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Thursday, Aug. 21
Gap profit up 51%; backs forecast(4:44 pm ET)
SAN FRANCISCO (MarketWatch) -- Gap Inc. (GPS: news, chart, profile) late Thursday reported second-quarter profit rose 51% from a year-earlier and backed its full-year profit forecast. For quarter ended Aug. 2, Gap posted net income of $229 million, or 32 cents a share, compared with net income of $152 million, or 19 cents a share, last year. Sales fell 5% to $3.5 billion. Comparable store sales -- or sales at stores open at least one year -- fell 10%. Gap, which has been reducing inventory and cutting costs, reaffirmed its 2008 profit outlook for earnings between $1.30 and $1.35 a share.
Pacific Sunwear swings to profit but warns on next quarter(4:21 pm ET)
SAN FRANCISCO (MarketWatch) -- Pacific Sunwear of California, Inc. (PSUN: news, chart, profile) on Thursday reported a second-quarter profit of $2.8 million, or 4 cents a share, vs. a loss of $10.5 million, or 15 cents a share, a year ago. Earnings from continuing operations came in at 6 cents a share. Sales rose to $312.7 million from $311.8 million last year. Analysts polled by FactSet Research were looking for a profit, on average, of 6 cents a share with sales of $312.7 million. The company warned that third-quarter results from continuing operations would be in a range of break even to 5 cents a share, well below Wall Street targets for the period.
Aeropostale profit, sales jump(4:15 pm ET)
SAN FRANCISCO (MarketWatch) -- Specialty teen retailer Aeropostale (ARO: news, chart, profile) late Thursday reported second-quarter net income jumped 43% from a year ago and the company issued a forecast inline with Wall Street's expectations. For the quarter ended Aug. 2, net income was $21.1 million, or 31 cents a share, compared with net income of $14.7 million, or 19 cents a share. Sales rose 21% to $377.1 million. The results matched Wall Street's expectations, based on analysts polled by FactSet. Looking ahead, Aeropostale pegged third-quarter earnings between 59 cents to 61 cents a share. Analysts estimate 60 cents.
Intuit posts widened fourth-quarter loss(4:14 pm ET)
SAN FRANCISCO (MarketWatch) -- Intuit Inc. said Thursday its fiscal fourth-quarter net loss widened to $61.9 million, or 19 cents a share, from $13.6 million, or 4 cents a share in the same period a year earlier. Mountain View, Calif.-based tax and financial preparation software company Intuit (INTU: news, chart, profile) said revenue in the period ended in July rose 11% to $478 million. Excluding special items, Intuit said its net loss would have been 8 cents a share. Analysts on average estimated that excluding special items, Intuit would break even for the quarter, according to FactSet Research. Intuit said in a statement that it normally posts a loss in its fiscal fourth-quarter, "when there is little revenue from its tax businesses but expenses remain relatively constant."
Barnes & Noble earnings per share up slightly(9:02 am ET)
NEW YORK (MarketWatch) -- Barnes & Noble Inc. (BKS: news, chart, profile) said Thursday that second-quarter earnings were $15.4 million, or 27 cents a share, compared to $18.1 million, or 26 cents a share, in the same period a year ago. Sales fell to $1.22 billion from $1.24 billion. Analysts polled by FactSet, on average, estimated earnings per share of 9 cents and sales of $1.23 billion. Second-quarter earnings included an after tax benefit of 12 cents a share. For the third quarter, Barnes & Noble sees a loss of 10 cents to 15 cents a share and for the full year it affirms its estimate of $1.70 to $1.90 a share.
Toro profit falls for the quarter, may drop for year(8:46 am ET)
LONDON (MarketWatch) -- Toro (TTC: news, chart, profile) said fiscal third-quarter ending Aug. 1 net income fell to $38.2 million, or 99 cents a share, from $42.5 million, or $1.02 a share, on weakness in the domestic economy. Sales rose to $492.6 million from $478.7 million. For the year, the outdoor maintenance equipment firm sees earnings per share falling 6% to 9% from last year's $3.40 on roughly equal sales. Analysts polled by FactSet expected earnings of 93 cents a share for the quarter and $3.19 for the year.
GameStop earnings per share nearly triple(8:46 am ET)
NEW YORK (MarketWatch) -- GameStop Corp. (GME: news, chart, profile) said Thursday that second-quarter earnings were $57.2 million, or 34 cents a share, compared to $21.8 million, or 13 cents a share, in the year-ago period. GameStop sales increased 35% to $1.8 billion compared to $1.3 billion in the prior-year quarter. Analysts polled by FactSet estimated, on average, earnings per share of 28 cents on sales of $1.7 billion. Full-year earnings per share are now forecast to range from $2.45 to $2.50. Same-store sales are projected to increase between 12% and 14% for the full year, with total sales growing between 23% and 25%.
Burger King earnings per share up 42%(8:25 am ET)
NEW YORK (MarketWatch) -- Burger King Holdings (BKC: news, chart, profile) on Thursday said that fourth-quarter earnings rose to $51 million, of 37 cents a share, compared to $36 million, or 26 cents a share in the same period a year ago. Revenue grew 9% to $646 million. Analysts polled by FactSet estimated, on average, earnings per share of 34 cents on sales of $627.9 million. "We remain committed to delivering top of the industry financial performance and expect full year fiscal 2009 earnings per share of $1.54 to $1.59," said CEO John Chidsey.
Children's Place roughly breaks even(7:15 am ET)
LONDON (MarketWatch) -- The Children's Place Retail Stores Inc. (PLCE: news, chart, profile) said Thursday that it swung to a fiscal second-quarter profit of $11,000, or less than a penny a share, from a loss of $28.1 million, or 97 cents a share, a year earlier. Revenue from continuing operations for the quarter rose 16% to $338 million. Excluding one-time items, the company said it made a loss of 3 cents a share in the quarter. Comparable store sales were up 9%. The group said it expects that consumer purchasing power will continue to be pressures by the ongoing weakness in the economy.
H.J. Heinz sees upper-end earnings after 11.5% net rise(7:12 am ET)
LONDON (MarketWatch) -- H.J. Heinz Co. (HNZ: news, chart, profile) said it expects fiscal-year earnings at the upper end of its previously announced range as fiscal first-quarter to July 30 rose 11.5% to $229 million, or 72 cents a share, with sales up 15% to $2.58 billion. Price increases and higher volume offset increased commodity costs and falling U.S. Foodservice sales, the Pittsburgh ketchup maker said. It now sees fiscal-year earnings between $2.87 to $2.91 a share, up from an earlier range of $2.83 to $2.91 a share. Analysts polled by FactSet expected quarterly earnings of 65 cents a share and annual earnings of $2.88 a share.
ICBC's 1H net profit of $9.4B makes it league leader(6:17 am ET)
HONG KONG (MarketWatch) -- Industrial & Commercial Bank of China Ltd. (HK:1398: news, chart, profile) , the world biggest bank by market capitalization, posted a record 64.53 billion yuan ($9 billion) net profit in the first half, a rise of 57% from a year earlier, driven mainly by higher fee and interest income, becoming the world's most profitable bank in the six-month period. The result was slightly below average analysts' expectations for a 66.48 billion yuan net profit, according to estimates compiled by Dow Jones Newswires. In the first half last year, the bank posted a net profit of 41.04 billion. Net interest income for the half year climbed 29% to 131.79 billion yuan, while fees and commissions jumped 48% to 24.48 billion yuan.
Stages Stores second-quarter net profit slips(6:16 am ET)
LONDON (MarketWatch) -- Stage Stores (SSI: news, chart, profile) reported second-quarter profit of $9.7 million, or 25 cents a share, compared to $9.9 million, or 23 cents a share, earned in the year-earlier quarter. Consensus forecasts were for earnings of 21 cents a share, according to a poll of three analysts surveyed by FactSet Research. The retailer it sees third-quarter earnings ranging from a loss of 1 cent a share to a positive 5 cents a share. In the fourth quarter earnings are seen between 82 cents and 90 cents a share. Stage stores also reiterated its guidance for same-store sales to fall between 1% and 3% in the final two quarters of the year, saying it expects the macroeconomic environment to remain difficult.
PCCW has shortlist of buyers for stake in HKT: report(4:00 am ET)
HONG KONG (MarketWatch) -- PCCW Ltd (HK:8: news, chart, profile) (PCW: news, chart, profile) has made a shortlist of bidders to acquire a stake in HKT Group Holdings, the holding company comprising PCCW's main telecommunications, media and information-technology assets. Formal bids are due by October, according to newswire reports, which cited comments by PCCW Managing Director Alex Arena. PCCW said it would make a final decision on the sale no later than November. PCCW set up the holding company in May. The telecom company said last month it intended to sell up 45% of the holding company. Reports said the stake sale could fetch up to $2.5 billion.
PCCW Ltd. first-half net profit down 20% to $84M(2:54 am ET)
HONG KONG (MarketWatch) -- Hong Kong's leading fixed-line telecommunications operator PCCW Ltd (HK:8: news, chart, profile) [s pcw], said Thursday net profit for the first half fell 20% from a year earlier, owing to lower contributions from property development. Net profit for the six months ended June 30 was HK$656 million ($84 million), down from HK$822 million a year earlier. Revenue fell 2% to HK$11.37 billion from HK$11.61 billion. PCCW proposed a first-half dividend of 7 Hong Kong cents, up from 6.5 Hong Kong cents a year ago. Hong Kong-listed shares of PCCW were down 2.2% at HK$4.89 in afternoon trading Thursday.
Bwin profit steady as revenue grows 25%(2:46 am ET)
LONDON (MarketWatch) -- Online gambling group Bwin Interactive Entertainment (DE:936172: news, chart, profile) said Thursday that its first half net profit was flat at 4.3 million euros ($6.3 million), while revenue rose 25% to 207.2 million euros. The number of active customers rose 31% from a year earlier to 1.43 million, helped by the Euro 2008 soccer tournament. Excluding 8.5 million euros of non-cash expenses, Bwin said earnings before interest, taxes, depreciation and amortization rose 5.6% to 36.5 million euros.
Frontline profit climbs 69% on asset sales(2:35 am ET)
LONDON (MarketWatch) -- Oil tanker operator Frontline (FRO: news, chart, profile) said second-quarter net income climbed 69% to a company record $318.4 million, or $4.25 a share, with revenue climbing 57% to $547.5 million. The profit rise mostly came on the delivery of two converted heavy lift vessels, and excluding asset sales, its profit dropped on a sequential basis due to drydockings, upgrading/repairs and reduced number of vessels together with docking expenses. Its operating profit of $327 million came in about $50 million before analyst expectations. Frontline said the tanker market has shown "high volatility" during the third quarter to date and said it expects "good" results. It's paying a $3 a share dividend for the second quarter.
Persimmon profit down 87% on land write-downs, slowing sales(2:29 am ET)
LONDON (MarketWatch) -- U.K. home builder Persimmon (UK:PSN: news, chart, profile) said Thursday that its first-half net profit fell 87% to 26.4 million pounds ($49.1 million) after taking a 15 million pound restructuring charge as well as land write-downs and other costs of 49 million pounds. Revenue for the period fell 34% to 998.4 million pounds after it sold 5,501 new homes in the period, down from 8,002 a year earlier. The company said it will pay an interim dividend of 5 pence a share, compared to 18.5 pence a year earlier. The housing market experienced a significant downturn around the beginning of April, but there hasn't been any further deterioration in sales volumes since then, Persimmon said. However, prices and margin remain under pressure as the industry seeks to dispose of stock, it added.
Hutchison first-half profit drops 63% on-year(2:28 am ET)
HONG KONG (MarketWatch) -- Diversified Hong Kong-based conglomerate Hutchison Whampoa (HK:13: news, chart, profile) (HUWHY: news, chart, profile) Thursday said its first-half net profit dropped 63% from the same period a year ago to HK$10.69 billion ($1.37 billion). The results were better than expected. The drop in profits was due to the sale of the group's mobile operations in India, which boosted earnings in the year-earlier period. The company, controlled by billionaire Li Ka-shing, said losses before interest and taxes on the group's third generation (3G) operations dropped by as much as 72% to HK$3.18 billion. Hutchison shares fell 1.5% by the morning session in Hong Kong.
Wednesday, Aug. 20
CORRECT: Longs Drug Stores profit rises(6:16 pm ET)
SAN FRANCISCO (MarketWatch) -- Longs Drug Stores Corp. (LDG: news, chart, profile) reported late Wednesday fiscal second-quarter net income of $27.5 million, or 76 cents a share, up from $26.6 million, or 69 cents, in the year-ago quarter. Revenue for the period ended July 31 rose to $1.32 billion from $1.2 billion a year ago. Analysts polled by FactSet Research had predicted the Walnut Creek, Calif.-based drugstore chain would earn 77 cents a share on $1.35 billion in sales. Shares of Longs, which has tendered its shares to CVS Caremark Corp. (CVS: news, chart, profile) , closed ahead of the report with a gain of 0.7% at $72.10. (Corrects net earnings per share for the 2007 and 2008 quarters to diluted numbers from common numbers)
Limited Brands profit cut by more than half(4:41 pm ET)
SAN FRANCISCO (MarketWatch) -- Limited Brands, Inc. (LTD: news, chart, profile) on Wednesday reported a second-quarter profit of $102 million, or 30 cents a share, down from $264.4 million, or 67 cents a share, a year ago. Excluding several one-time benefits and charges, earnings would have come in at 27 cents a share. Sales fell to $2.3 billion from $2.6 billion last year. Analysts polled by FactSet Research were looking for a profit, on average, of 19 cents a share, on sales of $2.3 billion. The clothing retailer is looking for third-quarter results in a range of break even to 4 cents a share. Wall Street previously forecast earnings of 4 cents a share.
Hot Topic narrows loss in second quarter(4:38 pm ET)
SAN FRANCISCO (MarketWatch) -- Hot Topic Inc. (HOTT: news, chart, profile) late Wednesday reported its second-quarter net loss narrowed to $450 million, or a penny a share, from a loss of $1.73 billion, or 4 cents a share, a year ago. Second-quarter results include about a penny a share of expenses related to its online music project. Net sales rose marginally to $166.8 million from $161.7 million a year earlier while same-store sales slid 0.9%, the City of Industry, Calif.-based teen retailer said. Analysts polled by FactSet Research, on average, had forecast a loss of 2 cents a share on revenue of $166.1 million. In the third quarter, the company expects to earn 12 cents to 15 cents a share and in the fourth quarter, it sees earnings of 25 cents to 28 cents a share based on projections of low single digit decline in same-store sales. The outlook include expenses related to its online music initiative. Analysts are forecasting the company to report earnings of 16 cents a share in the third quarter.
JDS Uniphase net loss deepens on charges(4:26 pm ET)
SAN FRANCISCO (MarketWatch) -- JDS Uniphase Corp. saw its net loss grow in its fourth fiscal quarter on mostly acquisition-related charges while revenue grew more than 11%. For the period ended June 28, the company (JDSU: news, chart, profile) reported a net loss of $29.8 million, or 13 cents a share, compared to a net loss of $17.9 million, or 8 cents a share, for the same period last year. On a non-GAAP basis, the company said it would have earned $15.5 million, or 7 cents per share. Revenue grew to $390.3 million from $350.7 million last year. Analysts were expecting earnings of 10 cents a share on revenue of $395.8 million, according to consensus estimates from Thomson Reuters.
Synopsys third-quarter net income more than doubles (4:22 pm ET)
SAN FRANCISCO (MarketWatch) -- Synopsys Inc. (SNPS: news, chart, profile) late Wednesday reported its third-quarter net income more than doubled to $57.7 million, or 39 cents a share, from $24.9 million, or 17 cents a share, a year ago. Excluding items such as employee share-based compensation expense and amortization of intangible assets, earnings were 44 cents a share. Revenue increased to $344.1 million from $304.1 million in the year-earlier period, said the Mountain View, Calif.-based design automation software company. Analysts surveyed by FactSet Research had forecast the company to earn 34 cents a share on revenue of $339.6 million. In the fourth quarter, the company projected revenue of $348 million to $356 million and earnings of 23 cents to 29 cents a share. On an adjusted basis, the company is expected to earn 36 cents to 39 cents a share. In fiscal 2008, the company expects revenue of $1.33 billion to $1.34 billion and earnings of $1.20 to $1.26 a share and adjusted earnings of $1.65 to $1.68 a share. Analysts expect the company to earn 34 cents a share on revenue of $353.6 million in the fourth quarter and $1.46 a share on revenue of $1.33 billion in 2008.
Salesforce.com posts sharp quarterly profit increase(4:15 pm ET)
SAN FRANCISCO (MarketWatch) - Salesforce.com Inc. said Wednesday its fiscal second-quarter profit rose sharply, as revenue grew 49%. San Francisco-based Salesforce.com (CRM: news, chart, profile) , which sells subscriptions to business software hosted on the Internet, said net income for the period ended in July rose to $10 million, or 8 cents a share, from $3.74 million, or 3 cents a share in the same period a year earlier. Meanwhile revenue rose to $263.1 million. Analysts on average had estimated Salesforce.com would post earnings of 9 cents a share, and $260.8 million in revenue, according to FactSet Research.
Hewlett-Packard leads tech sector gains(9:36 am ET)
SAN FRANCISCO (MarketWatch) -- Hewlett-Packard Co. (HPQ: news, chart, profile) led the tech sector north in early trading Wednesday, as the tech giant's shares rose $1.52, or 3.5%, to $45.21. H-P benefited from a strong third-quarter report and fouth-quarter outlook that it gave late Tuesday. Other tech stocks on the rise included Apple Inc. (AAPL: news, chart, profile) , IBM Corp. (IBM: news, chart, profile) , Microsoft Corp. (MSFT: news, chart, profile) and Dell Inc. (DELL: news, chart, profile) . The tech-heavy Nasdaq Composite Index ($COMPQ: news, chart, profile) rose 9.4 points to 2,393.