Shares of The Men’s Wearhouse Inc. (NYSE: MW) climbed 3.65% by afternoon trade. The Company said on Wednesday that fiscal first quarter profit rose 23%, driven by stronger margins. Net income climbed to $33.1 million or 65 cents a share from $26.9 million or 52 cents a share, in the year-earlier quarter. Revenue climbed 5.1% to $616.5 million. Revenue from tuxedo rental services climbed to $98.5 million from $78.5 million. The Company said that earlier Easter, pushed up the prom season, which generally falls in the fiscal second quarter. Same-store-sales, a key measure in retail chain’s performance, increased at its namesake stores but fell 2.8% and 5.3% at Moores and K&G stores, respectively.
Shares of PVH Corp. (NYSE: PVH) rallied 9.50% by afternoon trade. Although the parent company of brands such as Calvin Klein and Tommy Hilfiger swung into fiscal first quarter loss as it booked onetime charge arising from recent acquisition of Warnaco, adjusted earnings and revenue edged past Company’s own forecast. For the quarter ended May 5, PVH Corp posted a loss of $20 million or 25 cents a share compared to a profit of $95.5 million or $1.30 a share. Stripping out onetime items such as expenses related to the acquisition, adjusted earnings stood at $1.91 a share compared to $1.33 a share in the year earlier quarter. Revenue surged 34% to $1.91 billion. The Company had projected earnings to come above $1.33 a share on sales of about $1.9 billion.
Shares of Safeway Inc. (NYSE: SWY) jumped about 7.50% by afternoon trade. On Wednesday, Empire Company Ltd, which owns Canada’s second largest grocery chain, Sobeys Inc, said that it agreed to acquire Safeway Inc’s Canadian business in deal valued at $5.7 billion. With the acquisition of Safeway Inc, Sobeys’ presence in the western provinces of Canada will increase significantly. Safeway said that it will use the sale proceeds towards retiring the debt and remaining towards shares buyback.
Shares of Gannett Company Inc. (NYSE: GCI) skyrocketed about 26.60% by afternoon trade. Belo Corp (NYSE: BLC) also leaped 27%. Gannett Company Inc said on Thursday that it has decided to acquire Belo Corp in an all cash deal valued at $1.5 billion. Gannett will pay $13.75 a share, which represents a 28.1% premium on Belo’s closing stock price on Wednesday. The deal is expected to close by the end of 2013, subject to an approval from Federal Communications Commission (FCC) and shareholders who control two thirds of the voting power in Belo Corp.
Shares of Research in Motion Ltd. (NASDAQ: BBRY) climbed about 5.20% by afternoon trade. The smartphone maker’s stock was upgraded to “buy” from “sell” by Societe Generale on Thursday, citing better-than-expected sales of Blackberry 10 smartphones.
Shares of Polypore International Inc. (NYSE:PPO) slumped about 4.80% by afternoon trade after analysts at Topeka Capital Markets slashed its rating on the stock to “hold”. At present, four equity research firms keep “buy” rating on the stock; two firms maintain “sell” rating while seven analysts have assigned “hold” rating.
Recent Comments