Tuesday Afternoon Earnings Roundup
Plano, Texas, J.C. Penney Co. recorded an 86.3% gain in net income to $149 million in the third quarter, helped by a 3% increase in sales and a 2.7% comps improvement.
In other earnings news:
• Saks, Inc. dipped into the red with a net loss of $24.8 million in the third quarter vs. a net income of $12.4 million in the year-ago period. The company’s sales were flat at $1.48 billion. Comps at the merchant’s Saks Fifth Avenue division grew 4.3%, but declined 2.6% in the retailer’s department store division. Saks’ results were hurt by a $17.5 million charge primarily related to the closure of 12 Saks Fifth Avenue stores.
• BJ’s Wholesale Club reported a 13.8% gain in net income to $23.2 million for the third quarter. The improvement was supported by a 9.8% gain in net sales to $1.8 billion and comps growth of 6.1%.
• Ross Stores Inc. reported net earnings of $38.1 million in its third quarter ended Oct. 30, down from $50.5 million in the year-ago period. Although the retailer’s sales rose 5% to $1.03 billion for the quarter, its performance was hurt by a 3% decline in same-store sales.
• The Cato Corp. reported net income of $1.9 million in the third quarter, compared to $800,000 last year. The merchant’s sales grew 7% to $163.6 million, supported by 2% growth in same-store sales.