Markets & Finance

Kohl's Slips on Lower April Sales


Kohl's (KSS) posted 4.1% lower April same-store sales, and 5.8% higher total sales. Due to first-quarter same-store sales performance, Kohl's expects first-quarter earnings per share to be about 32 cents, below estimates.

Whole Foods Market (WFMI) posted 41 cents vs. 34 cents second-quarter earnings per share on a 16% revenue rise. For fiscal 2003, the natural foods grocery chain expects sales to be at the low end of the previous guidance, and expects earnings per share to come in at the low end of the $1.62-$1.69 range. Morgan Stanley downgraded to equal-weight.

Wild Oats Market (OATS) shares fell in sympathy with Whole Foods, which was downgraded by several analysts after Whole Foods provided cautious guidance for the rest of fiscal 2003.

Adams Harkness downgraded United Natural Foods (UNFI) to buy from strong buy.

Cephalon (CEPH) posted 21 cents vs. 1 cent first-quarter earnings per share from operations on a 30% revenue rise. Cephalon says it is positioned to meet the previous 2003 guidance. S&P and Morgan Stanley downgraded.

Reliant Resources (RRI) posted a 19-cent first quarter loss from continuing operations vs. 28 cents earnings per share. Reliant sees 50 cents to 70 cents 2003 earnings per share from continuing operations, excluding the impact of transitioning from mark-to-market to accrual accounting, and a payment under deregulation legislation.

Chico's (CHS) posted 4.7% higher April same-store sales, and 27% higher total sales. It posted 7.8% higher first-quarter same store sales, and 30% higher total sales. Southwest Securities downgraded to neutral from strong buy.

Gap (GPS) posted 20% higher April same store sales, and 22% higher total sales. Gap sees 19 cents to 22 cents first-quarter earnings per share. First Albany upgraded to buy from neutral.

Comcast (CMCSA) posted 36% higher first-quarter EBITDA (pro forma), and reported a first-quarter loss 13 cents, vs. a loss of 9 cents. The cable TV giant's revenue rose to $5.518 billion, beating targets. Cash flow rose, as Comcast absorbed the acquisition of AT&T Broadband, but slightly missed expectations. Comcast raised its outlook for basic cable and high-speed Internet service additions for 2003, and reaffirmed all other guidance for 2003 for its cable, QVC, and content businesses.

Computer services giant Electronic Data (EDS) posted a 23-cent first-quarter loss vs. 70 cents earnings per share on a 2% revenue rise. EDS' results included a loss associated with its Navy and Marine Corps intranet contract, as well as a charge related to a former CEO's severance package. Excluding the charges, EDS posted a profit of 30 cents a share, missing analysts' estimates by a penny.

Wal-Mart (WMT) posted 4.6% higher total U.S. retail sales. The world's largest retailer says although sales were lower than planned, it expects first-quarter earnings per share to be at the high end of the previously announced 40 cents to 42 cents range.

CTI Molecular (CTMI) posted 10 cents second-quarter earnings per share vs. a 46-cent loss on a 48% revenue. CTI reaffirmed the 16 cents to 18 cents third-quarter earnings per share guidance, and the 60 cents to 64 cents for fiscal 2003. USB Piper reportedly downgraded to market perform from outperform.

Tommy Hilfiger (TOM) sees 26 cents to 31 cents fourth-quarter earnings per share (excluding items), and a $1.26 to $1.31 fourth-quarter loss (GAAP). The retailer retained J.P. Morgan as a financial advisor to explore the acquisition of additional brands and build shareholder value.

Nordstrom (JWN) posted slightly lower April same store sales, and 5.2% higher total sales. The department store chain now expects first-quarter earnings per share to fall in the 12 cents to 15 cents range due to below-plan sales and above-plan markdowns.

Michaels Stores (MIK) posted a 12% rise in April same store sales, and a 19% rise in total sales. The craft-supplies retailer posted a 2% rise in first-quarter same store sales, and a 9% rise in total sales.

Mylan Labs (MYL) posted 40 cents vs. 35 cents fourth-quarter earnings per share on a 25% net revenue rise. Mylan confirmed the $1.59-$1.69 fiscal 2004 (Mar.) earnings per share guidance.

Brinker (EAT) posted 1.1% higher April same store sales. The operator of Chili's and other restaurants maintains the 55 cents to 56 cents fourth-quarter earnings per share forecast, based on 1%-2% higher same store sales growth.

Dean Foods (DF) posted 64 cents vs. 56 cents first-quarter earnings per share (pro forma) despite a 3.7% net sales fall. It reaffirmed the 2003 earnings per share guidance, and set a 3 for 2 stock split.

XM Satellite Radio (XMSR) posted a $1.26 first-quarter loss vs. a $1.56 loss on sharply higher revenues.


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