Shares of Charlotte Russe ( CHIC) were among the Nasdaq's losers Thursday, tumbling 16% after the young-women's clothing retailer posted better-than-expected first-quarter results but warned that second- and third-quarter earnings will be below expectations. For the first quarter ended Dec. 24, the company earned $7.1 million, or 29 cents a share, including a $600,000 charge, representing 1.5 cents a share. Analysts polled by Thomson First Call expected earnings of 28 cents a share. Same-store sales jumped 15.6%, while total sales were $201.5 million, beating analysts' forecast of $197.7 million. A year earlier, the company's earnings were $2.2 million, or 9 cents a share, on sales of $150 million. Looking ahead, Charlotte Russe sees a second-quarter loss of 3 cents to 7 cents a share and third-quarter profit of 20 cents to 24 cents a share. Analysts expect break-even earnings for the second quarter and a profit of 26 cents a share for the third quarter. The company noted that a high level of promotional activity would continue during the next two quarters. What's more, its Rampage chain "continues to be a work in process with its brand repositioning," the company said. Charlotte Russe sees the chain posting a loss during the second quarter and a profit during the third quarter. Shares were trading down $3.16 to $16.34. Briggs & Stratton ( BGG - Get Report) tumbled 11% after the engine maker posted a disappointing profit report and outlook. The company earned $21.8 million, or 42 cents a share, on sales of $574.3 million for its second quarter. Analysts expected earnings of 47 cents a share and sales of $550 million. Year-earlier earnings for the December quarter came in at $7.1 million, or 14 cents a share, on sales of $503.7 million. Those earnings included an after-tax bad-debt expense of $19.8 million. For the fiscal third quarter, Briggs & Stratton sees earnings of $67 million, or $1.28 a share. The estimate includes a charge of 3 cents a share. Analysts had forecast earnings of $1.50 a share.
Finally, the company said it plans to reduce its salaried headcount by 6% to 8% by Feb. 15. The company expects the job cuts to result in pretax savings of $10 million to $15 million beginning in fiscal 2007. Shares were trading down $4.44 to $34.56. Shares of Seagate Technology ( STX - Get Report) rose 9% after the hard-drive maker reported better-than-expected second-quarter results and projected third-quarter results that are ahead of forecasts. The company earned $287 million, or 57 cents a share, on sales of $2.3 billion. Earnings for the December period included stock-based compensation expenses of $20 million and one-time charge of $6 million related to a licensing arrangement. Analysts expected earnings of 52 cents a share on sales of $2.2 billion. During the year-earlier period the company earned $144 million, or 29 cents a share, on sales of $1.85 billion. Looking ahead, Seagate sees third-quarter earnings of 55 cents a share and sales of about $2.25 billion. The estimate excludes a stock-based compensation expense of $21 million, or 4 cents a share. Analysts projected earnings of 43 cents a share, with sales of $2.06 billion. Seagate shares were trading up $2.22 to $26.18. International Game Technology ( IGT - Get Report) rose 9% after the slot-machine maker posted first-quarter results that topped forecasts. The company earned $120.6 million, or 34 cents a share, on sales of $616.2 million, for the quarter ended Dec. 31. Results included stock-based compensation expenses of $6.1 million, or 2 cents a share. Analysts expected earnings of 27 cents a share on sales of $562.3 million. During the same period a year earlier, the company earned $122.4 million, or 33 cents a share, on sales of $641.2 million. Shares were trading up $2.90 to $34.95. Shares of Pantry ( PTRY) rose 6% after the convenience store operator offered a first-quarter earnings preview that easily beat expectations. When the company reports its December quarter results on Jan. 26, it expects to post earnings of $1.43 to $1.48 a share. Earnings results will include an expense of 5 cents a share related to the company's recent refinancing of its credit facilities. Analysts expected first-quarter earnings of 86 cents a share. Pantry's same-store sales rose by nearly 5% for the quarter.
For all of fiscal 2006, the company raised its earnings forecast to $2.95 to $3.05 a share from its prior view of $2.80 to $2.90 a share. Analysts expect full-year earnings of $2.88 a share. Shares were trading up $3.10 to $56.97. NYSE volume leaders included Advanced Micro Devices ( AMD), up $3.87 to $37.24; Pfizer ( PFE), up 63 cents to $24.72; Lucent Technologies ( LU), up 1 cent to $2.52; Elan ( ELN), down $1.16 to $15.10; Maxtor ( MXO), up 83 cents to $9.25; General Electric ( GE - Get Report), down 21 cents to $34.58; Nokia ( NOK), up 30 cents to $18.66; and Nortel Networks ( NT), up 5 cents to $3.12. Nasdaq volume leaders included Intel ( INTC), up 2 cents to $22.62; Ivanhoe Energy ( IVAN), down 10 cents to $2.78; JDSU ( JDSU), up 21 cents to $2.78; Apple Computer ( AAPL), down $3.62 to $78.87; eBay ( EBAY), up $2.07 to $46.51; Applied Materials ( AMAT), up 15 cents to $19.89; Microsoft ( MSFT), up 11 cents to $26.94; Cisco Systems ( CSCO), up 20 cents to $18.93; Yahoo! ( YHOO), up 9 cents to $35.27; Oracle ( ORCL), up 16 cents to $12.50; Sirius Satellite Radio ( SIRI), up 1 cent to $6.30; and Sun Microsystems ( SUNW), up 4 cents to $4.63.