U.S. Movers: Genesco, Heinz, Joy Global, Fresh Market

Mukesh Buch
29 Aug, 2012
New York City

Genesco swung to profit and lifted fiscal outlook and Heinz first quarter net jumped 14% to $258 million. Joy Global sales increased but mining equipment maker lowered fiscal outlook. Fresh Market second quarter net surged 27%.

[R]10:35 AM New York – Genesco swung to profit and lifted fiscal outlook and Heinz first quarter net jumped 14% to $258 million. Joy Global sales increased but mining equipment maker lowered fiscal outlook. Fresh Market second quarter net surged 27%.[/R]

Genesco Inc. ((GCO)) gained 2.8% or $2.06 to $73.23 after the apparel retailer reported total sales in the second quarter ending on July 28 soared 15% to $543.5 million compared to $470.6 million in the same period of last year. Comparable store sales increased 4%.

Net income in the quarter swung to $10.5 million or 43 cents per diluted share compared net loss of $0.4 million or 2 cents per share a year ago earlier.

The retailer expects fiscal 2013 adjusted diluted earnings per share to be in the range of $4.88 to $5.00 an increase from previous guidance range of $4.70 to $4.82 and comparable sales to increase 4%.

H. J. Heinz Company ((HNZ)) slipped 2.2% or $1.27 to $56.14 after the food products maker reported net sale in the first quarter ending on July 29 slid 2% to $2.79 billion compared to $2.83 billion in the same period of last year. Net income in the quarter jumped 14% to $258 million or 80 cents per diluted share compared to $226.1 million or 70 cents per share a year ago period.

Joy Global Inc. ((JOY)) declined 5.2% or $2.78 to $50.29 after the mining equipment maker reported net sale in the third quarter ending on July 27 advanced 22% to $1.39 billion compared to $1.14 billion in the same period of last year.

Net income in the quarter increased 12% to $193.5 million or $1.81 per diluted share compared to $173.1 million or $1.62 per share a year ago earlier.

Third quarter bookings declined 25% to $1.1 billion and backlog reduced to $2.8 billion compared to $3.1 billion at the end of second quarter.

The company lowered revenue expectation for fiscal 2013 between $5.45 billion and $5.55 billion and earnings per share are in the range of $7.05 to $7.20.

Jos. A. Bank Clothiers, Inc. ((JOSB)) jumped 16.3% or $6.80 to $48.43 after the tailored apparel retailer reported total sales in the second quarter ending on July 30 increased 13% to $260.3 million compared to $230.7 million in the same period of last year. Comparable store sales increased 6.1% and direct marketing sales increased 39.3%.

Net income in the quarter advanced 13% to $23.2 million or 83 cents per diluted share compared to $20.6 million or 74 cents per share a year ago period.

The company said third quarter sales so far are “positive” and comparable store and direct sales are ahead of the August month a year ago.

The retailer expects to open approximately 45 to 50 stores to each in fiscal 2012 and 2013.

The Fresh Market, Inc ((TFM)) increased 1.4% or 91 cents to $62.60 after the gourmet grocery retailer reported net sales in the second quarter ending on July 29 climbed 21% to $313 million compared to $259.5 million in the same period of last year. Comparable store sales increased 8%.

Net income in the quarter surged 27% to $13.3 million or 28 cents per diluted share compared to $10.5 million or 22 cents per share a year ago earlier.

In the quarter, gross profit increased 26% to $106.7 million and operating margin increased 7%.

For fiscal 2012, the company expects comparable store sales to increase 5.5% to 6.5% and diluted earnings per share between $1.33 and $1.38.