Retail Stock Winners: Zumiez, Whole Foods
NEW YORK (
) -- Retail stocks surged Thursday, following some better-than-expected same-store sales results and
third-quarter earnings revisions
.
The S&P Retail Index ended the day up 1.7% to 481.26, lifted by big October sales winners like
Zumiez
(ZUMZ) - Get Report
,
Limited Brads
(LTD)
,
Macy's
(M) - Get Report
,
Ross Stores
(ROST) - Get Report
and
Gap
(GPS) - Get Report
.
All of the above handily beat sales estimates and, as a result, lifted their third-quarter earnings outlooks.
But even some who posted disappointing comparable sales results are getting swept up in the momentum.
Abercrombie & Fitch
(ANF) - Get Report
, for example, reported a 2% gain during the month, much smaller than the 5.6% uptick analysts forecast. Still, the teen retail surged 6.4% to close at $45.74.
Whole Foods Market
( WFMI) swung up 15.1% to $47.27 following its significant earnings beat.
In its third quarter the high-end grocer saw its earnings more than double
, and management raised its 2011 outlook.
Whole Foods also said it is considering reinstating its dividend, which it suspended two years ago.
New York & Company
(NWY)
is topping the New York Stock Exchange's list of biggest advancers, after the women's apparel retailer said it expects to reverse its loss in the third quarter.
The company said it expects to earn between a penny and 3 cents a share in the third quarter. Analysts were calling for a loss of 20 cents a share.
New York & Company also reported a 3.6% climb in same-store sales for the period. Shares of the company ended the day up 14.2% to $3.70.
Other notable gainers included
Chico's
(CHS) - Get Report
, which spiked 6.3% to $10.45,
American Apparel
(APP)
, which shot up 14.7% to $1.17,
Nordstrom
(JWN) - Get Report
, which rose 6.7% to $41.93,
Buckle
(BKE) - Get Report
, which increased 7.2% to $32.98.
But amid the wild upswings, were some massive tumbles as well.
Premium denim maker,
True Religion
(TRLG)
, plunged 7% to $18.73 following its third-quarter earnings miss. During the quarter the company earned $11.8 million, or 48 cents a share, compared with $14.1 million, or 58 cents, last year. Sales grew 12.5% to $92.8 million.
Wall Street predicted a profit of 58 cents on revenue of $94.1 million.
Bebe
(BEBE)
also gave up big gains after reporting its first-quarter loss fell in-line with estimates and that it sees second-quarter results substantially below forecasts. Shares of the fashion retailer ended the day down 9.3% to $6.08.
99 Cents Only Stores
( NDN) saw red when its third-quarter sales missed predictions, and
Big Lots
(BIG) - Get Report
fell as its third-quarter revenue lagged the Street due to a slow-down in demand.
--Written by Jeanine Poggi in New York.
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