Tuesday Afternoon Earnings Roundup
Plano, Texas, J.C. Penney Co. recorded an 86.3% gain in net income to $149 million in the third quarter, helped by a 3% increase in sales and a 2.7% comps improvement.
In other earnings news:
• Saks, Inc. dipped into the red with a net loss of $24.8 million in the third quarter vs. a net income of $12.4 million in the year-ago period. The company’s sales were flat at $1.48 billion. Comps at the merchant’s Saks Fifth Avenue division grew 4.3%, but declined 2.6% in the retailer’s department store division. Saks’ results were hurt by a $17.5 million charge primarily related to the closure of 12 Saks Fifth Avenue stores.
• BJ’s Wholesale Club reported a 13.8% gain in net income to $23.2 million for the third quarter. The improvement was supported by a 9.8% gain in net sales to $1.8 billion and comps growth of 6.1%.
• Ross Stores Inc. reported net earnings of $38.1 million in its third quarter ended Oct. 30, down from $50.5 million in the year-ago period. Although the retailer’s sales rose 5% to $1.03 billion for the quarter, its performance was hurt by a 3% decline in same-store sales.
• The Cato Corp. reported net income of $1.9 million in the third quarter, compared to $800,000 last year. The merchant’s sales grew 7% to $163.6 million, supported by 2% growth in same-store sales.
Lowe’s Q3 Earnings Up 15.5%
Wilkesboro, N.C., Lowe’s Cos. income rose 15.5% in the third quarter to $522 million, up from $452 million in the same period last year. Comp-store sales increased 5.2% as total sales increased to $9.1 billion, from $7.8 billion a year ago.
“Continued signs of a robust housing market, improving employment and strong demographic trends provide a foundation for our optimism for the future,” Robert Tillman, chairman and chief executive, said in a statement.
The company’s 5.2% comps on top of the 12.2% increase in last year’s third quarter marked the best two-year performance in almost a decade.
Barnes & Noble 3Q Profit Falls 25%
New York City, Barnes & Noble, Inc. reported earnings of $10.2 million in the third quarter ended Oct. 30, a decline of 25% when compared with earnings of $7.6 million in the prior-year period. The book chain attributed the decrease in part to higher expenses and soft demand for bestsellers. Higher purchases of DVD media, juvenile products and cafe merchandise helped offset some of that weakness, the retailer said. Same-store sales were up 0.9% for the 13-week period, while overall sales rose 4% to $894.9 million at Barnes & Noble stores. Total revenues for the third quarter increased 15% to $1.46 billion from $1.27 billion.