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Shares for the retailer gained more than 6% when all was said and done, making it THE top-performing Zacks #1 Rank stock. Meanwhile, volume surpassed 57,000 shares, compared to the daily average of around 36,600.
RCKY is a leading designer, manufacturer and marketer of premium quality footwear and apparel marketed under a portfolio of well recognized brand names, including Rocky®, Georgia Boot®, Durango®, Lehigh®, and the licensed brands Michelin® and Mossy Oak®.
Rocky Brands is part of the shoes & related apparel industry. There is only one other name from this space on today's Zacks #1 Rank List: Adidas AG (ADDYY). Another similar company with a Zacks #1 Rank is Foot Locker, Inc. (FL - Snapshot Report).
The company is not exactly well-represented when it comes to analyst coverage. In fact, there are only 2 estimates for RCKY. Nonetheless, expectations for this year and next have advanced in the past 60 days.
The Zacks Consensus Estimate for 2011 is $1.42 per share, which is up 10% from 2 months ago. Meanwhile, the Zacks Consensus Estimate for 2012 is $1.61 per share, up 13.4% in 60 days. At the moment, analysts expect profit growth of more than 13% for next year over this year.
In late April, Rocky Brands announced its seventh straight quarter with a positive EPS surprise. Furthermore, the company returned to profitability after a loss per share in the year-ago quarter.
First-quarter earnings per share of 7 cents soared past the Zacks Consensus Estimate by more than 215%. However, sales of $52.3 million were down from the previous year's $56.1 million due to reduced sales under military contracts.
The company attributed this profitable quarter to higher margin sales, its improved operating platform and significantly lower interest expense. It expects such trends to continue fueling earnings for the rest of the year.
Red Robin Gourmet Burgers, Inc. (RRGB - Analyst Report) is technically in retail too, but it is 180 degrees different than RCKY. However, one similarity between the two (on Wednesday at least) was their strong performances during a difficult session.
RRGB was right behind RCKY today with a gain of about 3.2%. More than 650,000 shares changed hands during the session, compared to a daily average of around 372,000.
Most analysts covering this restaurant chain have raised earnings expectations over the past month, stemming from a strong first-quarter performance from mid May. In fact, the agreement has been near unanimous among analysts, with 7 of 8 total estimates for this year moving higher of late.
The Zacks Consensus Estimate for 2011 is currently $1.42 per share, which is up 41% from a month ago. As for 2012, the Zacks Consensus Estimate of $1.77 per share has advanced 33% as 9 of 10 expectations were raised. Furthermore, analysts expect profit growth of 25% for 2012 over 2011.
RRGB announced earnings per share of 58 cents for its first quarter, which topped the Zacks Consensus Estimate by as much as 140%. Total company revenues were up 4.1% to $286.8 million. Restaurant revenue was up 5.2% while company-owned same-restaurant sales climbed 1.9%.
In addition to its strong quarter, Zacks also likes the company's Project RED turnaround plan, which focuses on revenue growth, expense control and capital deployment. Though the plan is still in its early stages, RRGB said it is encouraged by the traction that its team members have already achieved by strengthening its business performance and setting a course to become a best-in-class restaurant company.
In late May, Zacks upgraded out longer-term recommendation on Red Robin Gourmet Burgers to "Outperform" from "Neutral".
Red Robin Gourmet Burgers is a casual dining restaurant chain with more than 450 restaurants across the U.S. and Canada. It is, of course, part of the retail-restaurants industry. There are 2 other names from this space on today's Zacks #1 Rank List: BJ's Restaurants, Inc. (BJRI - Analyst Report) and Krispy Kreme Doughnuts, Inc. (KKD - Snapshot Report).
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