Getty Images SAN FRANCISCO (MarketWatch) — Gap Inc. shares declined in the extended session Thursday after the apparel retailer turned in a surprise drop in June same-store sales.
/quotes/zigman/227242/delayed/quotes/nls/gps GPS 40.97, -0.45, -1.09% Gap 12-month stock price
Gap (DE:GAP) shares fell 1.5% to $40.37 on moderate volume after the retailer reported a decline of 2% in June same-store sales. Analysts surveyed by Thomson Reuters had forecast an increase of 0.7%.
Comparable global Gap and banana Republic sales in June both declined 7%, while global Old Navy comparable sale rose 7%.
PriceSmart Inc. (PSMT) shares declined 4% to $82.80 on moderate volume after the warehouse club reported third-quarter earnings of 70 cents a share on revenue of $615 million. Analysts surveyed by FactSet had forecast earnings of 69 cents a share on revenue of $621.9 million.
Joe's Jeans Inc. (JOEZ) shares surged 12% to $1.15 on moderate volume after the apparel maker posted a second-quarter profit when analysts were expecting a loss. The company reported earnings of 1 cent a share on revenue of $48.2 million. Analysts estimated a loss of 3 cents a share on revenue of $49 million.
Marc Crossman, Joe's chief executive, said the recent acquisition of rival Hudson Jeans is resulting in cost benefits for the combined companies.
"Furthermore, we expect our core results, excluding these cost savings, to pick up in the back half of the year, as we are already seeing improvement in our same store sales comps at our company owned retail stores," Crossman said in a statement.
/quotes/zigman/80387/delayed/quotes/nls/rcii RCII 29.06, -0.47, -1.59% Rent-A-Center 12-month stock price
Rent-A-Center Inc. (RCII) shares dropped 9.3% to $26.35 on moderate volume after the company forecast second-quarter results below the Wall Street estimates, noting that "[m]acro-economic pressures continue to burden our financially constrained customers."
The company estimates adjusted second-quarter earnings of 36 cents to 38 cents on revenue of about $773 million. Analysts expect earnings of 48 cents a share on revenue of $783.9 million.
Shares of private mortgage insurers fell after Radian Group Inc. (RDN) called new proposed capital requirements "onerous" but said it didn't feel it would have to raise outside capital. Shares of Radian declined 3.8% to $14 on moderate volume, while shares of MGIC Investment Corp. (MTG) fell 5.4% to $8.74 on moderate volume.
Shares of Arotech Corp. (ARTX) declined 5.6% to $3.55 after the defense and security products maker announced a secondary offering of its shares to pay off debt and other corporate expenses.
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