Stocks continue to trade lightly as summer comes to an end.
The S&P 500 is down 3 points to 2,167, the Dow Jones Industrial average is lower by 7 points to 18,393 and the Nasdaq is gaining 8 points to trade at 5,221. The S&P Retail ETF is dropping by 9 cents to $44.38, while oil keeps slip siding down below $45 a barrel.
Vera Bradle, Inc. stock is rising by over 4 percent to $15.60 as the retailer treaded water in the second quarter with sales essentially flat from last year and in line with estimates. Sales of $119.2 million were just shy of last year’s $120.7 million. Net income fell to $5.1 million from last year’s $5.7 million. Earnings were 14 cents, beating the FactSet estimate for 13 cents. The company is repositioning its brand and launching a new e-commerce site. Vera Bradley also announced that it entered into 2 new publishing agreements. One will license the signature print for stationary and home office supplies. The other will feature design books. The company also said it expects to enter into additional licensing agreements in the future, which could be the reason behind the stock jump.
Land’s End Inc. missed analyst earnings estimates and delivered a net loss of $2 million in the second quarter. The stock is falling over 8 percent to $16.10. Net revenue fell to $292 million from last year’s $312 million, but was inline with the FactSet estimate. The earnings were negative 6 cents a share, which was far below the estimate for earnings of 2 cents per share. May and June sales were the company’s strongest months, while July suffered from a reduced markdown inventory.
L Brands Inc. August sales were better than analysts expected, but lower than last year as the company continues to see declines in the businesses it is leaving. The stock is only higher by 2 cents to $76.23 in early trading. Total L Brands sales increased 3 percent to $852.9 million from last year’s $826.0 million and beat the Thomson Reuters estimate for an increase of 0.3 percent. L Brands comparable sales for August including e-commerce rose by 2 percent, while store-only comps were flat. Looking ahead, L Brands told investors to expect flat sales for September.