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Consumer Sector Update for 11/10/2017: JCP,ZOES,KONA


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WMT +1.43%

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KO +0.52%

Consumer stocks were trading higher today, with shares of consumer staples companies in the S&P 500 climbing more than 0.8% while shares of consumer discretionary firms in the S&P 500 were rising more than 0.4%.

In company news, JC Penney ( JCP ) rallied Friday, climbing almost 20% to a session high of $3.29 a share after the department store chain in the morning reported a narrower-than-expected Q3 net loss as comparable sales increased during the August-to-October reporting period and the company introduced a new range of apparel ahead of the upcoming holiday season.

Excluding one-time items, the company recorded an adjusted net loss of $0.33 per share during the three months ended Oct. 28, expanding on a $0.21 per share non-GAAP net loss during the same quarter last year but coming in significantly less than the $0.43 per share adjusted net loss that analysts, on average, were expecting.

Net sales declined 1.8% year-over-year to $2.81 billion but also edged past the $2.77 billion analyst mean. The drop reflects 139 stores closing so far this year, the company said. Same-store sales, which strips out changes in floorspace, increased 1.7% over year-ago levels.

Looking forward, the company is expecting non-GAAP FY17 net income in a range of $0.02 to $0.08 per share, in-line with the $0.06 per share consensus. Same-store sales are seen falling between 0% to 1% from FY16 levels.

In other sector news,

(+) ZOES, (+12.3%) Adjusted Q3 EPS of $0.01 per share declines from $0.04 per share non-GAAP profit during year-ago period but still beats Capital IQ consensus expecting $0.00 per share. Revenue rises 18% to $77.9 million, missing the $78.8 million analyst mean. Trims top end of FY17 forecast expecting $314 million to $322 million by $6 million compared with estimates looking for $316.8 million.

(-) KONA, (-24.5%) Q3 net loss widens to $0.33 per share from $0.24 per share during same quarter last year and misses the analyst mean by $0.11 per share. Revenue rises 2.4% to $44.4 million but also lags the $46.3 million Wall Street mean. Lowers FY17 sales projection by $5 million to $180 million compared with the $183.4 million consensus. Lake Street trims price target by $1.50 to $3.50 a share, reiterating its Buy rating.

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: JCP , ZOES , KONA


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