Sector Update: Consumer
Consumer shares were lower in pre-market trade Thursday, weighed along with the broader stock market.
In consumer stocks news, Kellogg Company ( K ) reported Q2 adjusted EPS of $1.02, in line with the analyst consensus on Capital IQ. Sales were $3.68 billion, vs. expectations of $3.70 billion.
The company lowered its guidance for the full-year of 2014. Internal net sales are now expected to decline by between one and two percent.
And Avon Products ( AVP ) shares were up 4% in Thursday's pre-market session near the low end of its 52-week range of $12.80 to $24.71.
The cosmetics company reported lower-than-expected Q2 results but investors may be encouraged by expectations for improvement in the second half of the year.
Net income attributable to Avon tumbled to $19 million, or $0.04 per diluted share, from $31.9 million, or $0.07 per diluted share, a year earlier.
Finally, Steven Madden ( SHOO ) reported Q2 earnings and sales that were below analysts' estimates and lowered its guidance for sales and EPS in FY14.
The maker of fashion footwear, handbags and accessories said earnings edged up one cent to $0.44 per share, missing the $0.45 average estimate from analysts polled by Capital IQ. Sales slipped to $295.7 million from $297.6 million, also coming in below the $313 million consensus estimate.
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