Top Consumer Stocks
Consumer stocks were narrowly mixed in recent trade, with shares of consumer staples companies in the S&P 500 holding on to less than a 0.3% advance while shares of consumer discretionary firms in the S&P 500 were slipping nearly 0.2%.
In company news, Bed Bath and Beyond ( BBBY ) shares tumbled to an eight-year low on Friday after the retailer saw its Q1 net income decline more than analysts were expecting as a change in accounting standards, together with rising expenses, weighed on the bottom line.
The company earned $0.53 per share during the three months ended May 27, down from $0.80 per share during the same quarter last year and missing the Capital IQ consensus by $0.13 per share. Those results included a $0.05 charge resulting from the recent adoption of a new, share-based payment accounting standard, the company said.
Net sales rose 0.1% over year-ago levels to $2.74 billion, also falling short of the analyst mean expecting around $2.79 billion in sales. Same-store sales declined 2% during Q1 compared with a 0.5% slide during the year-ago period.
In other sector news,
(+) FINL, (+3.9%) Matches analysts' bottom-, top-line Q1 estimates, earning $0.23 per share excluding one-time items, on $429.8 mln in net sales. Comparable-store sales decline 1.1% compared with year-ago levels.
(-) SKT, (-2.0%) Lowered to Underperform from Neutral at Bank of America Merrill Lynch.
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