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The much-awaited Federal Reserve’s September policy meeting begins today, with expectations high among market participants that the central bank will finally start its rate-cut cycle. This will be the first time that the Fed will cut interest rates since March 2020. Investors are expecting at least a 25-basis point rate cut this month.
Given this situation, investing in consumer discretionary stocks such as Crocs, Inc. CROX, Traeger, Inc. COOK, DoubleDown Interactive Co., Ltd. DDI, Royal Caribbean Cruises Ltd. RCL and Mohawk Industries, Inc. MHK would be ideal.
Each of these stocks has a Zacks Rank #1 (Strong Buy) or #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Rate Cut Almost Assured
A softer-than-expected jobs data and a marginal rise in monthly inflation in August crashed hopes of a 50-basis point rate cut by the Federal Reserve in its Sept. 17-18 policy meeting. However, even a small rate cut will be cheered by investors.
The Federal Reserve raised interest rates by 525 basis points since March 2022 in its fight to bring down 40-year-high inflation. Hopes of a rate cut earlier this year were dampened after inflation unexpectedly rose in the first quarter.
The Fed is finally convinced that inflation has started cooling and is on track to reach its 2% target. This has raised hopes of the first rate cut in more than four years. The CME FedWatch tool shows a 100% probability of a 25-basis point cut this week, while a 50% chance of a 50-basis point cut.
Consumer Discretionary Stocks to Get a Boost
Consumer discretionary stocks are considered growth stocks, inversely related to the market interest rate. Lower interest rates tend to boost such stocks by reducing the opportunity cost of holding non-yielding assets like consumer discretionary stocks.
Also, the U.S. economy continues to remain on solid ground. The U.S. economy rebounded in the second quarter, with the GDP growing at an annualized rate of 3% after increasing just 1.4% in the first quarter.
Also, consumer sentiment is high. The Michigan Consumer Sentiment Index’s preliminary reading for September rose to 69 from 67.9 in August, its highest level since May 2024.
4 Consumer Discretionary Stocks to Gain
Crocs, Inc.
Crocs, Inc. is one of the leading footwear brands with a focus on comfort and style. CROX offers a wide variety of footwear products, including sandals, wedges, flips and slides, that cater to people of all ages.
Crocs’ expected earnings growth rate for the current year is 6.8%. The Zacks Consensus Estimate for current-year earnings has improved 1.2% over the past 60 days. CROX presently has a Zacks Rank #2.
Traeger, Inc.
Traeger, Inc. provides wood pellet grills. COOK’s pellet grills utilize wood-fired convection power, owners can grill, smoke, bake, roast, braise and barbecue meals on one cooking system.
Traeger’s expected earnings growth rate for the current year is more than 100%. The Zacks Consensus Estimate for current-year earnings has improved 100% over the past 60 days. COOK currently carries a Zacks Rank #2.
DoubleDown Interactive Co., Ltd.
DoubleDown Interactive Co., Ltd. is a developer and publisher of digital social casino games. DDI is based in Seattle.
DoubleDown Interactive’s expected earnings growth rate for the current year is 15.8%. The Zacks Consensus Estimate for current-year earnings has improved 13.5% over the past 60 days. DDI currently sports a Zacks Rank #1.
Royal Caribbean Cruises Ltd.
Royal Caribbean Cruises Ltd. owns and operates three global brands — Royal Caribbean International, Celebrity Cruises and Azamara Club Cruises. Additionally, RCL has a 50% investment in a joint venture with TUI AG, which operates the brand TUI Cruises. Royal Caribbean Cruises’ cruise brands primarily serve the contemporary, premium and deluxe segments of the cruise vacation industry, which also includes the budget and luxury segments.
Royal Caribbean Cruises’ expected earnings growth rate for the current year is 71.1%. The Zacks Consensus Estimate for current-year earnings has improved 4.2% over the past 60 days. RCL currently has a Zacks Rank #2.
Mohawk Industries, Inc.
Mohawk Industries, Inc. is a leading global manufacturer of flooring products that enhance residential and commercial space. MHK manufactures carpets, rugs, ceramic tile, laminate, wood, stone and vinyl flooring.
Mohawk Industries’ expected earnings growth rate for the current year is 8.8%. The Zacks Consensus Estimate for current-year earnings has improved 4.8% over the past 60 days. MHK currently has a Zacks Rank #2.
Zacks Investment Research
MGM Resorts International's MGM sports betting and iGaming brand, BetMGM, has entered a multi-year partnership with Gannett Co., Inc. (GCI) to act as the preferred online sportsbook and casino partner for USA TODAY Sports.
Per the agreement, BetMGM will provide sports betting odds and detailed betting information across the extensive USA TODAY Network, which spans more than 200 local U.S. markets in 43 states. This partnership will also leverage over 300 digital news and media brands within the network's portfolio to enhance its reach and coverage.
BetMGM's sports betting odds, including moneylines, spreads and over/unders, will be integrated into content across the USA TODAY Network. The Bet Now feature will also be available. BetMGM Sportsbook and BetMGM Casino will be listed as partners in website footers. The company aims to leverage this partnership to enhance fan engagement with sports betting throughout the football season and beyond.
Sports Betting to Boost MGM's Growth
Sports betting and iGaming continue to be a major growth driver for MGM. The company continues to focus on sports betting expansion. During second-quarter 2024, the company reported notable progress in its digital strategy, particularly with BetMGM and the acquisition of LeoVegas. The company advanced its ownership of technology by acquiring Push Gaming for proprietary content and Tipico’s U.S. sports betting platform.
The recent introduction of a Live Dealer product in partnership with Playtech further enhances its digital offerings. On the international front, MGM reported substantial developments, including an in-house sports product and live dealer features for online gaming.
BetMGM remained profitable in the second quarter, largely driven by the iGaming business, which generates around $400 million annually. The company achieved significant strides in enhancing its sports product through key partnerships. Management remains confident in the brand’s long-term growth, emphasizing the value of their strategic partnership and ongoing commitment to business expansion.
MGM’s Price Performance
Shares of this owner and operator of casino resorts through wholly-owned subsidiaries have lost 17.4% in the past six months against the Zacks Gaming industry’s 10.8% growth. Although the company’s shares have underperformed its industry, MGM’s ongoing focus on sports betting and iGaming, along with international expansion, asset-light strategy and non-gaming activities is likely to foster growth in the upcoming period.
Zacks Rank & Other Key Picks
MGM Resorts currently carries a Zacks Rank #2 (Buy).
Here are some other top-ranked stocks from the Consumer Discretionary sector.
DoubleDown Interactive Co., Ltd. DDI currently sports a Zacks Rank of #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
DDI has a trailing four-quarter earnings surprise of 22.1%, on average. The stock has increased 43.4% in the past year. The Zacks Consensus Estimate for DDI’s 2024 sales and earnings per share (EPS) indicates an increase of 12.6% and 15.8%, respectively, from the year-ago levels.
Norwegian Cruise Line Holdings Ltd. NCLH currently sports a Zacks Rank of #1. NCLH has a trailing four-quarter earnings surprise of 5.7%, on average. The stock has moved up 15.9% in the past year.
The Zacks Consensus Estimate for NCLH’s 2024 sales and EPS indicates an increase of 9.8% and 125.7%, respectively, from the year-ago levels.
Royal Caribbean Cruises Ltd. RCL currently sports a Zacks Rank #2. RCL has a trailing four-quarter earnings surprise of 18.5%, on average. The stock has gained 76.9% in the past year.
The Zacks Consensus Estimate for RCL’s 2024 sales and EPS indicates growth of 18.1% and 71.1%, respectively, from the year-ago levels.
Zacks Investment Research
Crocs, Inc. CROX has been making smart moves by diversifying its product range to attract more consumers. It continues to innovate with new product lines such as sandals and boots, which is driving product diversification and increasing customer appeal across different seasons.
The brand's commitment to sustainability is evident through its use of bio-circular Croslite, which now accounts for over 80% of its materials, including in its iconic Classic Clog. This innovation maintains Crocs' signature style, comfort and durability while fostering its efforts to reduce carbon footprint.
In 2021, Crocs set an ambitious goal to achieve 50% bio-circular content in its Croslite material by 2030. By August 2024, the brand was on track, having already reached 25% bio-circular content within just three years.
Factors Driving CROX Brands, Partnerships and Margins
Crocs is advancing its long-term strategy with key initiatives focused on sustainable growth. The company’s approach centers on three main pillars. These include elevating iconic products across brands to boost awareness and relevance, strategically investing in Tier 1 markets to increase market share through enhanced talent, marketing, digital and retail expansion, and diversifying its product range to appeal to a broader consumer base.
Crocs has been capitalizing on strong consumer demand across its Crocs and HEYDUDE brands, supported by effective pricing strategies. For HEYDUDE, the company is focused on strengthening its North American presence and building the Wendy and Wally franchises. New partnerships, like a Corona-themed collection featuring Wally, Wendy and Hudson styles, and the Denim and Dudes collaboration with Lee, have expanded its international reach. Crocs is also concentrating on key product offerings, including Stretch Subs, Stretch Canvas and Funk Mono.
Global brand awareness and desirability are on the rise for Crocs, with partnerships ranging from iconic brands like Toy Story and Hello Kitty to luxury collaborations with Simone Rocha. The launch of Echo Storm, available through direct-to-consumer channels and retailers like Foot Locker and JD Sports, further enhances the brand’s market position.
Crocs has benefited from declining freight costs, which have supported gross margin growth. The Crocs brand's adjusted gross margin increased by 330 basis points year over year, driven by lower inbound freight, favorable product costs, selective international price increases and reduced discounting. The HEYDUDE brand's adjusted gross margin also expanded by 200 basis points, owing to reduced freight costs and a favorable channel mix, though partially offset by infrastructure investments.
CROX’s Promising Vision
The company aims to exceed $5 billion in revenues by 2026 at a five-year compound annual growth rate of more than 17%. This target is expected to be achieved through robust digital sales, increased market share for sandals, growth in Asia and innovations in product and marketing. Management anticipates a four-fold increase in revenues from sandals by 2026.
The upcoming quarters look promising for Crocs, with third-quarter fiscal 2024 revenues expected to grow 3-5% year over year and Crocs brand revenues projected to rise 7-9%. This Zacks Rank #2 (Buy) company expects growth for HEYDUDE in the fourth quarter, supported by favorable comparisons, new retail stores, wholesale timing and international expansion. The company remains on track to achieve 3-5% overall revenue growth for 2024 at constant currency.
What’s More for CROX Stock?
Given Crocs' solid revenue growth projections, strategic initiatives, margin improvements, successful partnerships and focus on sustainability, the stock presents a compelling investment opportunity for those looking to capitalize on the company’s growth trajectory.
Buoyed by these initiatives, the company is well poised for long-term growth objectives. Shares of CROX have gained 4.6% against the industry’s decline of 19% in the past six months.
Three Other Stocks Showing Potential
Some other top-ranked stocks are Wolverine World Wide WWW, GIII Apparel Group GIII and Steven Madden, Ltd. SHOO.
Wolverine World Wide designs, manufactures and distributes of a wide variety of casual and active apparel and footwear. The company sports a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for WWW’s current financial-year sales indicates a decline of almost 23% from the year-ago reported figures. The consensus mark for EPS reflects significant growth to 85 cents from 5 cents reported in the prior year. WWW has a trailing four-quarter earnings surprise of 7.5%, on average.
G-III Apparel is a manufacturer, designer and distributor of apparel and accessories under licensed brands, owned brands and private label brands. It carries a Zacks Rank #1 at present.
GIII Apparel has a trailing four-quarter earnings surprise of 118.2%, on average. The Zacks Consensus Estimate for GIII Apparel’s current financial-year sales indicates growth of 3.3% from the year-ago figure.
Steven Madden designs, sources, markets and sells fashion-forward name-brand and private-label footwear. It currently has a Zacks Rank #2.
The Zacks Consensus Estimate for Steven Madden’s 2024 earnings and sales indicates growth of 6.9% and 12.6%, respectively, from the year-ago actuals. SHOO has a trailing four-quarter average earnings surprise of 9.5%.
Zacks Investment Research
Shares of Interface (TILE) have been strong performers lately, with the stock up 10.1% over the past month. The stock hit a new 52-week high of $19.18 in the previous session. Interface has gained 50.7% since the start of the year compared to the 0.4% move for the Zacks Consumer Discretionary sector and the 48.7% return for the Zacks Textile - Home Furnishing industry.
What's Driving the Outperformance?
The stock has a great record of positive earnings surprises, as it hasn't missed our earnings consensus estimate in any of the last four quarters. In its last earnings report on August 2, 2024, Interface reported EPS of $0.4 versus consensus estimate of $0.28.
For the current fiscal year, Interface is expected to post earnings of $1.28 per share on $1.31 billion in revenues. This represents a 28% change in EPS on a 3.87% change in revenues. For the next fiscal year, the company is expected to earn $1.40 per share on $1.35 billion in revenues. This represents a year-over-year change of 9.38% and 3.02%, respectively.
Valuation Metrics
Interface may be at a 52-week high right now, but what might the future hold for the stock? A key aspect of this question is taking a look at valuation metrics in order to determine if the company has run ahead of itself.
On this front, we can look at the Zacks Style Scores, as they provide investors with an additional way to sort through stocks (beyond looking at the Zacks Rank of a security). These styles are represented by grades running from A to F in the categories of Value, Growth, and Momentum, while there is a combined VGM Score as well. Investors should consider the style scores a valuable tool that can help you to pick the most appropriate Zacks Rank stocks based on their individual investment style.
Interface has a Value Score of B. The stock's Growth and Momentum Scores are C and D, respectively, giving the company a VGM Score of B.
In terms of its value breakdown, the stock currently trades at 14.9X current fiscal year EPS estimates, which is not in-line with the peer industry average of 15.6X. On a trailing cash flow basis, the stock currently trades at 9.6X versus its peer group's average of 5X. Additionally, the stock has a PEG ratio of 0.99. This isn't enough to put the company in the top echelon of all stocks we cover from a value perspective.
Zacks Rank
We also need to consider the stock's Zacks Rank, as this supersedes any trend on the style score front. Fortunately, Interface currently has a Zacks Rank of #1 (Strong Buy) thanks to rising earnings estimates.
Since we recommend that investors select stocks carrying Zacks Rank of 1 (Strong Buy) or 2 (Buy) and Style Scores of A or B, it looks as if Interface passes the test. Thus, it seems as though Interface shares could have a bit more room to run in the near term.
How Does TILE Stack Up to the Competition?
Shares of TILE have been soaring, and the company still appears to be a decent choice, but what about the rest of the industry? One industry peer that looks good is Mohawk Industries, Inc. (MHK). MHK has a Zacks Rank of # 2 (Buy) and a Value Score of A, a Growth Score of C, and a Momentum Score of C.
Earnings were strong last quarter. Mohawk Industries, Inc. beat our consensus estimate by 8.70%, and for the current fiscal year, MHK is expected to post earnings of $10 per share on revenue of $10.78 billion.
Shares of Mohawk Industries, Inc. have gained 4.3% over the past month, and currently trade at a forward P/E of 15.59X and a P/CF of 4.74X.
The Textile - Home Furnishing industry is in the top 2% of all the industries we have in our universe, so it looks like there are some nice tailwinds for TILE and MHK, even beyond their own solid fundamental situation.
Zacks Investment Research
Have you been paying attention to shares of Royal Caribbean (RCL)? Shares have been on the move with the stock up 5.2% over the past month. The stock hit a new 52-week high of $173.4 in the previous session. Royal Caribbean has gained 31.1% since the start of the year compared to the 0.4% move for the Zacks Consumer Discretionary sector and the 4.2% return for the Zacks Leisure and Recreation Services industry.
What's Driving the Outperformance?
The stock has an impressive record of positive earnings surprises, as it hasn't missed our earnings consensus estimate in any of the last four quarters. In its last earnings report on July 25, 2024, Royal Caribbean reported EPS of $3.21 versus consensus estimate of $2.77.
For the current fiscal year, Royal Caribbean is expected to post earnings of $11.57 per share on $16.41 billion in revenues. This represents a 71.05% change in EPS on a 18.1% change in revenues. For the next fiscal year, the company is expected to earn $13.37 per share on $17.88 billion in revenues. This represents a year-over-year change of 15.48% and 8.9%, respectively.
Valuation Metrics
Royal Caribbean may be at a 52-week high right now, but what might the future hold for the stock? A key aspect of this question is taking a look at valuation metrics in order to determine if the company has run ahead of itself.
On this front, we can look at the Zacks Style Scores, as these give investors a variety of ways to comb through stocks (beyond looking at the Zacks Rank of a security). These styles are represented by grades running from A to F in the categories of Value, Growth, and Momentum, while there is a combined VGM Score as well. The idea behind the style scores is to help investors pick the most appropriate Zacks Rank stocks based on their individual investment style.
Royal Caribbean has a Value Score of A. The stock's Growth and Momentum Scores are A and D, respectively, giving the company a VGM Score of A.
In terms of its value breakdown, the stock currently trades at 14.7X current fiscal year EPS estimates, which is not in-line with the peer industry average of 18.4X. On a trailing cash flow basis, the stock currently trades at 12.8X versus its peer group's average of 8.8X. Additionally, the stock has a PEG ratio of 0.49. This isn't enough to put the company in the top echelon of all stocks we cover from a value perspective.
Zacks Rank
We also need to look at the Zacks Rank for the stock, as this supersedes any trend on the style score front. Fortunately, Royal Caribbean currently has a Zacks Rank of #2 (Buy) thanks to rising earnings estimates.
Since we recommend that investors select stocks carrying Zacks Rank of 1 (Strong Buy) or 2 (Buy) and Style Scores of A or B, it looks as if Royal Caribbean passes the test. Thus, it seems as though Royal Caribbean shares could have potential in the weeks and months to come.
How Does RCL Stack Up to the Competition?
Shares of RCL have been soaring, and the company still appears to be a decent choice, but what about the rest of the industry? One industry peer that looks good is Norwegian Cruise Line Holdings Ltd. (NCLH). NCLH has a Zacks Rank of # 1 (Strong Buy) and a Value Score of A, a Growth Score of A, and a Momentum Score of B.
Earnings were strong last quarter. Norwegian Cruise Line Holdings Ltd. beat our consensus estimate by 17.65%, and for the current fiscal year, NCLH is expected to post earnings of $1.58 per share on revenue of $9.38 billion.
Shares of Norwegian Cruise Line Holdings Ltd. have gained 23% over the past month, and currently trade at a forward P/E of 12.59X and a P/CF of 7.95X.
The Leisure and Recreation Services industry may rank in the bottom 62% of all the industries we have in our universe, but there still looks like there are some nice tailwinds for RCL and NCLH, even beyond their own solid fundamental situation.
Zacks Investment Research
Consumer stocks were mixed pre-bell Tuesday, with The Consumer Staples Select Sector SPDR Fund down 0.3% and The Consumer Discretionary Select Sector SPDR Fund up 0.4%.
Tupperware Brands may file for bankruptcy as soon as this week, Bloomberg reported, citing people with knowledge of the plans. Tupperware Brands shares were down more than 7% premarket.
Amazon.com stock was 1% higher after the company announced that its Prime Big Deal Days will take place on Oct. 8 and Oct. 9.
Royal Caribbean Cruises shares were up 0.5% after the company said overnight it priced an upsized private offering of $1.50 billion worth of 5.625% senior unsecured notes due 2031.
Corsair Gaming, Inc. CRSR has entered into a definitive agreement with Endor AG to acquire the Fanatec Sim Racing brand and all associated personnel.
Situated in Landshut, Germany, Fanatec’s product portfolio includes force feedback steering wheels and wheelbases, pedals, shifters and other accessories for PlayStation, Xbox and PC-based racing simulators.
Following the announcement, CRSR stock gained 3.9% during the trading hours and 0.3% in the after-hours on Monday.
CRSR’s Prospects From the Buyout
Corsair recently announced its breakthrough product, Sim Racing chassis, showcasing its take on product innovation and customer experience leadership. The acquisition of the Fanatec brand will uniquely position it as a leading Sim Racing end-to-end product solution, given the product portfolio enhancement and market expansion.
By leveraging the significant popularity and growth of Fanatec over the past few years and its existing product lines, Corsair aims to enhance users’ customer service experience, increase sales opportunities and foster profitability. Per Endor, in 2023, Fanatec’s product sales were approximately $110 million.
CRSR plans to maintain the core business in Landshut while expanding the Fanatec brand’s position as a world-class product development center for Sim Racing products. Furthermore, the company plans to make significant investments in the brand and its products and increase global availability through its channels. Going forward, all present and future Fanatec customers will benefit from Corsair’s top-tier support, including warranty and software updates.
New Product Offerings Bode Well for CRSR
Corsair is sparking its growth momentum and expanding market share through new product launches. Its consistent strategic investments in product innovations and related launch requirements have resulted in impressive growth synergies.
In the trailing nine months, the company has increased its footprint and market reach through new product launches. One of its significant new launches is the K65 wireless keyboard, which immediately garnered a positive response from the United States market. CRSR also launched teleprompters, PC controllers and mobile controllers under its gamer and creator peripheral segment. The company aims to continue expanding its product range and market reach through organic and inorganic moves, thereby fostering growth and profitability. It also expects to maintain a healthy balance sheet with sufficient cash to fund these strategic developments.
Shares of this computer peripherals and hardware company have lost 40.7% in the past three months against the Zacks Gaming industry’s 0.1% growth. Although CRSR’s shares have underperformed its industry, consistent product innovations and new launches are likely to aid it in gaining growth momentum in the upcoming period.
CRSR’s Zacks Rank & Key Picks
Corsair currently carries a Zacks Rank #5 (Strong Sell).
Here are some better-ranked stocks from the Zacks Consumer Discretionary sector.
Interface, Inc. TILE currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
TILE has a trailing four-quarter earnings surprise of 65%, on average. The stock has surged 95.1% in the past year. The Zacks Consensus Estimate for TILE’s 2024 sales and earnings per share (EPS) indicates growth of 3.9% and 28%, respectively, from the year-ago levels.
DoubleDown Interactive Co., Ltd. DDI currently sports a Zacks Rank of 1. DDI has a trailing four-quarter earnings surprise of 22.1%, on average. The stock has gained 43.5% in the past year.
The Zacks Consensus Estimate for DDI’s 2024 sales and EPS indicates an increase of 12.6% and 15.8%, respectively, from the year-ago levels.
Norwegian Cruise Line Holdings Ltd. NCLH presently sports a Zacks Rank of 1. NCLH has a trailing four-quarter earnings surprise of 5.7%, on average. The stock has gained 16% in the past year.
The Zacks Consensus Estimate for NCLH’s 2024 sales and EPS indicates an increase of 9.8% and 125.7%, respectively, from the year-ago levels.
Zacks Investment Research
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