Zumiez (ZUMZ - Get Report), the specialty retailer, reported a 10% increase in same-store sales for the five weeks ended Dec. 31 and raised its fiscal fourth-quarter outlook. Citing better-than-planned holiday sales and product margins, Zumiez said it now sees earnings of 57 cents to 58 cents a share for the January-ending quarter on sales of $180 million to $181 million. The company's previous view was for earnings of 52 cents to 54 cents a share in the quarter. Wall Street's current consensus estimate is for a profit of 54 cents a share on sales of $176.8 million. Zumiez shares were rising 12% to $29.50 in premarket trading.
Seagate Technology (STX - Get Report), the hard drive maker, forecast fiscal second-quarter revenue of $3.1 billion to $3.2 billion, above the current consensus view of $2.8 billion. Shares were rising 6.2% to $17.87.
PepsiCo (PEP - Get Report) is considering laying off roughly 4,000 workers and ending the company's 401(k) match to boost earnings, according to The New York Post. A final decision could be made in days, the newspaper said, citing sources close to the situation. Pepsi offers a pension plan and a 401(k) match. Eliminating the 401(k) match would save Pepsi $75 million, the source told the Post. The roughly 4,000 layoffs amount to a little more than 1% of Pepsi's payroll.
Children's Place (PLCE - Get Report) cut its fourth-quarter earnings estimate to 85 cents to 90 cents a share from $1.19 to $1.24 a share previously. The average analyst estimate was for earnings of $1.23 a share, according to Thomson Reuters. The Secaucus, N.J.-based company said unseasonably warm weather and big markdowns to sell winter apparel contributed to lower-than-expected sales. The shares were tumbling 11% in $47.28 in premarket trading.
Costco (COST - Get Report), the warehouse retailer, said same-store sales in December rose a lower-than-expected 7%. Analysts surveyed by Thomson Reuters expected Costco to post same-store sales of 7.6%. Net sales in December rose 9% to $10.05 billion. Costco shares were falling 0.6% to $83.60 in premarket trading.
Target (TGT - Get Report) said Thursday that same-store sales in December rose a less than expected 1.6% and it cut its fourth-quarter earnings outlook. Analysts surveyed by Thomson Reuters expected Target to post a same-store increase of 3.1%. The company now sees fourth-quarter earnings of $1.34 to $1.42 a share, down from $1.43 to $1.53 a share previously. Target shares were falling 4% to $47.99 in premarket trading.
Sirius XM Radio's (SIRI) CEO Mel Karmazin said the satellite radio company added 1.7 million net subscribers in 2011, despite recent price hikes as car sales improved. The company previously estimated that it would add 1.6 million subscribers in the year. The shares were gaining 4.4% to $1.91.
Eastman Kodak (EK) is preparing a bankruptcy filing in the coming weeks if patent sales aren't realized, according to The Wall Street Journal, which cited unnamed sources. The company, which has roughly 19,000 employees, is currently looking to sell patents and business lines, while also litigating intellectual property infringement claims to raise capital and avert a cash shortfall later in 2012. The shares were falling 2.1% to 46 cents.
Macy's (M - Get Report) plans to close nine of its namesake and Bloomingdale's department stores early in the spring, the company announced late Wednesday. The Cincinnati-based retailer will close Macy's locations in Kansas, Ohio, Tennessee and Texas, while closing Bloomingdale's locations in Georgia, Illinois and Minnesota. The company will close one of each stores in Maryland outside of Washington. Macy's also reported that same-store sales increased 6.2% in December and announced plans to boost its dividend and buy back shares. Macy's will double its quarterly dividend to 20 cents a share from 10 cents beginning with the first quarter of 2012. The company also authorized a $1 billion stock buyback program to bring total outstanding authorization to $1.6 billion. The shares were rising 0.3% to $$32.75 in premarket trading.
-- Written by Kaitlyn Kiernan and Joseph Woelfel in New York. >To contact the writer of this article, click here: Kaitlyn Kiernan To follow the writer on Twitter, go to @Kaitlyn_Kiernan. >To submit a news tip, send an email to: email@example.com.