Lorillard Inc. (NYSE:LO) reported its results for the third quarter. Net income for the cigarette company fell to $267 million ($1.94 per share) vs. $274 million ($1.81 per share) a year earlier. This is a decline of 2.6% from the year earlier quarter. Revenue rose 3.5% to $1.62 billion from the year earlier quarter. LO fell short of the mean analyst estimate of $2.04 per share. It beat the average revenue estimate of $1.14 billion.
“Lorillard fundamentals remained extremely strong in the third quarter, although as we expected shipments were negatively affected by changes in wholesale inventory patterns versus last year. Wholesale shipments of Lorillard products to retail, which are unaffected by changes in wholesale inventory, increased over 8% versus year ago. And, the Company achieved significant market share gains in all market categories and all sales regions,” said Murray S. Kessler, Chairman, President and Chief Executive Officer. “Continued strong fundamentals combined with normalized wholesale inventories bode well for a strong fourth quarter finish to an already outstanding 2011.”
Competitors to Watch: Reynolds American, Inc. (NYSE:RAI), Altria Group, Inc. (NYSE:MO), Vector Group Ltd. (NYSE:VGR), Philip Morris Intl. Inc. (NYSE:PM), British American Tobacco (AMEX:BTI), Star Scientific, Inc. (NASDAQ:CIGX), Imperial Tobacco Group PLC (ITYBY), Alliance One Intl., Inc. (NYSE:AOI), and Universal Corporation (NYSE:UVV).
PetMed Express, Inc. (NASDAQ:PETS) reported its results for the second quarter. Net income for PetMed Express, Inc. fell to $3.9 million (19 cents per share) vs. $5 million (22 cents per share) a year earlier. This is a decline of 21% from the year earlier quarter. Revenue fell 4.9% to $58.2 million from the year earlier quarter. PETS beat the mean analyst estimate of 14 cents per share. It fell short of the average revenue estimate of $60.6 million.
Menderes Akdag, CEO and President, commented: “Our results for the quarter have been impacted by our more aggressive flea & tick product pricing, which reduced our average order size, and our results were further impacted by the introduction of generic Frontline to the market. Due to pending patent litigation unrelated to the Company, against one of the generic Frontline products, we chose not to actively participate in the generic flea and tick market, which negatively impacted our sales. We intend to fully participate in the generic flea and tick market in 2012, which should improve our future results.”
Competitors to Watch: Rite Aid Corporation (NYSE:RAD), Walgreen Company (NYSE:WAG), drugstore.com, inc. (NASDAQ:DSCM), China Nepstar Chain Drugstore Ltd. (NYSE:NPD), Graymark Healthcare Inc (NASDAQ:GRMH), CVS Caremark Corporation (NYSE:CVS), PetSmart, Inc (NASDAQ:PETM), Wal-Mart (NYSE:WMT) and Target (NYSE:TGT).
VF Corporation (NYSE:VFC) reported net income above Wall Street’s expectations for the third quarter. Net income for VF Corporation rose to $300.7 million ($2.69 per share) vs. $242.8 million ($2.22 per share) in the same quarter a year earlier. This marks a rise of 23.9% from the year earlier quarter. Revenue rose 23.2% to $2.75 billion from the year earlier quarter. VFC reported adjusted net income of $2.87 per share. By that measure, the company beat the mean estimate of $2.55 per share. It beat the average revenue estimate of $2.61 billion.
“The strength of VF’s diversified brand portfolio has never been more evident,” said Eric Wiseman, Chairman and Chief Executive Officer. “These results – in this environment – clearly demonstrate that VF has the right brands and strategies for strong and sustainable long-term growth. Our businesses continue to post healthy and very profitable organic growth, and the acquisition of Timberland further strengthens our portfolio with the addition of two outstanding outdoor brands.”
Competitors to Watch: Gap (NYSE:GPS), Sears Holdings (NASDAQ:SHLD), Wal-Mart (NYSE:WMT), Target (NYSE:TGT), Urban Outfitters (NASDAQ:URBN), Abercrombie & Fitch (NYSE:ANF), American Eagle Outfitters (NYSE:AEO), Aeropostale (NYSE:ARO), J.C. Penney (NYSE:JCP), Saks (NYSE:SKS), Macy’s (NYSE:M), Dillard’s (NYSE:DDS), Nordstrom (NYSE:JWN), True Religion Apparel, Inc. (NASDAQ:TRLG), Dussault Apparel Inc. (DUSS), VLOV Inc. (VLOV), Cherokee Inc. (NASDAQ:CHKE), and The Warnaco Group, Inc. (NYSE:WRC).