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DAILY EARNINGS

Big Lots, Michaels Net Soar; Genesco Net Swings to Loss


Author: Mukesh Buch
ticker.com
Last Update: 11:10 AM EST December 01 2017

11:45 PM New York American Woodmark second-quarter net surged 13% to $20 million. Big Lots third-quarter net soared to $4.4 million. Genesco third-quarter net swung to a loss of $165 million. Michaels Companies third-quarter net jumped 4% to $80 million. Titan Machinery third-quarter net surged.

Tollbooth Index decreased 18.68 to 13,627.71.

Earnings Review

American Woodmark Corporation (AMWD) gained 1.9% or $1.90 to $101.50 after the kitchen cabinets maker said sales in the second-quarter ending in October increased 4% from a year ago to $274.8 million.

Net income in the quarter surged 12.5% to $19.8 million or $1.21 per diluted share from $17.6 million or $1.07 in the same quarter last year.

Separately, today the kitchen cabinets maker agreed to acquire kitchen and bath cabinetry and home storage products maker RSI Home Products, Inc for about $1.8 billion.

The transaction is expected to close in January 31, 2018.

Axalta Coating Systems Ltd (AXTA), the paint and coatings maker rejected $9.1 billion takeover offer from Nippon Paint Holdings.

Big Lots, Inc (BIG) declined 3.1% or $1.84 to $57.26 after the deep discount retailer reported net sales in the third-quarter ending on October 28 rose 0.5% from a year ago to $1.1 billion.

Comparable store sales in the quarter increased 1%.

Net income in the quarter soared to $4.4 million or 10 cents per diluted share from $1.4 million or 3 cents in the same quarter last year.

CVS Health Corp (CVS), the Wall Street Journal reported that pharmacy care services provider is close to buying health insurer Aetna Inc for as much as $205 per share or more than $66 billion.

Costco Wholesale Corporation (COST), the discount stores operator reported net sales in the four-week ending on November 26 surged 13.2% to $11.3 billion and comparable sales advanced 10.8%.

The discount stores operator said online sales in the month jumped 39%.

In the first quarter of fiscal year 2018 ending on November 26 net sales soared 13.3% to $31.13 billion and comparable sales in the quarter jumped 10.5% from a year ago period and online sales in the quarter surged 43.6%.

Genesco Inc (GCO), the footwear, apparel and accessories retailer and wholesaler said net sales in the third-quarter ending on October 28 rose 1% from a year ago to $717 million.

Comparable store sales in the quarter increased 1%, with a 4% increase in each of Journeys Group and Schuh Group while comparable store sales in the Lids Sports Group declined 6% and in Johnston & Murphy Group sales decreased 1%.

Net in the quarter swung to a loss of $164.8 million or $8.56 per diluted share from $25.9 million profit or $1.30 per share in the same quarter last year.

The retailer recognized impairment of goodwill in the Lids Sports Group and recorded a non-cash pre-tax impairment charge of $182.2 million, or $8.13 per diluted share after-tax.

Michaels Companies Inc (MIK), the arts and crafts specialty retailer said total net sales in the third-quarter ending on October 28 grew 1.1% from a year ago to $1.2 billion.

Comparable store sales in the quarter rose 1%.

Net income in the quarter jumped 4.3% to $79.8 million or 44 cents per diluted share from $76.5 million or 37 cents in the same quarter last year.

Fiscal 2017 total net sales are estimated to increase in the range of 2.9% to 3.2%, comparable store sales are expected to increase between 0.6% and 0.9% and diluted earnings per share in the range of $2.13 to $2.16.

Titan Machinery Inc (TITN), the agricultural and construction equipment provider said revenues in the third-quarter ending in October fell 0.6% from a year ago to $330.3 million.

Net income in the quarter surged to $2.3 million or 11 cents per diluted share from $0.3 million or 1 cent 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