Market Updates

Fred's Net Loss Narrows, Lee Enterprises Profit Surges

Mukesh Buch
31 Jan, 2019
New York

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

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 revenues in the 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.

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