Conn's, Destination Maternity, SYNNEX Decline; McCormick Net surges

Mukesh Buch
29 Mar, 2016
New York City

Conn''s net plummeted 93% but revenues jumped 7%. Destination Maternity net loss narrowed. Lennar profit surged 25%. McCormick lifted sales and profit outlook. SYNNEX net edged up but revenues fell.

[R]12:00 PM New York – Conn''s net plummeted 93% but revenues jumped 7%. Destination Maternity net loss narrowed. Lennar profit surged 25%. McCormick lifted sales and profit outlook. SYNNEX net edged up but revenues fell.[/R]

Tollbooth Index increased 21.09 or 0.2% to 10,647.94.

Earnings Review

Conn''s, Inc ((CONN)) plunged 23.6% or $3.70 to $11.95 after the consumer goods and services provider reported revenues in the fourth-quarter ending in January jumped 7% from a year ago to $456.8 million.

Same store sales in the quarter increased 3.6%.

Net income in the quarter plummeted 92.9% to $1.1 million or 3 cents per diluted share compared to $15.5 million or 42 cents per share from the same quarter last year.

Destination Maternity Corp ((DEST)) tumbled 19.5% or $1.70 to $7.04 after the maternity apparel designer and retailer said net sales in the fourth-quarter ending in January slipped 2.4% from a year ago to $118.3 million.

Comparable store sales in the quarter declined 3.5%.

Net loss in the quarter narrowed to $3.1 million or 11 cents per diluted share compared to $16.9 million or $1.02 per share from the same quarter last year.

Lennar Corporation ((LEN)) increased 1.1% or 49 cents to $47.19 after the real estate developer stated revenues in the first-quarter ending in February advanced 21% from a year ago to $2 billion.

Net income in the quarter soared 25.3% to $144.1 million or 63 cents per diluted share compared to $115 million or 50 cents per share from the same quarter last year.

McCormick & Company, Inc ((MKC)) gained 1.7% or $1.64 to $99 after the spices, herbs and seasonings products maker reported sales in the first-quarter ending in February rose 2% from a year ago to $1.03 billion.

Net income in the quarter surged 32.5% to $93.4 million or 73 cents per diluted share compared to $70.5 million or 55 cents per share from the same quarter last year.

McCormick forecasted sales in the year to increase between 4% and 6% and operating profit to jump 17% to 20% from $548 million in 2015 and earnings per share in the range of $3.65 to $3.72.

SYNNEX Corporation ((SNX)) declined 7.7% or $7.43 to $89.23 after the business process services provider said revenues in the first-quarter ending in February dropped 2.4% from a year ago to $3.1 billion.

Net income in the quarter rose 0.5% to $46.6 million or $1.17 per diluted share compared to $46.3 million or $1.16 per share from the same quarter last year.