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Sector Update: Consumer
By: MT Newswires
Consumer shares are fairly flat in pre-bell trading.
Cherokee Inc. ( CHKE ) is unchanged after the casual clothing manufacturer reporting Q2 net income of $0.23 per share, up from a $0.19 per share profit during the same quarter last year and beating the single analyst estimate looking for a $0.21 per share gain during the three months ended Aug. 3.
Net revenues for the period rose nearly 19% year over year to $7.5 million, with the company saying the increase was largely due to higher retail sales of Cherokee-branded products at Target ( TGT ) stores and the addition of the Liz Lange brand to its product portfolio.
And, coverage of retailer Urban Outfitters, Inc. ( URBN ) has been initiated by analysts at Sterne Agee with a Buy rating. Price target information was not available.
In pre-market activity, shares of URBN are up 0.8% at $38.60, within a 52-week range of $34.38 - $44.96.