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Market Update

McCormick, Neogen, Sonic, Walgreen Jump; G-III Apparel Drops


Author: Mukesh Buch
ticker.com
Last Update: 12:18 PM ET March 25 2014

12:10 PM New York G-III Apparel net soared 62% after sales surged 26%. McCormick reaffirmed sales outlook and said net rose 9%. Neogen jumped after revenue soared 21% but net slid. Sonic profit climbed 15%. Walgreen plans to close 76 unprofitable drugstores. Disney acquired Maker Studios for $500 million.

G-III Apparel Group, Ltd. (GIII) declined 5.4% or $4.05 to $70.41 after the sportswear maker said net sales in the fourth-quarter ending in January surged 26% to $472.8 million.

Net income in the quarter soared 62% to $13.1 million or 62 cents a diluted share compared to $8.1 million or 40 cents.

McCormick & Company, Inc (MKC) soared 5.7% or $3.83 to $71.34 after the food processing company said net sales in the first-quarter ending in February jumped 6% to $993.4 million.

Net income in the quarter climbed 8.5% to $82.5 million or 62 cents a diluted share compared to $76 million or 57 cents.

The company reaffirmed sales to grow between 3% and 5% and earnings per share in the range of $3.22 to $3.29.

Neogen Corporation (NEOG) surged 5.7% or $2.65 to $47.97 after the medical equipment maker reported said revenues in the third-quarter ending on February 28 climbed 21% to $62.1 million.

Net income in the quarter slid 1.4% to $6.6 million or 18 cents a diluted share compared to $6.7 million or 18 cents.

Sonic Corporation (SONC) soared 8.7% or $1.83 to $22.75 after the quick service restaurants operator stated revenue in the second-quarter ending in February jumped 5.1% to $109.7 million.

System-wide same-store sales in the quarter increased 1.4% and this comprised growth of 1.5% same-store sales at franchise drive-ins and an increase of 1.3% at company drive-ins.

Net income in the quarter climbed 14.8% to $4.11 million or 7 cents a diluted share compared to $3.58 million or 6 cents.

Walgreen Company (WAG) climbed 4% or $2.60 to $66.90 after the drug retailer reported revenue in the second- quarter ending in February jumped 5.1% to $19.6 billion. Comparable sales in the quarter soared 4.3%.

Net earnings in the quarter slid 0.2% to $754 million or 78 cents a diluted share compared to $756 million or 79 cents.

Walgreen added front-end comparable store sales in the quarter increased 2% and customer traffic in comparable stores fell 1.4% and basket size rose 3.4%.

The drug retailer plans to close 76 unprofitable drugstores by August to save $40 million to $50 million per year starting from fiscal 2015.

The Walt Disney Company (DIS) fell 34 cents to $79.15 after the entertainment company agreed to acquire Maker Studios the operator of independent channel network on YouTube platform for $500 million.

Disney said it would pay additional $450 million to Maker in bonus if the network achieves the targets.

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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