First quarter results for apparel retailers reporting earnings on Wednesday were mixed, as consumers continue to scale back their spending.
Talbots Inc. (NYSE: TLB) first-quarter profit dropped 69% to 3 cents per share, hurt by noncore operations and restructuring charges. Same-store sales fell 9.8% during the quarter, and revenue fell 5% to $542.4 million, which missed the estimates of analysts polled by Thomson Financial. Shares rose 6% Wednesday to $7.88.
Hot Topic Inc. (NASDAQ: HOTT) first-quarter loss widened to 3 cents per share due to a 2.8% drop in same-store sales. Revenue rose 1.1% to $159 million. Analysts had expected a loss of 4 cents per share on $159.3 million in revenue. Shares fell 13 cents, or 2.6%, to $4.84.
Tween Brands Inc. (NYSE: TWB) first-quarter profit declined on a hefty charge, but results still topped Wall Street expectations. Adjusted earnings per share were 21 cents, and revenues rose to $251.7 million. Analysts had expected 16 cents in earnings per share and sales of $242 million. Total same-store sales decreased 1%. Shares fell more than 10% to $19.20, but rebounded 7.5% in after-hours trading.
Ross Stores Inc. (NYSE: ROST) first-quarter profit grew 19% on growth in same-store sales and a real estate settlement. Adjusted earnings came to 58 cents per share and revenue rose 10% to $1.56 billion; results were in line with analysts' expectations. Same-store sales rose 3%. Shares fell 80 cents to $34.12, before rising 59 cents after hours.
Charming Shoppes Inc. (NASDAQ: CHRS) reported a first-quarter loss of $34.46 million, or 30 cents per share, on its worst sales drop in at least four years. Results included charges related to streamlining of operations and advisory and legal fees. Net sales fell 8% to $641.3 million; analysts had forecast sales of $725.2 million. Same-store sales fell 13%. Shares fell 27 cents, or almost 5%, to $5.37.
Gymboree Corp. (NASDAQ: GYMB) first-quarter net income rose 20%, to 86 cents per share, due to higher retail sales. Revenue rose 16% to $242.1 million. Analysts, on average, had predicted a profit of 84 cents per share on revenue of $240 million. Same-store sales rose 4%. Shares fell 1.5% to $43.77, and continued to fall after hours.
Limited Brands Inc. (NYSE: LTD) first-quarter earnings nearly doubled, to 28 cents per share, on an undisclosed asset sale. Revenue fell 17% to $1.9 billion, in line with analysts' expectations. Same-store sales declined 8%. Shares closed at $18.71, and rose 29 cents in after-hours trading.
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