Bed Bath & Beyond Net Plunges, Herman Miller, Jabil Circuit Decline

Mukesh Buch
22 Sep, 2016
New York City

AutoZone net jumped 6%. Bed Bath & Beyond profit plunged 17%. Herman Miller net rose 8% on 6% increase in revenues. Jabil Circuit net plunged 57%. Red Hat profit and revenues surged. Rite Aid net tumbled 31%. Scholastic net loss narrowed after revenues soared 48%.

[R]2:00 PM New York – AutoZone net jumped 6%. Bed Bath & Beyond profit plunged 17%. Herman Miller net rose 8% on 6% increase in revenues. Jabil Circuit net plunged 57%. Red Hat profit and revenues surged. Rite Aid net tumbled 31%. Scholastic net loss narrowed after revenues soared 48%.[/R]

Tollbooth Index increased 85.61 or 0.8% to 11,102.08.

Earnings Review

AutoZone, Inc ((AZO)) gained $4.61 to $756.06 after the auto parts retailer and distributor said net sales in the fourth-quarter ending on August 27 advanced 3.3% from a year ago to $3.4 billion.

Same store sales in the quarter increased 1%.

Net income in the quarter jumped 6.4% to $426.8 million or $14.30 per diluted share compared to the $401.1 million or $12.75 per share from the same quarter last year.

Bed Bath & Beyond Inc ((BBBY)) rose 27 cents to $43.38 after the home furnishings retailer reported revenues in the second-quarter ending on August 27 rose 0.2% from a year ago to $3 billion.

Comparable store sales in the quarter decreased 1.2%.

Net income in the quarter plunged 17% to $167.3 million or $1.11 per diluted share compared to the $201.7 million or $1.21 per share from the same quarter last year.

The retailer forecasted diluted earnings per share in fiscal 2016 in the range of $4.50 to $5.

Herman Miller, Inc ((MLHR)) plunged 7.9% or $2.53 to $29.62 after the office furniture maker said net sales in the first-quarter ending on September 3 advanced 5.9% from a year ago to $598.6 million.

Net income in the quarter jumped 8.4% to $36.3 million or 60 cents per diluted share compared to the $33.5 million or 56 per share from the same quarter last year.

The furniture maker forecasted revenues in the second-quarter between $580 million to $600 million and diluted earnings per share in the range of 52 cents to 56 cents.

Jabil Circuit, Inc ((JBL)) declined 5.3% or $1.26 to $22.47 after the electronic chip maker stated net revenues in the fourth-quarter ending in August slumped 5.3% from a year ago to $4.43 billion.

Net income in the quarter plummeted 56.5% to $38.1 million or 20 cents per diluted share compared to the $87.7 million or 45 per share from the same quarter last year

Red Hat Inc ((RHT)) jumped 3.6% or $2.76 to $79.83 after the open source software provider reported revenues in the second-quarter ending in August soared 19% from a year ago to $600 million.

Net income in the quarter surged 15.7% to $59 million or 32 cents per diluted share compared to the $51 million or 28 cents per share from the same quarter last year.

Red Hat forecasted revenues in the third-quarter in the range of $613 million to $623 million and diluted earnings per share of about 34 cents.

In the year, the open source software provider estimated revenues between $2.42 billion and $2.44 billion and diluted earnings per share in the range of $1.35 to $1.37.

Rite Aid Corporation ((RAD)) added 5 cents to $8.15 after the retail drugstore chain said revenues in the second-quarter ending on August 27 increased 4.8% from a year ago to $8 billion.

Same store sales in the quarter fell 2.5%, consisting of 3.6% drop in pharmacy sales and the number of prescriptions filled in same stores decreased 1.8%.

Net income in the quarter tumbled 31.2% to $14.8 million or 1 cent per diluted share compared to the $21.5 million or 2 cents per share from the same quarter last year.

Scholastic Corp ((SCHL)) increased 1.1% or 42 cents to $38.79 after the book publisher and distributor stated revenues in the first-quarter ending in August soared 48% from a year ago to $282.7 million.

Net loss in the quarter narrowed to $39.6 million or $1.15 per diluted share compared to the $49.4 million or $1.48 per share from the same quarter last year.

Scholastic reaffirmed fiscal 2017 revenues estimate of $1.7 billion to $1.8 billion and diluted earnings per share in the range of $1.60 to $1.70.