Consumer Sector Update for 03/17/2017: CAL,GOOS,ARCO

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Consumer stocks were adding to narrow gains in recent trade, with shares of consumer staples companies in the S&P 500 climbing over 0.3% while shares of consumer discretionary firms in the S&P 500 were ahead by more than 0.1%.

In company news, Caleres ( CAL ) shares fell sharply on Friday after the footwear company last night reported a smaller-than-expected adjusted Q4 profit and also offered up projections for FY17 net income lagging Wall Street expectations.

Excluding one-time items, the company earned $0.33 per share, up from $0.26 per share during the same quarter last year but trailing the Capital IQ consensus expecting a $0.38-per-share non-GAAP profit for the three months ended Jan. 28. Consolidated sales rose 5.1% over year-ago levels to $639.5 million, beating the $630.22 million Street view.

Looking forward to FY17, Caleres is expecting adjusted per-share earnings coming in between $2.10 to $2.20, missing the $2.37 per share consensus. It also sees consolidated net sales this year in a range of $2.7 billion to $2.8 billion, compared with the $2.8 billion analyst mean.

CAL shares were down almost 13% at $28.66 each this afternoon, recovering somewhat from a 15.3% decline earlier today to a session low of $26.81 a share.

In other sector news,

(+) GOOS, (+4.6%) Freshly minted public company rising for a second day after rising nearly 26% on Thursday following its initial public offering of stock. Also reportedly received a favorable mention yesterday on "Mad Money."

(-) ARCO, (-3.9%) Launches cash tender offer to re-purchase up to $80 mln of its outstanding 6.625% senior notes due 2023.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2016 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Business , Commodities
Referenced Symbols: CAL , GOOS , ARCO

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