Abercrombie, Foot Locker, Hibbett, Ross Stores Surge on Results

Mukesh Buch
17 Nov, 2017
New York City

Abercrombie & Fitch jumped on higher sales. Buckle profit disappointed. Foot Locker soared on upbeat earnings. Gap jumped on strong earnings, same-store sales and the outlook. Hibbett revised higher fiscal outlook. Ross Stores soared on strong results.

[R]2:45 PM New York – Abercrombie & Fitch jumped on higher sales. Buckle profit disappointed. Foot Locker soared on upbeat earnings. Gap jumped on strong earnings, same-store sales and the outlook. Hibbett revised higher fiscal outlook. Ross Stores soared on strong results.[/R]

Tollbooth Index decreased 33.38 or 0.3% to 13,293.30.

Earnings Review

Abercrombie & Fitch Co ((ANF)) surged 27.5% or $3.45 to $16 after the specialty retailer said net sales in the third-quarter ending on October 28 jumped 5% from a year ago to $859.1 million.

Comparable store sales in the quarter advanced 4%.

Net income in the quarter rose 1.2% to $10.1 million or 15 cents per diluted share from $7.9 million or 12 cents in the same quarter last year.

The specialty retailer estimated fiscal fourth-quarter 2017 comparable sales to increase in low-single digits and net sales to increase in mid- to high-single digits.

Buckle Inc ((BKE)) jumped 5.3% or $1.05 to $20.90 after the casual apparel, footwear and accessories retailer reported net sales in the third-quarter ending on October 28 slumped 6.2% from a year ago to $224.3 million.

Comparable store sales in the quarter declined 5.9%.

Net income in the quarter plunged 14.9% to $19.9 million or 41 cents per diluted share from $23.4 million or 48 cents in the same quarter last year.

Destination XL Group Inc ((DXLG)) plunged 14.1% or 32 cents to $1.98 after the men’s specialty retailer said total sales in the third-quarter ending on October 28 rose 1.8% from a year ago to $103.7 million.

Comparable store sales in the quarter fell 0.1%.

Net loss in the quarter widened to $5.7 million or 12 cents per diluted share from $4.5 million or 9 cents in the same quarter last year.

The retailer lowered fiscal 2017 sales growth forecast to between $466 million to $470 million from the earlier estimate of total sales of $470 million to $480 million. Comparable sales growth estimate was lowered to between zero and 2% from the previous guidance of 1% to 4%.

In fiscal 2017, net loss forecasted to widen in the range of $17 million to $21 million compared to the earlier estimate of $11.7 million to $16.7 million.

Foot Locker, Inc ((FL)) soared 25.4% or $8.08 to $39.91 after the shoes and apparel retailer reported net sales in the third-quarter ending on October 28 fell 1.1% from a year ago to $1.87 billion.

Comparable store sales in the quarter dropped 3.7%.

Net income in the quarter plunged 35% to $102 million or 81 cents per diluted share from $157 million or $1.17 in the same quarter last year.

The Gap, Inc ((GPS)) advanced 7.5% or $2.06 to $29.53 after the apparel, accessories and personal care products retailer reported net sales in the third-quarter ending on October 28 increased 1.1% from a year ago to $3.84 billion.

Comparable store sales in the quarter jumped 3%.

Net income in the quarter soared 12.3% to $229 million or 58 cents per diluted share from $204 million or 51 cents in the same quarter last year.

The Gap lifted fiscal 2017 diluted earnings per share forecast in the range of $2.18 to $2.22 and comparable sales to increase low-single-digits.

Hibbett Sports, Inc ((HIBB)) jumped 14.1% or $2.10 to $16.95 after the athletic specialty stores operator stated net sales in the third-quarter ending on October 28 rose 0.4% from a year ago to $237.8 million.

Comparable store sales in the quarter slipped 1.3%.

Net income in the quarter tumbled 47.9% to $7.6 million or 37 cents per diluted share from $14.6 million or 66 cents in the same quarter last year.

The athletic specialty stores operator lifted fiscal 2018 diluted earnings per share forecast in the range of $1.42 to $1.50 from the earlier estimate of $1.25 to $1.35.

Comparable store sales are now estimated to decline in mid-single-digit range compared to the previous guidance of mid to high single-digit range.

Ross Stores, Inc ((ROST)) soared 8.9% or $5.84 to $71.53 after the off-price apparel and home fashion retailer reported net sales in the third-quarter ending on October 28 jumped 8% from a year ago to $3.3 billion.

Comparable store sales in the quarter increased 4%.

Net income in the quarter surged 11.8% to $274 million or 72 cents per diluted share from $245 million or 62 cents in the same quarter last year.

“We remain on track to buy back a total of $875 million in common stock during fiscal 2017 under the two-year $1.75 billion,” said chief executive officer Barbara Rentler.