Coach’s stock rallies after profit, domestic sales beat expectations
(7:26 AM ET) NEW YORK (MarketWatch) — Shares of Coach COH, -0.84% jumped 8.6% in premarket trade Thursday, after the luxury accessories seller reported a better-than-expected fiscal second-quarter profit, and domestic sales that weren’t as bad as forecast. For the quarter ended Dec. 27, adjusted earnings, which excluded non-recurring items, fell to $ 200.2 million, or 72 cents a share, from $ 1.06 a share in the year-earlier period, but beat the FactSet consensus analyst estimate of 66 cents a share. Revenue declined to $ 1.22 billion from $ 1.42 billion, matching analyst forecasts. North American sales dropped 20% to $ 785 million, with same-store sales falling 22%, but that was better than the $ 778.4 million, and 24.7% decline, respectively, that analysts were projecting. The stock had climbed 7.9% over the past three months through Wednesday, while the S&P 500 had gained 1%.
Alibaba’s stock drops after sales rise less than expected
(7:13 AM ET) NEW YORK (MarketWatch) — Shares of Alibaba BABA, -4.36% tumbled 7.1% in premarket trade Thursday, after the Chinese e-commerce giant beat fiscal third-quarter profit expectations, but sales that rose less than expected. For the quarter ended Dec. 31, adjusted earnings, which excludes non-recurring items, rose 25% to the equivalent of $ 2.11 billion, or 81 cents a share, above the FactSet consensus analyst estimate of 75 cents a share. Revenue rose 40% to $ 4.22 billion, missing analyst forecasts of $ 4.44 billion, as mobile revenue climbed 448% to $ 1.04 billion. Gross merchandise volume in Alibaba’s China retail marketplace rose 49% to $ 127 billion. The stock has edged up 0.1% over the past three months, while the S&P 500 has gained 1%.
Viacom’s profit beats expectations, but sales fall shy
(7:00 AM ET) NEW YORK (MarketWatch) — Viacom VIA, -1.14% VIAB, -0.95% reported on Thursday fiscal first-quarter adjusted earnings, which exclude non-recurring items, of $ 538 million, or $ 1.29 a share, compared with $ 1.20 a share in the year-earlier period, and above the FactSet consensus analyst estimate of $ 1.28 a share. Revenue rose 5% to $ 3.34 billion, with media networks revenue rising 4% to $ 2.65 billion and filmed entertainment revenue up 6% to $ 720 million, compared with analyst forecasts of $ 3.4 billion, $ 2.7 billion and $ 715 million, respectively. Viacom’s more-active Class B shares, which were still untraded ahead of the open, have lost 8.9% over the past three months, while the S&P 500 has gained 1%.