Top Performer for Thursday: Jones Apparel (JNY)
Retailers are helping the market get back some of yesterday's losses, including today's Zacks #1 Rank top performer Jones Apparel Group, Inc. (JNY - Snapshot Report), which is chiming in with a double-digit advance.
Earnings estimates are moving in the right direction for JNY, which is understandable since the company has put together an impressive streak of meeting or beating Wall Street's quarterly expectations.
Most recently, JNY earned 28 cents per share, excluding items, in its first quarter. The result fell short of the year-ago performance of 37 cents, which isn't a surprise given the difficult environment. More importantly though, EPS was able to easily surpass the consensus of 10 cents by 180%.
Including that healthy difference, JNY has now put together an average surprise of 71% over the past 4 quarters.
Revenues declined 8.6% to $891 million from $975 million. However, its wholesale jeanswear was a bright spot with revenues that advanced 3.4%.
JNY stated that it was "satisfied" with its first-quarter results in this difficult environment, and analysts seem to share that assessment. Earnings estimates for this year are up almost 49% over the past month to 58 cents, as 6 out of 8 covering analysts revised higher.
More of the same for next year as expectations have climbed 51% to 74 cents on the back of 4 out of 6 analysts. Furthermore, this data suggests that next year's profit would jump by more than 27% from this year.
JNY is part of the Textile-Apparel industry. On today's 227-stock Zacks #1 Rank List, the only other company from that industry is Hanesbrands Inc. (HBI - Analyst Report).