MARKET CURRENTS
real-time news and commentary for investors
MARKET CURRENTS
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Today - Friday, May 24, 2013
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Thursday, May 23, 2013
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9:04 PM More on Ross Stores' (ROST) Q1: Revenue and comps rise 8% and 3% Y/Y respectively (comps growth was 9% in Q1 2012). Operating margin rises 50 basis points to a record 14.9% thanks to "higher merchandise gross margins and [the] favorable timing of expenses." CEO Michael Balmuth says the company is on track to repurchase ~$550M in shares in FY13. Outlook: Q2 EPS of $0.89-0.93 (consensus is $0.91/share ) and FY13 EPS of $3.70-3.81 (consensus is $3.88/share). Shares +0.8% AH. (PR) Comment!
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8:50 PM More on Williams-Sonoma's (WSM) Q1: Revenues, operating margin, and EPS rise 8.6%, 120 basis points, and 33% Y/Y respectively. The quarter was "the best Q1 in the company's history," CEO Laura Alber says. Comps (which is "comparable brand revenue" here) rose 7.2% versus 5.4% growth in Q1 2012. Negative Q1 2012 comps growth in the namesake brand, Pottery Barn Kids, and PBteen is reversed, as the brands see growth of 1.9%, 6.9%, and 16.1% respectively during the quarter. WSM raises FY13 guidance to $2.67-2.77/share on revenue of $4.22-4.3B against consensus of $2.77/share and sales of $4.25B. Shares flat AH. (PR) Comment!
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8:37 PM More on Zumiez' (ZUMZ) Q1: Revenues rise 14.3% Y/Y, even as comps drop 0.7% (comps growth was 12.9% in Q1 2012). CEO Rick Brooks reminds investors that the operating environment in Q1 was "more challenging" than it was in the same period a year ago and notes that "business improved throughout the quarter driven by strong full price selling during" March and April. For Q2 ZUMZ sees EPS of $0.12-0.14 (including a ~$0.04/share hit from the Blue Tomato acquisition) on revenue of $155-158M — consensus is for $0.17/share on sales of $156.79M. Shares -3.09% AH. (PR) Comment!
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8:20 PM More on Aeropostale's (ARO) Q1: Revenues and comps fall 9% and 14% Y/Y respectively. The company cites a "weak macroeconomic environment [and] unseasonably cool weather" — so, the usual suspects — as negative factors. E-commerce revenues (included in the comps calculation) rise 13%. CEO Thomas Johnson says visibility is "limited" going forward but expresses confidence in the company's strategic initiatives to transform the brand and "develop growth drivers." For Q2, ARO sees a loss of $0.15-0.20/share versus consensus of a $0.06 per share loss. Shares -4.49% AH. (PR) Comment!
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8:04 PM More on Infoblox (BLOX): FQ3 beats across the board as total revenue ramps up 34% Y/Y. Net losses narrowed as the data-center technology company benefited from growing product demand across all regions. The company also raised its FY13 revenue expectations, now expecting between $220M to $221M, versus previously targeted revenue of $216M to $219M. For Q4, the company projected earnings of $0.08 - $0.09 a share on revenue of $58M to $59M. Analysts forecast an EPS of $0.07 on revenue of $58M. Shares +14% AH. Comment!
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7:23 PM Sears Holdings (SHLD) gets slammed in after-hours trade following a disappointing first quarter that was much worse than analysts expected. In its conference call, CEO Eddie Lampert says the performance is "not acceptable,” adding that “a company of our size and with our assets should be generating a significant profit.” Shares -12% AH. 5 Comments
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4:48 PM More on Marvell (MRVL) 2014 FQ1 earnings: FQ2 revenue guidance of $770M-$810M, non-GAAP gross margin of 51.5%-53.5%, non-GAAP operating expenses of $305M-$325M, non-GAAP EPS of $0.17-$0.21. Consensus revenue is $763M, EPS is $0.18. Company puts earnings beat on better than normal seasonal demand and share gains in storage and networking end markets. "We expect growth to be driven by increased traction in areas such as mobile handsets, tablets, connectivity, and SSDs." CC at 4:45 ET. Shares +7.2% AH. (PR) Comment!
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4:47 PM More on Nordson (NDSN): FQ2 comes in short of the mark despite a 21% rise in total sales. Organic sales volume grew in all three operating units and every region, with strong margin performance in every segment; Adhesive Dispensing Systems +1%, Advanced Technology Systems +14%, Industrial Coating Systems +13%. Backlog totalled approximately $200M, +3% Y/Y. Looking forward the company sees Q3 EPS of $1.00 - 1.09, below the consensus of $1.15, on revenue of $404M - $419M, also below the consensus call for sales of $429.9M. Shares -3.6% AH. Comment!
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4:39 PM More on Sears Holdings' (SHLD) Q1 results: Domestic comparable store sales fell 3.6%, comprised of decreases of 4.6% at Kmart and 2.4% at Sears U.S., blamed on weather related declines in lawn and garden; excluding that category, comp store sales would have gained 0.3%. Online business rose 20% Y/Y. Says it may put its service agreement business up for sale to raise cash. Shares -13% AH. 13 Comments
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4:38 PM More on Pandora (P) 2014 FQ1 earnings: FQ2 revenue guidance of $155M-$160M, EPS of a loss of $0.02 to profit of $0.01 vs. consensus of $149.7M and $0.01 profit. FY14 revenue guidance of $615M-$635M, EPS of a loss of $0.02 to profit of $0.08 vs. consensus of $616.7M and $0.01 profit. FQ1 non-GAAP mobile revenue of $86.7M up 101% Y/Y vs. mobile listener growth of just 47% (improved monetization). Total listen hours of 4.18B up 35%. Share of total U.S. radio listening is 7.33%, up from 5.86% a year ago. CC at 5 ET. Shares +8.5% AH. (PR) 1 Comment
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4:27 PM More on Salesforce.com (CRM) 2014 FQ1 earnings: FQ2 revenue guidance of $931M-$936M and EPS of $0.11-$0.12 vs. consensus of $935M and $0.12. Deferred revenue balance of $1.73B up 30% Y/Y. Unbilled deferred revenue balance - business contracted but not yet billed - of $3.6B up 33% Y/Y. CC at 5 ET. Shares -5.9% AH. (PR) 2 Comments
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