Consumer stocks were mixed in mid-day trade, with shares of
consumer staples companies in the S&P 500 slipping about 0.1%.
Shares of consumer discretionary firms in the S&P 500 were
ahead nearly 0.5%.
In company news, Crocs (
) shares were striding to strong gains Tuesday after the shoe
company late Monday unveiled a restructuring program that includes
closing or converting as many as 100 of its branded retail
locations around the world.
CROX was ahead about 11.1% at $16.49 a share in recent trade,
earlier rising to an intra-day high of $16.73. The stock has traded
in a 52-week range of $11.96 to $17.54 a share, slipping about 3.4%
over the past 12 months.
The upcoming store closings are projected to save CROX around $4
million during the rest of 2014 and rising to around $10 million
during 2015. Net revenue is projected to fall between $35 million
to $50 million, while the company's sales, general and
administrative expenses are seen declining by $17.0 million to $25
The company also reprted adjusted net income of $0.36 per share,
beating the Capital IQ consensus by $0.05 per share. Revenue rose
3.6% year over year to $376.9 million, beating the Street view by
around $4.2 million.
For the current quarter, CROX is expecting GAAP revenue in a
range of $300 million to $305 million, bracketing analyst estimates
looking for $300.5 million in Q3 revenue.
In other sector news,
(+) IDI, (+6.7%) Names Jacky Wang to be its new chief financial
officer, effective Aug. 1. Wang joins the advertising company from
Touchmedia, where he was vice president of finance for over three
(-) DFRG, (-11.5%) Q2 EPS of $0.20 misses by $0.01 per share.
Revenue rises 11.6% to $67.4 mln, trailing Street by $1.7 mln.
Lowers FY14 earnings outlook by $0.04 from prior view to $0.90 to
$0.94 per share, lagging estimates by at least $0.02 per share.
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