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Consumer Sector Update for 12/04/2018: BNED, MOV, CONN


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Consumer stocks continued to sink lower in Tuesday's late afternoon trade, with shares of consumer staples companies in the S&P 500 falling about 1.2% while shares of consumer discretionary firms in the S&P 500 were posting more than 3% decline.

In company news, Barnes & Noble Education, Inc ( BNED ) fell nearly 30% and earlier sank to an all-time low after it said fiscal Q2 loss per share widened to $0.82 from a loss of $0.75 in the year-ago period and missed the CapIQ mean for a loss of $0.65. Sales for the quarter ended July 28 fell 5.1% to $337.5 million from last year and missed expectations for $355.3 million. FY sales are seen between $2.2 billion to $2.3 billion, above forecasts for $2.15 billion. Separately, it said it bought PaperRater.com in an all-cash transaction. The acquisition is expected to be accretive to Barnes & Noble Education's EBITDA, net income and cash flow in FY19.

In other sector news,

(+) Movado Group ( MOV ) Posts adjusted Q3 earnings of $1.18 per share, compared with the prior-year period's $1.04 per share. Analysts polled by Capital IQ were expecting EPS of $1.12. Revenue was $208.9 million, up from $190.7 million in the same quarter last year. The Street view was for revenue of $205.4 million. The company said it continues to anticipate that FY19 EPS will be in the range of $2.45 - $2.55 on revenue of $660 million - $675 million . The Street view is for EPS of $2.51 on revenue of $666.1 million

(-) Conn's ( CONN ) Reports fiscal Q3 adjusted EPS of $0.59, compared to $0.18 a year ago, just hitting the mean from analysts polled by CapIQ. Revenue, meanwhile, only slightly rose to $373.8 million from $373.2 million a year ago, missing the $383.6 million consensus. For its fiscal Q4, the furniture and electronics retailer estimates up to a 2% improvement in same-store sales and retail gross margin to contribute between 40% and 40.5% of total retail net sales.

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: BNED , MOV , CONN



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