Markets

Consumer Sector Update for 06/23/2017: BBBY,FINL,SKT

Top Consumer Stocks

WMT -0.79%

MCD +0.12%

DIS +0.03%

CVS +0.63%

KO +0.64%

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.

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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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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