Bread Financial (BFH) Q1 Earnings Lag, Credit Sales Fall Y/Y

Bread Financial Holdings’ (BFH) operating income of $2.73 per share for the first quarter of 2024 missed the Zacks Consensus Estimate of $2.92. The bottom line plunged 70% year over year.The quarterly results reflected a drop in credit sales and, subsequently, average loans. The company noted that consumer spending continues to moderate, given persistent inflation and higher interest rates. Loan growth was impacted by proactive credit tightening initiatives given stricter credit risk management due to econo ...