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Market Update

Buckle, L Brands September Sales Decline; Constellation Brands Lifted Outlook


Author: Mukesh Buch
ticker.com
Last Update: 11:41 AM EDT October 05 2017

11:40 AM New York The Buckle September comparable sale slumped 5.7%. Constellation Brands net surged and lifted fiscal outlook. International Speedway net declined. L Brands September comparable sale fell 2%. Lamb Weston net jumped. Zumiez September comparable sale soared 9.3%.

Tollbooth Index jumped 50.38 or 0.4% to 12,710.48.

Earnings Review

The Buckle, Inc (BKE) advanced 2.9% or 48 cents to $16.83 after the apparel, footwear and accessories retailer said net sales in the five-weeks ending in September declined 6.1% to $77.9 million and comparable store sale slumped 5.7%.

Constellation Brands, Inc (STZ) jumped 4.3% or $8.59 to $209.76 after the beer, wine and spirits distributor reported revenues in the second-quarter ending in August advanced 4.5% from a year ago to $2.3 billion.

Net income in the quarter surged 39.2% to $499.5 million or $2.48 per diluted share from $358.9 million or $1.75 in the same quarter last year.

The beer maker lifted earnings per share forecast between $7.90 and $8.05 from $7.52 in fiscal 2017 and wine maker also reaffirmed fiscal 2018 operating cash flow of about $2 billion and free cash flow in the range of $725 million to $825 million.

International Speedway Corp (ISCA) advanced 2.5% or 90 cents to $37.55 after the motorsports event operator said total revenues in the third-quarter ending in August increased 2.2% from a year ago to $131.9 million.

Net income in the quarter declined 8% to $0.3 million or 1 cent per diluted share from $2.2 million or 5 cents in the same quarter last year.

The motorsports event operator forecasted fiscal 2017 revenues in the range of $660 million to $670 million and operating margin between 15.5% and 17% and diluted earnings per share in the range of $1.50 to $1.65.

ImmunoGen, Inc (IMGN) plunged 8.1% or 63 cents to $7.20 after the clinical-stage biotechnology products developer plans to offer 13 million shares and use the proceeds to finance research, development, clinical trials and for other corporate purposes.

L Brands Inc (LB) dropped 2.1% or 85 cents to $40.51 after the specialty retailer reported net sales in the five-weeks ending in September increase 1% to $971.4 million and comparable store sales decreased 2%.

Lamb Weston Holdings Inc (LW) gained 1.1% or 55 cents to $48.96 after the frozen appetizer and vegetable products supplier stated revenues in the first-quarter ending onAugust 27 increased 5% from a year ago to $817.5 million.

Net income in the quarter jumped 5% to $83.4 million or 56 cents per diluted share from $79.6 million or 54 cents in the same quarter last year.

The frozen vegetable products supplier estimated fiscal 2018 revenues growth rate low-to-mid single digits from a year ago period.

Zumiez Inc (ZUMZ) gained 1.1% or 20 cents to $19.10 after the specialty retailer said total net sales in the five-weeks ending in September surged 12.6% to $84.4 million and comparable store sales soared 9.3%.

The retailer lifted fiscal third-quarter revenues forecast between $241 million and $243 million compared to the earlier estimated range between $236 million and $241 million.

Specialty retailer estimated comparable sales to increase between 6% and 7% and diluted earnings per share to jump in the range of 45 cents to 48 cents from the earlier forecasted range of 43 cents to 48 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