Consumer stocks are higher today with shares of consumer staple
companies in the S&P 500 climbing 0.4% while shares of consumer
discretionary stocks in the S&P are moving up by 0.9%.
In company news, G-III Apparel (
) is ahead over 14% at $53.61 a share shortly before the closing
bell with the owner of the Vilebrequin clothing brand today posting
Q2 earnings and revenue that topped analyst expectations and raised
its full-year guidance.
Q2 net income was $0.17 per share, up from a $0.07 gain in the
year-ago quarter and topping the Capital IQ consensus by $0.07 per
share. Net sales increased by 21% year over year to $304.2 million,
beating the Street view by $16.2 million.
GIII raised its sales guidance for the fiscal year ending in
January to around $1.61 billion, up about $40 million from its
previous outlook. It also raised the top of its projected per-share
earnings by $0.10 to a new range of $3.30 to $3.40 per share. The
Street view is looking for a $3.30 per share profit on $1.6 billion
Q3 guidance was in-line with expectations.
In other sector news,
(+) JCP, Glenview Capital increases its stake in the
department-store retailer to 20.1 mln shares, or 9.1% overall.
(-) FRAN, Q2 EPS of $0.33 per share miss the Thomson Reuters
consensus call by $0.02. Forecasts Q3 sales in a range of $78.0
million to $80.0 million, lagging the Street view by at least $10
million. EPS is projected at $0.19 to $0.21; the Street is at
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