Business News

Slim Declines Seen for Consumer Stocks

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Consumer stocks were trending slightly lower, with shares of consumer staples companies in the S&P 500 slipping about 0.2% while shares of consumer discretionary firms in the S&P 500 were falling almost 0.3%. In company news, Steven Madden Ltd (SHOO) was holding on to a moderate gain Friday that followed the footwear company exceeding analyst estimates with its Q1 financial results and also reaffirming its in-line FY17 forecast.

Excluding one-time items, the company earned $0.47 per share during the three months ended March 31, adding to a $0.39 per share profit during the same quarter last year and beating the the Capital IQ Consensus by $0.04 per share. Revenue rose 11.2% over last year to $366.4 million, also topping the $359.52 million Street view.

Looking forward to FY17, the company is continuing to project non-GAAP net income between $2.12 to $2.18 per share and revenue growing between 8% to 10% over FY16 levels, or a range of $1.51 billion to $1.54 billion. The Street is at $2.17 per share on $1.53 billion in revenue.

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