CLARCOR, FedEx, Michaels Soar; Jabil Circuit, Williams-Sonoma Fall

Mukesh Buch
17 Mar, 2016
New York City

Cato net surged 28%. CLARCOR net profit plunged 18% on 6% decline in revenues. FedEx net tumbled 19% but revenues soared 9%. Jabil Circuit net soared 52%. Lands'''' End net swung to a loss. Michaels Co net jumped. Williams-Sonoma net fell.

[R]1:05 PM New York – Cato net surged 28%. CLARCOR net profit plunged 18% on 6% decline in revenues. FedEx net tumbled 19% but revenues soared 9%. Jabil Circuit net soared 52%. Lands'' End net swung to a loss. Michaels Co net jumped. Williams-Sonoma net fell.[/R]

Tollbooth Index increased 51.88 or 0.5% to 10,665.41.

Earnings Review

The Cato Corporation ((CATO)) gained 2.3% or 85 cents to $37.56 after the women''s fashion specialty retailer reported net sales in the fourth-quarter ending in January jumped 4% from a year ago to $247.3 million.

Same store sales in the quarter increased 1%.

Net income in the quarter surged 28% to $11.8 million or 42 cents per diluted share compared to $9.2 million or 33 cents per share from the same quarter last year.

The company estimated fiscal 2016 could be a “difficult year,” and blamed it on the volatility in the retail sector.

CLARCOR Inc ((CLC)) soared 10.4% or $5.30 to $56.65 after the filtration products maker said revenues in the first-quarter ending on February 27 declined 5.7% from a year ago to $316.3 million.

Net income in the quarter plunged 17.8% to $21.7 million or 44 cents per diluted share compared to $26.4 million or 52 cents per share from the same quarter last year.

FedEx Corporation ((FDX)) jumped 10.4% or $15.02 to $159.29 after the air freight and logistics services provider reported revenues in the third-quarter ending in February soared 8.5% from a year ago to $12.7 billion.

Net income in the quarter tumbled 19.3% to $507 million or $1.84 per diluted share compared to $628 million or $2.18 per share from the same quarter last year.

Jabil Circuit, Inc ((JBL)) tumbled 9.1% or $2 to $19.96 after the electronic chips maker said revenues in the second-quarter ending in February increased 2.1% from a year ago to $4.40 billion.

Net income in the quarter soared 51.7% to $78.9 million or 41 cents per diluted share compared to $52 million or 27 cents per share from the same quarter last year.

Lands'' End, Inc ((LE)) increased 2.9% or 72 cents to $24.95 after the multi-channel retailer said net sales in the fourth-quarter ending on January 29 declined 6.1% from a year ago to $473.5 million.

Same store sales in the quarter plunged 8.7%.

Net in the quarter swung to a loss of $39.5 million or $1.23 per diluted share compared to profit of $33.1 million or $1.03 per share from the same quarter last year.

The casual clothing, accessories and home products retailer direct segment net revenue fell 5.2% to $409.1 million and retail segment net revenue tumbled 11.5% to $64.4 million driven by 8.7% decrease in same store sales and reduce the number of its shops at Sears.

The company wrote down $98.3 million, non-cash impairment charge related to write-down of trade name, adjusted income in the quarter was $22.6 million or 71 cents a share.

As of January 29, the company had $150.7 million of available asset-based senior secured credit facility and had long-term debt of $500.8 million and inventory jumped 9.2% to $329.2 million from same period a year ago.

The Michaels Companies, Inc ((MK)) surged 9.8% or $2.39 to $26.71 after the arts and crafts retailer reported total net sales in the fourth-quarter ending in January advanced 4.6% from a year ago to $1.7 billion.

Comparable store sales in the quarter jumped 3.1%.

Net income in the quarter soared 17.3% to $183.7 million or 87 cents per diluted share compared to $156.6 million or 75 cents per share from the same quarter last year.

The company forecasted comparable store sales in the fiscal year to increase 2.2% to 2.7% and net sales to grow between 8% and operating income in the range of $761 million to $786 million and 9% and diluted earnings per common share to be between $1.88 and $1.96.

Williams-Sonoma, Inc ((WSM)) declined 6.4% or $3.80 to $55.66 after the home furnishings retailer said net revenues in the fourth-quarter ending on February 1 rose 2.9% from a year ago to $1.59 billion.

Net income in the quarter slumped 4% to $141.1 million or $1.55 per diluted share compared to $147 million or $1.57 per share from the same quarter last year.