U.S. Movers: Autodesk, Dell, Hibbett, Sears, Smucker, Target, Wal-Mart

Mukesh Buch
16 Nov, 2012
New York City

Autodesk third quarter net plunged 58% and Dell quarterly net plummeted 47% on weak demand. Sears third quarter net loss widened to $498 million and Target net jumped 15%. Gap third quarter net surged 60% and Wal-Mart net soared 9%.

[R]9:55 AM New York – Autodesk third quarter net plunged 58% and Dell quarterly net plummeted 47% on weak demand. Sears third quarter net loss widened to $498 million and Target net jumped 15%. Gap third quarter net surged 60% and Wal-Mart net soared 9%.[/R]

Autodesk, Inc. ((ADSK)) increased 1.9% or 63 cents to $31.12 after the software and services company said net revenue in the third quarter ending on October edged down to $548 million from $549 million in the same period of last year. Net income in the quarter plunged 58% to $29.3 million or 13 cents a diluted share compared to $72.8 million or 32 cents a share a year ago earlier.

The company expects revenue for the fiscal in the range of $2.28 billion to $2.31 billion and earning per share between 92 cents to $1.

Dell Inc. ((DELL)) declined 6.9% or 66 cents to $8.90 after the PC maker reported revenue in the third quarter ending on November 2 dropped 11% to $13.72 billion from $15.37 billion in the same period of last year. Net income in the quarter plummeted 47% to $475 million or 27 cents a diluted share compared to $893 million or 49 cents a share a year ago.

Dell said revenue of PC in the quarter slumped 8% to $3.13 billion and mobility revenue includes laptop declined 26% to $3.52 billion. Gross margin decreased 20.9% from 22.6% a year earlier.

Region wise, revenue from America slipped 9%, Europe, Middle East and Africa revenue declined 15% and Asia-Pacific and Japan revenue dropped 11%.

The company expects fourth quarter revenue to grow 2% to 5% or in the range of $13.99 billion to $14.41 billion and maintained its full year adjusted earnings outlook of about $1.70 per share.

Hibbett Sports, Inc. ((HIBB)) slipped 2.2% or $1.24 to $53.74 after the sports goods retailer said sales in the third quarter ending on October 27 surged 10% to $202.9 million from $185.2 million in the same period of last year. Comparable store sales for the quarter climbed 6.4%.

Net income in the quarter climbed 19% to $19 million or 71 cents a diluted share compared to $16 million or 59 cents a share a year ago period. Gross profit for the quarter jumped 11.2% to $75.4 million.

The company lifted its earnings per diluted share guidance for fiscal 2013 to a range of $2.66 to $2.71.

Sears Holdings Corporation ((SHLD)) plunged 14.1% or $8.16 to $50.33 after the specialty retailer reported revenues in the third quarter ending on October 27 slumped 6% to $8.86 billion from $9.41 billion in the same period of last year. Comparable store sales slipped 3.1% comprised of decrease of 1.6% at Sears Domestic and 4.8% at Kmart.

Net loss in the quarter widened to $498 million or $4.70 a diluted share compared to $421 million or $3.95 a share a year ago period.

Sears said partial spin-off of 45% to shareholders of Sears Canada closed on November 13 and completed separation of Sears Hometown and Outlet Stores, Inc. on October 11.

Target Corporation ((TGT)) slid 14 cents to $62.30 after the specialty retailer reported total revenues in the third quarter ending on October 27 grew 3% to $16.93 billion from $16.40 billion in the same period of last year. Comparable store sales increased 2.9%.

Net earnings in the quarter jumped 15% to $637 million or 96 cents a diluted share compared to $555 million or 82 cents a share a year ago.

Target added U.S. retail segment sales increased 3.4% to $16.6 billion and U.S. Credit Card receivables slipped 4.7% to $5.9 billion.

For fourth quarter 2012, the retailer expects earnings per share between $1.45 and $1.55.

The Gap, Inc ((GPS)) gained 1.1% or 37 cents to $33.63 after the specialty retailer reported net sales in the third quarter ending on October 27 advanced 8% to $3.86 billion from $3.59 billion in the same period of last year. Comparable store sales climbed 6%.

Net income in the quarter surged 60% to $308 million or 63 cents a diluted share compared to $193 million or 38 cents a share a year ago earlier.

The retailer lifted its fiscal 2012 diluted earnings per share guidance to be in the range of $2.20 to $2.25.

The Buckle, Inc ((BKE)) slipped 46 cents to $47.98 after the apparel retailer said net sales in the third quarter ending on October 27 grew 4% to $284 million from $273 million in the same period of last year. Comparable store sales for the quarter advanced 2.4%.

Net income in the quarter climbed 11% to $42 million or 88 cents a diluted share compared to $38 million or 81 cents a share a year ago period.

The Children''s Place Retail Stores, Inc ((PLCE)) dropped 3.3% or $1.57 to $47.34 after the apparel retailer stated net sales in the third quarter ending on October 27 jumped 3% to $501 million from $484 million in the same period of last year. Comparable retail sales for the quarter increased 1.1%.

Net income in the quarter declined 10% to $35 million or $1.40 a diluted share compared to $39 million or $1.60 a share a year ago.

The company expects for the fourth quarter of 2012, GAAP adjusted earnings per diluted share in a range of $1.01 to $1.06 and assuming positive low-single digit comparable retail sales.

The J. M. Smucker Company ((SJM)) slumped 3.9% or $3.36 to $82.02 after the food products company reported net sales in the second quarter ending in October surged 8% to $1.63 billion from $1.13 billion in the same period of last year. Net income in the quarter climbed 17% to $149 million or $1.36 a diluted share compared to $127 million or $1.12 a share a year ago.

For fiscal 2013 the company expects net sales surged nearly about 7 % and Non-GAAP net income per diluted share also expects in the ranged of $5.12 to $5.22, excluding special project costs of approximately $0.40 per diluted share.

Wal-Mart Stores, Inc. ((WMT)) slid 35 cents to $68.36 after the discount retailer reported total revenue in the third quarter ending in October advanced 4% to $113 billion from $110 billion in the same period of last year. Comparable store sales for the quarter increased 1.5%.

Net income in the quarter soared 9% to $3.63 billion or $1.08 a diluted share compared to $3.34 billion or 96 cents a share a year ago.