Retailers Wal-Mart, Perry Ellis lead sector slide |
| MarketWatch - Aug 16, 2012 |
The world’s leading global retailer, Wal-Mart Stores Inc. WMT, saw its share price decline 3% to $72.08 after the Bentonville, Ark.-based company failed to live up to Wall Street’s expectations. In its fiscal second quarter, overall net sales increased 4.5% from a year ago, while Wal-Mart International increased net sales by 6.4% despite negative currency rate fluctuations.
“The capital allocation story, and business momentum will give this stock legs going forward,” David Strasser, an analyst for Janney Capital Markets, wrote in a note. “We are raising our fair value estimate a full multiple point on better capital allocation and improving business.”
Perry Ellis International Inc. PERY, the leading decliner among retail stocks, saw its share price fall over 16% to $18.57 after reporting fiscal second-quarter revenue fell 2.3% and sales decreases in its Perry Ellis and Rafaella brands.
The Dollar Tree Inc. DLTR reported fiscal second-quarter earnings rose 26% thanks to a boost in sales, but the Chesapeake, Va.-based discount chain did lower its current-quarter outlook before posting results. The revised earnings per share estimates fell short of analyst expectations of 52 cents. The stock fell over 3% to $48.25 a share.
Read Full Article from MarketWatch
- Posted: 2012-08-16 15:45:14
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