HP Enterprise Plunges on Revenue Miss, J C Penney to Close 140 Stores

Mukesh Buch
24 Feb, 2017
New York City

Foot Locker net soared 20% on 6% jump in revenues. Gap net rose 3%. Hilton Worldwide will buy back $1 billion of stocks. Hewlett Packard Enterprise revenues declined 10%. Intuit net tumbled 46%.

[R]12:10 PM New York – Foot Locker net soared 20% on 6% jump in revenues. Gap net rose 3%. Hilton Worldwide will buy back $1 billion of stocks. Hewlett Packard Enterprise revenues declined 10%. Intuit net tumbled 46%.[/R]

Tollbooth Index edged down 7.48 to 11,670.56.

Earnings Review

Foot Locker, Inc ((FL)) jumped 6.8% or $4.61 to $73.19 after the shoes and apparel retailer said revenues in the fourth-quarter ending in December increased 5.5% from a year ago to $2.1 billion.

Comparable store sales in the quarter advanced 5%.

Net income in the quarter soared 19.6% to $189 million or $1.42 per diluted share compared to $158 million or $1.14 per share in the same quarter last year.

Gap Inc ((GPS)) fell 22 cents to $23.79 after the apparel and accessories retailer reported net sales in the fourth-quarter ending in December rose 1% from a year ago at $4.4 billion.

Net income in the quarter increased 2.8% to $220 million or 55 cents per diluted share compared to $214 million or 53 cents per share in the same quarter last year.

Hilton Worldwide Holdings Inc ((HLT)) gained 57 cents to $57.78 after the hospitality services provider said it would buy back shares up to $1 billion and also declared quarterly dividend of 15 cents per share, payable on March 31.

The hotels, resorts operator change its corporate name to ""Hilton Inc"" effective March 6 and will continue to trade on the New York Stock Exchange under the symbol ""HLT.""

Hewlett Packard Enterprise Co ((HPE)) plunged 8.1% or $2 to $22.66 after the information technology provider reported revenues in the first-quarter ending in December plummeted 10% from a year ago at $11.4 billion.

Net income in the quarter was flat at $0.3 billion compared to the same quarter last year and diluted earnings per share increased 16 cents from 15 cents in the same period a year ago.

Intuit Inc ((INTU)) jumped 5.2% or $6.21 to $126.92 after the enterprise software provider said revenues in the second-quarter ending in December soared 10% from a year ago at $1.02 billion.

Net income in the quarter tumbled 45.8% to $13 million or 5 cents per diluted share compared to $24 million or 9 cents per share in the same quarter last year.

Intuit forecasted revenues growth in the third-quarter between 9% and 11% or $2.50 billion to $2.55 billion and operating income in the range of $1.42 billion to $1.44 billion and diluted earnings per share between $3.61 and $3.66.

J C Penney Company Inc ((JCP)) tumbled 9.2% or 62 cents to $6.23 after the online and department stores operator reported total net sales in the fourth-quarter ending in December slid 0.9% from a year ago to $3.96 billion.

Comparable store sales in the quarter fell 0.7%.

Net in the quarter swung to profit $192 million or 61 cents per diluted share compared to a loss of $131 million or 43 cents per share in the same quarter last year.

The retailer said it will close two distribution facilities and approx 130 stores to 140 stores over next few months

Nordstrom, Inc ((JWN)) soared 5.1% or $2.22 to $46.15 after the specialty retailer said total net sales in the fourth-quarter ending in December rose 2.4% from a year ago to $4.2 billion.

Comparable store sales in the quarter slipped 0.9%.

Net in the quarter surged 11.7% to $201 million or $1.15 per diluted share compared to $180 million or $1 per share in the same quarter last year.