The company expects to report earnings of 28 cents to 30 cents a share, up from an earlier view of 22 cents to 24 cents a share. Analysts polled by Thomson First Call project earnings of 24 cents a share. Too attributed the better-than-expected projection to a 6% to 7% increase in same-store sales. Previously, the company said it would post a same-store sales increase of 3%. "Following strong sales in February, March sales for Limited Too and Justice were well above our original expectations, despite the calendar shift of Easter to April this year," the company said. Too plans to release its full first-quarter results on May 17. Shares were trading up $2.21 to $35.47.
International Paper (IP - Get Report) rose 2% after the paper and forest products company said it plans to sell 5.1 million acres of forestland for about $6.1 billion. Under one of the agreements, IP will sell about 4.2 million acres for roughly $5 billion to an investor group led by Resource Management Service, a timberland investment management firm. An investor group led by timberland company TimberStar will buy another 900,000 acres for roughly $1.1 billion. "These agreements for the sale of forestlands at very attractive valuations are important steps forward in our plan to increase focus and improve returns to shareholders," International Paper said. Shares were up 69 cents to $35.41.
Shares of Delta and Pine Land (DLP) fell 3% after the producer of cottonseed posted second-quarter earnings that missed Wall Street expectations. For the quarter ended Feb. 28, the company earned $14.7 million, or 40 cents a share, on revenue of $115 million. Two analysts had an average estimate for earnings of 46 cents a share, while a single analyst expected revenue of $133.5 million. During the year-earlier quarter, the company earned $19 million, or 48 cents a share, including a litigation charge of 2 cents a share. Revenue totaled $119.9 million.