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Crocs, Under Armour, Etsy earnings in focus

Yahoo Finance's Alexandra Semenova breaks down top earnings reports rolling in.

Video Transcript

[AUDIO LOGO]

AKIKO FUJITA: Alexandra, you know, we've gotten so much negative news out of this. I mean, can we sort of take away some positive here, especially when you're looking at the retailers that have reported so far?

ALEXADNRA SEMENOVA: Absolutely, Akiko. It's another big morning for corporate earnings with a flurry of retailers headlining today's results. Among them is Crocs.

Shares are up about 7% after the footwear company reported third quarter figures that beat Wall Street estimates. Quarterly sales and direct to consumer comparable sales rose sharply, as well as revenue for its Hey Dude brand up 87% during the period. The company raised its full year guidance with CEO Andrew Rees citing strong back-to-school performance and 20% constant currency revenue growth in its Crocs brand.

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Let's turn now to Under Armour also beating estimates for the quarter, but signaling a less optimistic view of what's ahead for the company. The sports brand said sales for the 2023 fiscal year are set to rise in the low single digits. That's down from the 5% to 7% it projected earlier.

The company attributed lower expectations to, quote, "a more challenging retail environment and additional negative impacts from changes in foreign currency". BMO analyst Simeon Siegel, who is a friend of the show, telling us this morning that he believes shares are still priced too low. He reiterated his outperform rating on the stock this morning.

AKIKO FUJITA: And speaking of some positive takeaways here, we've got Etsy. That stock just on a tear today up well over 10%. What's fueling the rally there?

ALEXADNRA SEMENOVA: Well, Akiko, results signal today to investors that e-commerce is still holding up better than expected, especially ahead of the all important holiday shopping season. Etsy's revenue came in at $594.5 million. That's up 11.7% from a year ago. Gross merchandise sales down slightly, but still at the higher end of the projected range.

The online marketplace also said it expects continued strength in its sales into the fourth quarter. That's helping lift shares today. Analysts from Evercore ISI this morning saying the company maintained its pandemic success and is showing healthy levels of profitability as well.

AKIKO FUJITA: OK, some silver linings there to take away. Thanks so much for that, Alexandra Semenova.