Top Consumer Stocks
Consumer stocks were tumbling Wednesday in a broad-based decline for global equities today.
In company news, shares of The Container Store ( TCS ) was higher in afternoon trade with the specialty retailer overcoming disappointing Q1 sales by reporting a smaller net loss and a smaller drop in same-store sales than Wall Street was expecting for the March-through-May period.
Net loss for the three months ended May 30 widened to $5.2 million, or $0.11 per share, expanding over 44% from a $3.6 million net loss during the same quarter last year but still beating the Capital IQ consensus looking for a $0.13 per share loss.
Net sales declined about 2% from year-ago levels to $169.8 million, trailing analyst estimates by around $3.7 million. But sales at store locations open more than a year fell only 0.9% compared with last year, easily dispatching the Street view expecting a 3.5% same-store decline.
Looking forward to the rest of FY15, the company is projecting net income in a range of $0.30 to $0.38 per share, straddling the $0.32 per share analyst consensus. It also sees sales of between $800 million to $815 million, narrowly trailing Street estimates for $816 million in sales this year.
TCS shares were up more than 3% today at $18.09 apiece, easing from an earlier run to $19.19 a share.
In other sector news,
(+) SNAK, (+6.4%) Wedbush Securities upgrade to Outperform from Neutral. Price target increased by $3 to $13 a share.
(-) MGM, (-6.9%) Sells 50% stake in Silver Legacy Resort & Casino in Reno, Nevada, and the Circus Circus Reno casino to Eldorado Resorts ( ERI ) for $72.5 million in cash.
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