J C Penney Net Loss Narrows; Dillard's, Nordstrom Profit Decline

Mukesh Buch
12 Aug, 2016
New York City

Applied Industrial net and revenues fell. Brookfield Asset Management net tumbled 71% but revenues soared 21%. Dillard''s profit declined 60%. J C Penney net loss narrowed and reaffirmed full-year comparable store sales forecast. Nordstrom net plunged 45%. Nvidia net surged.

[R]12:00 PM New York – Applied Industrial net and revenues fell. Brookfield Asset Management net tumbled 71% but revenues soared 21%. Dillard''s profit declined 60%. J C Penney net loss narrowed and reaffirmed full-year comparable store sales forecast. Nordstrom net plunged 45%. Nvidia net surged.[/R]

Tollbooth Index slid 5.80 to 11,177.32.

Earnings Review

Applied Industrial Technologies ((AIT)) declined 5.7% or $2.74 to $45.46 after the industrial products supplier said net sales in the fourth-quarter ending in June plunged 6.4% from a year ago to $634 million.

Net income in the quarter slumped 6.8% to $26.1 million or 66 cents per diluted share compared to the $28 million or 70 cents per share from the same quarter last year.

Brookfield Asset Management Inc ((BAM)) slipped 1.2% or 41 cents to $34.91 after the alternative asset manager reported revenues in the second-quarter ending in June soared 21.3% from a year ago to $5.97 billion.

Net income in the quarter tumbled 71.3% to $185 million or 15 cents per diluted share compared to the $645 million or 62 cents per share from the same quarter last year.

Dillard''s, Inc ((DDS)) advanced 3.1% or $2.08 to $68.49 after the apparel, cosmetics and home furnishing retailer said net sales in the second-quarter ending in July dropped 3.9% from a year ago to $1.45 billion.

Comparable store sales in the quarter slumped 5%.

Net income in the quarter declined 59.5% to $12.1 million or 35 cents per diluted share compared to the $29.9 million or 75 cents per share from the same quarter last year.

J C Penney Company Inc ((JCP)) jumped 3.8% or 39 cents to $10.32 after the department stores operator reported sales in the second-quarter ending in July fell 2% from a year ago to $4.2 billion.

Comparable store sales in the quarter increased 2.2%.

Net loss in the quarter narrowed to $56 million or 18 cents per diluted share compared to the $117 million or 38 cents per share from the same quarter last year.

The retailer reaffirmed comparable store sales in the full-year to increase between 3% and 4% and operating profit of about $1 billion.

Nordstrom, Inc ((JWN)) surged 8.7% or $4.14 to $51.70 after the fashion specialty retailer stated total sales in the second-quarter ending in July slid 0.2% from a year ago to $3.6 billion.

Comparable store sales in the quarter slipped 1.2%.

Net income in the quarter plunged 44.5% to $117 million or 67 cents per diluted share compared to the $211 million or $1.09 per share from the same quarter last year.

Nordstrom lifted earnings per diluted share in the year between $2.60 and $2.75 from earlier estimated range of $2.50 to $2.70 and net sales to increase between 2.5% and 4.5%.

Nvidia Corporation ((NVDA)) soared 4.5% or $2.68 to $62.35 after the graphics processors maker reported revenues in the second-quarter ending in July jumped 24% from a year ago to $1.4 billion.

Net income in the quarter surged to $253 million or 40 cents per diluted share compared to the $26 million or 5 cents per share from the same quarter last year.

The graphics processors maker estimated revenues in the third-quarter of about $1.68 billion, plus or minus 2% and gross margins between 57.8% and 58% and operating expenses of about $530 million.