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DAILY EARNINGS

G-III Apparel, Sonic Net Jump; Neogen, Walgreen Net Fall


Author: Mukesh Buch
ticker.com
Last Update: 12:22 PM ET March 25 2014

10:45 AM New York G-III Apparel fourth-quarter net soared 62% to $13 million. McCormick first-quarter net climbed 9% to $83 million. Neogen third-quarter net slid 1.4% to $6.6 million. Sonic Corp second-quarter net climbed 15% to $4 million. Walgreen second-quarter profit slid 0.2% to $754 million.

Earnings Review

G-III Apparel Group, Ltd. (GIII), the sportswear maker said net sales in the fourth-quarter ending in January surged 26% to $472.8 million.

Net income in the quarter soared 62% to $13.1 million or 62 cents a diluted share compared to $8.1 million or 40 cents.

McCormick & Company, Inc (MKC), the food processing company said net sales in the first-quarter ending in February jumped 6% to $993.4 million.

Net income in the quarter climbed 8.5% to $82.5 million or 62 cents a diluted share compared to $76 million or 57 cents.

The company reaffirmed sales to grow between 3% and 5% and earnings per share in the range of $3.22 to $3.29.

Neogen Corporation (NEOG), the medical equipment maker reported said revenues in the third-quarter ending on February 28 climbed 21% to $62.1 million.

Net income in the quarter slid 1.4% to $6.6 million or 18 cents a diluted share compared to $6.7 million or 18 cents.

Sonic Corporation (SONC), the quick service restaurants operator stated revenue in the second-quarter ending in February jumped 5.1% to $109.7 million.

System-wide same-store sales in the quarter increased 1.4% and this comprised growth of 1.5% same-store sales at franchise drive-ins and an increase of 1.3% at company drive-ins.

Net income in the quarter climbed 14.8% to $4.11 million or 7 cents a diluted share compared to $3.58 million or 6 cents.

Walgreen Company (WAG), the drug retailer reported revenue in the second- quarter ending in February jumped 5.1% to $19.6 billion. Comparable sales in the quarter soared 4.3%.

Net earnings in the quarter slid 0.2% to $754 million or 78 cents a diluted share compared to $756 million or 79 cents.

Walgreen added front-end comparable store sales in the quarter increased 2% and customer traffic in comparable stores fell 1.4% and basket size rose 3.4%.

The drug retailer plans to close 76 unprofitable drugstores by August to save $40 million to $50 million per year starting from fiscal 2015.
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Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites. Market data: BATS Exchange. Inc