Movers: Ciena, Express, GameStop, Ollie's Bargain, Oxford Industries, Rent the Runway

Scott Peters
08 Dec, 2022
New York City

Ciena Corporation soared 19.4% to $51.64 after the telecom gear maker said revenue in the fiscal fourth quarter fell 6.8% to $971 million and net income plunged to $57.6 million from $103.5 million or 39 cents to from 66 cents a year ago.

Express, Inc soared 31.2% to $1.28 after the company said revenue in the fiscal third quarter declined 8% to $434.1 million and net loss increased to $34.4 million from $13.1 million or 50 cents per share from 90 cents a year ago.

The company also amended and increased its revolving credit facility by $40 million to $290 million and expanded the term loan facility by $50 million to $140 million.  

The struggling retailer and WHM Global also struck an intellectual property partnership and WHM plans to invest $235 million for a 60% stake. 

WHM also agreed to acquire 5.4 million shares of the company priced at $4.60 a share, representing pro forma 7.4% stake in the company. 

GameStop Corp increased 8.4% to $24.13 after the game console retailer said fiscal third quarter revenue fell 8.5% to $1.18 billion and net loss shrank to $94.7 million from $105.4 million and diluted loss per share fell to 31 cents from 35 cents a year ago.

In the quarter, cash flow from operating activities swung to $177 million from outflow of $293.7 million a year ago reflecting lower investment in inventories.  

Ollie's Bargain Outlet Holdings Inc soared 7.1% to $51.04 after the deep discount retailer said third quarter sales increased 9% to $418.1 million and  comparable store sales increased 1.9%.  

Net income decreased 0.4% to $23.1 million or 37 cents compared with $23.2 million or 36 cents per diluted share a year ago. 

Inventories at the end of the fiscal third quarter increased 11% to $523.7 million compared to $471.8 million a year ago reflecting higher store counts, the timing of merchandise receipts, and higher supply chain costs.

Oxford Industries decreased 2.6% to $105.40 after the parent of Tommy Bahamas and Lily Pulitzer reported quarterly results that were ahead of market expectations. 

Revenue in the fiscal third quarter increased 26% to $313 million from $248 million a year ago. 

Net income in the period decreased to $19.7 million from $25.98 million and diluted earnings per share fell to $1.22 from $1.54 a year ago. 

The fashion apparel retailer revised higher its revenue estimate of fiscal 2022 to between $1.395 billion and $1.410 billion compared to $1.14 billion a year ago and GAPP diluted earnings per share between $9.89 and $10.04. 

Revenue in the fiscal fourth quarter is expected to fall between $366 million and $381 million compared to $300 million a year ago. 

Rent the Runway Inc soared 65.5% to $2.25 after the online apparel retailer platform reported were ahead of market expectations and offered  an optimistic outlook. 

Revenue in the third quarter increased 31% to $77.4 million and gross margin increased 7 percentage points to 41%  

Net loss in the quarter shrank to $36.1 million from $87.8 million and diluted loss per share declined to 56 cents from $6.72 a year ago. 

The online retailer estimated revenue in the fourth quarter between $72 million and $74 million and adjusted operating margin between 4% and 5%.