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Market Update

Destination Maternity Surges; Culp, Fred's, Michaels Plunge


Author: Mukesh Buch
ticker.com
Last Update: 12:33 PM EDT June 14 2018

12:35 PM New York City, New York Culp plummeted on weal forecast. Destination Maternity surged after net swung to profit. Fred''s net loss narrowed. The Michaels Companies tumbled after net plunged 63%.

Tollbooth Index slid 18.87 to 15,525.11 but for the year-to-date soared 12.8%.

Earnings Review

Culp Inc (CULP) plummeted 13.3% or $4.10 to $26.65 after the mattress and upholstery fabrics supplier reported net sales in the year ending on April 29 jumped 4.6% from a year ago to $323.7 million.

Net income in the year declined 6.3% to $20.9 million or $1.65 per diluted share from $22.3 million or $1.78 in the same quarter last year.

Culp forecasted first-quarter net sales to decline 10% and pretax profit to drop between $3.8 million to $4.8 million from reported pretax profit of $6.7 million in the same period a year ago.

Destination Maternity Corporation (DEST) surged 32.2% or $1.11 to $4.56 after the maternity apparel and accessories retailer said net sales in the first-quarter ending on April 29 slumped 3% from a year ago to $103.2 million.

Comparable store sales in the quarter fell 0.1%.

Net in the quarter swung to profit $0.2 million or 2 cents per diluted share from a loss of $1.1 million or 8 cents in the same quarter last year.

Fred''s, Inc (FRED) declined 7.1% or 12 cents to $1.63 after the retail stores operator stated net sales in the first-quarter ending on May 5 plummeted 5.8% from a year ago to $437.1 million.

Comparable store sales in the quarter dropped 3.9% but online sales surged 43%.

Net loss in the quarter narrowed to $19.9 million or 54 cents per diluted share from $37.8 million or $1.02 in the same quarter last year.

The Michaels Companies Inc (MIK) tumbled 17.4% or $3.82 to $18.12 after the arts and crafts specialty retailer reported net sales in the first-quarter ending on May 5 slid 0.3% from a year ago to $1.6 billion.

Comparable store sales in the quarter increased 0.4%.

Net income in the quarter plunged 62.7% to $26.9 million or 15 cents per diluted share from $72.2 million or 38 cents in the same quarter last year.

The specialty retailer forecasted fiscal 2018 revenues growth in the range of between $5.22 billion and $5.29 billion and comparable store sales to increase between 0% and 1.5% and diluted earnings per share between $2.19 and $2.32.

Nucor Corporation (NUE) gained 1% or 67 cents to $67.44 after the steelmaker forecasted second-quarter diluted earnings per share in the range of $2.05 to $2.10 compared to the first-quarter of $1.10 and $1 from a year ago period.

Nucor said significant increase in earnings strong market conditions and sustainable strength in steel end use markets.

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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