Sector Update: Consumer
Consumer shares were mixed in pre-market trading Thursday.
Family Dollar Stores ( FDO ) shares were down 2.7% after the discount retailer reported Q3 earnings that were short of Street estimates. FDO was down 0.9% at $63.65 in recent pre-market trading, in a 52-week range of $55.64 to $75.29. Family Dollar reported adjusted net income of $0.86 per share in the latest quarter, below the $0.89 per share the Street expected, according to Capital IQ.
Women's fashion retailer Cato ( CATO ) reported higher total sales for June from a year earlier while same-store sales rose more than expected. The company posted a 3% increase in same-store sales, beating the Retail Metrics consensus for a decline of 0.5%. Total sales climbed 7% to $92 million from the same period last year.
L Brands ( LB ), the operator of Victoria's Secret and Bath & Body Works stores, said net sales in the five weeks ended July 5 rose 7% to $1.18 billion. Still, the stock was down 5.5% in recent pre-market trading as its same-store sales in the five-week period rose by 2%, below the consensus estimate for a 2.7% increase, according to Retail Metrics.
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