Thursday, July 10
Analyst: NYSE Euronext, Nasdaq will recover (10:10 am ET)
NEW YORK (MarketWatch) -- Piper Jaffray said Thursday that shares of stock exchanges NYSE Euronext Inc. (NYX: news, chart, profile) and Nasdaq OMX Group Inc. (NDAQ: news, chart, profile) should recover once the market stabilizes. Analyst Joshua Elving reiterated a buy rating for both companies and predicted the stock prices of each will rise 54% and 78%, respectively. Elving noted that both exchanges have experienced record trading levels as market volatility has increased and said forecasts for the companies in 2009 were currently conservative.
Abercrombie & Fitch June same-store sales down 3%(8:52 am ET)
NEW YORK (MarketWatch) -- Abercrombie & Fitch (ANF: news, chart, profile) said Thursday its June sales at stores open at least one year fell 3%. Analysts, on average, had expected the same-store sales to fall 2.8%, according to Thomson Financial. However, net sales for the five weeks ended July 5 rose 6% to $293 million. Total company direct-to-consumer net sales increased 21% to $20.3 million, it said.
Texas Industries net income falls 15%(8:52 am ET)
NEW YORK (MarketWatch) -- Texas Industries Inc. (TXI: news, chart, profile) on Thursday said fourth-quarter net income fell 15% to $25.6 million, or 92 cents a share, from $30.1 million, or $1.09 a share in the year-ago period. Excluding one-time gains of 43 cents a share for the sale of units, earnings in the latest period were 49 cents a share. Sales rose 2% to $266 million. Analysts surveyed by FactSet forecast earnings of 85 cents a share and revenue of $266 million.
Nordstrom issues warning as June same-store sales drop(8:42 am ET)
LONDON (MarketWatch) -- Nordstrom Inc. (JWN: news, chart, profile) said June same-store sales tumbled 18.6%, meeting Thomson Reuters-compiled analyst estimates, and the retailer warned second-quarter earnings would fall either slightly below or at the lower range of its previous 65 cents to 70 cents per share view. Total sales dropped 14.1% to $731 million. Nordstrom noted it was negatively impacted by shifting its half-yearly sale for women and kids into May.
J. C. Penney June same-store sales down 2.4%(8:40 am ET)
NEW YORK (MarketWatch) -- J. C. Penney Company, Inc. (JCP: news, chart, profile) said Thursday its June sales at stores open at least one year fell 2.4%. Analysts, on average, had expected the same-store department-store sales to fall 1.1%, according to Thomson Financial. Total sales for the five weeks ended July 5 fell 0.4% to $1.60 billion. For July, the company said it expects a mid-single-digit decrease in same-store sales.
Kohl's' June same-store sales rose 2.3%(8:40 am ET)
TEL AVIV 9MarketWatch) -- Kohl's Corp., (KSS: news, chart, profile) the Menomonee Falls, Wis., retailer, reported that June same-store sales rose 2.3%, while total sales rose 10.9% to $1.49 billion from $1.35 billion in the year-earlier month. A survey of analysts by Thomson Reuters produced a consensus estimate of same-store sales up 0.6%.
Target sees July same-store sales down 1% to up 1%(8:37 am ET)
NEW YORK (MarketWatch) -- Target Corp. (TGT: news, chart, profile) on Thursday said it expects July sales at stores open at least one year to lie in a range of down 1% to up 1%. In the year-ago period, same-store sales rose 6.1%.
Ross Stores same-store sales up 8% in June(8:36 am ET)
NEW YORK (MarketWatch) -- Ross Stores Inc. (ROST: news, chart, profile) on Thursday said June same-store sales rose 8%, ahead of the forecast of 2.9% in a survey of analysts by Thomson Reuters. The Pleasanton, Calif. retailer said total sales rose 15% to $628 million.
TJX June same-store sales up 5%(8:28 am ET)
NEW YORK (MarketWatch) -- TJX Companies, Inc. (TJX: news, chart, profile) said Thursday its June sales at stores open at least one year rose 5%. Analysts, on average, had expected the same-store sales to rise 3.5%, according to Thomson Financial. Total sales for the five weeks ended July 5 rose 9% to $1.8 billion. Citing "strong sales and margins in May and June," TJX also raised its forecast for second-quarter earnings per share from continuing operations to between 44 cents and 45 cents.
BJ's Wholesale Club June same-store sales up 16.5%(8:21 am ET)
NEW YORK (MarketWatch) -- BJ's Wholesale Club Inc. (BJ: news, chart, profile) said June same-store sales rose 16.5%, ahead of the target of 10.9% in a survey of analysts by Thomson Reuters. Total sales rose 19% to $1 billion. The discount retailer said sales of food increased by approximately 11%, driven by strong sales of perishable foods. Sales of general merchandise increased by approximately 4%, driven by strong sales of air conditioners and consumer packaged goods.
Aeropostale June same-store sales up 12%(8:12 am ET)
NEW YORK (MarketWatch) -- Aeropostale, Inc. (ARO: news, chart, profile) said Thursday its June sales at stores open at least one year rose 12%. Analysts, on average, had expected the same-store sales to rise 6.9%, according to Thomson Financial. Total net sales for the five weeks ended July 5 rose 22% to $136 million.
Dillard June same-store sales fall 5%(8:10 am ET)
NEW YORK (MarketWatch) -- Dillard's Inc. (DDS: news, chart, profile) said Thursday June same-store sales fell 5%. Analysts surveyed by FactSet forecast a loss of 3% for the month. Total sales fell to $593 million from $620 million. Sales of juniors' and children's apparel were significantly below trend, the Little Rock, Ark. retailer said.
Family Dollar June same-store sales rise 8%(8:09 am ET)
NEW YORK (MarketWatch) - Family Dollar Stores Inc. (FDO: news, chart, profile) said Thursday its June sales at stores open at least one year rose 8%. Analysts, on average, had expected the same-store sales to rise 5.6%, according to Thomson Reuters. Net sales for the five weeks ended July 5 rose 10.7% to $715 million. For July, Family Dollar expects same-store sales to rise 3% to 5%. "June sales were favorably impacted by several factors, including the arrival of consistently warmer weather, stimulus checks, advertising and robust sales related to the July 4th holiday," Family Dolalr Chief Executive Howard Levine said in a statement. "Although sales of consumables continue to drive our overall results, this month we saw an improvement in sales trends in more discretionary categories, including apparel and seasonal items."
Update: Marriott Intl 2nd-quarter net off 24%(8:07 am ET)
TEL AVIV (MarketWatch) -- Marriott International Inc., (MAR: news, chart, profile) the Bethesda, Md., hotel operator, reported fiscal second-quarter net income fell 24% on 2% higher revenue. For the quarter ended June 13, earnings fell to $157 million, or 42 cents a share, from $207 million, or 51 cents, in the year-earlier period. Adjusted earnings per share from continuing operations fell 11% to 51 cents. Shares outstanding fell 8.4% to 370 million. Revenue reached $3.19 billion from $3.12 billion. A survey of analysts by FactSet Research produced consensus estimates of 49 cents of profit on $3.16 billion of revenue. For the third quarter, Marriott expects comparable revenue per available room to range from level with to up 2% from the year-earlier period. In North America, the figure should come in flat to down 2% with profit margins shrinking by 0.5% point to 1.5% percentage points. For the year, Marriott estimates revpar to come in flat to up 2% globally. In North America, the figure should range from up 1% to down 1%, with profit margins narrowing about 1 percentage point. (Adds outlook.)
American Eagle Outfitters June same-store sales fall 11% (8:07 am ET)
NEW YORK (MarketWatch) -- American Eagle Outfitters, Inc. (AEO: news, chart, profile) said Thursday its June sales at stores open at least one year fell 11%, compared to an 8% increase in June of last year. Analysts, on average, had expected the same-store sales to fall 8.9%, according to Thomson Financial. Total sales for the five weeks ended July 5 fell 5% to $256 million.
Fred's June same-store sales advanced 6.5%(7:57 am ET)
TEL AVIV (MarketWatch) -- Fred's Inc., (FRED: news, chart, profile) the Memphis retailer, reported that in June same-store sales rose 6.5%, while total sales rose 5% to $173.8 million from $166.2 million in June 2007. A survey of analysts by Thomson Reuters produced a consensus estimate of same-store sales up 3%. The increases reflect the company's plan to close 75 underperforming stores and 22 underperforming pharmacies in 2008, Fred's said.. Excluding stores closed in 2008, total sales from continuing stores increased 9%.
Signet plans move out of London, may trim payout rate(7:47 am ET)
LONDON (MarketWatch) -- Kay Jewelers owner Signet Group (SIG: news, chart, profile) (UK:SIG: news, chart, profile) said it's recommending that its primary listing move to the New York Stock Exchange from the London Stock Exchange and that the domicile will move to Bermuda from London. Signet pointed to the evolution of its shareholder base which has seen a steady growth in U.S. ownership since 2003, including a significant increase over the last 12 months, with almost 50% of Signet's voting securities now being beneficially owned by U.S. residents. To be eligible for inclusion in U.S. domestic stock indexes the parent company of the group could not remain domiciled in England and Wales. It's going to change its name to Signet Jewelers Limited and it will implement a one-for-twenty reverse stock split, while it noted it will take into account the typically lower dividend payout rates of U.S. specialty retailers.
Sandelman restructures hedge fund: report(7:43 am ET)
NEW YORK (MarketWatch) - Sandelman Partners has told investors in its largest fund that they cannot withdraw their money in the near future, The Wall Street Journal reported Thursday. The report said 20% of the investors in the $3.2 billion Sandelman Partners Multi-Strategy Fund Ltd. had recently asked to withdraw their money; they were informed last week that 22% of the fund will be placed in a side account controlled by the firm. For the remaining 78%, investors will have the choice to place their investment in a new Sandelman hedge fund for a year or have the money placed in a liquidation account. The fund was down almost 5% by the end of June.
Wal-Mart June sales jump, updates profit forecast(7:36 am ET)
NEW YORK (MarketWatch) -- Wal-Mart Stores Inc. (WMT: news, chart, profile) said Thursday its June sales at stores open at least one year rose 5.8%, excluding fuel. Analysts, on average, had expected the same-store sales to rise 3.8%, according to Thomson Reuters. Including fuel, same-store sales rose 6.4%. Total company sales for the five weeks ended July 4 rose 11.5% to $39.94 billion. Citing improved sales results during the quarter, Wal-Mart updated its second-quarter profit target to a range of 82 cents to 84 cents a share.
Cato June same-store sales up 4%(7:23 am ET)
NEW YORK (MarketWatch) -- Cato Corp. (CTR: news, chart, profile) said Thursday its June sales at stores open at least one year rose 4%. Total sales for the five weeks ended July 5 rose 7% to $88.3 million. Cato also raised its second-quarter earnings-per-share forecast to 42 cents-44 cents from 28 cents-33 cents previously. "June sales were better than expected, however, we continue to believe the retail environment will remain difficult," said Chairman, President and Chief Executive Officer John Cato.
Limited June same-store sales fell 9%, total off 15%(7:12 am ET)
TEL AVIV (MarketWatch) -- Limited Brands Inc., (LTD: news, chart, profile) the Columbus, Ohio, retailer, reported that June's same-store sales fell 9% from the year earlier. Net sales fell 15% to $1.02 billion from $1.21 billion. A survey of analysts by Thomson Financial produced a consensus estimate of a drop of 7.4% in comparable-store sales.
Boeing to take $250 million charge but holds 2008 guidance(7:10 am ET)
LODNON (MarketWatch) -- Boeing (BA: news, chart, profile) announced a $250 million charge before tax, or 22 cents a share, for the second quarter due to previously announced delays on its airborne and early warning and control program. The delay is mostly due to subsystem development issues on the electronic warfare and ground support systems as well as additional time required for integration testing. Boeing expects to deliver the first two of Australia's six aircraft with interim capability in July 2009, four months later than previously scheduled. These two aircraft and the remaining four aircraft are expected to be delivered in 2010 with full capability. Boeing's 2008 guidance is still $5.70 to $5.85 a share, with the company citing company-wide performance and productivity. Next year's earnings are still seen $6.80 to $7 a share.
Update: Emmis Communications narrows 1st-quarter loss(6:29 am ET)
TEL AVIV (MarketWatch) -- Emmis Communications Corp., (EMMS: news, chart, profile) the Indianapolis media company, narrowed its fiscal first-quarter loss on about flat revenue. For the quarter ended May 31, the net loss was $1.1 million, or 3 cents a share, compared with $1.9 million, or 5 cents, in the year-earlier period. The loss from continuing operations was 5 cents a share against 7 cents. Shares outstanding fell 3.7% to 36.1 million. Operating profit rose 4.7% to $12.6 million. Revenue edged down 0.4% to $86.8 million. A survey of analysts by FactSet Research produced consensus estimates of a loss of 4 cents a share on revenue of $88.6 million. After the quarter ended, Emmis said, it closed Tu Ciudad Los Angeles "because the magazine's financial performance did not meet the company's expectations." Emmis said it would take a second-quarter charge of $1.1 million for severance and other costs. (Adds closing of magazine and related charge.)
Mothers Work same-store sales up 0.8%; narrows outlook(6:17 am ET)
LONDON (MarketWatch) -- Maternity apparel retailer Mothers Work Inc. (MWRK: news, chart, profile) said Thursday that its net sales in June fell 2.1% to $45.9 million, largely due to the closure of all of the company's leased departments within Sears stores during the month. Same-store sales rose 0.8% and were unfavorably impacted by around 4 percentage points due to the month having one less Friday and Saturday than a year earlier. Mother Work also narrowed its earnings forecast for the fiscal third quarter, saying it expects to report earnings in a range of 66 cents to 70 cents a share. It had previously said it expected earnings of between 61 cents and 76 cents.
FranklinCovey swings to loss as sales drop 8%(6:18 am ET)
LONDON (MarketWatch) -- Consulting firm FranklinCovey (FC: news, chart, profile) said it swung to a third-quarter loss of $1.51 million, or 9 cents a share, with sales falling 8% to $59.1 million.
Penford earnings down 45% on raw material, start-up costs(6:16 am ET)
LONDON (MarketWatch) -- Penford (PENX: news, chart, profile) said fiscal third-quarter earnings fell 45% to $2.71 million, or 24 cents a share, while sales rose 8% to $102.8 million. The profit decline came on rising raw materials costs and start-up expenses for ethanol production. Analysts polled by FactSet Research expected earnings of 47 cents a share. The company expects that production start-up in Cedar Rapids, Iowa, which was hit by the flood, will occur in stages as processes and sections within the plant become operational.
Costco June same-store sales rose 9%, total up 12%(3:06 am ET)
TEL AVIV (MarketWatch) -- Costco Wholesale Corp., (COST: news, chart, profile) the Issaquah, Wash., warehouse retailer, reported that for June, same-store sales rose 9%. A survey of analysts by Thomson Financial estimated that same-store sales -- those from outlets open at least a year, eliminating the effects of new and divested stores -- rose 8.2% for the month. Costco reported that same-store sales rose 9% in the U.S. and 11% internationally. And it said that total sales for the month rose 12% to $7.14 billion from $6.35 billion in the year-earlier month.
Barratt cuts jobs, scraps dividend; bank facility revamped(2:58 am ET)
LONDON (MarketWatch) -- U.K. home builder Barratt Developments (UK:BDEV: news, chart, profile) said Thursday that it will cut around 1,200 jobs and scrap its dividend as it also said it's renegotiated terms with its banks. The group said completions were down 13.8% to 18,588 in the year to June 30%, while cancellation rates jumped to 33.6%. It's closing two division and merging a further eight into four units, leading to 1,200 job cuts that should deliver 40 million pounds of annual savings. The group said it's agreed a deal to restructure the terms of its banking covenants, combined with the extension of an existing 400 million pound credit facility to July 2011. Barratt expects to take a write-down of 85 million pounds on the value of land, though this could increase by 50 million pounds if it decides to sell further assets.
Investor AB first-half loss narrows, NAV drops 8%(2:52 am ET)
LONDON (MarketWatch) -- Investor AB (SE:INVEB: news, chart, profile) said its first-half loss narrowed to 12.45 billion Swedish krona ($2.07 billion) from 26.69 billion krona, with its net asset value dropping a less-than-forecast 8% to 182 krona over the period. The group blamed a "bear market" but noted it outperformed the 17% drop in the wider Swedish market. "For quite some time, we have been concerned about a slowdown in the global economy and the fact that this risk was not properly reflected in the valuation levels. The slowdown has been apparent for quite some time in the U.S. and not surprisingly, it is now spreading to Europe," it said.
Heidelberger Druck to swing to a loss, cut jobs(2:49 am ET)
LONDON (MarketWatch) -- Heidelberger Druck (DE:731400: news, chart, profile) , a German maker of printing presses, on Thursday warned that first-quarter operating profit and sales would decline and launched a restructuring program to address the worsening market conditions. The company said it expects an operating loss of between 35 million and 40 million euros this quarter compared to a profit of 26 million euros in the year-earlier period. Sales are seen decreasing to the range of 640 million to 660 million euros from 742 million euros in the year-ago quarter. The company said the restructuring measures, which include reducing research and development expenses, reorganizing postpress packaging activities and increasing the proportion of purchases made outside of the euro zone, would save about 100 million euros by fiscal 2011, with 75% of the savings in the next 18 months. The company will also cut around 500 jobs by the end of fiscal 2011.
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