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DAILY EARNINGS

Menís Wearhouse Net Jumps, PVH Net Swings to Los


Author: Mukesh Buch
ticker.com
Last Update: 11:36 AM ET June 13 2013

10:45 AM New York Ė Comverse fourth quarter net loss narrowed. Lubyís third quarter net increased 3%. Menís Wearhouse first quarter net climbed 23% to $33.1 million. PVH first quarter net swung to loss $20 million.

Earnings Review

Comverse, Inc. (CNSI), the software developer stated total revenues in the fourth quarter ending in April jumped 13% to $155.8 million. Net loss in the quarter narrowed to $3.14 million or 14 cents a diluted share compared to $26.3 million or $1.21.

Clearwire Corporation (CLWR), the companyís board recommended that shareholders accept a cash offer of $4.40 per share from Dish Network Corporation and unanimously recommended that stockholders vote against the $3.40 per share offer of Sprint Nextel.

Gannett Co., Inc. (GCI), the media company agreed to acquire Belo Corp. for $2.2 billion, represents a 28.1% premium to the closing price of Beloís common stock on June 12.

Lubyís, Inc. (LUB), the restaurant operator reported total sales in the third quarter ending on May 8 climbed 16% to $97.5 million. Comparable store sales decreased to 0.1%.

Net income in the quarter increased 3% to $2.49 million or 9 cents a diluted share compared to $2.42 million or 9 cents.

For the year, the company expects same-store sales results in the range of approx flat to down 1% and restaurant sales between $362 million and $366 million and diluted earnings per share in the range of 19 cents to 22 cents.

The Menís Wearhouse, Inc (MW), the specialty retailer stated total net sales in the first quarter ending on May 4 advanced 5% to $616.5 million. Comparable store sales declined to 6.7%.

Net earnings in the quarter climbed 23% to $33.1 million or 65 cents a diluted share compared to $26.9 million or 52 cents.

The company added total gross margin in the quarter jumped 9% to $277.9 million.

For the year, the company expects diluted earnings per share in the range of $2.70 to $2.80 and comparable store sales slightly lower between 4% and 5%.

PVH Corporation (PVH), the sportswear and footwear maker said total revenue in the first quarter ending on May 5 soared 34% to $1.91 billion. Comparable store sales declined to 6.7%.

In the quarter, net swung to a loss $20 million or 25 cents a diluted share compared to net profit $95.5 million or $1.30.

Gross profit in the quarter surged 26% to $951.9 million.

For second quarter, the company expects revenue of $1.9 billion and non-GAAP basis diluted earnings per share approximate $1.35.

Safeway Inc (SWY), the food and drug retailer agreed to sell its Canadian operations to Sobeys Inc., a wholly owned subsidiary of Empire Company Limited for C$5.8 billion in cash.
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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