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Market Update

J. Jill, Vera Bradley Jump; Michael Kors to Close At Least 100 Stores


Author: Mukesh Buch
ticker.com
Last Update: 12:40 PM ET May 31 2017

12:35 PM New York – Analog Devices lifted outlook. Daktronics net swung to profit. J. Jill surged after first-quarter result and update fiscal estimate. J. Jill soared in better than expected quarter and improved outlook. Michael Kors and Vera Bradley net swung to a loss.

Tollbooth Index slipped 25.10 or 0.2% to 12,185.81.

Earnings Review

Analog Devices, Inc (ADI) jumped 4.1% or $3.44 to $88.20 after the integrated circuits maker reported revenues in the second-quarter ending in April soared 41.2% from a year ago to $1.1 billion.

Net income in the quarter plunged 45.1% to $93.6 million or 27 cents per diluted share from $170.6 million or 55 cents in the same quarter last year.

The chip maker forecasted revenues in the third-quarter between $1.34 billion and $1.42 billion, gross margin between 52% to 54% and earnings per share in the range of 2 cents to 17 cents.

Daktronics, Inc (DAKT) soared 7.1% or 63 cents to $9.91 after the electronic display and scoreboards supplier said net sales in the fourth-quarter ending in April advanced 3.7% from a year ago to $143.7 million.

Net in the quarter swung to profit $0.9 million or 2 cents per diluted share from a loss of $2.9 million or 7 cents in the same quarter last year.

J. Jill Inc (JILL) surged 10.9% or $1.21 to $12.48 after the women’s apparel retailer stated net sales in the first-quarter ending in April jumped 12.5% from a year ago to $166.1 million.

Total comparable sales in the quarter advanced 9.9%.

Net income in the quarter soared 32.3% to $8 million or 18 cents per diluted share from $6 million or 14 cents in the same quarter last year.

In the second-quarter, the specialty retailer estimated comparable sales to increase in the high single digits and diluted earnings per share in the range of 26 cents to 28 cents.

J. Jill forecasted full-year comparable sales to increase in the high single digit and diluted earnings per share between 72 cents and 76 cents.

Michael Kors Holdings Ltd (KORS) plunged 10% or $3.64 to $32.63 after the U.K.-focused apparel and accessories maker and retailer reported total revenues in the fourth-quarter ending on April 1 declined 11.2% from a year ago to $1.06 billion.

Comparable store sales in the quarter slumped 14.1%

Net in the quarter swung to a loss of $26.8 million or 17 cents per diluted share from profit of $177 million or 98 cents in the same quarter last year.

The women''s apparel designer said retail net sales rose 0.5% to $575.3 million driven primarily by 159 net new store opened in last twelve months while wholesale net sales plunged 22.8% to $456.1 million.

Total revenue in the Americas plummeted 18% to $721 million and revenue in Europe declined 15.3% to $215.2 million.

For the quarter, Michael Kors forecasted total revenue between $910 million and $930 million and comparable sales may decrease in the high-single digit range and diluted earnings per share in the range of 60 cents to 64 cents.

In fiscal 2018, the retailer forecasted revenue of about $4.25 billion and comparable sales to decrease in the high-single digit range and diluted earnings per share in the range of $3.57 to $3.67.

RBC Bearings Inc (ROLL) slipped 1.2% or $1.22 to $98.23 after the precision bearings maker stated net sales in the fourth-quarter ending on April 1 fell 1.3% from a year ago to $160.2 million.

Net income in the quarter jumped 14.1% to $21.6 million or 90 cents per diluted share from $18.9 million or 81 cents in the same quarter last year.

Vera Bradley, Inc (VRA) soared 7.2% or 61 cents to $9.11 after the women''s handbags and travel items maker said net revenues in the first-quarter ending in April dropped 8.6% from a year ago to $96.1 million.

Net in the quarter swung to a loss of $4 million or 11 cents per diluted share from profit of $2.4 million or 6 cents in 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