Consumer Sector Update for 08/11/2017: GTIM,BGI,JCP

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Consumer stocks were mostly higher Friday, with shares of consumer staples companies in the S&P 500 rising over 0.3% while shares of consumer discretionary firms in the S&P 500 were climbing nearly 0.7% this afternoon.

In company news, shares of casual eatery chain Good Times Restaurants ( GTIM ) Friday dropped to within 7 cents of their 52-week low, slumping almost 12% to $2.87 apiece after reversing a year-ago profit and missing analyst projections on both sides of its Q2 financial results.

Net loss for the three months ended June 27 fell to $0.02 per share from net income of $0.04 per share during the same quarter last year and trailing the Capital IQ consensus expecting a $0.01 per share net loss.

Revenue grew 20% year-over-year to $21.7 million, also lagging Street mean estimates by around $400,000. Same-store sales for company-owned Good Times restaurants rose 3.7% over year-ago levels but increased just 0.1% at its Bad Daddy's Burger Bar outlets.

For FY17, the company is modeling revenue in a range of $78 million to $79 million and growing to between $100 million to $102 million during FY18. Analysts, on average, are expecting $77.9 million and $101.8 million in revenue during FY17 and FY18, respectively.

In other sector news,

(+) BGI, (+14.2%) Sells Mayor's Jewelers subsidiary to UK-based Aurum Holdings for $104.6 mln. Deal also includes five-year pact to sell Birks jewelery in the UK through BGI's Mappin & Webb and Goldsmiths stores. Net proceeds will be used to invest in BGI's Canadian operations.

(-) JCP, (-15.9%) Adjusted Q2 net loss of $0.09 per share is $0.05 wider than analyst mean. Total revenue rises 1.5% to $2.92 bln, beating the $2.84 Street view. Same-store sales fall 1.3%. Tesley Advisory downgrade to Market Perform, also cutting price target by $2 to $5 a share.

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: GTIM , BGI , JCP

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