Citi Trends quarterly profit falls; 2007 outlook lowered
(4:53 PM ET) SAN FRANCISCO (MarketWatch) -- Citi Trends Inc. /zigman2/quotes/209136348/composite CTRN +2.90% late Wednesday reported second-quarter net earnings of $627,000, or 4 cents a share, down 51% from $1.28 million, or 9 cents a share, in the year-ago period. The Savannah, Ga.-based apparel retailer said revenue in the three months ended Aug. 4 rose 27% to $96.8 million from $76.3 million. Analysts polled by Thomson Financial were expecting, on average, per-share earnings of 5 cents on revenue of $96.8 million. Same-store sales increased 3.4% on a comparable store, comparable week basis, and rose 9.4% on a fiscal quarter basis. Each quarter of fiscal 2007 starts one week later than the same quarter of 2006, the company said. Citi Trends also cut its 2007 earnings forecast to a range of $1.40 to $1.44 a share.
TiVo quarterly loss more than doubles, revenue rises
(4:45 PM ET) SAN FRANCISCO (MarketWatch) - TiVo Inc.late Wednesday reported a second-quarter net loss of $17.7 million, or 18 cents a share, compared with a net loss of $6.45 million, or 7 cents a share, during the year-ago period. The adjusted loss before interest, taxes, depreciation and amortization was $11.2 million, including an inventory-related charge. The Alviso, Calif.-based digital video recorder company said revenue for the three months ended July 31 rose to $62.6 million from $59.3 million. Analysts polled by Thomson Financial had forecast, on average, a per-share loss of 5 cents on revenue of $58 million. TiVo-owned subscription gross additions for the quarter were 41,000, compared with 74,000 gross additions a year ago, the company said. Additionally, TiVo said it expects a third-quarter net loss of $14 million to $17 million, and an adjusted loss before interest, taxes, depreciation and amortization of $5 million to $8 million. The company also forecast service and technology revenue of $56 million to $57 million for the quarter.
Coldwater Creek's quarterly profit falls 27.6%
(4:40 PM ET) SAN FRANCISCO (MarketWatch) - Coldwater Creek Inc.late Wednesday reported second-quarter net earnings of $8.7 million, or 9 cents a share, down 27.6% from $12 million, or 13 cents a share, during the year-ago period. The Sandpoint, Idaho-based apparel retailer said revenue for the three months ended Aug. 4 rose 17% to $253.5 million from $216.4 million. Analysts polled by Thomson Financial had forecast, on average, a per-share profit of 12 cents on revenue of $266 million. Same-store sales decreased 6% for the second quarter, compared with a 13.3% increase in the prior-year period.
CORRECT: Chico's quarterly profit falls 28%
(4:37 PM ET) SAN FRANCISCO (MarketWatch) - Chico's FAS Inc. /zigman2/quotes/203348060/composite CHS -0.98% late Wednesday reported second-quarter net earnings of $38.7 million, or 22 cents a share, down 28% from $53.8 million, or 30 cents a share, during the year-ago period. Earnings from continuing operations were $39 million, or 22 cents a share, compared with $54 million, or 31 cents a share, last year. The Fort Myers, Fla.-based apparel retailer said revenue rose to $436 million from $403.4 million. Analysts polled by Thomson Financial had forecast, on average, a per-share profit of 26 cents on revenue of $448 million. Same-store sales for the quarter were down 5.6%, the company said. Additionally, Chico's said it's focused on improving its comparable store sales and profitability, and plans to slow down its store square-footage growth rate to 12% to 15% for 2008, and in the range of 10% for 2009. The company also said it expects third-quarter per-share earnings to reflect a decrease versus the year-ago period. (Corrects to include results from quarter rather than six-month period.)
Greif's quarterly profit rises 27%
(4:34 PM ET) SAN FRANCISCO (MarketWatch) - Greif Inc. /zigman2/quotes/203386038/composite GEF -0.01% late Wednesday reported third-quarter net earnings of $48.8 million, or 82 cents per Class A share, up 27% from $38.3 million, or 65 cents per Class A share, during the year-ago period. Excluding restructuring charges and other special items, the compaany posted earnings per Class A share of 90 cents versus 73 cents last year. The Delaware, Ohio-based industrial packaging company said revenue for the three months ended July 31 rose 27% to $874.2 million from $690.5 million. Analysts polled by Thomson Financial had forecast, on average, a per-share profit of 87 cents. The company reaffirmed its fiscal 2007 annual earnings forecast of $3.05 to $3.10 per Class A share, excluding special items.
Novell narrows quarterly loss amid sales gain
(4:26 PM ET) SAN FRANCISCO (MarketWatch) - Novell Inc. said Wednesday that its net loss in the third quarter narrowed compared to the same period a year earlier, amid an increase in sales. Novell, a distributor of open source software used to run computer servers, said its net loss for the period ended July 31 was $3.42 million, or a penny a share, compared to $6.42 million, or 2 cents a share in the same period a year earlier. Meanwhile revenue rose to $243.1 million from $236.3 million. Novellsaid it posted non-GAAP adjusted income available to common stockholders from continuing operations of 5 cents a share. Analysts polled by Thomson Financial had expected Novell to post earnings of 2 cents a share, on $235 million in revenue.
Heico's quarterly profit rises 32%
(4:20 PM ET) SAN FRANCISCO (MarketWatch) - Heico Corp. /zigman2/quotes/207361354/composite HEI +0.09% late Wednesday reported third-quarter net earnings of $10.9 million, or 40 cents a share, up 32% from $8.28 million, or 31 cents a share, during the year-ago period. The Hollywood, Fla.-based maker of components and parts for the aerospace and electronics industries said revenue for the three months ended July 31 rose 33% to $133.2 million from $102.2 million. Analysts polled by Thomson Financial had forecast, on average, a per-share profit of 37 cents on revenue of $121 million. Heico raised its fiscal 2007 earnings target to a range of $1.40 to $1.43 a share and its revenue target to a range of $490 million to $493 million. Analysts are looking for a per-share profit of $1.41 on revenue of $482 million.
Anaren shares fall on fourth-quarter results, outlook
(2:18 PM ET) SAN FRANCISCO (MarketWatch) -- Anaren Microwave Inc.shares fell 18% to $14.14 in Wednesday afternoon trade. Late Tuesday, the Syracuse, N.Y.-based maker of microwave components and subsystems reported fiscal fourth-quarter net income of $4.32 million, or 25 cents a share, up 20% from $3.61 million, or 20 cents a diluted share, for the fourth quarter of last year. Excluding stock based compensation expense, earnings came in at 29 cents a share compared with 24 cents last year. Revenue rose to $35.9 million from $29.1 million. Analysts polled by Thomson Financial were expecting, on average, a per-share profit of 23 cents. Anaren forecast first-quarter earnings of 13 cents to 16 cents a share on net sales of $30 million to $32 million.
Synovis Life swings to a profit; shares rally
(1:19 PM ET) SAN FRANCISCO (MarketWatch) -- Shares of Synovis Life Technologies Inc.rose 16% to $17.13 in Wednesday afternoon trade. The St. Paul, Minn.-based medical device company said it swung to a fiscal third-quarter net profit of $1.23 million, or 10 cents a share, from a year-ago net loss of $526,000, or 4 cents a share. Revenue in the period ended July 31 rose 39% to $18.2 million from $13.1 million.
CORRECT: GenTek's quarterly profit rises 19%
(12:51 PM ET) SAN FRANCISCO (MarketWatch) -- GenTek Inc.on Wednesday reported second-quarter net earnings of $5 million, or 43 cents a share, up 19% from $4.2 million, or 38 cents a share, in the year-ago period. The Parsippany, N.J.-based provider of inorganic chemical products and services said revenue in the period ended June 30 rose 7.5% to $159.5 million from $148.4 million last year. Shares of GenTek fell 2.3% to $30.65 in Wednesday afternoon trade. (Corrects figures for per-share earnings.)
Dollar Tree 2nd-quarter net up 12% on traffic and pricing
(9:05 AM ET) TEL AVIV (MarketWatch) -- Dollar Tree Stores Inc., /zigman2/quotes/203712248/composite DLTR +0.79% the Chesapeake, Va., discount retailer, reported fiscal second-quarter earnings rose 12% on 9.9% higher sales and 4.4% higher comparable sales. For the quarter ended Aug. 4, earnings reached $32.6 million, or 33 cents a share, from $29 million, or 28 cents, in the year-earlier period. Sales rose to $971.2 million from $883.6 million. A survey of analysts by Thomson Financial produced consensus estimates of 33 cents of profit and $974 million of revenue. The improvement was driven by more customers and higher pricing, President and Chief Executive Bob Sasser said in a statement. Gross-profit margin widened to 33.6% from 33.2% in the year-ago quarter. Dollar Tree expects to earn 35 cents to 38 cents in the third quarter on sales of $1 billion to $1.02 billion. For the year, it sees profit of $2.04 to $2.14 on sales of $4.28 billion to $4.35 billion and a same-store-sales percentage increase in the low to low-to-mid-single digits. Thomson's survey expects 37 cents of profit and $1 billion of sales for the quarter and $2.13 of profit and $4.33 billion of sales for fiscal 2008.
DaimlerChrysler profit down 14%, sees smaller charge
(8:20 AM ET) LONDON (MarketWatch) -- DaimlerChryslersaid second-quarter net income fell 14% to $2.5 billion (1.85 billion euros), or $2.36 a share, with revenue down 3% to $32.24 billion. It expects an operating profit of $11.5 billion for the year on flat revenue after second-quarter operating profit dropped 10% to $2.88 billion. It's going to take a $3.38 billion charge from transferring 80.1% of Chrysler to Cerberus, lower than the $4 billion to $5 billion charge it previously flagged. In 2007, demand for passenger cars in the markets of North America, Western Europe and Japan is likely to fall slightly. However, significant increases in demand are anticipated for both passenger cars and commercial vehicles in the emerging markets of Asia and Latin America, as well as in Eastern Europe, the automaker said.
Discounter Fred's profit slips, but sales rise
(7:55 AM ET) NEW YORK (MarketWatch) - Discount retailer Fred's Inc.on Wednesday said fiscal second-quarter profit fell to $3.1 million, or 8 cents a share, from $4.3 million, or 11 cents a share. Net sales rose to $424.6 million from $406.9 million. Analysts, on average, expected it to earn 9 cents a share on revenue of $427 million, according to Thomson Financial. Same-store sales, or sales at stores open at least one year, rose 0.8%. Separately, the company said its board authorized a share repurchase plan allowing for the repurchase of up to four million shares. The buyback authorization represents about 10% of Fred's 40.1 million shares currently outstanding.
Brown Shoe 2nd-quarter net off; outlook for year up
(7:53 AM ET) TEL AVIV (MarketWatch) -- Brown Shoe Co.,the St. Louis footwear retailer, reported fiscal second-quarter net income fell 35%, increased the top and bottom ends of the range of its full-year earnings estimate, and will close an office and relocate its Shoes.com operations to headquarters. For the quarter ended Aug. 4, earnings were $9.8 million, or 22 cents a share, compared with $15.2 million, or 35 cents, in the year-earlier period. Adjusted earnings were 30 cents against 27 cents. Sales were nearly flat at $576.6 million compared with $579.3 million. A survey of analysts by Thomson Financial produced consensus estimates of 24 cents of profit on $590 million of sales. Same-store sales rose 3.6% at Famous Footwear and declined 1.3% in specialty retail, which includes Naturalizer and shoes.com. The company now expects full-year earnings of $1.58 to $1.63 a share, compared with its previous forecast of $1.55 to $1.59. Adjusted full-year earnings are seen $1.83 to $1.88. Thomson's survey is looking for $1.57 for the year.
Joy Global sees short-term softness in U.S. coal