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DAILY EARNINGS

HP Net Swings to Profit; Sears Net Loss widens


Author: Mukesh Buch
ticker.com
Last Update: 11:39 AM ET August 22 2013

10:45 AM New York Abercrombie second-quarter net plunged 33% to $11.4 million. Children''s Place second-quarter net climbed 10% to $126.2 million. HP third-quarter net swung to a $1.4 billion profit. Hormel Foods quarterly net slid 1% to $113.6 million. Sears second-quarter net loss widened to $194 million.

Earnings Review

Abercrombie & Fitch Co. (ANF), the specialty retailer said total revenue in the second-quarter ending on August 3 fell 1% to $945.7 million. Comparable store sales in the quarter declined 10%.

Net income in the quarter plunged 33% to $11.4 million or 14 cents a diluted share compared to $17.1 million or 20 cents.

For the third-quarter, the company expects diluted earnings per share between 40 cents and 45 cents.

The Buckle, Inc (BKE), the apparel retailer stated net sales in the second-quarter ending on August 3 rose 1.5% to $215.5 million. Comparable store sales in the quarter slid 0.8%.

Net income in the quarter fell 1.7% to $23.2 million or 49 cents a diluted share compared to $23.6 million or 50 cents.

The Cato Corporation (CATO), the specialty retailer said net sales in the second-quarter ending on August 3 slid 1% to $229.4 million. Comparable store sales in the quarter fell 2%.

Net in the quarter swung to a loss $15.9 million or 16 cents a diluted share compared to a profit of $5.29 million or 5 cents.

The Children''s Place Retail Stores, Inc (PLCE), the specialty retailer reported total revenue in the second-quarter ending on August 3 advanced 6% to $382.4 million. Comparable store sales in the quarter slid 0.4%.

Net loss in the quarter widened to $23.6 million or $1.05 a diluted share compared to $17.9 million or 74 cents.

Gross profit in the quarter climbed 10% to $126.2 million and operating loss widened to $35.6 million.

For the year, the company expects adjusted earnings per diluted share between $3.15 and $3.28.

For the third-quarter, the company expects adjusted earnings per diluted share between $1.83 and $1.89.

Hormel Foods Corporation (HRL), the food processing company stated net sales in the third-quarter ending on July 28 advanced 8% to $2.16 billion. Net income in the quarter fell 1.3% to $113.6 million or 42 cents a diluted share compared to $111.2 million or 41 cents.

The company added gross profit in the quarter jumped 8% to $330.3 million and operating income advanced 5% to $180.7 million.

Hewlett-Packard Company (HPQ), the technology company reported revenue in the third-quarter ending in July declined 8% to $27.2 billion. Net in the quarter swung to a profit $1.4 billion or 71 cents a diluted share compared to a loss of $8.9 billion or $4.49.

Personal systems segment revenue declined 11% to $7.7 billion and revenue from printing segment slid 4% to $5.8 billion.

Enterprise group revenue dropped 9% to $6.9 billion and enterprise services revenue declined 9% to $5.8 billion and software revenue grew 1% to $982 million and HP financial services revenue tumbled 6% to $879 million.

For the full-year, HP estimates diluted earnings per share in the range of $2.67 to $2.71.

Sears Holdings Corporation (SHLD), the retailer said revenue in the second-quarter ending on August 3 slipped 6% to $8.9 billion. Comparable store sales in the quarter decreased 1.5%.

Net loss in the quarter widened to $194 million or $1.83 a diluted share compared to $132 million or $1.25.

Semtech Corporation (SMTC), the semiconductor products supplier stated net revenue in the second-quarter ending on July 28 climbed 10% to $165 million. Net income in the quarter surged 91% to $19.1 million or 28 cents a diluted share compared to $10 million or 15 cents.

For the third-quarter, the company expects net sales in the range of $135 million to $145 million and diluted earnings per share between 13 cents and 21 cents.
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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