S&P 500 2,441.20 17.28
Gold$1,224.80 $5.30
Nasdaq 6,253.81 61.92
Crude Oil $60,490.00      $-1570.00
Market Update

Gap Plans to Close More Stores, Williams-Sonoma Beats Estimates


Author: Mukesh Buch
ticker.com
Last Update: 12:41 PM ET November 18 2016

12:30 PM New York Abercrombie & Fitch net plunged 81%. Buckle net and sales declined. Foot Locker net surged 96% and said it remains on track to meet annual guidance. Gap net declined 18% but reaffirmed earnings forecast. Hibbett Sports net slumped 22%. Williams-Sonoma net fell.

Tollbooth Index slumped 39.95 or 0.4% to 10,958.22.

Earnings Review

Abercrombie & Fitch Co (ANF) tumbled 14% or $2.37 to $14.56 after the specialty retailer reported net sales in the third-quarter ending on October 29 declined 6.5% from a year ago to $821.7 million.

Comparable store sales in the quarter dropped 6%.

Net income in the quarter plunged 81.1% to $7.9 million or 12 cents per diluted share compared to the $41.9 million or 60 cents per share from the same quarter last year.

Buckle Inc (BKE) jumped 2.3% or 55 cents to $24.30 after the casual apparel, footwear and accessories retailer said sales in the third-quarter ending on October 29 slumped 14.6% from a year ago to $239.2 million.

Same-store sales in the quarter plummeted 15.3%.

Net income in the quarter dropped 34.8% to $23.4 million or 48 cents per diluted share compared to the $35.9 million or 74 cents per share from the same quarter last year.

Foot Locker, Inc (FL) rose 15 cents to $71.50 after the shoes and apparel retailer reported total sales in the third-quarter ending on October 29 advanced 5.1% from a year ago to $1.9 billion.

Comparable store sales in the quarter jumped 4.7%.

Net income in the quarter surged 96.3% to $157 million or $1.17 per diluted share compared to the $80 million or 57 cents per share from the same quarter last year.

The retailer said it remains on track to achieve annual guidance of a mid-single digit comparable store sales gain and earnings per share growth to double-digit.

The Gap, Inc (GPS) plunged 14.5% or $4.45 to $26.27 after the apparel retailer stated revenues in the third-quarter ending on October 29 fell 1.5% from a year ago to $3.8 billion.

Net income in the quarter declined 17.7% to $204 million or 51 cents per diluted share compared to the $248 million or 61 cents per share from the same quarter last year.

The company reaffirmed its diluted earnings per share in the range of $1.41 to $1.50.

Hibbett Sports, Inc (HIBB) declined 11.8% or $5.35 to $39.95 after the sporting goods retailer stated net sales in the third-quarter ending on October 29 increased 3.8% from a year ago to $237 billion.

Comparable store sales in the quarter rose 0.7%.

Net income in the quarter slumped 21.9% to $14.6 million or 66 cents per diluted share compared to the $18.7 million or 79 cents per share from the same quarter last year.

The sporting goods retailer lowered diluted earnings per share in the range of $2.82 to $2.88 compared to the earlier estimated range of $2.93 to $3.02.

Williams-Sonoma, Inc (WSM) fell 45 cents to $53.17 after the home furnishings retailer reported net revenues in the third-quarter ending in October grew 1.1% from a year ago to $1.2 billion.

Comparable brand revenue in the quarter decreased 0.4%

Net income in the quarter slid 1.5% to $69.4 million or 78 cents per diluted share compared to the $70.5 million or 77 cents per share from the same quarter last year.

Williams-Sonoma forecasted total net revenues in the fourth-quarter in the range of $1.57 billion to $1.65 billion and comparable brand revenue to range between 1% decline and 4% increase and diluted earnings per share between $1.45 and $1.55.

In the year, the multi-channel specialty retailer estimated total net revenues between $5.07 billion and $5.15 billion and comparable brand revenue may increase in the range of 1% to 2% and non-GAAP diluted earnings per share in the range of $3.35 to $3.45.

  1
Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites. Market data: BATS Exchange. Inc