Buckle Inc. and Stein Mart Inc. both posted stronger than expected first-quarter earnings and saw stock gains in midday trading today. Ross Stores Inc. met previously improved expectations and raised guidance for the year, but saw its stock drop.
At Buckle, net income rose 13 percent to $37.8, or 79 cents a diluted share, from $33.5 million, or 71 cents, a year earlier. Earnings per share came in 3 cents ahead of the 76 cents analysts expected. Sales gained 9.9 percent to $263.8 million from $240.1 million with a 7.4 percent comparable-store sales rise. The company’s stock rose 5.5 percent to $43.35.
Stein Mart’s first-quarter earnings fell 25.6 percent to $11.8 million, or 27 cents a share, from $15.9 million, or 35 cents, a year earlier. Adjusted profits of 32 cents a share came in 2 cents ahead of the 30 cents analysts expected. Stein Mart’s sales dipped modestly to $303.4 million from $303.5 million on a 0.4 percent comp drop. The stock gained 0.6 percent to $6.28.
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Ross’ first-quarter profits were in line with the own updated guidance, which was boosted earlier this month. Net income gained 20.6 percent to $208.6 million, or 93 cents a diluted share, from $173 million, or 74 cents, a year earlier. Sales rose 13.6 percent to $2.36 billion from $2.07 billion with a 9 percent comparable-store sales gain. The off-pricer boosted its annual earnings guidance to a range of $3.26 to $3.37 a share, up from the $3.13 to $3.27 initially projected. Even so, the firm’s stock slipped 1.7 percent to $61.17.
The fiscal first quarter for all three companies ended April 28.