NEW YORK (
) -- Shares of
zoomed higher in late trades Wednesday after the sports apparel retailer boosted its quarterly earnings outlook and reported strong same-store sales growth of 10.1% for September.
The stock was last quoted at $21.30, up 13.4%, on after-hours volume of nearly 80,000, according to
. The shares gained 6% to $18.79 in the regular session.
After the close, Everett, Wash.-based Zumiez said it now expects earnings of 40 to 41 cents a share in its fiscal third quarter ending this month on sales of $150 million to $152 million. The company's prior forecast was for a profit of 37 to 39 cents a share in the October period. The current average estimate of analysts polled by
is for earnings of 39 cents a share on revenue of $149.3 million.
Zumiez said its outlook is based on expectations for same-store sales increasing in the mid-single digits for the third quarter.
For the five weeks ended Oct. 1, the company's total sales rose 18.3% to $52.9 million from $44.7 million.
Wall Street is split on Zumiez with 10 of the 20 analysts covering the stock rating it as a hold, and the median 12-month price target sitting at $22, offering little upside from current levels.
weakened after Wednesday's closing bell, giving back some of its 10%-plus gain in the regular session following a
was mulling an acquisition bid.
The report has since been
, however, and it's already been well known that Yahoo plans to explore its strategic options since Carol Bartz was dropped as CEO early in September.
Yahoo shares were last quoted at $15.38, down 3.5%, on volume of 3.7 million, while Microsoft's stock ticked up a dime in late trades to $26.01 on volume of 1.4 million, according to
Also moving in the extended session was
Bank of America
, which continued to experience problems with its Web site for a fifth day on Wednesday. After tacking on a penny in regular trading, the stock lost 13 cents, or 2.3%, to $5.64 after the close on volume of 2.4 million.
And finally, disappointing quarterly reports were weighing on shares of
Christopher & Banks
after the close.
Christopher & Banks' shares lost more than 10% after the Minneapolis women's apparel retailer missed on the top line in its fiscal second quarter and said it expects margins to take a hit in the second half as it becomes "highly promotional" in order to move merchandise.
Ruby Tuesday's stock fell almost 8% on volume of nearly 300,000 after the restaurant operator posted an in-line profit but fell short on revenue, citing heavy competition because of softness in the economy.
Written by Michael Baron in New York.
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