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Market Update

Ford, GM Sales in May Decline; Michael Kors Net Falls 3%


Author: Mukesh Buch
ticker.com
Last Update: 10:54 AM ET June 01 2016

12:00 PM New York – Fiat Chrysler U.S. sales in May rose 1%, Ford sales slumped 6% and GM sales declined 18%. Cracker Barrel net soared 39%. Daktronics net swung to a loss. G-III Apparel profit plunged 59% and reiterated sales outlook. Michael Kors net fell 3%. Vera Bradley net swung to profit.

Tollbooth Index slid 8.93 to 10,658.66.

Earnings Review

Cracker Barrel Old Country Store, Inc (CBRL) soared 9.4% or $14.26 to $165.74 after the restaurant operator total revenues in the third-quarter ending on April 29 rose 2.4% from a year ago to $700.1 million.

Comparable store restaurant sales increased 2.3% and comparable store retail sales advanced 2.2%.

Net income in the quarter soared 39% to $49.2 million or $2.04 per diluted share compared to $35.3 million or $1.47 per share from the same quarter last year.

The restaurant operator forecasted total revenue in the full-year between $2.90 billion and $2.95 billion.

Daktronics, Inc (DAKT) tumbled 16.7% or $1.33 to $6.64 after the electronic scoreboards supplier stated net sales in the fourth-quarter ending in April plunged 12.4% from a year ago to $138.5 million.

Net in the quarter swung to a loss of $2.9 million or 7 cents per diluted share compared to profit of $3.8 million or 9 cents per share from the same quarter last year.

G-III Apparel Group, Ltd (GIII) fell 1.1% or 43 cents to $38.69 after the apparel and accessories maker said net sales in the first-quarter ending in April jumped 6% from a year ago to $457.4 million.

Net income in the quarter plunged 58.8% to $2.8 million or 6 cents per diluted share compared to $6.8 million or 15 cents per share from the same quarter last year.

The company reiterated net sales in the fiscal year ending January 2017 of about $2.56 billion and net income between $120 million and $125 million and diluted earnings per share in the range of $2.55 to $2.65.

Fiat Chrysler Automobiles NV (FCAU) slumped 2.7% or 20 cents to $6.97 after the vehicle maker stated U.S. auto sales in May rose 1% to 204,452 vehicles compared to 202,227 vehicles a year ago month.

Total passenger car sales in the month declined 11% to 56,722 vehicles while total UV’s sales soared 10% to 104,117 vehicles but total truck and LCV sales were flat at 43,613 vehicles.

Fiat brand sales plunged 19% to 3,137 vehicles and RAM pickup vehicles sales fell 3% to 38,833 units while RAM truck brand sales were flat at 43,613 units from 43,598 units a year ago month.

Chrysler brand sales tumbled 19% to 24,276 units and Dodge brand sales dropped 5% to 42,837 units.

Ford Motor Company (F) declined 3.6% or 49 cents to $13 after the automaker reported total U.S. sales in May slumped 5.9% to 235,997 vehicles.

Passenger car sales in the month tumbled 25% to 67,315 units while utility vehicle sales added 0.3% to 78,006 units while trucks sales soared 8.9% to 90,676 while Lincoln sales jumped 6.9% to 9,807 units.

Ford Escape sales in the month advanced 5.5% to 30,861 vehicles and sales in F-Series soared 9% to 67,412 vehicles from a year ago month.

Sales in Fusion declined 21.5% to 24,589 vehicles and sales in Fiesta tumbled 34.8% to 6,150 vehicles and Focus sales slumped 27.1% to 17,455 vehicles. Mustang sales plummeted 24.2% to 10,327 vehicles.

Mark LaNeve, Ford''s vice president of U.S. marketing and sales said “Ford brand average price increase in May jumped to $1,500 per vehicle, nearly 50% higher than the industry.""""

General Motors Company (GM) dropped 3.6% or $1.14 to $30.14 after the automaker reported total sales in May declined 18% to 240,450 units and retail sales in the month plunged 13% to 190,613 units.

GM said May sales in Chevrolet segment tumbled 18.6% to 169,331 units and sales in Cadillac business fell 16% to 12,099 units and sales in Buick segment plummeted 22.1% to 15,625 from a year ago month.

The automaker said average transaction prices after sales incentives in May were $35,722, nearly $4,600 above the industry average.

Michael Kors Holdings Ltd (KORS) soared 6.3% or $2.69 to $45.41 after the luxury lifestyle brand retailer said total revenues in the fourth-quarter ending on April 2 jumped 10.9% from a year ago to $1.29 billion.

Comparable store sales in the quarter rose 0.3%

Net income in the quarter slumped 3.1% to $177 million or 98 cents per diluted share compared to $182.6 million or 90 cents per share from the same quarter last year.

Vera Bradley, Inc (VRA) dropped 3.1% or 47 cents to $14.85 after the women''s accessories and travel items designer said net revenues in the first-quarter ending in April increased 4% from a year ago to $105.2 million.

Net in the quarter swung to profit $2.4 million or 6 cents per diluted share compared to net loss of $4.1 million or 10 cents per share from the same quarter last year.

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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