Earnings Headlines

Home Depot, the largest home improvement store chain, reported 1Q profit of 57 cents vs. 49 cents a year ago on 8% revenue growth. Excluding one time charges the profit would have been 60 cents vs. 55 cents of estimates. Same-store sales rose 2.1% in the quarter.

Zale Corp, the largest fine jewelry retailer, reported 1Q profit of 28 cents vs. 22 cents a year ago on 3% revenue growth.

Staples, office supplies retailer, reported 1Q profit of 21 cents vs. 17 cents a year ago on 13% sales increase. Same-store North American sales were up 4% with total sales were up 9%.

J.C. Penney, department store chain, reported 1Q profit of 63 cents vs. 13 cents a year ago beating the estimates by 2 cents on revenue growth of 3.9% with same-store sales growth of 3%. For the full year it raised the guidance from $2.94-$3.06 to $2.96-$3.08.

The TJX companies, off-price apparel retailer, reported 1Q profit of 30 cents vs. 32 cents a year ago with same-store sales up 3% compared to 8% year ago.

Big Lots, close out retailer, reported 1Q profit of 7 cents vs. 5 cents a year ago on same-store sales up by 2.4% and lower interest charges and 3.1% lower number of transaction. The company backed the full-year guidance.

Saks Incorporated recorded net income of $17.1 million, or $.12 per share, for the first quarter ended April 30, 2005. The quarter included a net gain of $1.4 million (net of taxes), or $.01 per share, primarily related to the disposition of closed stores. The quarter also included approximately $2.0 million (net of taxes), or $.01 per share, of expenses associated with its previously disclosed investigation of alleged improper collections of vendor markdown allowances.
Barnes & Noble, book retailer, reported 1Q profit of 13 cents vs. 16 cents a year ago on same-store sales growth of 2.2% and total sales growth of 4%. The Internet sales were down 0.6% compared to a year ago. The quarter in the last year included gain of 6 cents for the GameStop division spin-off.

Deer & Co., Farm equipment maker, reported 2Q profit of $2.43 vs. $1.88 per share on sales growth of 13%. The company plans to have 7% to 9% lower production in the second half of the year to lower the inventory levels ahead of new product launches next year.