Consumer stocks were slightly higher this afternoon with shares
of consumer staples companies in the S&P 500 edging less than
0.1% higher. Shares of consumer discretionary firms in the S&P
500 were ahead about 0.1%.
In company news, shares of apparel retailer Express Inc. (
) rose Wednesday after it posted fiscal Q2 earnings and revenue
beating analyst expectations and raised its FY14 EPS guidance.
EXPR was ahead over 13% shortly before the close today at $16.49
a share, earlier advancing to session high of $16.95. The stock has
traded within a 52-week range of $11.80 to $25.05 a share,
declining over 26% during the past 12 months despite today's
During the quarter ended Aug. 2, the company earned $6.9
million, or $0.08 per share, down from a $16.9 million profit
during the same quarter last year and easily beating the Capital IQ
consensus expecting a break-even quarter for EXPR.
Net sales slipped about 1.8% from year-ago levels to $481.4
million, still topping the analyst mean estimate by around $23.7
million. E-commerce sales rose 3% to $61.8 million during the
For the current quarter, the retailer forecast a
low-single-digit drop in comparable sales with earnings in a range
$0.13 to $0.18 per share, in-line with the Capital IQ consensus
expecting $0.16 per share.
EXPR also raised its outlook for FY14 per-share earnings to a
new range looking for EPS of $0.85 to $0.95, beating the Street
view by at least $0.04 per share. Previously, the company had
projected FY14 earnings in a range of $0.74 to $0.90 per share.
In other sector news,
(+) MPAA, Prices public offering of 2.4 mln shares of its common
stock at $26 each, a 6.6% discount to Tuesday's closing price. The
company expects around $58.1 million in net proceeds after paying
underwriter discounts and other offering costs.
(-) SWHC, Q1 profit declines to $14.6 mln, or $0.26 a share,
from $26.5 mln last year. Projected Q2 EPS trails Street view by at
least $0.19 a share; revenue forecast lags by at least $25.62 mln.
Guides FY15 earnings, revenue guidance below Capital IQ
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