Disney Plans More Park Hotels, Nordstrom Earnings Lifts Retail Outlook

Mukesh Buch
11 Nov, 2016
New York City

Brookfield Asset Management net surged. CSW Industrials net plunged 49%. Dillard''s net declined 50%. J C Penney net loss narrowed and the retailer lifted comparable store sales forecast. Disney net soared 10% and opened sixth theme park. Nordstrom net swung to a loss.

[R]11:05 AM New York – Brookfield Asset Management net surged. CSW Industrials net plunged 49%. Dillard''s net declined 50%. J C Penney net loss narrowed and the retailer lifted comparable store sales forecast. Disney net soared 10% and opened sixth theme park. Nordstrom net swung to a loss.[/R]

Tollbooth Index fell 10.85 to 10,794.20.

Earnings Review

Brookfield Asset Management Inc ((BAM)) gained 1.3% or 45 cents to $34.50 after the alternative asset manager said revenues in the third-quarter ending in September soared 23.5% from a year ago to $6.3 billion.

Net income in the quarter surged 139% to $2.02 billion or $1.03 per diluted share compared to the $845 million or 26 cents per share from the same quarter last year.

CSW Industrials Inc ((CSWI)) jumped 4.5% or $1.40 to $32.40 after the diversified industrial products maker stated revenues in the second-quarter ending in September dropped 4.3% from a year ago to $80.1 million.

Net income in the quarter plunged 49.3% to $3.8 million or 24 cents per diluted share compared to the $7.5 million or 48 cents per share from the same quarter last year.

Dillard''s, Inc ((DDS)) plunged 7.5% or $5.29 to $65.18 after the apparel, cosmetics and home furnishing retailer said net sales in the third-quarter ending on October 29 dropped 1.4% from a year ago to $1.4 billion.

Comparable store sales in the quarter declined 4%

Net income in the quarter plummeted 50.1% to $22.8 million or 67 cents per diluted share compared to the $45.7 million or $1.19 per share from the same quarter last year.

J C Penney Company Inc ((JCP)) declined 4.4% or 39 cents to $8.43 after the department stores operator reported net sales in the third-quarter ending on October 29 fell 1.4% from a year ago to $2.9 billion.

Comparable store sales in the quarter decreased 0.8%

Net loss in the quarter narrowed to $67 million or 22 cents per diluted share compared to the $115 million or 38 cents per share from the same quarter last year.

However in the quarter, Sephora, Home, Salon and Fine Jewellery were the top performer businesses units.

The retailer forecasted comparable store sales full-year to increase between 1% to 2% and gross margin to be flat from a year ago.

Nordstrom, Inc ((JWN)) slipped 23 cents to $55.80 after the specialty retailer said net sales in the third-quarter ending on October 29 jumped 7.2% from a year ago to $3.5 billion.

Comparable store sales in the quarter advanced 2.4%

Net in the quarter swung to a loss of $10 million or 6 cents per diluted share compared to profit of $81 million or 42 cents per share from the same quarter last year.

PPG Industries, Inc ((PPG)) slid 19 cents to $96.70 after the coatings, specialty materials and glass products maker agreed to acquire remaining 50% stake in its Italy-based PPG Univer S.p.A from its joint-venture partner Univer Italiana S.r.l.

However, financial terms were not disclosed.

The Walt Disney Company ((DIS)) jumped 3% or $2.90 to $97.86 after the diversified entertainment services provider reported revenues in the fourth-quarter ending on October 1slumped 3% from a year ago to $13.1 billion.

Net income in the quarter soared 10% to $1.8 billion or $1.10 per diluted share compared to the $1.4 billion or 95 cents per share from the same quarter last year.

Disney said revenues in media networks business fell 3% to $5.7 billion but revenues in parks and resorts segment rose 1% to $4.4 billion and revenues in studio entertainment division increased 2% while revenues in consumer products and interactive media plunged 17% to $1.3 billion.

Segment operating income in the quarter reported negative growth by 10% but Disney opened its sixth theme park globally and spent about $5.5 billion.