Sector Update: Consumer - January 31, 2011
Consumer shares are mixed in mid-session trading as Borders Group (BGP) sees another massive price swing after the bookstore chain delays payments to vendors, landlords and others. Borders Group hopes that the delay in making payments will help it to maintain operations while it seeks to complete a refinancing or restructuring of its existing credit facilities and other obligations. Gannett (GCI) said Q4 EPS, less items, were $0.83, more than the Thomson Reuters mean for $0.80. Sales were $1.46 billion, just below estimates for $1.47 billion. Darden Restaurants (DRI) says it sees Q3 EPS from continuing operations between $1.04 to $1.06, better than the Thomson Reuters mean for $1.01.
Credit: Financial News Network
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