American Eagle Outfitters raises Q2 earnings outlook
New York — American Eagle Outfitters Inc. said Wednesday it was raising its second quarter earnings outlook because of stronger-than-expected sales.
The specialty retailer expects adjusted second-quarter earnings of 19 cents to 21 cents a share, compared with its previous estimate of 13 cents to 15 cents a share.
Earnings, private stock price take a hit at Publix
LAKELAND, Fla. — Publix sales grew $6.8 billion in the second quarter, a 3.2% increase from $6.6 billion for the same period last year. Same-store sales rose 1.9%.
Net earnings took a slight hit, declining 0.2%, to $381.6 million from $382.4 million in 2011. However, earnings per share for the second quarter increased to 49 cents for 2012, up from 48 cents per share in 2011.
Publix’s sales for the first half of 2012 were $13.9 billion, a 3.7% increase from last year’s $13.4 billion. Comparable-store sales for the first half of 2012 increased 2.6%.
Net earnings for the first half of 2012 were $791 million, compared with $780.5 million in 2011, an increase of 1.3%. Earnings per share increased to $1.01 for the first half of 2012, up from 99 cents per share in 2011.
Effective Aug. 1, Publix’s stock price decreased from $22.70 per share to $22.00 per share. Publix stock is not publicly traded and is made available for sale only to current Publix associates and members of its board of directors.
“The economy continues to affect our results and stock price,” said Publix CEO Ed Crenshaw. “During these difficult times, our associates remain focused on providing excellent customer service.”
Target among top 10 cash donors
The Chronicle of Philanthropy is out with its ranking of the leading charitable donors and Target ranked eighth in 2011.
Target donated $146 million in cash and $63 million worth of products last year, according the Chronicle. It is a significant sum that and equates to roughly 4.7% of the retailer’s pretax profits.
“Target is providing more than $12-million this year to improve libraries in local schools across the country,” the Chronicle noted. “The company is also making $1.5-million in grants to encourage reading at more than 100 schools that participated in its library-makeover program in the past. Both efforts are part of Target’s plan to give $1-billion to education by 2015.
While there were seven other companies who donated more to charity in 2011 than Target, of those who made a profit none gave a higher percentage of their pretax profits.
Top ranked Walmart was close at 4.1%. The Chronicle’s ranking showed Walmart donated $342 million in cash and $616 million in products.
“Walmart continues to make good on its 2010 $2 billion pledge to help feed low-income people. Last year, it provided $60 million and 338 million pounds of food to anti-hunger groups,” according to the Chronicle. “ The company is also doubling its commitment to support job training and education for military veterans to $20 million over the next five years and plans to provide $100 million to help women around the globe gain job and entrepreneurial skills.
Other company’s who donated more than Target included Goldman Sachs, ExxonMobil,
Wells Fargo, Chevron, Bank of America and JPMorgan Chase. Rounding out the top 10 were General Electric and Citigroup.
A summary of the report is available by clicking here.