Salesforce, Dollar Tree, Inditex, Frasers Group and Associated British Foods

Earnings season is starting to wind down but there are still a number of major companies due to report results in the coming week.

Cloud software company Salesforce (CRM) is set to report third quarter earnings, with the focus likely to be on how much growth the tech giant is seeing from AI.

Investors will also be looking at US discount retailer Dollar Tree (DLTR), to get a sense of consumer behaviour as inflationary pressures persist.

In Europe, investors will be keen to see how Zara-owner Inditex (ITX.MC) is performing, as the Christmas shopping period gets into full swing.

The retail sector will also be in the spotlight on the London market, with Sports Direct-owner Frasers Group (FRAS.L) set to update on half-year performance.

Meanwhile, Associated British Foods’ (ABF.L) annual general meeting will be in focus, after the company said it was conducting a review of the business that could lead to the separation of its food business and Primark.

Here’s more on what to look out for:

Shares in Salesforce are down nearly 32% year-to-date, at the time of writing, with the stock having ebbed lower for much of the year as investors have picked up on areas of weakness in its results.

Salesforce’s third quarter outlook, shared in its previous quarterly results, failed to impress investors. The company guided to revenue of $10.24bn (£7.74bn) to $10.29bn for the quarter, versus an estimate of $10.29bn. Adjusted earnings per share (EPS) are expected to range from $2.84 to $2.86, the company said, compared to an estimate of $2.84.

In the second quarter, Salesforce posted revenue of $10.24bn, which was ahead of expectations of $10.14bn. Adjusted EPS of $2.91 also topped estimates of $2.78.

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Matt Britzman, senior equity analyst at Hargreaves Lansdown, said: “Salesforce heads into next week’s third-quarter results after a difficult start to the year and guidance that points to slower growth ahead. The broader software sector has been under pressure, with investors worried about AI-driven disruption.”

“But Salesforce is positioning itself to lead the next phase of enterprise AI through its Agentforce 360 platform and the recently completed acquisition of Informatica,” he added.

Britzman said that markets are looking for Salesforce to report around $10.3bn in revenue for the third quarter.

“While near-term sentiment remains cautious, optimism could build as AI becomes a more significant part of the story,” he said. “The key challenge is delivering a material improvement in either growth or margins – a difficult task for a mature business, even with an AI tailwind.”

Mike Creedon, CEO of Dollar Tree, reportedly said in the company’s second quarter earnings call that more middle and higher-income consumers were shopping at its stores, as inflation and economic uncertainty tightened household budgets.

According to Reuters, Creedon said that households earning above $100,000 a year had contributed more meaningfully to growth in Dollar Tree’s second quarter.

While the September US consumer price index (CPI) inflation reading of 3% was slightly cooler than analyst expectations, it was still slightly higher the 2.9% recorded in August and remained stubbornly above the US Federal Reserve’s 2% target.

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As investors piece together a picture of the economy from the release of official data that was delayed due to the US government shutdown, retail earnings will remain key to understanding consumer behaviour.

Shares in Dollar Tree fell following the release of its second quarter results in September, as the retailer said that it expected adjusted EPS for the third quarter to be similar to the same period last year.

However, Dollar Tree’s second quarter results beat on top and bottom lines. The company reported adjusted EPS of $0.77 on revenue of $4.57bn, compared to estimates of $0.43 and $4.47bn.

The retailer also lifted its full-year guidance, expecting net sales to be in the range of $19.3bn to $19.5bn, up from a pervious forecast of $18.5bn to $19.1bn. As for adjusted EPS, Dollar Tree said it expected this figure to be in the range of $5.32 to $5.72, versus its previous forecast of $5.15 to $5.65.

Despite a fall in Dollar Tree shares following its second quarter results, the stock is still up more than 46% year-to-date.

Retail company Inditex, whose brands include Zara and Bershka, said its half-year update autumn/winter trading had gotten off to a positive start. The company the season’s collections had been well received by customers and that sales were up 9% between early August and September, compared to the same period last year.

In the first half, Inditex reported sales of €18.4bn (£16.1bn), which was 1.6% higher than the same period last year. Earnings before interest, tax, depreciation and amortisation (EBITDA) increased 1.5% to €5.1bn.

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Inditex CEO Oscar Garcia Maceiras said that company had “achieved a solid performance in this first half of 2025, with satisfactory sales in a complex market environment and maintaining strong levels of profitability.”

In a note, published on Monday, Deutsche Bank (DBK.DE) research analyst Adam Cochrane said that the bank’s data suggested that Q3 was “unlikely to be a stellar quarter”.

Cochrane said that despite the strong start to the quarter with 9% sales growth, his team expected this to fade to 4% in the back of the quarter to give 6% for Q3 overall.

He said that DB’s data “highlights a weaker 3Q than 2Q in Europe which stacks up with other cautious datapoints on the European consumer”.

DB maintained a “hold” recommendation on Inditex shares, which are trading nearly 3% in the red year-to-date.

Shares in Frasers Group, the parent company of retailers including Sports Direct, House of Fraser and Flannels, are up nearly 26% year-to-date.

At the same time, AJ Bell’s investment experts Russ Mould, Danni Hewson and Dan Coatsworth said that “a soggy UK economy and an extra £50m ($66m) in costs thanks to changes in national insurance contributions and minimum wages in the 2024 budget have dampened sentiment a bit”.

In the company’s full-year results in July, Frasers CEO Michael Murray that the company’s “elevation strategy” – which aims to enhance its appeal through strategies such as strengthened partnerships with high-profile brands – “drove another record year of profitable growth”.

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Frasers – where retail mogul Mike Ashley is still the majority shareholder – reported a 7% decline in group revenue to £4.93bn for the 2025 fiscal year. Adjusted profit before tax came in at £560.2m, which was 2.8% higher than the previous year.

For the 2026 financial year, Frasers said it expected adjusted pre-tax profit to be in the range of £550m to £600m.

“The benchmark for the first-half results is the adjusted pre-tax profit of a year ago of £299m, when the stated pre-tax income number was £207m,” said AJ Bell’s investment experts.

They also suggested that investors keep an eye out for any update on Frasers’ 30% stake in Boohoo (DEBS.L) “where the two companies appear to have fought themselves to a standstill”.

“Frasers’ attempts to buy Mulberry, where it has a 37% stake but is hemmed in by Challice’s 56% shareholding, and Revolution Beauty, in which Boohoo owns a 25% stake, are also stalled, at least for now,” they added.

In its annual results in early November, Associated British Foods (ABF) said that its board had undertaken a review of the group’s structure “with a view to maximising long-term value”.

The company said that while no decision had been taken, the outcome of the review could lead to the board opting to separate retailer Primark and its food businesses. ABF said its board would provide an update on the review as soon as possible, so investors will be keeping an eye out for any news from its AGM.

Richard Hunter, head of markets at Interactive Investor, said a separation of the businesses “could make sense, given that the other parts of the business are rather more in keeping with the company name”.

“At the same time, the rationale for such a move is that management consider that the food business has long been misunderstood by the market, despite its portfolio, expertise and potential,” he said.

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Hunter added: “Primark is reaching a size where it perhaps requires laser focus to capitalise on its own growth prospects, particularly overseas where the brand is gaining some real traction.”

He said that Primark is a “jewel in the crown” for ABF and is currently responsible for 49% of the company’s revenue.

“That being said, the sector itself is famously competitive, and Primark now lines up against the likes of Chinese players such as Shein and Temu, while its online offering is still far behind that of Next,” Hunter said. “Nonetheless AB Foods is estimating that the continued rollout of stores will further boost sales growth.”

In its full-year results on 4 November, ABF reported group revenue of £19.5bn, which was down 1% compared to 2024 on a constant currency basis. Pre-tax profit for the year came in at £1.4bn, which was down 26% on an actual currency basis.

Choppiness in ABF shares throughout 2025 has left the stock trading just 5% in the green year-to-date.

Monday 1 December

Peel Hunt (PEEL.L)

MongoDB (MDB)

Tuesday 2 December

Victrex (VCT.L)

On The Beach (OTB.L)

Treatt (TET.L)

Topps Tiles (TPT.L)

DiscoverIE (DSCV.L)

IG Design (IGR.L)

NewRiver REIT (NRR.L)

Crowdstrike (CRWD)

Marvell Technology (MRVL)

Signet Jewelers (SIG)

American Eagle (AEO)

Wednesday 3 December

Victorian Plumbing (VIC.L)

MONY (MONY.L)

Paragon Banking (PAG.L)

Snowflake (SNOW)

GameStop (GME)

Campbell’s Soup (CPB)

Macy’s (M)

Thursday 4 December

SSP (SSPG.L)

Baltic Classifieds (BCG.L)

Watches of Switzerland (WOSG.L)

Balfour Beatty (BBY.L)

Dollar General (DG)

DocuSign (DOCU)

Hormel Foods (HRL)

You can read Yahoo Finance’s full calendar here.

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