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Kelly Cloonan2/13/25

Crocs surges, nearly erasing year-to-date losses as HeyDude sales finally make investors glad

Crocs’ across-the-board earnings beat, helped by better-than-expected results for its previously floundering HeyDude brand, sent the stock surging to open 24% higher.

The shoemaker reported $989.8 million in revenue for the fourth quarter ahead of market open on Thursday, up 3.1% from a year before and handily beating forecasts of $962 million, according to analysts polled by Bloomberg.

The strong revenue gains were fueled in part by a sales beat for HeyDude, the company’s sneaker and loafer brand. The brand saw sales flat at $228 million, surpassing the company’s own expectations for a 4% to 6% year-over-year drop.

Crocs shares had been under pressure from HeyDude’s struggling performance in recent months, losing nearly a third of their value after the brand posted a steep 17% sales decline in Q3 with company executives warning of further pain ahead.

Crocs have also made headlines in recent months as some US schools look to ban the shoes, calling them “safety hazards” amid a frequency of injuries, especially when kids fail to put the footwear in “sport mode” (by wearing the so-called safety strap on the back of the shoe).

The stock’s post-earnings surge marks a near-full rebound, though, reversing much of its 19% year-to-date decline. Shares had gotten a boost through much of last year from a lasting pandemic-era lean toward comfy shoes, plus popularity amongst teens after partnerships with A-list celebs like Justin Bieber, Post Malone, and Sydney Sweeney.

Looking ahead, the shoemaker said it expects revenue to grow between 2% to 2.5% in 2025.

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GameStop pops as Q1 revenue, profit rise and retailer authorizes $2 billion of stock buybacks

GameStop shares popped after hours, as the company authorized a $2 billion stock buyback and posted a blockbuster fiscal first-quarter profit aided by unrealized gains on its options exposure to eBay stock.

Here are the numbers from the retail-trader favorite:

Adjusted EPS of $0.30, up from $0.17 a year earlier and above the $0.16 estimate of… precisely one analyst.
Revenue of $835.3 million, up 14% from a year earlier.
A $2 billion stock-buyback authorization, which is equivalent to about one-fifth of the company’s market cap.
A whopping $268 million unrealized gain because of its options exposure to eBay stock that it bought as it attempted to buy the online retailer. That led to a record quarterly net income of $389.6 million.
The highest first-quarter operating income ever, at $143.3 million – a number not aided by the gain in eBay stock, but rather by higher revenue and improved margins.

Shares rose 7.1% after hours.

The buyback authorization is a particularly interesting development for GameStop, which less than two years ago issued billions of dollars worth of shares as it took advantage of surging stock prices.

Of course, it’s worth noting that the buyback authorization can be used piecemeal fashion for the next three years, so any potential buybacks don’t have to happen anytime soon — or at all.

markets

GitLab shares soar on earnings and revenue beat

Shares of GitLab soared over 8% in after-hours trading after the company’s quarterly results beat analyst expectations for earnings and revenue.

For FY2027 Q1, the code development and security platform posted:

Revenues of $264.2 million (estimate: $254 million).
Adjusted earnings per share of $0.23 (estimate: $0.21).

In a press release, GitLab CEO Bill Staples wrote, “The agentic era is creating structural tailwinds for GitLab, and Q1 showed it clearly with accelerating platform activity and promising traction from GitLab Duo Agent Platform.”

As AI eats the software development world, platforms for human coders like GitLab are facing some existential threats. Last month, GitLab shares dropped after it announced a restructuring plan, slashing its country footprint by 30%, and today it confirmed that 350 team members would be cut. The company said it expects the restructing to be complete by the end of FY 2027.

Shares of GitLab were down about 15% year to date heading into the report.

markets

Nuclear stocks gain as federal officials approve plan to restart Three Mile Island

US officials have given Constellation Energy the green light to turn the Three Mile Island nuclear power plant back on.

On Monday night, the Federal Energy Regulatory Commission filed a waiver allowing the company to transfer grid rights from a gas-fired power plant outside Philadelphia to Three Mile Island. The company says that due to the waiver, it aims to restart the nuclear power facility by 2027 in order to supply Microsoft data centers with energy.

Additionally, other nuclear stocks like Oklo, GE Vernova, Energy Fuels, and Cameco Corp. traded higher Tuesday afternoon.

This comes after last week’s Energy Department announcement that it would provide weapons-grade plutonium to five energy startups, including Oklo, to be processed into fuel to generate electricity.

Companies have said these weapons stockpiles are a way to get nuclear reactors fueled quickly as the industry scales.

Tasha Matsumoto

S&P 500 closes at record high for sixth consecutive session

Stocks continued their longest win streak in over a year while oil prices ticked up.

Cowboy Riding a Bull - stock illustration

markets

Helena Cheng21h

Victoria’s Secret jumps after posting surging sales and raising full-year outlook

Victoria’s Secret shares are up more than 40% in early trading after the apparel retailer delivered a strong Q1 earnings beat and substantially lifted its full-year guidance. It was a welcome win for the company as it officially changed its stock ticker symbol to VSXY from VSCO on the New York Stock Exchange.

Key numbers:

Adjusted earnings per share of $0.60 (compared to analyst estimates of $0.30).
Net sales of $1.56 billion, a 15% year-over-year increase (estimate: $1.52 billion).
Adjusted operating income of $80 million (estimate: $42 million).

Comparable sales rose 13% during the quarter, beating the estimated 12%. The company said double-digit growth was recorded across its Victoria’s Secret, PINK, and Beauty brands, as well as across stores and direct and international channels.

Buoyed by the strong momentum, management raised the retailer’s full-year guidance. Victoria’s Secret now projects full-year net sales to reach between $7.03 billion and $7.13 billion, up from a previous cap of $6.95 billion. Adjusted operating income is now anticipated to land between $550 million and $580 million, a jump from the previously projected range of $430 million to $460 million.

“Our customer responded strongly to our product innovation, emotionally resonant storytelling, and distinct brand projection, driving double-digit growth in new customer acquisition, increased regular-price selling, and broad-based strength across categories, channels, and geographies,” CEO Hillary Super said in a statement. “These results reflect the progress we are making against our Path to Potential strategy as we continue to strengthen customer connection, build brand heat, and drive sustainable long-term growth.”

The company’s “Path to Potential” transformation strategy was launched to right-track the business after a multiyear stretch of declining sales and cultural scrutiny. The changed ticker also signals a fresh corporate chapter under Super, who is steering the retailer through a major brand turnaround.

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