Stocks bounced back in early trading today, a day after Wall Street wiped out most of
its gains for the year, but Japan's nuclear crisis was set to drive trading in another volatile session for markets. FashionUnited was dragged by this rise impulse and closed in positive, gaining 7.23points compared to yesterday´s 1130.06.
Ross Stores reported Thursday earnings per share for the 13 weeks ended January 29, 2011 of $1.37, up from $1.16 for the 13 weeks ended January 30, 2010. These results represent a strong 18% increase on top of an outstanding 53% gain for the same period last year. Net earnings for the 2010 fourth quarter grew to a record $161.8 million, up 13% from $142.9 million in the prior year. Sales for the fourth quarter ended January 29, 2011 grew 8% to $2.145 billion, with comparable store sales up 4% on top of a 10% gain in 2009. For the 52 weeks ended January 29, 2011, earnings per share were $4.63, up a robust 31% on top of a 52% gain in fiscal 2009 when earnings per share totaled $3.54. The stock was still trading at a rise at the close of this edition.
Also Nike was scheduled to report third-quarter results after the close of market on Thursday. On average, 14 analysts polled by Thomson Reuters expect the company to have earned $1.11 per share in the quarter, with estimates ranging between $1.01 and $1.21 per share. Revenue for the quarter is estimated to rise 9.3 percent year-over-year to $5.17 billion. Analysts' estimates typically exclude special items.
FBR Capital Markets, in a recent client note, raised its third-quarter earnings per share estimate for Nike to $1.12 from $1.10, based primarily on better gross margin. The revision also assumes a 9 percent top-line growth. The brokerage forecasts global future orders to rise 7 percent.
Finally, Children's Place, the value-priced children's apparel retailer, was upgraded to Outperform from Market Perform at BMO Capital. The firm set its target price at $58. On the contrary, American Eagle Outfitters, was downgraded to Market Perform from Outperform at BMO Capital. The firm set its target price at $15.