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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Gap stock tanks as results miss, guidance lowered due to 'significant' supply-chain issues

8:26 am ET November 24, 2021 (MarketWatch)

By Levi Sumagaysay

Gap Inc. on Tuesday blamed "significant" supply-chain constraints as it cut its full-year earnings guidance and reported third-quarter results that fell short of expectations, sending its shares sharply lower after hours.

Supply constraints in the third quarter included extended COVID-related factory closures, such as in Vietnam -- where about 30% of the company's offerings are produced and which saw closures of up to two-and-a-half months -- and continued port congestion, according to the retail chain.

"Acute supply-chain headwinds affected our ability to fully meet strong customer demand," said Chief Executive Sonia Syngal in a statement. She said the company chose "accelerated use of air freight" to serve customers this holiday season, calling it "an intentional investment in building enduring customer loyalty."

In addition, Chief Financial Officer Katrina O'Connell said on the earnings call that the company has rerouted some of its shipments to the East Coast to avoid the port congestion in Southern California.

"We are confident that when adjusting for these substantial disrupted impact to 2021, our underlying business is ahead of plan," O'Connell said. Both she and Syngal said demand, and the company's brands, are strong.

Gap (GPS) shares sank after hours, tumbling about 16% after falling almost 2% in the regular session to close at $23.47.

Third-quarter net sales rose at the company's Old Navy and Athleta brands compared with the same period in 2019, while decreasing at its Gap and Banana Republic brands. The company said its online sales increased 48% compared to the third quarter of 2019, comprising 38% of the total business as store traffic continues to recover.

The retailer reported a net loss of $152 million, or 40 cents a share, for the quarter. That's compared with net income of $95 million, or 25 cents a share, in the year-ago period. Adjusted for debt-restructuring costs and charges related to the company's European operating model, earnings were 27 cents a share. Revenue fell to $3.94 billion from $3.99 billion in the year-ago quarter.

Analysts surveyed by FactSet had forecast earnings of $191 million, or 50 cents a share, on revenue of $4.43 billion.

The company now expects its reported full-year diluted earnings per share to be 45 cents to 60 cents, which it said includes an estimated $550 million to $600 million in lost sales because of supply constraints, and about $450 million in air freight expenses for the year. Gap expects adjusted full-year diluted earnings per share in the range of $1.25 to $1.40, falling short of analysts' expectation of $2.15 a share.

Gap stock has gained about 15.5% so far this year, while the S&P 500 Index has seen a 24% increase year to date.

-Levi Sumagaysay


(END) Dow Jones Newswires

November 24, 2021 08:26 ET (13:26 GMT)

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