Earnings to Watch – Week of 6 July 2026

$FRCOY, Uniqlo’s parent Fast Retailing, reports fiscal third-quarter results (the nine months to May) in Tokyo on Thursday – the event of the week, landing with the shares near record highs. The first half was a record: revenue rose about 15% to ¥2.06tn and business profit, the company’s core operating measure, jumped 28% to ¥387bn, driven by Uniqlo International, where revenue grew 22% and profit 37%. North America and Europe both posted double-digit gains, and mainland China – the soft spot of recent years, worked through a store scrap-and-build programme – swung back to double-digit profit growth. On the strength of it, management raised full-year guidance for the second time this year, to ¥690bn of business profit (up about 25%), and lifted the dividend.

The quarter itself looks to have stayed strong – Uniqlo Japan’s same-store sales were up 9–10% in every month of the quarter – so the complications sit at the edges. June’s figure, published last week, fell 14% on unseasonably cool, wet weather; that lands in the fourth quarter, not this one, but it puts a fresh question against the summer season just as the bar has been raised. The yen has slid to about ¥162 to the dollar, its weakest since 1986 – a translation tailwind for the international business but a procurement headwind for Uniqlo Japan’s gross margin – and management said at the last briefing that US tariff costs were being absorbed better than it had expected. Published consensus for the quarter is thin, as is common for Japanese names; the raised guidance itself is the benchmark, implying second-half profit growth of roughly 20%.

$DAL reports second-quarter results before the open on Friday, the unofficial start of US earnings season and the first big airline of the summer. The setup has changed almost entirely since the company last spoke. In April, with jet fuel spiking toward $4.30 a gallon during the US–Iran conflict, Delta guided the quarter to $1.00–$1.50 of earnings on a 6–8% operating margin, declined to update the full-year outlook it had set in January, and trimmed routes and capacity. Since the mid-June peace deal, oil has fallen back toward pre-war levels while fares have stayed elevated – and demand never really blinked: the TSA expected to screen nearly 18.7 million travellers over the 30 June–6 July holiday period. The shares hit an all-time high last week.

The first quarter showed the mix the bulls like: premium-cabin revenue up 14% and loyalty up 13% – American Express remuneration alone topped $2bn – against main-cabin growth of just 1%, with record corporate sales and the transatlantic up 11%. Consensus for the June quarter is clustered around $1.40–$1.50 of earnings on roughly $17.5–$17.7bn of revenue, the upper end of the April guide – the Street is, in effect, already crediting the fuel windfall – and estimates have been drifting higher since crude fell. One more first: after a spring management reshuffle, this is Erik Snell’s debut earnings call as finance chief.

$SVNDY, the parent of 7-Eleven, reports fiscal first-quarter results (March to May) on Thursday – the first print of the new fiscal year under the standalone plan it adopted after Alimentation Couche-Tard walked away from its roughly $47bn pursuit almost a year ago. The team under chief executive Stephen Dacus has since been executing the alternative it promised: the superstore business has been sold to Bain Capital, the first ¥600bn tranche of a ¥2tn buyback programme was completed in February, and the US business is being reshaped around fresh food – some 645 store closures slated for this fiscal year, a 7,000-store remodel programme, franchise conversions and a round of layoffs. The piece that slipped is the centrepiece: in April the company pushed the planned listing of its North American business from late 2026 to April 2027 at the earliest, citing market volatility and a soft US consumer, and the shares fell on the news.

That US consumer is what this print has to address. The company’s own monthly data show US merchandise sales fading through the quarter – up 1.1% in March, roughly flat in April, down about 1% in May – against a full-year plan that assumes a return to positive same-store growth, with management flagging pressure on lower-income households in particular. Japan looked the steadier leg over the same months. There is no widely published consensus for the quarter; the year-ago quarter’s roughly ¥65bn of operating income is the base, within a full year guided to ¥405bn.

$ASBRY, the brewer behind Super Dry, Peroni and Pilsner Urquell, publishes one of the stranger results of the year on Wednesday: full-year 2025 numbers, originally due in February but delayed five months by the ransomware attack that hit its Japanese systems at the end of September, released together with its first formal guidance for 2026. The attack – claimed by the Qilin group, with personal data of about 1.9 million people exposed or possibly exposed – took down ordering and shipping systems, forced a reversion to phone and fax, and at one point cut beer shipments to a fraction of normal volumes; rivals gained ground, with Kirin reported to have overtaken Asahi at the top of Japan’s retail beer market during the outage, and shipments across the full product range only resumed in April. The shape of the damage is already public: last month the company cut its 2025 forecast by ¥60bn of revenue and ¥30bn of core operating profit against the pre-attack plan, taking expected net profit down to ¥120bn, roughly 28% below the original guide.

With 2025 largely pre-announced, the information on Wednesday is in the 2026 outlook and the recovery path. The company’s monthly updates have started to turn – they point to Japanese beer revenue moving back above year-ago levels in May, helped by a new brand launch – and the overseas businesses held up through the disruption, with Super Dry volumes outside Japan up double digits over the first nine months and Europe defending profit on cost control despite soft volumes. The new guide has plenty to absorb: recovery and security costs, an October cut in Japan’s beer tax, and the newly agreed purchase of Diageo’s East Africa businesses – and management has said its capital-return policy through 2030 is unchanged.

$LEVI reports fiscal second-quarter results (quarter ended 31 May) after the close on Wednesday, the cleanest US read of the week on tariffs and the branded-apparel consumer. The first quarter was strong: revenue grew 9% organically to $1.74bn, earnings came in ahead of expectations, direct-to-consumer reached 52% of sales with comparable sales up 7%, and Europe grew double digits – and management nudged full-year guidance up, to 4.5–5.5% organic growth and $1.42–$1.48 of earnings. Since then the tariff maths has moved in its favour: guidance still assumes 30% duties on China and 20% on the rest of the world, but after the Supreme Court struck down the IEEPA tariffs in February the operative rate has been a flat 10% – worth roughly $35m of cost and about $0.07 of earnings by the company’s own arithmetic if it held all year.

Consensus for the quarter sits at $0.24 on about $1.52bn of revenue – the very top of the company’s own guide – and the shares hit a 52-week high last week, so the market is positioned for a beat-and-raise. The denim cycle is helping: looser fits, women’s (more than half of last quarter’s growth) and tops are carrying, and peers from Gap to Abercrombie describe denim demand as intact. The complications are about timing: the 10% tariff regime is due to expire on 24 July, two weeks after the call and subject to appeals, which argues for keeping assumptions conservative – and Nike’s print last week showed how large a distortion a tariff refund can be. In the background, long-serving finance chief Harmit Singh is retiring once a successor is found.

$PENG reports fiscal third-quarter results after the close on Tuesday, the week’s purest AI-infrastructure datapoint in an otherwise quiet stretch for tech. The former SMART Global Holdings designs, builds and runs AI clusters for enterprises, governments and “neocloud” providers, alongside a sizeable memory business, with SK Telecom as a strategic investor. Last quarter’s headline revenue fell 6%, but the mix told the story: memory revenue rose 63% on AI demand while the lumpy, project-based advanced-computing segment fell 42%, with its recovery guided into the second half. In June, management said the year is tracking to the high end of its outlook – roughly 17% revenue growth at the top of the range, against 12% at the midpoint – on what it called “very strong agentic AI-driven customer demand”, and the shares jumped on the update, extending a run that has left them above the average analyst target.

The print comes with a wrinkle: finance chief Nate Olmstead leaves the day after the report – this is expected to be his final call, with a finance VP stepping in on an interim basis – a departure the company says involves no disagreement over the numbers. Analyst coverage is thin for a $3bn company: consensus sits around $0.54–$0.56 of earnings, with revenue estimates spanning roughly $410m to $425m – implying growth accelerating sharply from a first half in which revenue slightly declined, and the full-year guide leans on an even bigger fourth quarter.