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Market Update

Best Buy, Children’s Place Soar; Daktronics, DSW Decline


Author: Mukesh Buch
ticker.com
Last Update: 1:40 PM ET August 25 2015

12:00 PM New York – Best Buy net advanced 12%. Children’s Place said net loss widened but retailer lifted fiscal earnings outlook. Daktronics net tumbled 56% on 10% decline in revenues. DSW profit soared 10%. Sanderson Farms net plunged 33%. Toll Brothers netplummeted 32%. Valspar net jumped 5%.

Tollbooth Index soared 312.08 or 3.2% to 10,185.54 and for the year gained 1.2%.

S&P 500 index gained 34.99 or 1.8% to 1,927.72 and declined 6.3% in the year so far. Nasdaq index declined 1.9% and the Dow Jones plunged 9.4% in the year so far.

Earnings Review

Best Buy Co Inc (BBY) surged 14.4% or $4.21 to $33.51 after the consumer electronics retailer reported revenues in the second-quarter ending on August 1 gained 0.8% from a year ago to $8.53 billion.

Comparable store sales in the quarter jumped 2.7% and online comparable sales soared 17%.

Net income in the quarter advanced 12.3% to $164 million or 46 cents per diluted share compared to $146 million or 42 cents from the same quarter last year.

The retailer said domestic revenue increased 3.9% to $7.9 billion while revenues in international segment plunged 25.6% to $650 million from a year ago period.

Children’s Place Inc (PLCE) jumped 4.2% or $2.40 to $59.58 after the kid’s specialty apparel retailer said net sales in the second-quarter ending on August 1 declined 4.7% from a year ago to $366.5 million.

Comparable store sales in the quarter dropped 3.5%.

Net loss in the quarter widened to $13.7 million or 67 cents per diluted share compared to $10.7 million or 49 cents from the same quarter last year.

For the third-quarter, the retailer forecasted earnings per share between $1.90 and $1.96 and comparable store sales to increase 1%.

The retailer lifted earnings per share estimate in the range of $3.35 to $3.45 from the earlier guidance between $3.30 and $3.45 and comparable retail sales for the year will be approximately flat.

Daktronics, Inc (DAKT) plunged 14% or $1.55 to $9.50 after the electronic scoreboards supplier stated revenues in the first-quarter ending on August 1 declined 9.8% from a year ago to $150.2 million.

Net income in the quarter tumbled 56.3% to $3.8 million or 9 cents per diluted share compared to $8.7 million or 20 cents from the same quarter last year.

DSW Inc (DSW) declined 9.8% or $3.04 to $27.89 after the footwear and accessories retailer said revenues in the second-quarter ending on August 1 jumped 6.8% from a year ago to $627.2 million.

Comparable store sales in the quarter rose 1.8%.

Net income in the quarter soared 9.6% to $37.6 million or 42 cents per diluted share compared to $34.3 million or 38 cents from the same quarter last year.

The company reaffirmed earnings per share forecast for the year in the range of $1.80 to $1.90.

Sanderson Farms, Inc (SAFM) slipped 1.8% or $1.22 to $66.68 after the poultry processing company stated revenues in the third-quarter ending in July slumped 3.7% from a year ago to $739.9 million.

Net income in the quarter plunged 33.1% to $50.9 million or $2.27 per diluted share compared to $76.1 million or $3.30 from the same quarter last year.

Toll Brothers Inc (TOL) fell 21 cents to $7.88 after the luxury home builder said revenues in the third-quarter ending in July slipped 2.8% from a year ago to $1.03 billion.

Net income in the quarter plummeted 31.7% to $66.75 million or 36 cents per diluted share compared to $97.7 million or 53 cents from the same quarter last year.

The homebuilder said the average price of homes delivered fell 1.1% to $724,000 from $732,000 in the same period a year ago and home deliveries slipped 2% to 1,419 units.

The Valspar Corp (VAL) rose 19 cents to $75.92 after the paint and coatings distributor reported revenues in the third-quarter ending in July declined 7% from a year ago to $1.15 billion.

Net income in the quarter jumped 5.2% to $102.9 million or $1.25 per diluted share compared to $97.8 million or $1.14 from the same quarter last year.

The company lifted earnings per share estimate for the year in the range of $4.55 to $4.65 from the previous guidance between $4.45 and $4.65.

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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