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.

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


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