Futu (FUTU), Designer Brands (DBI) stocks waver after Q2 earnings

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Futu (FUTU), Designer Brands (DBI) stocks waver after Q2 earnings

 Futu (FUTU), Designer Brands (DBI) stocks waver after Q2 earnings
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Highlights

  • The total revenue of Futu Holdings Limited (NASDAQ: FUTU) increased by 129.3% YoY.

  • Designer Brands Inc’s net sales rose by 66.9% YoY.

  • The FUTU stock gained more than 93% YTD; Designer Brands surged 119% YTD.

Stocks of Futu Holdings Limited (NASDAQ: FUTU) and Designer Brands Inc. (NYSE: DBI) retreated on Tuesday after the companies reported robust second-quarter sales. Both the companies released their earnings reports before the opening bell.

FUTU stock was trading almost flat at US$94.73 at 10:25 am ET, down 0.03 percent, from the previous close, while DBI stock was priced at US$14.27 at 10:29 am ET, down 9.74 percent.

Here are some key highlights of the Q2 earnings of the two companies.

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Futu Holdings Limited

Futu is a Hong Kong-based holding company and runs an online brokerage and wealth management platform with clients across the globe.

The company’s total revenue increased by 129.3 percent YoY to US$203.1 million in Q2. Its total gross profit surged 143.2 percent YoY to US$167.1 million.

Futu’s net income was US$68.7 million, up 125.8 percent YoY in Q2. Its non-GAAP adjusted net income came in at US$70.9 million, an increase of 126.7 percent from the year-ago quarter.

The FUTU stock’s 52-week highest and lowest prices were US$204.25 and US$27.15, respectively. It has a market cap of US$13.75 billion, a P/E Ratio is 43.61, and a forward P/E one year of 29.71. Its EPS is US$2.15. The stock gained 93.62 percent YTD. Its trading volume on August 30 was 6,959,081.

Source: pixabay

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Designer Brands Inc.

Designer Brands is a Columbus, Ohio-based company and sells a range of designer shoes and fashion accessories through its stores and e-commerce website.

The company’s net sales soared 66.9 percent YoY to US$817.3 million in Q2 of FY 2021. Its comparable sales jumped 84.9 percent YoY.

Designer Brands’ gross profit was US$284.7 million compared to US$37.0 million in the year-ago quarter. Its net income came in at US$42.9 million, or US$0.55 per diluted share, and the adjusted net income was US$43.4 million, or US$0.56 per diluted share.

The company’s liquidity reserves were US$46.5 million at the end of Q2, 2021, compared to US$206.7 million in the same quarter of the previous year.

The company had US$504.3 million in inventories at the end of the second quarter of fiscal 2021, compared to US$445 million in the previous year's quarter.

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Designer Brands' 52-week highest and lowest stock prices were US$20.48 and US$4.31, respectively. Its market cap is US$1.03 billion, and the forward P/E one year is 22.27. Its EPS is US$-3.55. The stock surged 119.89 percent YTD. Its trading volume on August 30 was 1,616,059.

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Bottom-line

Futu Holdings added some 211000 new paying clients in the quarter, which the company claimed to be its second-best quarter in history. The company also said that it achieved the 1 million paying clients milestone at the end of the quarter, up around 230 percent YoY.

Both the companies have registered strong earnings in the quarter. The vaccinations and the easing of covid restrictions are helping the companies to push sales and boost revenue.

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