August 18, 2008
Movers: Abercrombie & Fitch, Nordstrom, Kohl’s, Corning
ABERCROMBIE & FITCH CO. (ANF)
Abercombie posted second quarter EPS of 87 cents [including a one-cent charge], vs. 88 cents one year earlier on 4% lower same-store sales and 5.1% higher total sales. The company sees $3.40-$3.45 second-half fiscal 2009 EPS and $4.95-$5.00 EPS for the full fiscal year. Abercrombie says the low end of fiscal 2009 guidance reflects an estimated 7% drop in same-store sales.
NORDSTROM, INC. (JWN)
Nordstrom posted second quarter EPS of 65 cents, vs. 71 cents one year earlier, on a 6.0% same-store sales drop and a 4.3% total sales drop. The company sees third-quarter EPS of 49-54 cents on a 4%-6% same-store sales drop. It sees fiscal 2009 gross profit margin 110- 140 basis points lower than the prior year, down from previously announced 60 to 90 basis point decrease. Nordstrom cut its $2.65-$2.80 fiscal 2009 EPS forecast to $2.55-$2.65.
KOHLS CORP. (KSS)
Kohls posted better-than-expected second quarter EPS of 77 cents, vs. 83 cents one year earlier, on a 4.6% same-store sales drop and a 3.8% total sales rise. Wall Street was looking for EPS of 73 cents. Assuming a third quarter same-store sales decrease of 2%-4%, Kohls expects EPS of 51-56 cents. For the fourth quarter, assuming a same-store sales drop of 2%-4%, it expects EPS of $1.26-$1.34. Kohls says this would result in EPS of $3.02-$3.18 for fiscal 2009, vs. its previous guidance of $2.95-$3.15.
RICKS CABARET INTERNATIONAL, INC. (RICK)
The company posted lower-than-expected third quarter EPS of 21 cents, vs. 16 cents one year earlier, on an 8.4% same-store sales rise and a 9.3% total revenue rise. Wall Street was looking for 26-28 cents. The company sees fiscal 2008 revenues of about $60 million and EPS of about $1.02, which does not include any revenue from the pending Scores-Las Vegas transaction. It revised its fiscal 2009 outlook to $2.00-$2.20 on revenues exceeding $100 million.
CORNING INC. (GLW)
Corning says it has received notification of an unsolicited "mini-tender" offer by TRC Capital Corp. to acquire up to 4 million Corning shares from shareholders at $20.50 per share in cash, and that it recommends shareholders not tender their shares in response to this offer.
NEW YORK & COMPANY, INC. (NWY)
New York & Co. reported second quarter EPS from continuing operations of 14 cents, vs. 8 cents one year earlier, on 2.2% lower same-store sales and 3.7% higher total sales. The company sees third-quarter same-store sales down in the low-to-mid single digits, EPS of 8-12 cents, and fiscal 2009 same-store sales down on low-to-mid single digits. It raised its 44-54 cents fiscal 2009 EPS forecast to 52-60 cents.