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Thursday, Sept. 4
Take-Two swings to $51.8 million profit(4:08 pm ET)
SAN FRANCISCO (MarketWatch) -- Take-Two Interactive Software Inc. (TTWO: news, chart, profile) on Thursday reported a third-quarter profit of $51.8 million, or 67 cents a share, on revenue of $433.8 million. During the same period a year ago, Take-Two lost $58.5 million, or 81 cents a share, on $206.4 million in sales. Excluding one-time items, Take-Two would have earned $71.5 million, or 93 cents a share. By that measure, the company beat the forecasts of analysts surveyed by FactSet Research, who estimated Take-Two would earn 67 cents a share on $379.5 million in revenue. Take-Two said its results were helped by strong sales of its "Grand Theft Auto IV" video game and other titles.
Molson Coors CEO touts balance sheet strength(10:23 am ET)
NEW YORK (MarketWatch) -- Molson Coors Brewing Co. (TAP: news, chart, profile) CEO Peter Swinburn on Thursday said the company continues to look for possible acquisitions as the consolidation wave in the beer industry continues. In an interview with MarketWatch, Swinburn did not specify what types of companies the beer giant may have in mind, but said it's in a better position to weigh joint ventures and other deals now that it's managed to pay down debt. "There's not an awful lot out there...but we're in a better position to play that game now because of our stronger balance sheet." The company will continue to cut costs as it faces off against the soon-to-merge Budweisder (BUD: news, chart, profile) and InBev. He declined to comment specifically on a lawsuit against the company by two Ohio beer distributors, but said that most U.S. players support the streamlining process now underway.
Sweden aerospace firm Saab cuts margin, sales view(9:13 am ET)
LONDON (MarketWatch) -- Aerospace firm Saab (SE:SAABB: news, chart, profile) warned of delays in order intake for major international projects and uncertainties in respect of Swedish defense material spending. It now sees 2008 organic sales growth between 3% and 4%, compared to 5% previously, and an operating margin between 8% and 9%, compared to 10% previously. The aerospace firm is no longer related to the car-making unit of General Motors of the same name.
Ross Stores' August same-store sales rise 3%(8:42 am ET)
NEW YORK (MarketWatch) -- Ross Stores Inc. (ROST: news, chart, profile) said Thursday that its August sales at stores open at least one year rose 3%. Analysts, on average, had expected same-store sales to rise 2.9%, according to Thomson Reuters. Sales for the four weeks ended Aug. 30 rose 9% to $504 million. The retailer said it still expects same-store-sales gains of 2% to 3% for September and October.
Rite Aid posts 1.1% rise in August same-store sales(8:40 am ET)
NEW YORK (MarketWatch) -- Rite Aid Corp. (RAD: news, chart, profile) said Thursday that its August sales at stores open at least one year rose 1.1%. Analysts, on average, had expected same-store sales to rise 1.7%, according to Thomson Reuters. Front-end same-store sales increased 3.7%, while pharmacy same-store sales slipped 0.2%. Total drugstore sales for the five weeks ended Aug. 30 fell 1.3% to $2.47 billion.
Target's August same-store sales fall 2.1%(8:35 am ET)
NEW YORK (MarketWatch) -- Target Corp. (TGT: news, chart, profile) said Thursday that its August sales at stores open at least one year fell 2.1%. Analysts, on average, had expected same-store sales to fall 2.6%, according to Thomson Reuters. Net retail sales for the four weeks ended Aug. 30 rose 3.1% to $4.85 billion. Target sees September same-store sales down 1% to up 1%, although the retailer said it expects greater-than-normal volatility in the period because of expected tropical storm activity.
Family Dollar's August same-store sales rise 3.6%(8:16 am ET)
NEW YORK (MarketWatch) -- Family Dollar Stores Inc. (FDO: news, chart, profile) said Thursday that its August sales at stores open at least one year rose 3.6%. Analysts, on average, had expected same-store sales to rise 3.0%, according to Thomson Reuters. Net sales for the four weeks ended Aug. 30 rose 5.9% to $523.7 million.
BJ's Wholesale Club's August same-store sales rise 15.4%(8:14 am ET)
NEW YORK (MarketWatch) -- BJ's Wholesale Club Inc. (BJ: news, chart, profile) on Thursday said August same-store sales rose 15.4% including a contribution from gasoline sales of 7.7%. Merchandise comparable club sales rose 7.7%, slightly below the target of 8% in a survey of analysts by Thomson Reuters. Total sales rose 17% to $774.4 million.
Gap posts 8% decline in August same-store sales(8:12 am ET)
NEW YORK (MarketWatch) -- Gap Inc. (GPS: news, chart, profile) said Thursday that its August sales at stores open at least one year fell 8%. Analysts, on average, had expected same-store sales to fall 9.7%, according to Thomson Reuters. Net sales for the four weeks ended Aug. 30 fell 5% to $1.14 billion.
Aeropostale same-store sales climb 13%(8:07 am ET)
NEW YORK (MarketWatch) -- Aeropostale Inc. (ARO: news, chart, profile) said Thursday that same-store sales rose 13% in August, ahead of the forecast of 6.9% in a survey of analysts by Thomson Reuters. Total sales for the month rose 24% to $208 million.
Pepsi Bottling affirms earnings estimates for quarter, year(7:27 am ET)
TEL AVIV (MarketWatch) -- Pepsi Bottling Group Inc. (PBG: news, chart, profile) of Somers, N.Y., the No. 1 producer and distributor of Pepsi-Cola (PEP: news, chart, profile) beverages, affirmed its earnings estimates for the third quarter and full year. Pepsi Bottling expects to earn $1.02 to $1.06 a share in the quarter, up 4% to 7% from the year-earlier period, and $2.30 to $2.38 in the year. Revenue should rise 3% in the quarter and in the mid-single-digits percent in the year, PBG estimated. Analysts surveyed by FactSet Research are looking for profit of $1.05 in the quarter and $2.33 in the year. The survey is expecting sales growth of 5.2% for the year.
Terex lowers profit target on slower business(7:22 am ET)
NEW YORK (MarketWatch) -- Citing weaker results in its aerial work platform and construction units, Terex Corp. (TEX: news, chart, profile) lowered its 2008 profit outlook to $6.35 to $6.65 a share, from its earlier view of $6.85 to $7.15 a share. Wall Street analysts expected earnings of $7.05 a share, according to a FactSet survey. Earnings per share are expected to be between $1.26 and $1.38 for the third quarter, compared to the estimate of $1.54 a share. "While our Cranes and Materials Processing & Mining segments continue to perform better than our expectations, continued market softening and input costs in the Aerial Work Platforms and Construction segments in Western Europe and the United States are expected to more than offset those positive factors," said Ron DeFeo, Terex Chairman and Chief Executive Officer.
Pacific Sunwear's same-store sales fall in August(7:17 am ET)
NEW YORK (MarketWatch) -- Pacific Sunwear of California Inc. (PSUN: news, chart, profile) said Thursday that its August sales at stores open at least one year fell 6%. Analysts, on average, had expected same-store sales to fall 8.8%, according to Thomson Reuters. Total PacSun sales for the four weeks ended Aug. 30 fell 4% to $163.1 million.
Ciena profit drops 59%, warns on sales, orders(7:14 am ET)
LONDON (MarketWatch) -- Networking group Ciena (CIEN: news, chart, profile) said fiscal third-quarter to July 31 net income dropped 59% to $11.7 million, or 12 cents a share, and warned on current-quarter sales. Revenue rose 24% to $253 million. Adjusted for items such as share-based compensation costs, a fair value adjustment of acquired inventory, and amortization of intangible assets, it would have earned 37 cents a share, down from 41 cents a share in the same period last year but ahead of FactSet-compiled analyst estimates of 34 cents a share. Ciena warned it has recently begun to experience order delays from many of its Tier One service provider customers, which the company attributes to their guarded approach to capital expenditures given the uncertain macroeconomic environment. It now forecasts fiscal fourth quarter revenue in a range of $190 million to $210 million, below the $262 million that analysts foresaw.
Exelon to buy back $1.5 bln in stock; tightens profit view(7:09 am ET)
NEW YORK (MarketWatch) -- Electric power provider Exelon (EXC: news, chart, profile) on Thursday said it OK'd plans to buy back up to $1.5 billion of its stock. The company also tightened the range of its adjusted 2008 profit forecast to $4.15 to $4.30 per share, from its earlier view of $4 to $4.40 per share. Wall Street analysts expect earnings of $4.37 a share, according to a survey by FactSet Research.
Bombardier swings to second-quarter profit(6:21 am ET)
LONDON (MarketWatch) -- Canadian aerospace and transportation group Bombardier Inc (CA:BBDA: news, chart, profile) (CA:BBDB: news, chart, profile) said it swung to a second-quarter net profit of $246 million, or 14 cents a share, compared to a loss of $71 million, or 5 cents a share, in the year-earlier quarter. Revenue rose 22% to $4.9 billion. Consensus forecasts were for earnings of 11 cents a share according to a poll of nine analysts surveyed by FactSet Research.
Stage Stores August same-store sales off 8.3%, total down 3%(6:08 am ET)
TEL AVIV (MarketWatch) -- Stage Stores Inc., (SSI: news, chart, profile) the Houston retailer, reported that August same-store sales fell 8.3% as total sales fell 3% to $119.8 million from $123.5 million. A survey of analysts by Thomson Reuters produced a consensus estimate of a drop of 1.7% in same-store sales. "Our August results reflect soft back-to-school sales, due to ongoing pressure on discretionary consumer spending, reduced clearance sales," and disruption from Tropical Storm Edouard and Hurricane Gustav during the first and last weeks of the month, Chairman and Chief Executive Jim Scarborough said in a statement. Stage ended August with same-store inventory down 9%.
Toll Brothers swings to 3rd-quarter loss; revenue off 34%(5:25 am ET)
TEL AVIV (MarketWatch) -- Toll Brothers Inc., (TOL: news, chart, profile) the Horsham, Pa., luxury-home builder, swung to a fiscal third-quarter loss from a year-earlier profit on 34% lower revenue. For the quarter ended July 31, the loss was $29.3 million, or 18 cents a share, compared with net income of $26.5 million, or 16 cents, in the year-earlier period. Excluding write-downs, Toll earned 35 cents a share in the latest period. Revenue fell to $797.7 million from $1.21 billion. Third-quarter net contracts -- after cancellations -- totaled 812 homes valued at $469.9 million. The figures are down 27% in units and 35% in dollars from the year-earlier period. Toll said that buyers canceled 195 contracts in the quarter, the lowest figure in nine quarters. At the end of the quarter, Toll had $1.5 billion of cash and more than $1.3 billion available under a bank-credit line maturing in March 2011. Debt at July 31 was 18% of total capital, the company's lowest historic level, Toll said.
Wednesday, Sept. 3
Navistar reports third-quarter earnings, raises outlook(5:34 pm ET)
SAN FRANCISCO (MarketWatch) -- Navistar International Corp. (NAV: news, chart, profile) said late Wednesday it booked third-quarter earnings of $272 million, or $3.68 a share. The company, which recently brought its financial statements up to date, did not provide figures from the previous third-quarter. Navistar said it raised its earnings outlook for the year to a range of $6.35 to $7.45 a share. Analysts surveyed by FactSet Research expect 2008 net income of $4.43 a share.
Hovnanian reports another quarterly loss(4:54 pm ET)
SAN FRANCISCO (MarketWatch) -- Hovnanian Enterprises (HOV: news, chart, profile) said late Wednesday that after-tax losses available to common stockholders were $202.5 million, or $2.67 per common share, in the three months ended July 31. That compares to a net loss of $80.5 million, or $1.27 per common share, in the third quarter of fiscal 2007, the homebuilder reported. The company generated cash flow of $192.2 million in its latest fiscal quarter and forecast positive cash flow for the rest of the year. Hovnanian's homebuilding business will likely have roughly $800 million in cash by the end of October, the company said. "As we continue to compete against record foreclosures, higher than normal levels of resale listings and poor consumer confidence, the housing market remains challenging," Ara Hovnanian, chief executive of the company, said in a statement.
H&R Block first-quarter loss narrows to 41 cents a share (4:27 pm ET)
SAN FRANCISCO (MarketWatch) -- H&R Block Inc. (HRB: news, chart, profile) late Wednesday reported its first-quarter net loss narrowed to $132.7 million, or 41 cents a share, from a net loss of $302.6 million, or 93 cents a share, a year earlier. Improved results from its tax services business were offset by a loss in the consumer financial services segment, due to an about $20.4 million increase in loss reserves and asset write-downs at H&R Block Bank, said the tax services company. On an adjusted basis, the company's net loss was 40 cents a share. Revenue slid to $339.6 million from $381.2 million a year earlier. Analysts surveyed by FactSet Research had forecast the company to report a loss of 35 cents a share on revenue of $381.2 million. The company also affirmed its 2009 earnings outlook of $1.60 to $1.70 a share. Analysts are projecting earnings of $1.66 a share on average.
Guess profit up 44% as sales climb(4:20 pm ET)
SAN FRANCISCO (MarketWatch) -- Clothing and apparel maker Guess? Inc. (GES: news, chart, profile) late Wednesday reported its second-quarter profit rose almost 44% to $53.8 million, or 57 cents a share, up from net income of $37.5 million, or 40 cents a share, a year earlier. Revenue rose 33% to $515.2 million. Same store sales -- or sales at stores open at least one year -- rose 8.8% from last year's same period. Guess pegged its 2008 earnings between $2.47 and $2.53 a share. Five Wall Street analysts are looking for Guess to earn $2.48 a share, according to FactSet Research.
American Eagle same-store sales fall 5% in August(4:18 pm ET)
SAN FRANCISCO (MarketWatch) -- American Eagle Outfitters (AEO: news, chart, profile) said late Wednesday that sales at stores open at least one year declined 5% in August, compared to a 9% increase during the same period a year earlier. The company maintained its third quarter earnings guidance of 31 cents a share to 36 cents a share. That compares to 45 cents a share in the same quarter last year.
Jos A Bank second-quarter profit rises to 48 cents a share (2:28 pm ET)
SAN FRANCISCO (MarketWatch) -- Jos A Bank Clothiers Inc. (JOSB: news, chart, profile) on Wednesday reported its second-quarter net income rose to $8.9 million, or 48 cents a share, from $8.2 million, or 44 cents a share, a year earlier. Revenue climbed to $152.7 million from $134.3 million, the retailer of men's clothing said. Analysts polled by FactSet Research had forecast the company to earn 45 cents a share.
Corning cuts third-quarter forecast(9:26 am ET)
NEW YORK (MarketWatch) -- Corning Inc. (GLW: news, chart, profile) said Wednesday that it is reducing its third-quarter forecast, blaming lower-than-expected shipments of LCD glass. The company expects to post a third-quarter profit, before special items, of 43 to 45 cents a share on sales of $1.58 billion to $1.62 billion. Its previous guidance called for earnings before items of 48 to 51 cents a share and sales of $1.65 billion to $1.72 billion. Wendell P. Weeks, Corning's chairman and chief executive officer, will provide the revisions at the Citi Investment Research Technology Conference in New York on Wednesday. Wall Street has been projecting that Corning would earn 44 cents a share on revenue of $1.77 billion, according to FactSet Research.
Kraft Foods sees 2008 profit of at least $1.88 a share(8:42 am ET)
NEW YORK (MarketWatch) -- Kraft Foods Inc. (KFT: news, chart, profile) on Wednesday said it expects 2008 earnings of at least $1.88 a share, excluding items. Wall Street analysts expect earnings of $1.90 a share, on average, according to a survey by FactSet Research. Looking ahead, the Northfield, Ill.-based packaged foods giant expects 2009 earnings of at least $2 per share, compared to the Wall Street target of $2.05 a share.
J.C. Penney August same-store sales down 4.9% (8:15 am ET)
NEW YORK (MarketWatch) - J.C. Penney Co. (JCP: news, chart, profile) on Wednesday said comparable store sales fell 4.9% in August, falling within the Plano, Texas retailer's estimated range. Total company sales dipped 3.2% to $1.5 billion. Earlier, J.C. Penney said it expected sales to decrease mid-single digits in August. Looking ahead, the department store operator expects a same-store sales decline in the mid- to high-single digit range for the five weeks ended Oct. 4.
Signet profit falls 37%, sees tough short-term environment(7:58 am ET)
LONDON (MarketWatch) -- Jewelry retailer Signet Group (UK:SIG: news, chart, profile) (SIG: news, chart, profile) said Wednesday that its first-half net profit fell 37% to $43.8 million, or 2.6 cents a share, from $69.2 million, or 4 cents a share, a year earlier. Sales for the period fell around 1% to $1.59 billion. The group said comparable sales fell 3.4% as it also left its interim dividend unchanged at 0.96 cents a share. "In the short term, the consumer environment in both the U.S. and the U.K. remains very challenging. As always, the results for the year will be significantly influenced by the group's performance during the important Christmas period," said CEO Terry Burman.
United Natural Foods earnings inch lower(7:54 am ET)
NEW YORK (MarketWatch) -- United Natural Foods (UNFI: news, chart, profile) said Wednesday that fourth-quarter earnings fell to $12.8 million, or 30 cents a share, compared to $13.1 million, or 31 cents, in the same period a year ago. Sales rose 29% to $911.9 million. Analysts polled by FactSet Research, on average, estimated earnings per share of 30 cents on sales of $914.4 million. For 2009 United Natural sees earnings-per-share growth of 15% to 22% and sales growth of 10% to 20%.
Dr Pepper Snapple affirms earnings estimate for year(7:21 am ET)
TEL AVIV (MarketWatch) -- Dr Pepper Snapple Group, (DPS: news, chart, profile) the Plano, Texas, beverage producer, said that at a Lehman Brothers conference in Boston, it would affirm its earnings estimates for 2008. It expects to earn at least $1.65 a share, or an adjusted $1.94, for the year. Analysts surveyed by FactSet Research are looking for $1.95 a share.