Consumer Stocks Solidly Higher; Rent-A-Center Rocked After Disappointing Q3, Downbeat FY13 Outlook

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Consumer stocks are solidly higher this afternoon, with shares of consumer staples companies in the S&P 500 gaining 1.2% and shares of consumer discretionary companies in the S&P 500 advancing 0.7%.

In company news, Rent-A-Center ( RCII ) is down 4.3% at $34.46 a share, sliding as low as $33.45 after reporting Q3 earnings of $0.51 per share share, missing analyst expectations by $0.11. Revenue rose 2% year over year to $754.8 million, also falling short of estimates.

Looking forward, the equipment rental company cut its FY13 EPS and revenue guidance. It now sees earnings in a range of $2.80 to $2.85 per share, down from its previous forecast of $3.03 to $3.15 per share and lagging Wall Street expectations for a $3.09 per share profit this year.

It also said it now expects sales at stores open at least one year to fall 1.5%, down from its previous guidance looking for as much as 1% growth.

In other sector news,

(+) WHR, (+10.2%) Q3 earnings of $2.72 per share, ex items, beats by $0.07. Revenue climbs 4.2% year over year to $4.68 bln, trailing consensus view by around $60 mln. Issues in-line Q4 guidance.

(-) COH, (-7.6%) Q1 earnings of $0.77 per share tops expectations by $0.01. Revenue slip 0.9% from year-ago levels to below-consensus $1.15 bln.



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This article appears in: Investing , Commodities

Referenced Stocks: RCII

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