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Consumer Sector Update for 12/06/2018: SIG, KR, GIII


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Consumer stocks continued to trade lower Thursday afternoon, with shares of consumer staples companies in the S&P 500 falling about 0.6% and shares of consumer discretionary firms in the S&P 500 were posting a 0.2% decline.

In company news, Signet Jewelers ( SIG ) fell more than 19% after it posted a fiscal Q3 adjusted loss of $1.06 per share, wider than the loss of $0.20 per share in the comparable period a year ago. Analysts polled by Capital IQ expected a loss of $1.10 per share. For the quarter ended Nov. 3, total revenue of $1.19 billion was up from $1.16 billion in the same period a year ago. That topped the Street projection of $1.16 billion. Same store sales were up 1.6% versus the prior-year quarter.

The company guided fiscal Q4 adjusted earnings in the range of $4.35 to $4.59, straddling the Street estimate of $4.54. The company expects full-year revenue in the range of $2.17 billion to $2.22 billion, straddling the Street projection of $2.21 billion. Signet expects Q4 same store sales to be down 1.5% to up 1%. Signet revised its full-year adjusted earnings guidance for 2019 to a range of $4.15 to $4.40 from a prior range of $4.05 to $4.40. The new guidance straddles the Street projection of $4.24. The company revised its full-year 2019 revenue guidance to a range of $6.26 billion to $6.31 billion from a prior range of $6.20 billion to $6.30 billion. The new guidance is within to exceeding the Street estimate of $6.27 billion. The company expects full-year 2019 same store sales to be flat to up 1%. It previously said it expected same store sales to be down 1.5% to flat.

In other sector news,

(+) Kroger ( KR ) Reports fiscal Q3 adjusted operating EPS increased to $0.48 in the three months ended Nov. 10, from $0.44 in the year-ago period. Analysts polled by Capital IQ had predicted EPS to drop to $0.43. Fiscal Q3 sales decreased 0.3% to $27.67 billion, from $27.75 billion, but came slightly above the analyst consensus of $27.64 billion. The company said it anticipated FY19 EPS in the range of $2.00 to $2.15, straddling the Street estimate of $2.11.

(-) G-III Apparel ( GIII ) Posts Q3 non-GAAP net income rose to $1.88 per diluted share from $1.67 a year ago, beating the $1.81 mean from analysts polled by CapIQ. Net sales for the period also improved to $1.07 billion from $1.02 billion a year earlier, but fell short of the $1.08 billion consensus. G-III raised its guidance for the full fiscal year and said it now expected net sales of approximately $3.08 billion and non-GAAP net income of $2.67 to $2.77 per diluted share. The company previously estimated net sales of about $3.06 billion and non-GAAP net income of $2.52 to $2.62 per diluted share. Analysts surveyed by CapIQ are projecting full-year adjusted EPS of $2.61 on revenue of $3.06 billion.

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: SIG , KR , GIII



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