QVC Buys Remaining 62% Stake in HSN, Costco Comparable Sales Up 6%

Mukesh Buch
06 Jul, 2017
New York City

AZZ net tumbled 37% on 14% drop in revenues. Costco comparable sales in June soared. Fred''s same store sales fell. Herman Miller net plummeted. Liberty Interactive QVC agreed to acquire remaining 62% stake in Home Shopping Network. PriceSmart net surged.

[R]12:20 PM New York – AZZ net tumbled 37% on 14% drop in revenues. Costco comparable sales in June soared. Fred''s same store sales fell. Herman Miller net plummeted. Liberty Interactive QVC agreed to acquire remaining 62% stake in Home Shopping Network. PriceSmart net surged.[/R]

Tollbooth Index dropped 87.82 or 0.7% to 11,987.96.

Earnings Review

AZZ Inc ((AZZ)) plunged 6.8% or $3.70 to $52.55 after the galvanizing services provider said revenues in the first-quarter ending in May declined 14.1% from a year ago to $208.6 million.

Net income in the quarter tumbled 37.1% to $13.2 million or 51 cents per diluted share from $21.1 million or 81 cents in the same quarter last year.

AZZ reaffirmed fiscal 2018 earnings per share forecast in the range of $2.60 to $3.10 and sales between $880 million and $950 million.

Chase Corporation ((CCF)) slumped 2.4% or $2.50 to $103.75 after the electrical and telephone wire and cable maker stated revenues in the third-quarter ending in May rose 1% from a year ago to $64.9 million.

Net income in the quarter jumped 58.7% to $11.9 million or $1.26 per diluted share from $7.5 million or 80 cents in the same quarter last year.

Costco Wholesale Corporation ((COST)) increased 92 cents to $158.90 after the discount stores operator reported net sales in the five-weeks ending on July 2 jumped 7% from a year ago to $12.17 billion.

Total comparable sales in June soared 6% and comparable sales in Canada increased 3.2%.

Fred''s, Inc ((FRED)) tumbled 11.3% or 82 cents to $6.53 after the discount retail store operator said sales in the five-weeks ending on July 2 declined 5.3% from a year ago to $197.5 million.

Same store sales in the quarter decreased 1.6% but combined pharmacy same-store sales advanced 3.5%.

Herman Miller, Inc ((MLHR)) soared 8.5% or $2.62 to $33.47 after the office furniture manufacturer said net sales in the fourth-quarter ending on June 3 fell 0.9% from a year ago to $577.2 million.

Net income in the quarter plummeted 17.9% to $33.4 million or 55 cents per diluted share from $40.7 million or 67 cents in the same quarter last year.

Liberty Interactive QVC Group ((QVCA)) fell 13 cents to $24.33 after the Quality Value Convenience Group agreed to acquire remaining stake of 62% in rival Florida-based Home Shopping Network for about $2.1 billion.

The transaction is expected to close in the fourth-quarter of this year.

PriceSmart, Inc ((PSMT)) plunged 8.9% or $7.88 to $80.12 after the discount store operator reported revenues in the third-quarter ending in May advanced 3.7% from a year ago to $730.3 million.

Net income in the quarter surged 11.9% to $18.8 million or 62 cents per diluted share from $16.8 million or 55 cents in the same quarter last year.

Rocky Mountain Chocolate Factory, Inc ((RMCF)) edged up 2 cents to $11.54 after the chocolate, confectionery products and frozen yogurts maker stated total revenues in the first-quarter ending in May slid 0.3% from a year ago to $9.3 million.

Same-store sales in the quarter increased 1.3%.

Net income in the quarter soared 11.2% to $0.81 million or 14 cents per diluted share from $0.73 million or 13 cents in the same quarter last year.

The chocolate maker said factory sales in the quarter jumped 7.3% and royalty and marketing fees declined 15.8%, due to decrease in the number of domestic franchised locations but franchise fees surged 136.1%.

Retail sales in the quarter plunged 19% after the company closed some of its owned stores and cafés. Same-store sales at its owned stores and cafés slumped 6%.