What’s that smell?
Image courtesy of Salvatore Vuono/FreeDigitalPhotos.net
Looks like Justin Bieber isn’t as marketable as previously thought. Oddly enough neither is Taylor Swift. And Nicki Minaj and…Celebrity fragrances put a major crimp in sales at Elizabeth Arden causing its shares to drop 24% on news of its stinky earnings. In fact, the company hasn’t seen earnings this bad since August of 2010. Hmmm. How old was the Beebs then? The drop in sales for celebrity fragrances was even bigger than expected. While the company pulled in $191.7 million in sales, expectations were over $241 million. That’s a big stininking gap, alright. Shares of Elizabeth Arden dropped $1.04 per share which was almost three times the loss that was predicted. That’s on top of the fact that shares already dropped 58% this year. Yikes. But the comapny has plans this year to focus on stabilizing its business – which I can only assume means less Justin Bieber.
Image courtesy of Kookkai_nak/FreeDigitalPhotos.net
On the heels of yesterday’s good news about the improving housing sector, Home Depot came out with earnings today that easily beat analysts’ expectations. The nations largest home improvement company pulled in $23.8 billion in second quarter revenue, an almost 6% increase from this time last year. Wall Street expected a mere $23.5 billion. The company also pulled in net income of $2.1 billion, gaining $1.52 a share, and coming in $.08 above expectations. By George, that’s more than a 22% increase over the same time last year. While some feel that Home Depot’s earning’s success is tied to improvements in the housing market, others feel Home Depot would have gone up no matter what. So there.
Fly away birdie…
Image courtesy of Gualberto107/FreeDigitalPhotos.net
Dick’s Sporting Goods announced its earnings with some mixed results. The company pulled in $1.7 billion in second quarter revenue, which happens to be a 10% increase over the same time last year. The company also scored a $69.5 million profit. Sounds pretty good, right? Unfortunately that figure was more than 17% less than the same time last year. However, the sporting goods chain did gain $.67 per share, instead of the predicted $.65 per share. So where is all this money coming from anyways? Well it’s not coming from golf. And hunting. But definitely not golf. It is coming from women’s and youth apparel. The company consolidated its golf division which also includes its Golf Galaxy chain, and yeah, some people were given their walking papers with this “restructuring.” But at least it will free them up a little to play some profit-sucking golf while pondering their next career move.
Plea…pretty pretty plea!!!
Image courtesy of digitalart/FreeDigitalPhotos.net
It’s official. Credit Suisse (CS) entered a guilty plea for assisting – or perhaps the word is abetting? – Americans with avoiding paying Uncle Sam. Or as the Feds call it, Tax Evasion. The Swiss bank has been engaged in this troublesome little activity through 2009. Now it has to fork over $2.6 billion to the Federal Government and New York Financial regulators. One glaring omission from this long-awaited plea agreement was a list of names of the alleged evaders. But no dice even though their fellow Swiss banking institution, UBS, (UBS), did have to give up a list of names of their alleged perps/client list when it pled its guilt back in 2009. It also had to pay a fine of over $780 million in penalties (but really it was handing over that list of names that put a crimp in their operation). Credit Suisse now holds the dubious distinction of being the largest financial institution in twenty years to enter a guilty plea. Classy.
Not exactly par for the course…
Image courtesy of Gualberto107/FreeDigitalPhotos.net
Dick’s Sporting Goods (DKS) wasn’t playing around when they announced their earnings today. Dick’s, which also owns Golf Galaxy blamed its golf and hunting sales that threw its shares down almost 15%. Since the start of the year Dick’s watched the value of its shares fall 23%. And while they were hoping for their value to bounce back the opposite happened and they kept falling and falling and… While it earned $1.44 billion in sales which was an almost 8% jump over the same period last year, it still missed the Street’s mark of $1.46 billion. Dick’s currently has 566 stores in the US.
Never stop improving…
Image courtesy of Vichaya Kiatying-Angsulee/FreeDigitalPhotos.net
Home Depot (HD) sales didn’t exactly nail Wall Street’s expectations but don’t expect anyone to get too worked up over it. Analysts predicted $19.97 billion. But oh well. The home improvement outfitter only delivered $19.69 billion. Which, by the way was almost a 3% increase over last year. Naturally, it wouldn’t feel right if the word “winter” wasn’t mentioned in the context of how it affected their fiscal quarter and was responsible for its missed expectations. So for good measure I’ll say it. Winter. There. That particularly nasty little season that, like a very rude guest, refused to leave quietly, apparently affected the start of the spring selling season. But the Atlanta based retailer called its May sales “robust” which, in my most humble opinion is quite a fitting adjective for a company like Home Depot.