5-21-14 11:01 AM EDT | Email Article
 

By MarketWatch

 

PetSmart tumbles after missing sales goal, lowering outlook

 

PetSmart Inc. shares(PETM)tumbled in premarket trade Wednesday after the company said it missed its sales goals in the first quarter and lowered its outlook for the rest of the year. "We did not achieve our sales goals, which were impacted by a challenging and volatile consumer environment and a competitive market," Chief Executive David Lenhardt said in a statement. The company said sales totaled $1.7 billion, up 1.1% from the year-earlier period, but below the FactSet consensus of $1.77 billion. The company posted earnings of $1.04 a share, up 6.1% from a year ago and above the consensus of $1.01. Lenhardt said the company expects same-store sales to be relatively flat for 2014 and flat to slightly lower in the second quarter. Shares were last down 8%.

 

Tiffany raises outlook as profit, sales beat estimates

 

Tiffany & Co.(TIF)said it earned $126 million, or 97 cents a share, in the first quarter, up from $84 million, or 65 cents a share, in the year-earlier period, boosted by strong sales of fine and statement jewelry. Sales rose 13% to $1.0 billion. The numbers beat the FactSet consensus EPS of 77 cents on sales of $954 million. "Strength in fine and statement jewelry sales continued, while sales of our new or expanded jewelry collections accelerated, led by our ATLAS collection," Chief Executive Michael Kowalski said in a statement. The company raised its outlook for fiscal 2015, forecasting EPS of $4.15-4.25, up from a prior range of $4.05-$4.15. It said it expects sales to rise in the high single digits.

 

Lowe's posts rise in first-quarter profit, revenue

 

Lowe's Companies Inc.(LOW)on Wednesday said first-quarter net earnings were $624 million, or 61 cents a share, compared with $540 million, or 49 cents a share, in the year-ago period. Revenue at the home-improvement retailer rose 2.4% to $13.4 billion from $13.09 billion a year earlier. Analysts polled by FactSet had expected per-share earnings of 60 cents, on revenue of $13.86 billion. "We executed well during the quarter, despite an unexpectedly prolonged winter in many areas of the country," said Lowe's Chief Executive Robert Niblock in a statement. Lowe's raised its per-share earnings view to $2.63 for the fiscal year ending Jan. 30. 2015. Analysts currently expected earnings of $2.62 for 2015. Shares of Lowe's rose 5.5% in premarket trade after the financial results.

-MarketWatch; 415-439-6400; AskNewswires@dowjones.com

 

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05-21-14 1101ET

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