Consumer stocks were mixed in mid-day trade, with shares of consumer staples companies in the S&P 500 slipping about 0.1%. Shares of consumer discretionary firms in the S&P 500 were ahead nearly 0.5%.
In company news, Crocs ( CROX ) shares were striding to strong gains Tuesday after the shoe company late Monday unveiled a restructuring program that includes closing or converting as many as 100 of its branded retail locations around the world.
CROX was ahead about 11.1% at $16.49 a share in recent trade, earlier rising to an intra-day high of $16.73. The stock has traded in a 52-week range of $11.96 to $17.54 a share, slipping about 3.4% over the past 12 months.
The upcoming store closings are projected to save CROX around $4 million during the rest of 2014 and rising to around $10 million during 2015. Net revenue is projected to fall between $35 million to $50 million, while the company's sales, general and administrative expenses are seen declining by $17.0 million to $25 million.
The company also reprted adjusted net income of $0.36 per share, beating the Capital IQ consensus by $0.05 per share. Revenue rose 3.6% year over year to $376.9 million, beating the Street view by around $4.2 million.
For the current quarter, CROX is expecting GAAP revenue in a range of $300 million to $305 million, bracketing analyst estimates looking for $300.5 million in Q3 revenue.
In other sector news,
(+) IDI, (+6.7%) Names Jacky Wang to be its new chief financial officer, effective Aug. 1. Wang joins the advertising company from Touchmedia, where he was vice president of finance for over three years.
(-) DFRG, (-11.5%) Q2 EPS of $0.20 misses by $0.01 per share. Revenue rises 11.6% to $67.4 mln, trailing Street by $1.7 mln. Lowers FY14 earnings outlook by $0.04 from prior view to $0.90 to $0.94 per share, lagging estimates by at least $0.02 per share.
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