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Sector Update: Consumer Stocks Down Ahead of Tuesday's Open

05/11/2021 05:05

08:59 AM EDT, 05/11/2021 (MT Newswires) -- Consumer stocks were dropping ahead of Tuesday's opening bell as the Consumer Staples Select Sector SPDR Fund (XLP) was down 0.15% while the Consumer Discretionary Select Sector SPDR Fund (XLY) was 2.10% lower recently.

In company news, Hanesbrands (HBI) was down more than 11% despite reporting Q1 adjusted earnings of $0.39 per diluted share and revenue of $1.51 billion in Q1, up from adjusted earnings of $0.07 per share and revenue of $1.20 billion a year ago.

International Game Technology (IGT) was more than 5% higher after reporting a profit of $0.44 per share in Q1, compared with a year-ago loss of $1.21 per share. It also reported revenue of $1.02 billion, up from $814 million last year.

Jumia Technologies (JMIA) was slumping by almost 24% after it reported Q1 sales of 27.4 million euros, down from sales of 29.3 million euros a year ago. It also said that the ongoing pandemic as well as the ensuing macroeconomic challenges "result in substantial uncertainty concerning our operating environment and financial outlook".