Fred's Net Loss Narrows, Lee Enterprises Profit Surges

Mukesh Buch
14 Dec, 2018
New York City

Fred''''s net loss narrowed despite a drop in net sales. KalVista Pharmaceuticals net loss narrowed. Lee Enterprises net surged 28% but revenues fell. Vince Holding beat earnings estimates.

[R]11:55 AM New York City, New York – Fred''s net loss narrowed despite a drop in net sales. KalVista Pharmaceuticals net loss narrowed. Lee Enterprises net surged 28% but revenues fell. Vince Holding beat earnings estimates.[/R]

Tollbooth Index dropped 137.44 or 0.9% to 14,731.85 but for the year-to-date soared 7.1%.

Fred''s, Inc ((FRED)) declined 3% or 0.06 cents to $1.92 after the pharmacy, discount stores operator said net sales in the third-quarter ending on November 3 fell 5.5% from a year ago to $306.4 million.

Comparable sales in the quarter plunged 5.3%.

Net loss in the quarter narrowed to $27.4 million or 83 cents per diluted share from $51.8 million or $1.35 in the same quarter last year.

KalVista Pharmaceuticals Inc ((KALV)) slumped 1.9% or 44 cents to $22.95 after the small molecule protease inhibitors provider said second-quarter ending in October surged from a year ago to $5.6 million.

Net loss in the quarter narrowed to $3.3 million or 22 cents per diluted share from $5 million or 50 cents in the same quarter last year.

Lee Enterprises Inc ((LEE)) soared 5.8% or 12 cents to $2.20 after the media publisher stated revenues in the fourth-quarter ending in September fell 0.3% from a year ago to $139.7 million.

Net income in the quarter surged 28.1% to $4.1 million or 7 cents per diluted share from $3.2 billion or 6 cents in the same quarter last year.

Vince Holding Corp ((VNCE)) edged up 1 cent to $10.99 after the luxury apparel and accessories maker said net sales in the third-quarter ending on November 3 jumped 5.6% from a year ago to $83.5 million.

Comparable sales in the quarter surged 14.1% and direct-to-consumer sales soared 17.1%.

Net income in the quarter jumped 94.3% to $6.8 million or 57 cents per diluted share from $3.5 million or 41 cents in the same quarter last year.

The luxury apparel maker forecasted net sales between $277 million and $280 million and operating income in the range of $5 million to $7 million.