Gap, Hibbett Sports, Ross Stores Decline but Foot Locker Surges

Mukesh Buch
25 May, 2018
New York City

Autodesk lowered fiscal 2019 outlook. Buckle fell, Gap tumbled on disappointed results and Hibbett Sports tumbled after missing estimates. Rose Stores plummeted but Foot Locker earnings were ahead of expectations.

[R]12:35 PM New York City, New York – Autodesk lowered fiscal 2019 outlook. Buckle fell, Gap tumbled on disappointed results and Hibbett Sports tumbled after missing estimates. Rose Stores plummeted but Foot Locker earnings were ahead of expectations.[/R]

Tollbooth Index advanced 136.02 0.9% to 15,466.45 and for the year-to-date jumped 12.3%.

Earnings Review

Autodesk Inc ((ADSK)) declined 4.9% or $6.91 to $132.01 after the architecture, engineering, construction software developer reported total net revenues in the first-quarter ending in April soared 15% from a year ago to $560 million.

Net loss in the quarter narrowed to $82.4 million or 38 cents per diluted share from $129.6 million or 59 cents in the same quarter last year.

The software developer lowered fiscal 2019 revenue growth forecast between $2.46 billion and $2.51 billion from the earlier estimate of $2.50 billion to $2.55 billion and diluted loss per share to increase in the range of 73 cents to 55 cents from the earlier estimate of 58 cents to 40 cents.

The Buckle, Inc ((BKE)) fell 14 cents to $25.61 after the branded apparel, footwear, and accessories retailer said net sales in the first-quarter ending on May 5 dropped 3.5% from a year ago to $204.9 million.

Comparable store sales in the quarter slumped 3.1% and online sales jumped 6.1%.

Net income in the quarter soared 12.3% to $18.3 million or 38 cents per diluted share from $16.3 million or 34 cents in the same quarter last year.

The Gap Inc ((GPS)) tumbled 13.6% or $4.50 to $28.46 after the apparel and accessories retailer reported net sales in the first-quarter ending on May 5 surged 10% from a year ago to $3.8 billion.

Comparable store sales in the quarter increased 1%.

Net income in the quarter jumped 14.7% to $164 million or 42 cents per diluted share from $143 million or 36 cents in the same quarter last year.

The retailer affirmed fiscal 2018 diluted earnings per share estimate in the range of $2.55 to $2.70.

Foot Locker Inc ((FL)) surged 13.3% or $6.19 to $52.58 after the athletic shoes and apparel retailer said net sales in the first-quarter ending on May 5 rose 1.5% from a year ago to $2 billion.

Comparable store sales in the quarter dropped 2.8%.

Net income in the quarter declined 8.3% to $165 million or $1.38 per diluted share from $180 million or $1.36 in the same quarter last year.

Hibbett Sports Inc ((HIBB)) plunged 14.8% or $4.28 to $24.68 after the sports goods retailer stated net sales in the first-quarter ending on May 5 slid 0.4% from a year ago to $274.7 million.

Comparable store sales in the quarter fell 0.3%.

Net income in the quarter rose 2.9% to $21.5 million or $1.12 per diluted share from $20.9 million or 97 cents in the same quarter last year.

The retailer reaffirmed fiscal 2018 diluted earnings per share in the range of $1.65 to $1.95.

Ross Stores Inc ((ROST)) plummeted 6.1% or $5.03 to $77.94 after the off-price apparel and home fashion retailer reported sales in the first-quarter ending on May 5 jumped 9% from a year ago to $3.6 billion.

Comparable store sales in the quarter advanced 3%.

Net income in the quarter soared 30.2% to $418 million or $1.11 per diluted share from $321 million or 82 cents in the same quarter last year.

The off-price retailer forecasted fiscal 2018 diluted earnings per share in the range of $3.92 to $4.05.