CG Stocks in the Rumor- Campbell Soup Company (CPB), Foot Locker Inc. (FL)
Shares of Campbell Soup Company (NYSE:CPB) ended Thursday session in green amid volatile trading. The shares closed up +0.51 points or 0.94% at $54.86 with 2.10 million shares getting traded. Post opening the session at $54.13, the shares hit an intraday low of $54.02 and an intraday high of $55.00 and the price vacillated in this range throughout the day. The company has a market cap of $17.03 billion and the numbers of outstanding shares have been calculated to be 307.55 million shares.
Campbell Soup Company (CPB) reported its fourth-quarter and full-year results for fiscal 2016.
Sales of $1.687 billion were comparable to prior year as the benefit from the acquisition of Garden Fresh Gourmet was offset by the decline in organic sales and the adverse impact of currency translation. Organic sales decreased 1 percent primarily driven by Campbell Fresh, reflecting declines in carrots and carrot ingredients, as well as the impact from the voluntary recall announced on June 22 of Bolthouse Farms Protein PLUS drinks. The estimated negative impact on net sales in the fourth quarter related to the recall and related production outages was approximately one percentage point.
Gross margin decreased from 33.2 percent to 32.4 percent. Excluding items impacting comparability, adjusted gross margin decreased 0.9 points. The decrease in adjusted gross margin was primarily driven by increased promotional spending, inflation, the impact of the Bolthouse Farms recall and related production outages, as well as higher carrot costs, partly offset by productivity improvements.
Shares of Foot Locker, Inc. (NYSE:FL) ended Thursday session in red amid volatile trading. The shares closed down -0.74 points or -1.07% at $68.49 with 1.38 million shares getting traded. Post opening the session at $68.94, the shares hit an intraday low of $68.21 and an intraday high of $69.00 and the price vacillated in this range throughout the day. The company has a market cap of $9.22 billion and the numbers of outstanding shares have been calculated to be 133.25 million shares.
Foot Locker, Inc. (FL) reported financial results for its second quarter ended July 30, 2016.
Net income for the Company’s second quarter ended July 30, 2016 was $127 million, or $0.94 per share, compared with net income of $119 million, or $0.84 per share, last year. Second quarter comparable-store sales increased 4.7 percent. Total sales increased 5.0 percent, to $1,780 million this year, compared with sales of $1,695 million for the corresponding prior-year period. Excluding the effect of foreign currency fluctuations, total sales for the second quarter increased 5.4 percent.
The Company’s gross margin rate improved to 33.0 percent of sales from 32.6 percent a year ago, while the selling, general, and administrative expense rate increased to 19.7 percent of sales from 19.5 percent.