M Entertainment Corp
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Consumer Discretionary : Diversified Consumer Services |
Company profile

Big M Entertainment Corp, formerly HQ Global Education Inc., is a media company, which provides film and television production services. The Company’s products and services include film and television, producing, financing and optioning. It offers services and assistance to writers, producers, directors, editors and technicians to provide complete services and assistance at every phase of film and TV content creation, including concept development, writing, editing, cinematography, visual effects and post-production. It works on films of various budgets and sizes. It is also focused on online content and micro-budget film creation. Its projects are being created specifically for concurrent or integrated release both in theaters and for home viewing or on personal devices.

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Nordstrom stock plunges more than 20% on earnings miss, rising costs

8:24 am ET November 24, 2021 (MarketWatch)

By Claudia Assis

Nordstrom 'taking action' to improve Nordstrom Rack performance

Nordstrom Inc. stock dropped more than 23% in extended trading Tuesday after the retailer reported mixed quarterly results and said it needs to "move faster" to grow market share amid rising expenses and labor costs.

Nordstrom (JWN) said it earned $64 million, or 39 cents a share, in the third quarter, compared with $53 million, or 34 cents a share, in the year-ago period, which included a tax benefit of $19 million related to the CARES Act.

Sales rose 18% to $3.6 billion, but fell 1% in relation to the same quarter in 2019, the company said.

Third-quarter sales included about one week of the retailer's anniversary sale, which lifted quarterly sales results by about 200 basis points, Nordstrom said.

FactSet consensus called for per-share earnings of 57 cents on sales of $3.5 billion for the quarter.

Nordstrom has "long benefited" from its focus on customer service, its merchandise mix, brand partnerships and other strengths, but it is time "to move faster to capitalize on these strengths and profitably grow market share," Chief Executive Erik Nordstrom said in a statement.

Moreover, Nordstrom is "taking action to improve performance at Nordstrom Rack, including optimizing inventory levels, better balancing price points and increasing brand awareness," he said.

Selling, general and administrative expenses rose in the quarter mostly due to labor costs, the company said. Nordstrom is working to improve merchandise margins to ensure it can serve customers "seamlessly, despite global supply chain challenges," it said.

The company reiterated its fiscal 2021 outlook of total revenue rising more than 35% compared with fiscal 2020.

Shares of Nordstrom ended the regular trading day down 1.2%

-Claudia Assis


(END) Dow Jones Newswires

November 24, 2021 08:24 ET (13:24 GMT)

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