Top Consumer Stocks
Consumer stocks were mostly higher Wednesday, with shares of consumer staples companies in the S&P 500 posting a nearly 0.3% gain while shares of consumer discretionary firms in the S&P 500 were increasing more than 0.4%.
In company news, G-III Apparel Group ( GIII ) climbed to a session high of $31.19 a share after the licensed brands manufacturer this morning reported a smaller-than-expected non-GAAP Q2 net loss and above-consensus sales.
Excluding one-time items, the company recorded a net loss of $0.15 per share during the three months ended July 31, reversing a $0.01 per share non-GAAP profit during the same quarter last year but still beating the Capital IQ consensus looking for a $0.26 per share loss. Net sales rose to $538 million, also exceeding the $522.5 million analyst mean.
G-III today also raised its FY17 sales forecast by around $40 million over its prior guidance to $2.80 billion, now topping the analyst consensus by that same $40 million. It also sees per-share earnings this year in a range of $1.11 to $1.21, up from its prior view expecting between $1.04 to $1.14 per share. Analysts, on average, are expecting GAAP net income of $1.19 per share and adjusted FY17 earnings of $1.28 per share.
In other sector news,
(+) FRED, (+11.1%) Reports non-GAAP Q2 net loss of $0.15 per share, beating the Capital IQ consensus expecting a $0.19 per share adjusted loss. Net sales fall to $507.8 mln from $529.5 mln last year but still exceeding the $504.9 mln analyst mean.
(-) PLAY, (-9.5%) Canaccord Genuity lowers price target by $3 to $72 a share, also reiterating their buy rating for the stock.
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