Consumer Sector Update for 08/07/2018: AIN,JOUT,COLM,IFF

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Top Consumer Stocks

WMT +0.20%

MCD -0.31%

DIS +0.76%

CVS +0.79%

KO -0.45%

Consumer stocks still were broadly mixed in late trade, with shares of consumer staples companies in the S&P 500 sinking nearly 0.7% this afternoon while shares of consumer discretionary firms in the S&P 500 were climbing over 0.5%.

In industry news:

Same-store sales at 20 of the largest U.S. largest chain stores rose 5.6% over year-ago levels during the seven days ended August 4, adding 1.4 percentage points to the prior week's pace in the Redbook week survey and reaching the strongest rate of growth since December. Month-to-date sales also climbed 0.9% over the same period in July while the year-over-year gain also widened by 0.5 percentage points to 4.2%.

Among consumer stocks moving on news:

+ Albany International ( AIN ) rallied to a record high on Tuesday, advancing more than 17% to an all-time peak price of $75.28 a share after reporting Q2 financial results streaking past analyst estimates. Excluding one-time items, the textile company earned $0.82 per share during the three months ended June 30, increasing more than five times its $0.16 per share non-GAAP profit in the year-ago period and topping the Thomson Reuters consensus call by $0.28 per share. Net sales grew 18.2% year over year to $256.23 million, also exceeding the $230.7 million Street view. CEO Olivier Jarrault also said FY18 net sales should be near the top of its projected range expecting 20% to 30% growth over its $863.7 million in FY17 sales. Analysts, on average, are modeling an 8.5% sales increase for the 12 months ending Dec. 31 to $937.4 million.

In other sector news:

+ Johnson Outdoors ( JOUT ) hit a new record high on Tuesday, rising almost 11% to a best-ever $90.26 a share after the outdoors equipment supplier reported fiscal Q3 financial results exceeding Wall Street expectations. The company earned $2.37 per share during the three months ended June 29, beating the Capital IQ consensus by $0.40 per share. Sales increased to $170.8 million from $155.3 million in year-ago sales and also exceeding the $165 million analyst mean.

+ Columbia Sportswear ( COLM ) climbed over 1% on Tuesday after the apparel firm added another $200 million to the $59.7 million remaining under its current stock-buyback authorization.

+ International Flavors & Fragrances ( IFF ) was back on positive ground Tuesday afternoon, erasing a small, mid-morning slump, after saying 94.6% of Frutarom Industries Ltd shareholders voted in favor of International Flavors' proposed acquisition of the rival flavors and natural ingredients company. The deal will pay $71.19 in cash and 0.249 of an International Flavor shares for each Frutarom share and is expected to close before the end of the year, subject to clearance by the relevant regulatory authorities and other customary closing conditions.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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This article appears in: Business , Commodities
Referenced Symbols: AIN , JOUT , COLM , IFF

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