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Market Update

Bed Bath & Beyond, Chevron and Family Dollar Drop


Author: Mukesh Buch
ticker.com
Last Update: 12:09 PM ET April 10 2014

12:00 PM New York Bed Bath & Beyond net declined 11% and sales dropped 6%. Costco net sales climbed and comparable sales jumped 5%. Family Dollar net plunged 35% after sales dropped 7%. L Brands comparable sales in March fell 1%. iGATE profit dropped 9%. Rite Aid net tumbled 54%.

Bed Bath & Beyond Inc (BBBY) plunged 6.4% or $4.33 to $63.58 after the home furnishings retailer said net sales in the second-quarter ending on March 1 slumped 5.8% to $3.20 billion. Comparable store sales in the quarter increased 1.7%.

Net income in the quarter declined 10.8% to $333.3 million or $1.60 a diluted share compared to $373.9 million or $1.68.

The stock eased after the retailer estimated current quarter earnings between 92 cents and 96 cents per share, lower than an estimate of at least $1 by analysts.

Costco Wholesale Corporation (COST) rose 37 cents to $113.42 after the discount stores operator reported net sales for the month of March climbed 8% to $10.43 billion and comparable store sales in the month jumped 5%.

Chevron Corporation (CVX) slipped 1.3% or $1.54 to $117.56 after the petroleum refiner said in its interim update that earnings for its first quarter are expected to be lower than in the fourth quarter of 2013.

Family Dollar Stores, Inc (FDO) slipped 49 cents to $58.58 after the discount stores operator said net sales in the second-quarter ending on March 1 declined 6.9% to $2.7 billion. Comparable store sales in the quarter dropped 3.8%.

Net income in the quarter plunged 35.1% to $90.9 million or 80 cents a diluted share compared to $140.1 million or $1.21.

L Brands Inc (LB) declined 3.2% or $1.89 to $56.99 after the specialty retailer reported net sales in March increased 3% to $923.7 million and comparable store sales in the month fell 1% from a year ago period.

iGATE Corporation (IGTE) soared 8.6% or $2.85 to $36.03 after the outsourcing service provider stated revenue in the first-quarter ending in March climbed 10% to $302.2 million.

Net income in the quarter dropped 9.2% to $31.6 million or 29 cents a diluted share compared to $34.8 million or 34 cents.

Rite Aid Corporation (RAD) surged 11.6% or 74 cents to $7.14 after the retail drugstore chain said revenue in the fourth-quarter ending on March 1 rose 2.2% to $6.6 billion. Same store sales in the quarter increased 2.1%.

Net income in the quarter tumbled 54.4% to $56.7 million or 6 cents a diluted share compared to $124.4 million or 13 cents.

The stock surged after the retailer estimated current year sales between $26 billion and $26.5 billion surpassing the estimate of $25.8 billion by analysts.

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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