23 Jan Consumer Sector Update for 01/22/2018: ANF,NVFY,PCLN
Top Consumer Stocks
Consumer stocks were rising Monday afternoon, with shares of consumer staples companies in the S&P 500 climbing a little more than 0.5% in recent trading while shares of consumer discretionary firms in the S&P 500 were climbing over 0.7%.
Among consumer stocks moving on news:
Abercrombie & Fitch Company ( ANF ) climbed to its highest share price since April 2016, adding almost 11% to touch $22.03 a share, after the apparel company raised its outlook for Q4 same-store sales, now expecting sales at stores open more than 12 months to rise in the high-single percentage digits compared with its prior forecast looking for year-over-year growth in the low-single digits. It also sees net sales increasing in the low-teens versus its previous view expecting a rise in the mid- to high-single percentage digits. The company also is expecting to recognize a “significant” income tax charge against its Q4 financial results following the one-time repatriation of accumulated foreign earnings. Full financial results for the three months ended Feb. 3 are due March 7.
Abercrombie Monday also said Arthur Martinez will step down as executive board chairman at the end of the current fiscal year. Lead independent director Terry Burman will assume the role of non-executive chairman.
In other sector news:
+ Nova Lifestyle Inc ( NVFY ) rose Monday after raising fiscal Q4 earnings outlook to a new range of $0.14 to $0.16 per share, improving on its previous guidance expecting $0.11 to $0.13 per share. The company also is expecting to generate around $1.3 million per month in net income, equaling between $3.8 million to $4.3 million for the full quarter.
+ The Priceline Group ( PCLN ) was edging higher Monday afternoon after saying it has selected David Goulden to be its chief financial officer, effective March 1. Goulden most recently was a division president at Dell Technologies.
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