Urban Outfitters, Inc. (NASDAQ:URBN) reported its results for the third quarter. Net income for the apparel store fell to $50.7 million (33 cents per share) vs. $73.1 million (43 cents per share) a year earlier. This is a decline of 30.6% from the year earlier quarter. Revenue rose 6.3% to $610 million from the year earlier quarter. URBN beat the mean analyst estimate of 31 cents per share. It fell short of the average revenue estimate of $629.2 million.
“We have made progress in many categories during the quarter,” said Chief Executive Officer, Glen T. Senk. “We anticipate additional improvements through continued product focus, aggressive inventory management and the organization changes we announced last week.”
Competitors to Watch: Abercrombie & Fitch Co. (NYSE:ANF), The Gap Inc. (NYSE:GPS), American Eagle Outfitters (NYSE:AEO), The Buckle, Inc. (NYSE:BKE), Pacific Sunwear of California, Inc. (NASDAQ:PSUN), Zumiez Inc. (NASDAQ:ZUMZ), Aeropostale, Inc. (NYSE:ARO), The Wet Seal, Inc. (NASDAQ:WTSLA), American Apparel (AMEX:APP) and Stein Mart, Inc. (NASDAQ:SMRT).
Lowe’s Companies Inc. (NYSE:LOW) reported its results for the third quarter. Net income for the home improvement store fell to $225 million (18 cents per share) vs. $404 million (29 cents per share) a year earlier. This is a decline of 44.3% from the year earlier quarter. Revenue rose 2.7% to $11.9 billion from the year earlier quarter. LOW missed the mean estimate of 33 cents per share. Analysts were expecting revenue of $11.7 billion. Lowe’s reported that charges related to store closings and discontinued projects reduced pre-tax earnings by 17 cents per share.
“Our performance is not at the level we expect relative to the market,” commented Robert A. Niblock, Lowe’s chairman, president and CEO. “We are making the changes necessary to right size the organization, improve speed to market and enhance the shopping experience. We are keenly focused on improving our core business while also developing new capabilities and services for the future. I am confident we are moving forward on a clear path that is not dependent on an unlikely near-term economic recovery.”
Competitors to Watch: The Home Depot, Inc. (NYSE:HD), Builders FirstSource, Inc. (NASDAQ:BLDR), Lumber Liquidators Hldgs., Inc. (NYSE:LL), Tractor Supply Company (NASDAQ:TSCO), Hornbach-Baumarkt-AG (NYSE:HBM), PulteGroup (NYSE:PHM), Toll Brothers (NYSE:TOL), D.R. Horton (NYSE:DHI), KB Home (NYSE:KBH), Lennar Corp (NYSE:LEN), Beazer Homes (NYSE:BZH), Sherwin-Williams (NYSE:SHW), Sears Holdings (NASDAQ:SHLD), Target (NYSE:TGT) and Wal-Mart (NYSE:WMT).
J.C. Penney Company Inc. (NYSE:JCP) dropped to a third quarter loss, but results topped expectations. Reported a loss of $143 million (67 cents per diluted share) in the quarter. The department store had net income of $44 million or 19 cents per share in the year earlier quarter. Revenue fell 4.8% to $3.99 billion from the year earlier quarter. JCP reported adjusted net income of 11 cents per share. By that measure, the company beat the mean analyst estimate of a loss of 12 cents per share. It fell short of the average revenue estimate of $4.07 billion.
Executive Chairman Myron E. (Mike) Ullman, III , said, “While our more affluent customers continued to respond well to jcpenney’s attractions, the moderate customer continues to have limited discretionary spending capability, and that was apparent during the quarter. However, the combination of customer response to the style and value we offer in categories such as women’s and men’s apparel and accessories, coupled with the expense reduction initiatives we put in place over the course of 2011, allowed us to report results in line with our expectations.”
Competitors to Watch: Sears Holdings Corporation (NASDAQ:SHLD), Saks Incorporated (NYSE:SKS), Macy’s, Inc. (NYSE:M), Kohl’s Corporation (NYSE:KSS), The Bon-Ton Stores, Inc. (NASDAQ:BONT), Dillard’s, Inc. (NYSE:DDS), Nordstrom, Inc. (NYSE:JWN), Overstock.com, Inc. (NASDAQ:OSTK), Wal-Mart Stores, Inc. (NYSE:WMT), Amazon.com (NASDAQ:AMZN), eBay (NASDAQ:EBAY) and Target Corporation (NYSE:TGT).