Sector Update: Consumer
Consumer stocks were narrowly lower this afternoon with shares of consumer staples companies in the S&P 500 slipping less than 0.1%. Shares of consumer discretionary firms in the S&P 500 were off about 0.3%.
In company news, shares of women's clothier Christopher & Banks ( CBK ) were sharply higher late Tuesday after the company today reported non-GAAP Q1 earnings that beat analyst estimates.
CBK earned $0.07 per share, excluding non-recurring items, during the 13 weeks ended May 3, beating the Capital IQ consensus by $0.05 per share. Revenue fell 4.7% year over year to $103.4 million, roughly in-line with the Street view looking for $103.23 million. Same-store sales decreased 0.2% from year-ago levels.
Looking forward, CBK is forecasting same-store sales to increase in the low to mid-single digit range.
Shares were up 9.6% at $7.29 each this afternoon, earlier rising to an intra-day high of $7.80 a share. The stock has a 52-week range of $5.29 to $9.32 a share, rising just 4% over the past 12 months.
In other sector news,
(+) CHS, Reportedly is exploring a going-private transaction, with the apparel retailer said to be in talks "with several private equity groups," according to the Financial Times, citing sources familiar with the situation.
(-) FRAN, Slides to an new, all-time low after reporting Q1 earnings and revenue trailing analyst forecasts and cutting its FY15 outlook while also moving to reduce its much of its slow-selling inventory.
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