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Wednesday a.m. Earnings Review

BY CSA STAFF

Jacksonville, Fla., • Winn-Dixie Stores Inc. posted a $13 million loss for its third quarter ended April 6. Net sales for the quarter were $2.28 billion, compared to $2.4 billion in the year-ago period. The regional retailer filed for Chapter 11 reorganization on Feb. 21.

• Talbots, Inc. reported higher first-quarter profits of $34.5 million, or 63? a share, compared with $33.5 million, or 58? a share, in the same period a year earlier. For the quarter ended April 30, net sales rose 8% to $378.1 million, and comp-store sales increased 4.3%.

• Off-price retailer Ross Stores Inc. said its earnings for the first quarter ended April 30 increased to $50.1 million, or 34? per share, from $48.1 million, or 31 cents per share, a year earlier. Sales for the quarter rose to $1.12 billion from $991.9 million in the year-ago period. Comps rose 3% for the quarter for the Pleasanton, Calif.-based retailer.

• Brookstone’s first-quarter loss widened to $6.8 million, or 33? a share, from $4.6 million, or 23? a share, a year earlier. Sales increased 4% to $80.3 million, compared to $77.5 million a year ago, while comps dropped 3.9%. The specialty retailer has previously agreed to sell itself to a group that includes Singapore’s Temasek Holdings Ltd.

• Borders Group swung to a first-quarter loss of $5.3 million, or 7? a share, compared to restated profit of $2.3 million, or 3? a share, last year. Revenues totaled $853 million, vs. restated revenue of $838.1 million in the year-ago period.

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Bitter Break Up for Sears and IT Service

BY CSA STAFF

New York City, Sears, Roebuck & Co.’s massive IT outsourcing contract with Computer Sciences Corp. to manage its computer and phone networks and Web sites has descended into finger-pointing and acrimony. Computer Sciences has said the retailer ended the $1.6 billion contract to avoid paying millions in termination fees. Previously, Sears said that it canceled its 10-year deal with Computer Sciences because the contractor failed in certain duties, charges that Computer Sciences denies. A federal judge denied Computer Sciences’ suit to stop Sears from ending the contract for cause, Sears said Friday.

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Tuesday Afternoon Earnings Roundup

BY CSA STAFF

Atlanta, The Home Depot posted net earnings of $1.2 billion in the first quarter, up 16.3% from the year-ago period. Sales grew 8.1% to $19 billion on same-store sales growth of 2.1%.

• J.C. Penney Co. reported income from continuing operations of $172 million in the first quarter, more than triple the $41 million it posted in the year-ago period. Sales rose 3.9% to $4.19 billion on the strength of 3% comps growth.

• Staples Inc. posted first-quarter net income of $159 million, up 26.8% from the year before. Sales increased 13% to $3.9 billion on same-store sales growth of 4%.

• The TJX Cos. posted an 11% fall in first-quarter net income to $149.3 million. The decline came despite a 9% improvement in net sales to $3.7 billion and comps growth of 3%.

• BJ’s Wholesale Club Inc. recorded first-quarter net income of $18.6 million, up 15.5% from the same quarter a year before. Sales increased 9.8% to $1.8 billion on a comps improvement of 5.8%.

• Barnes & Noble Inc. recorded a 37% increase in net earnings from continuing operations to $9.9 million in the first quarter. Sales rose 4% to $1.1 billion on same-store sales growth of 2.2%.

• Dick’s Sporting Goods Inc. posted net income of $12.2 million in the first quarter, up 15.1% from the year-ago period. Sales grew 57% to $570.8 million, due to 3.2% same-store sales growth and the addition of the recently acquired Galyan’s chain.

• The Cato Corp. reported first-quarter net income of $18.4 million, up 9.5% from the same quarter a year before. Sales grew 5% to $215.1 million. Same-store sales remained flat.

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