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July 7, 2014
10:33 EDTBBBY, WSM, PIR, RH, KIRKBed Bath & Beyond slips despite $2B buyback following downgrade
Shares of home decor retailer Bed Bath & Beyond (BBY) are sliding this morning despite its board authorizing a new $2B share repurchase program. The drop in the stock this morning also comes after Bank of America Merrill Lynch downgraded the stock to an Underperform from a Neutral rating. WHAT'S NEW: Bed Bath & Beyond authorized a new $2B share repurchase program, which it expects it will commence after the completion of its existing share repurchase program. The company noted that, as of May 31, it had approximately $861M remaining under its existing buyback program. The company is currently planning that the new share repurchase program will be completed during full-year 2016, it added. ANALYST OPINION: Bank of America Merrill Lynch analyst Denise Chai downgraded Bed Bath & Beyond to Underperform this morning, stating that the firm sees ongoing risk to the company's guidance and estimates driven by "modest" store traffic patterns and ongoing pressure to sales and margins from online rivals. Chai says that the market views online rivals as Bed Bath & Beyond's main threat to comps and feels that the retailer made a crucial mistake in waiting until 2012 to make major investment in its online platform. For this reason, the firm feels that the company will face a continuous cycle of very limited online growth, flat comps, forced reinvestment and deleverage going forward. BofA Merrill Lynch lowered its price target on the stock to $51 from $63. OTHERS TO WATCH: Other companies in the home furnishings space include Williams Sonoma (WSM), Pier 1 Imports (PIR), Restoration Hardware (RH), and Kirkland's (KIRK). PRICE ACTION: During morning trading, Bed Bath & Beyond was down 15c, or 0.25%, to $59.20.
News For BBBY;WSM;PIR;RH;KIRK From The Last 14 Days
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August 22, 2014
09:00 EDTWSMWilliams-Sonoma September volatility elevated into Q2 and outlook
Williams-Sonoma September call option implied volatility is at 28, October is at 25, November is at 24; compared to its 26-week average of 25 according to Track Data, suggesting larger price movement into the expected release of Q2 results on August 27.
August 21, 2014
11:28 EDTKIRKKirkland's expects to generate positive cash flow in FY14
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11:13 EDTKIRKKirkland's sees Q3 revenue $113M-$115M, consensus $116.10M
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09:07 EDTKIRKOn The Fly: Pre-market Movers
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06:48 EDTKIRKKirkland's sees YoY improvement in merchandise and gross profit margins
Expects a lower markdown rate, lower inbound freight costs, and sales leverage. Operating expenses are expected to increase on a dollar basis due to the increase in stores and incremental investments in corporate headcount to support our growth initiatives. The company is also anticipating approximately 4c per diluted share in additional costs associated with its second half lease expiration and transition to replacement corporate headquarters space.
06:48 EDTKIRKKirkland's sees FY14 EPS 87c-97c, consensus 99c
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06:47 EDTKIRKKirkland's: Early sales and margin trends in August are encouaging
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06:46 EDTKIRKKirkland's reports Q2 SSS up 3.6%
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06:46 EDTKIRKKirkland's reports Q2 EPS (6c), consensus (3c)
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06:42 EDTKIRKKirkland's promotes W. Michael Madden President and COO effective immediately
Madden was serving as the company's Senior VP and CFO. The company expects Madden to assume the role of CEO after a period of orderly transition. Madden will remain the company’s principal financial officer pursuant to S.E.C requirements.
August 12, 2014
08:03 EDTWSMGoldman's Retail selections for Q2
Goldman is most above Q2 consensus for Advance Auto Parts (AAP), Best Buy (BBY) and Williams-Sonoma (WSM), sees best risk/reward in Ulta Salon (ULTA) and Sportsman's Warehouse (SPWH), and low visibility in Dick's Sporting (DKS) and Wal-Mart (WMT).
August 11, 2014
07:05 EDTPIR, BBBYDeutsche Bank discusses LBO chatter in Retail space
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