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http://cbs.marketwatch.com/news/story.asp?guid=%7B5818CB0C%2DF896%2D490E%2DAF53%2D2D5C93D6FF5B%7D&siteid=mktwSharper Image slashes profit outlook
Weaker holiday sales prompt major earnings revisionNEW YORK (CBS.MW) -- Sharper Image Corp. shares plunged more than 16 percent Monday after the company cut its fourth-quarter earnings outlook due to "disappointing" holiday sales.
In recent dealings Sharper Image's (SHRP: news, chart, profile) stock fell $3.82 to $19.32.
For the three months ending Jan. 31, the San Francisco-based specialty retailer now projects earnings of 94 to 99 cents a share, down from its previous view of $1.33 to $1.38 a share.
The Thomson First Call-derived estimate was for earnings of $1.31 a share. In last year's fourth quarter, Sharper Image recorded earnings of $1.40 a share.
The company said that through Dec. 24, holiday retail sales increased about 4 percent, well-below its forecast calling for a 15 to 18 percent gain. Same-store sales, or sales in stores open at least a year, were in line with the company's anticipated decrease in the mid-single digits.
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Additionally, the company said store traffic was lighter than anticipated, especially in the 10 days leading up to Christmas. Internet and catalog sales also were softer than expected.
...more...http://cbs.marketwatch.com/news/newsfinder/pulseone.asp?dateid=38348.3990943287-830500034&siteID=mktw&scid=0&doctype=806&Retail shares open higherNEW YORK (CBS.MW) -- Retail shares opened higher Monday, as the industry benchmark S&P Retail Index rose 2.34 points to 456.80. Retail issues pulling the index up included Wal-Mart Stores Inc. (WMT) which added 50 cents to $53.05 and Sears, Roebuck & Co. (S) shares of which were up 49 cents to $51.99 in recent trading.
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