Several consumer-oriented stocks confirmed or raised earnings forecasts this morning, sending their shares higher.
affirmed its full-year 2003 earnings guidance on solid volume gains.
Recently, shares were up 6.84% to $19.85 on the news.
The company expects to earn $1.15 to $1.22 a share for the year, compared with $1.03 a share in 2002. Analysts expect $1.18 a share, on average.
Coca-Cola Enterprises said volume rose 2.5% in the first quarter, reflecting 1.5% North American growth and 5.5% European growth. The company is a bottler of Coca-Cola.
The news was also good at
, which said first-quarter earnings will meet or exceed prior expectations due to higher-than-expected revenue.
Shares jumped 8.13% recently to $39.62.
The Scottsdale, Ariz.-based restaurant chain said it might beat its previous guidance of 24 cents a share. P.F. Chang's earned 20 cents a share in last year's first quarter.
The company said first-quarter revenue increased 35% to $131.6 million from last year's $97.5 million. Previously, P.F. Chang's predicted sales of $126.8 million, while analysts polled by FirstCall/Thomson Financial expected $126 million. Sales at the company's China Bistro restaurants open at least a year increased 6.4% during the quarter due to greater customer traffic and a price increase, the company said.
Meanwhile, another restaurant chain,
Jack in the Box
, affirmed its previous second-quarter earnings forecast but lowered revenue expectations due to the weak economy.
The San Diego-based company expects to earn 44 cents a share, down from last year's earnings of 46 cents a share, but still beating analysts' expectation of 43 cents a share.
The company's new revenue forecast is now $463 million, below the $468 million projected in February. Analysts expect revenue of $465.7 million, compared with $447.6 in the year-ago quarter.
Jack in the Box shares were climbing 1.69%, or 30 cents, to $18 on the
New York Stock Exchange
said first-quarter earnings will come in ahead of analysts' estimate due to higher-than-expected same-store sales.
The company now expects to earn 40 cents a share, up from its original expectation of 35 cents a share. Analysts are expecting 36 cents a share. The company earned 30 cents a share in the comparable quarter.
Same-store sales rose 13% in the quarter, surpassing the company's previous expectation of 10% growth. Hollywood said customers continued to convert to DVD rentals from VHS and increase their rental spending.
Shares of Portland, Ore.-based Hollywood Entertainment were up 4.4% recently to $16.62.