Sector Update: Consumer Shares Higher Pre-Market; Pacific Sunwear up 5% on Q4 Results
Top Consumer Shares:
Consumer shares were generally higher in pre-market trade Wednesday.
In consumer sector news, General Mills ( GIS ), the maker of Honey Nut Cheerios and other branded food products, said fiscal Q3 adjusted EPS and sales declined on seasonal trends, increased marketing in the group's U.S. yoghurt business and the negative impact from foreign currency fluctuations.
Adjusted diluted EPS was $0.62 in the three months to Feb. 23rd compared to $0.66 in last year's third quarter. That tops estimates by one cent, according to Capital IQ.
Net sales of $4.38 billion were 1% below year ago levels and slightly below the $4.4 billion analysts had been looking for.
And, Orbitz ( OWW ) was down 6.2% at $8.40 after Goldman Sachs reportedly cut its rating on the shares to Sell from Neutral.
Finally, Pacific Sunwear ( PSUN ) shares were up 5% pre-market after it reported Q4 net loss late Tuesday that beat the Street view as same store sales increased 2%.
Pacific Sunwear reported $218.6 million in Q4 net sales versus net sales from continuing operations of $222.8 million for Q4 2012 ended February 2, 2013.